<SEC-DOCUMENT>0000800166-21-000018.txt : 20211112
<SEC-HEADER>0000800166-21-000018.hdr.sgml : 20211112
<ACCEPTANCE-DATETIME>20211112103138
ACCESSION NUMBER:		0000800166-21-000018
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20210930
FILED AS OF DATE:		20211112
DATE AS OF CHANGE:		20211112

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:		211401152

	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>ngd6k-q32021.htm
<DESCRIPTION>6-K
<TEXT>
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<title>Document</title></head><body><div id="i9c19e4cdb9a844fd94b606dca52b47d4_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div style="-sec-extract:summary"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:1pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Washington, D.C. 20549</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;<br>&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">Form 6-K</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the month of November 2021.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Commission File Number 001-31722</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font><img alt="image_01.jpg" src="image_01.jpg" style="height:66px;margin-bottom:5pt;vertical-align:text-bottom;width:221px"></div><div style="margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:24pt;font-weight:700;line-height:120%">New Gold Inc.</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Suite 3320 &#8211; 181 Bay Street</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Toronto, Ontario M5J 2T3</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Canada</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Address of principal executive office)</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Form 20-F </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;Form 40-F </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9746;</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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)&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#58; Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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)&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules of the home country exchange on which the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:1pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">DOCUMENTS FILED AS PART OF THIS FORM 6-K</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#160;</font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.905%"><tr><td style="width:1.0%"></td><td style="width:12.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.444%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:80.163%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Description</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">99.1</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="ngdq32021financialstatemen.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Financial Statements for the three and </a><a href="ngdq32021financialstatemen.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">nine</a><a href="ngdq32021financialstatemen.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"> months ended </a><a href="ngdq32021financialstatemen.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">September </a><a href="ngdq32021financialstatemen.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">30, 2021</a></font></div></td></tr><tr style="height:11pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">99.2</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="ngdq32021mda.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Management&#8217;s 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style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">99.3</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="audittab5ceoq3interimfilin.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">CEO Certification of Interim Filings - Full Certificate</a></font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" 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Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New 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Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NEW GOLD INC.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">&#47;s&#47; Sean Keating</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date&#58;&#160;November 11, 2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sean Keating</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vice President, General Counsel and Corporate Secretary</font></div></td></tr></table></div><div style="margin-bottom:12pt;text-indent:0.72pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ngdq32021financialstatemen.htm
<DESCRIPTION>EX-99.1
<TEXT>
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<title>Document</title></head><body><div id="ie2eff764bf214b188d5c377a124189d4_1"></div><div style="min-height:0pt;width:100%"><div><font><br></font></div></div><div><img alt="fscoversheet-2021q3v3001.jpg" src="fscoversheet-2021q3v3001.jpg" style="height:1055px;margin-bottom:5pt;vertical-align:text-bottom;width:816px"></div><div style="height:0pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.076%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3997f;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#003f6b;font-family:'Arial',sans-serif;font-size:16pt;font-weight:400;line-height:100%">Contents</font></td></tr></table></div><div style="margin-bottom:4pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.076%"><tr><td style="width:1.0%"></td><td style="width:92.854%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.946%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%">CONDENSED <a href="#ie2eff764bf214b188d5c377a124189d4_7" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%;text-decoration:none">CONSOLIDATED INCOME STATEMENTS</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:156%"><a href="#ie2eff764bf214b188d5c377a124189d4_7" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:156%;text-decoration:none">2</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%">CONDENSED <a href="#ie2eff764bf214b188d5c377a124189d4_10" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%;text-decoration:none">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:156%"><a href="#ie2eff764bf214b188d5c377a124189d4_10" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:156%;text-decoration:none">3</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%">CONDENSED <a href="#ie2eff764bf214b188d5c377a124189d4_13" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%;text-decoration:none">CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:156%"><a href="#ie2eff764bf214b188d5c377a124189d4_13" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:156%;text-decoration:none">4</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%">CONDENSED <a href="#ie2eff764bf214b188d5c377a124189d4_16" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%;text-decoration:none">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:156%"><a href="#ie2eff764bf214b188d5c377a124189d4_16" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:156%;text-decoration:none">5</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%">CONDENSED <a href="#ie2eff764bf214b188d5c377a124189d4_19" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%;text-decoration:none">CONSOLIDATED STATEMENTS OF CASH FLOW</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:156%"><a href="#ie2eff764bf214b188d5c377a124189d4_19" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:156%;text-decoration:none">6</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%"><a href="#ie2eff764bf214b188d5c377a124189d4_22" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%;text-decoration:none">NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:156%"><a href="#ie2eff764bf214b188d5c377a124189d4_22" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:156%;text-decoration:none">7</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_25" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">1. Description of business and nature of operations</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_25" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">7</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_28" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">2. Basis of preparation and significant accounting policies</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_28" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">7</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">3<a href="#ie2eff764bf214b188d5c377a124189d4_31" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. Expenses</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_31" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">9</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">4<a href="#ie2eff764bf214b188d5c377a124189d4_34" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. Trade and other receivables</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_34" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">11</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">5<a href="#ie2eff764bf214b188d5c377a124189d4_34" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. I</a>nvestments</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_37" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">11</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">6<a href="#ie2eff764bf214b188d5c377a124189d4_40" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. Trade and other payables</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_40" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">12</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">7<a href="#ie2eff764bf214b188d5c377a124189d4_43" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. Inventories</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_43" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">12</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">8<a href="#ie2eff764bf214b188d5c377a124189d4_46" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. Mining interests</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_46" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">13</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">9<a href="#ie2eff764bf214b188d5c377a124189d4_49" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. Long-term debt</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_49" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">15</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">10<a href="#ie2eff764bf214b188d5c377a124189d4_52" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. </a>Non-current derivative financial liabilities</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_52" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">17</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_55" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">11. Leases</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_55" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">19</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_58" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">12. Derivative instruments</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_58" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">20</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_61" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">13. Reclamation and closure cost obligations</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_61" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">22</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_64" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">14. Share capital</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_64" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">23</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_67" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">15. Income and mining taxes</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_67" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">25</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_70" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">16. Supplemental cash flow information</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_70" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">26</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_73" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">17. Segmented information</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_73" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">27</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">18<a href="#ie2eff764bf214b188d5c377a124189d4_76" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. Fair value measurement</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_76" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">29</a></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">19. Commitments</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"><a href="#ie2eff764bf214b188d5c377a124189d4_79" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">32</a></font></div></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:15pt;font-weight:400;line-height:140%">CONDENSED CONSOLIDATED INCOME STATEMENTS</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.079%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.669%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.166%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except per share amounts)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenues</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">179.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">173.7&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">542.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">444.5&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating expenses</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">88.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">86.7&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">277.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">242.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and depletion</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">48.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49.7&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">144.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">142.3&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue less cost of goods sold</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">43.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">37.3&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">120.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">59.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Corporate administration</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">16.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Share-based payment expenses</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Exploration and business development</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income from operations</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">35.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30.2&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">96.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">40.9&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Finance income</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Finance costs</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(8.7)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(21.5)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(26.9)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(49.0)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Other (losses) gains</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(32.0)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(66.1)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(51.8)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(Loss) income before taxes</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(4.9)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17.7&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(59.0)</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income tax (expense) recovery</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(6.4)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.0)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(13.8)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.8&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net (loss) earnings</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(11.3)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15.7&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(10.3)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(58.2)</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net (loss) earnings per share</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #AE9655;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Basic</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.02)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.02&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.02)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.09)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diluted</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.02)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.02&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.02)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.09)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Weighted average number of shares outstanding (in millions)</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Basic</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">680.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">676.0&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">680.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">676.0&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:justify;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Diluted</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">680.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">677.9&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">680.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">676.0&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-top:6pt;padding-left:9.35pt;text-align:justify;text-indent:-9.35pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">See accompanying notes to the condensed consolidated financial statements. </font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_10"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:15pt;font-weight:400;line-height:140%">CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME </font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.079%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.669%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.166%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2020</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net (loss) earnings</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(11.3)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15.7&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(10.3)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(58.2)</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Other comprehensive income</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #AE9655;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gain (loss) on revaluation of non-current derivative <br>financial liabilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">20.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7.2)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">47.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(57.5)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total comprehensive income (loss)</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.5&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#E5F8FC;border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">37.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(115.7)</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-top:6pt;padding-left:9.35pt;text-align:justify;text-indent:-9.35pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">See accompanying notes to the condensed consolidated financial statements.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_13"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:15pt;font-weight:400;line-height:140%">CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.605%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.669%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.164%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">ASSETS</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Current assets</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">150.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">186.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trade and other receivables</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">38.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">77.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Inventories</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">106.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">93.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 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style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">45.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Prepaid expenses and other</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total current assets</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">361.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">418.8&#160;</font></td><td style="border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mining interests</font></td><td colspan="3" style="padding:2px 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colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total assets</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,270.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,250.1&#160;</font></td><td style="border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">LIABILITIES AND EQUITY</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Current liabilities</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trade and other payables</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">150.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">158.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current income tax payable</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total current liabilities</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">151.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">158.7&#160;</font></td><td style="border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Reclamation and closure cost obligations</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">13</font></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">131.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">113.5&#160;</font></td><td style="border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Non-current derivative financial liabilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">584.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">617.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term debt</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">490.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">489.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Deferred tax liabilities</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">64.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">53.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Lease obligations</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other liabilities</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total liabilities</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,441.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,460.8&#160;</font></td><td style="border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Equity</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Common shares</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,155.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,154.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Contributed surplus</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">107.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">106.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other reserves</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(69.3)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(116.8)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Deficit</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2,364.9)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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#AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">789.3&#160;</font></td><td style="border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total liabilities and equity</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#E5F8FC;border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,270.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,250.1&#160;</font></td><td style="border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:6pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">See accompanying notes to the condensed consolidated financial statements.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_16"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:15pt;font-weight:400;line-height:140%">CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.605%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.669%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.164%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2020</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">COMMON SHARES</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance, beginning of period</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,154.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,144.5</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Issuance of common shares under First Nations agreements</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Exercise of options and vested performance share units</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance, end of period</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,155.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,144.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">CONTRIBUTED SURPLUS</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance, beginning of period</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">106.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">105.7&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Exercise of options and vested performance share units</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.6)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity settled share-based payments</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.8</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance, end of period</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">107.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">106.5&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">OTHER RESERVES</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance, beginning of period</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(116.8)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(13.6)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gain (loss) on revaluation of non-current derivative financial liabilities </font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">47.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(57.5)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance, end of period</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(69.3)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(71.1)</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">DEFICIT</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance, beginning of period</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2,354.6)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,275.3)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net loss</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(10.3)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(58.2)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance, end of period</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2,364.9)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,333.5)</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total equity</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="2" style="background-color:#E5F8FC;border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">828.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">846.5&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:6pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">See accompanying notes to the condensed consolidated financial statements.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">5                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_19"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:15pt;font-weight:400;line-height:140%">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.079%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.669%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.166%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2020</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">OPERATING ACTIVITIES</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net (loss) earnings</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(11.3)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(10.3)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(58.2)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Adjustments for&#58;</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#E5F8FC;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#E5F8FC;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(Gain) loss on disposal of Blackwater</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7.5)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign exchange (gain) loss</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.5)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.3)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3.5)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and depletion</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">48.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">50.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">145.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">143.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial instrument transaction costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other non-cash adjustments</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">36.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">68.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">27.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income tax expense (recovery)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.8)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Finance income</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.4)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.2)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.9)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Finance costs</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">26.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">48.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Reclamation and closure costs paid</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">13</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#dcf8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.5)</font></td><td style="background-color:#dcf8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.0)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#dcf8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(9.3)</font></td><td style="background-color:#dcf8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5.2)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">81.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">84.5&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">231.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">185.3&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Change in non-cash operating working capital</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(27.0)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(11.8)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income taxes paid</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.6)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.5)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.8)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.7)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cash generated from operations</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">54.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">92.2&#160;</font></td><td style="border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">218.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">196.3&#160;</font></td><td style="border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">INVESTING ACTIVITIES</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #AE9655;padding:0 1pt"></td><td colspan="3" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mining interests</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(55.4)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(59.4)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(189.2)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(174.9)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proceeds from sale of Mesquite</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proceeds from sale of other assets</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Investment  and other financial instrument  acquisitions</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.1)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(34.7)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.9)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proceeds from sale of Blackwater</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">39.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">102.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">39.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">102.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest received</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.9&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cash (used by) generated from investing activities</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(15.6)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">43.8&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(183.5)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(63.9)</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FINANCING ACTIVITIES</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #AE9655;padding:0 1pt"></td><td colspan="3" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Issuance of senior unsecured notes, net of transaction costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(405.1)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12.0)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proceeds from New Afton free cash flow interest obligation, net of transaction costs</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">296.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proceeds received from issuance of shares</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Lease payments</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2.6)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.9)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(8.0)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8.2)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash settlement of non-current derivative financial liabilities</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(7.3)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6.2)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(25.8)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(14.9)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest paid</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(15.7)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5.8)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(37.1)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(31.0)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Repayment  of credit facility</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(30.0)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cash (used by) generated from financing activities</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(25.6)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(420.0)</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(70.8)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">200.5&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Effect of exchange rate changes on cash and cash equivalents</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.6)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.2&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.1&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Change in cash and cash equivalents</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">12.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(283.8)</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(35.4)</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">333.0&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents, beginning of period</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">138.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">700.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">186.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">83.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cash and cash equivalents, end of period</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">150.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">416.4&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">150.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">416.4&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Cash and cash equivalents are comprised of&#58;</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #AE9655;padding:0 1pt"></td><td colspan="3" style="background-color:#E5F8FC;border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #AE9655;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">100.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">291.0&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">100.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">291.0&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Short-term money market instruments</font></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">50.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">125.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">50.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">125.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#E5F8FC;border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial 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1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">150.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">416.4&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #AE9655;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">6                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_22"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="text-align:justify"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:15pt;font-weight:400;line-height:140%">NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:140%">For the three and nine months ended September 30, 2021</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:140%">(Amounts expressed in millions of U.S. dollars, except per share amounts and unless otherwise noted)</font></div><div id="ie2eff764bf214b188d5c377a124189d4_25"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#0070c0;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">1. Description of business and nature of operations</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">New Gold Inc. (&#8220;New Gold&#8221; or the &#8220;Company&#8221;) is an intermediate gold mining company engaged in the development and operation of mineral properties. The assets of the Company, directly or through its subsidiaries, are comprised of the Rainy River Mine in Canada (&#8220;Rainy River&#8221;), the New Afton Mine in Canada (&#8220;New Afton&#8221;), and the Cerro San Pedro Mine in Mexico (in reclamation) (&#8220;Cerro San Pedro&#8221; or &#34;CSP&#34;). The Company also holds an 8% gold stream on the Artemis Gold Blackwater (&#34;Blackwater&#34;) project located in Canada, a 6% equity stake in Artemis Gold Inc., and other Canadian-focused investments.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company is a corporation governed by the Business Corporations Act (British Columbia). The Company&#8217;s shares are listed on the Toronto Stock Exchange and the NYSE American under the symbol NGD. The Company&#8217;s registered office is located at 925 West Georgia Street, Suite 1600, Vancouver, British Columbia, V6C 3L2, Canada.</font></div><div id="ie2eff764bf214b188d5c377a124189d4_28"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#0070c0;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">2. Basis of preparation and significant accounting policies</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#3f96b4;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">(a) Statement of compliance</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (&#8220;IAS&#8221;) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board on a basis consistent with the accounting policies disclosed in the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2020.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2020 which includes information necessary or useful to understanding the Company's business and financial statement presentation. In particular, the Company's significant accounting policies are presented as Note 2 in the audited consolidated financial statements for the year ended December 31, 2020 and have been consistently applied in the preparation of these unaudited condensed consolidated interim financial statements, except as noted below in &#8220;changes in accounting policies&#8221;. These unaudited co</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">ndensed consolidated interim financial statements were approved by the Board of Directors of the Company </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">on November 11th, 2021. </font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#3f96b4;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:115%">(b) Changes in accounting policies</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">IAS 16 - Property, Plant and Equipment</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The amendments to IAS 16 prohibit deducting the proceeds from selling items produced from the cost of property, plant, and equipment, while bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, a company will recognize such sales proceeds and related costs in profit or loss. With the adoption of the amended standard, pre-commercial production sales and related costs while bringing a project into a condition necessary for it to be capable of operating in the manner intended by management, are recognized in profit or loss in accordance with applicable standards. The entity measures the cost of those items applying the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">measurement requirements of &#8220;IAS 2 Inventories&#8221;. This amendment becomes effective January 1, 2022 with early adoption permitted. </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company has early adopted this amendment as of January 1, 2021 with retrospective application only to items of property, plant and equipment that were brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after January 1, 2020. The adoption applies to revenue generated by the sale of underground ore at Rainy River in 2021. The impact in the three and nine months ended September 30, 2021 is immaterial. There was no impact on the prior-year period.</font></div><div><font><br></font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">8                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_31"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">3. Expenses</font></div><div style="margin-bottom:6pt"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(a) Operating expenses by nature</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.078%"><tr><td style="width:1.0%"></td><td style="width:38.355%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.036%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.036%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.036%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.037%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">OPERATING EXPENSES BY NATURE</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Raw materials and consumables</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">38.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">33.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">33.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">29.9&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">106.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">80.7&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">242.6&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:13.01pt">In 2020 the Company received a wage subsidy from the Government of Canada in response to the Covid-19 pandemic. 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The subsidy was treated as government assistance and was applied as a reduction to salaries and employee benefits.</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(b) Finance costs and income</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.078%"><tr><td style="width:1.0%"></td><td style="width:38.355%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.036%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.036%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.036%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.037%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FINANCE COSTS</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest on senior unsecured notes</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">13.0&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">27.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">35.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest on Credit Facility</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.8&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accretion</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.9&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.3&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loss on repayment of long-term debt</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other finance costs</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total finance costs</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">12.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22.4&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">35.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">51.0&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less&#58; amounts included in cost of qualifying assets</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.3)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.9)</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(8.2)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.0)</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total finance costs</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21.5&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">26.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49.0&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FINANCE INCOME</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest income</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.9&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">In July 2020, the Company recognized a loss on repayment of long-term debt associated with the 2022 Unsecured Notes. </font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">9                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:18pt;text-indent:-18pt"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">        (c) Other gains and (losses)</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.078%"><tr><td style="width:1.0%"></td><td style="width:38.355%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.036%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.036%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.036%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.037%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">OTHER (LOSSES)  AND GAINS</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gain (loss) on foreign exchange</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.9)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.9&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gain (loss) on disposal of assets</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.1)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.5)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.3)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(Loss) gain on revaluation of investments</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(13.2)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(26.9)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unrealized loss on revaluation of non-current derivative financial liabilities </font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(21.9)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(20.4)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(36.1)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(43.3)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Settlement and gain on revaluation of gold price option contracts</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.9&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loss on revaluation of copper price option contracts</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.5)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(30.2)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revaluation of CSP's reclamation and closure cost obligation</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.4)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">New Afton free cash flow interest obligation transaction costs </font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 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style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.6&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(66.1)</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(51.8)</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">In the second quarter of 2020, the Company entered into an agreement to sell the 100% interest in the Blackwater project to Artemis Gold Inc. The Blackwater asset was classified as an asset held for sale and an impairment loss (difference between the carrying value prior to classification and the fair value less costs to sell) on the reclassification was recognized. The Company completed the sale in August 2020. </font></div><div style="margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Flow through share premium recognized in income when the Company renounced the related tax benefits of the 2020 flow through share issuance.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">10                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_34"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:12pt"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">4. Trade and other receivables</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:69.862%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.418%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.420%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">As at <br>September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">As at </font></div><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">December 31</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">TRADE AND OTHER RECEIVABLES</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trade receivables</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sales tax receivable</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">17.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unsettled provisionally priced concentrate derivatives and swap contracts (Note 12)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.1)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.9)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proceeds due from sale of Mesquite</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">12.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proceeds due from sale of Blackwater</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">39.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total trade and other receivables</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">38.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">77.1&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:700;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:13.22pt">In 2020, the Company recognized a receivable of $12.8 million for outstanding income tax refunds at Mesquite due to the enactment of the Coronavirus Aid, Relief, and Economic Security Act in the United States, which supported the recognition of this receivable.  </font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">In August 2021, the Company collected the final $39.4 million (C$50.0 million) proceeds due from Artemis Gold Inc. from the 2020 Blackwater Project sale.  </font></div><div id="ie2eff764bf214b188d5c377a124189d4_37"></div><div style="margin-top:12pt"><font style="background-color:#ffffff;color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">5. Investments</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:69.862%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.418%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.420%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">As at <br>September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">As at </font></div><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">December 31</font></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">MARKETABLE EQUITY SECURITIES</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Artemis Gold Inc.</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">31.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">37.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Talisker Resources Ltd.</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">7.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other marketable securities</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total marketable equity securities</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">51.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">44.5&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other investments</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.9&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total investments</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">52.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">45.4&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Until November 2021, the Company requires Artemis' consent in order to transfer or dispose of the investment.</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">In March 2021, the Company completed the acquisition of 14.9% of Harte Gold Corp for $19.8 million (C$24.8 million).</font></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">3.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">In April 2021, the Company completed the acquisition of 14.9% of Talisker Resources Ltd. for $11.0 million (C$13.8 million).</font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">11                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_40"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt;margin-top:12pt"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">6. Trade and other payables</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:69.862%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.418%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.420%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">As at <br>September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">As at </font></div><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">December 31</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">TRADE AND OTHER PAYABLES</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trade payables</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">43.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">41.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest payable</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accruals</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">59.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">57.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current portion of reclamation and closure cost obligations (Note 13)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current portion of gold stream obligation (Note 10)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">32.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">32.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current portion of New Afton free cash flow interest obligation (Note 10)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total trade and other payables</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">150.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">158.0&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div id="ie2eff764bf214b188d5c377a124189d4_43"></div><div style="margin-bottom:4pt;margin-top:6pt"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">7. Inventories</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:69.862%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.418%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.420%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">As at <br>September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">As at </font></div><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">December 31</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">INVENTORIES</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Stockpile ore</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">24.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Work-in-process</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">12.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Finished goods</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">11.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Supplies</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">58.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">55.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total current inventories</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">106.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">93.3&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">The amount of inventories recognized in operating expenses for the three and nine months ended September 30, 2021 were $85.2 million and $267.2 million (2020 - $82.6 million and $231.0 million).</font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">12                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_46"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt;margin-top:12pt"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">8. Mining interests</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:29.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.766%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.766%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.766%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.766%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.094%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#2bb7df;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mining Properties</font></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depletable</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non- depletable</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plant &#38; equipment</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Construction in progress</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">COST</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:justify"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:justify"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:justify"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:justify"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:justify"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:100%">As at December 31, 2019</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,451.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">409.0&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,260.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">129.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,249.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Additions</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">57.7&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">85.7&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">68.3&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">88.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">299.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Disposals</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9.1)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9.1)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Transfers</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">60.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(60.6)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sale of Blackwater, net of retained mineral interest</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(194.3)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(20.3)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td 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style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.665%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.811%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.670%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="15" style="background-color:#2bb7df;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial 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style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">New Afton </font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">383.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">205.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">153.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Rainy River</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">337.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">32.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">526.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">70.8</font><font style="color:#000000;font-family:'Arial 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1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Other</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">151.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">113.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,906.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Other includes corporate balances, exploration properties, and the retained mineral interest in the Blackwater property.</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">13                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:3pt"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Carrying amount by property as at December 31, 2020&#58; </font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.916%"><tr><td style="width:1.0%"></td><td style="width:33.924%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.665%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.665%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.665%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.811%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.670%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="margin-bottom:6pt;text-align:right"><font><br></font></div></td><td colspan="15" style="background-color:#2bb7df;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Depletable</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Non- depletable</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#003f6b;font-family:'Arial 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style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">New Afton </font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">382.9&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">127.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">150.0&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">27.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">687.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Rainy River</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">277.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21.8&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">558.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">129.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">987.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Other</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">151.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">153.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Carrying amount</font></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">660.3&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">300.4&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">710.6&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">157.0&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,828.3&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Other includes corporate balances, exploration properties, and the retained mineral interest in the Blackwater property.</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">14                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_49"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:8pt;margin-top:12pt;text-align:justify"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">9. Long-term debt</font></div><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Long-term debt consists of the following&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.076%"><tr><td style="width:1.0%"></td><td style="width:69.815%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.442%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.443%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">LONG-TERM DEBT</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Senior unsecured notes - due May 15, 2025 (a)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">96.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">96.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Senior unsecured notes - due July 15, 2027 (b)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">393.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">392.9&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit Facility (c)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total long-term debt</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">490.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">489.2&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(a) Senior Unsecured Notes &#8211; due May 15, 2025 </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">As at September 30, 2021 the Company has $100.0 million of senior unsecured notes outstanding that mature and become due and payable on May 15, 2025 (&#8220;the 2025 Unsecured Notes&#8221;). The 2025 Unsecured Notes are denominated in U.S. dollars and bear interest at the rate of 6.375% per annum. Interest is payable in arrears in equal semi-annual installments on May 15 and November 15 of each year.</font></div><div style="margin-bottom:12pt;padding-left:0.2pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The 2025 Unsecured Notes are subject to a minimum interest coverage incurrence covenant of earnings before interest, taxes, depreciation, amortization, impairment, and other non-cash adjustments to interest of 2&#58;1. The test is applied on a pro-forma basis prior to the Company incurring additional debt, entering into business combinations or acquiring significant assets, or certain other corporate actions. There are no maintenance covenants.</font></div><div style="margin-bottom:12pt;padding-left:0.2pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The 2025 Unsecured Notes are redeemable by the Company in whole or in part&#58;</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.5pt">During the 12-month period beginning on May 15 of the years indicated at the redemption prices below, expressed as a percentage of the principal amount of the 2025 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.076%"><tr><td style="width:1.0%"></td><td style="width:71.775%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.025%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Date</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Redemption prices (%)</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2021</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">103.19</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2022</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">101.59</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2023 and thereafter</font></td><td colspan="3" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">100.00</font></td></tr></table></div><div style="text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(b) Senior Unsecured Notes - due July 15, 2027</font></div><div style="margin-bottom:12pt;padding-left:0.2pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">As at September 30, 2021 the Company has $400.0 million of senior unsecured notes outstanding that mature and become due and payable on July 15, 2027 (&#34;the 2027 Unsecured Notes&#34;). The 2027 Unsecured Notes are denominated in U.S. dollars and bear interest at the rate of 7.50% per annum. Interest is payable in arrears in equal semi-annual installments on January 15 and July 15 of each year.</font></div><div style="margin-bottom:12pt;padding-left:0.2pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The 2027 Unsecured Notes are subject to a minimum interest coverage incurrence covenant of earnings before interest, taxes, depreciation, amortization, impairment, and other non-cash adjustments to interest of 2&#58;1. The test is applied on a pro-forma basis prior to the Company incurring additional debt, entering into business combinations or acquiring significant assets, or certain other corporate actions. There are no maintenance covenants.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">15                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:0.2pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The 2027 Unsecured Notes are redeemable by the Company in whole or in part&#58; </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.5pt">At any time prior to July 15, 2023 at a redemption price of 100% of the aggregate principal amount of the 2027 Unsecured Notes, plus a make-whole premium (consisting of the redemption price as described below, and future interest that would have been paid up to the first call date of July 15, 2023), plus accrued and unpaid interest, if any, to the redemption date.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.5pt">During the 12-month period beginning on July 15 of the years indicated at the redemption prices below, expressed as a percentage of the principal amount of the 2027 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date&#58;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.076%"><tr><td style="width:1.0%"></td><td style="width:71.775%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.025%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:83%">Date</font></div></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Redemption prices (%)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2023</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">103.75</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2024</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">101.88</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2025 and thereafter</font></td><td colspan="3" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">100.00</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(c) Credit Facility</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company holds a revolving credit facility (the &#8220;Credit Facility&#8221;) with a maturity date of October 2023 and has a borrowing limit of $350.0 million. The Credit Facility contains various covenants customary for a loan facility of this nature, including limits on indebtedness, asset sales, and liens. The Credit Facility contains three covenant tests all of which are measured on a rolling four-quarter basis at the end of every quarter&#58;</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.5pt">The minimum interest coverage ratio, being earnings before interest, taxes, depreciation, amortization, exploration, impairment, and other non-cash adjustments (&#8220;Adjusted EBITDA&#8221;) to interest&#59; </font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.5pt">The maximum net debt to Adjusted EBITDA ratio (&#8220;Leverage Ratio&#8221;)&#59; and </font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.5pt">The maximum gross secured debt to Adjusted EBITDA (&#8220;Secured Leverage Ratio&#8221;).</font></div><div><font><br></font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Significant financial covenants are as follows&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.076%"><tr><td style="width:1.0%"></td><td style="width:47.919%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.605%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.037%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.039%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Twelve months ended September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Twelve months ended December 31</font></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Financial Covenant</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FINANCIAL COVENANTS</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Minimum interest coverage ratio (Adjusted EBITDA to interest)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#62;3.0&#58;1.0</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:83%">6.9 &#58; 1</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5.0 &#58; 1</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Maximum leverage ratio (net debt to Adjusted EBITDA)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#60;4.5&#58;1.0</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:83%">1.7 &#58; 1</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.8 &#58; 1</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Maximum secured leverage ratio (secured debt to Adjusted EBITDA)</font></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#60;2.0&#58;1.0</font></td><td colspan="3" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.1 &#58; 1</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.3 &#58; 1</font></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The interest margin on drawings under the Credit Facility ranges from 1.75% to 4.25% over LIBOR, the Prime Rate or the Base Rate based on the Company&#8217;s Leverage Ratio, and the currency and type of credit selected by the Company. Based on the Company&#8217;s Leverage Ratio, the rate is 3.00% over LIBOR as at September 30, 2021 (December 31, 2020 &#8211; 3.00%). The standby fees on undrawn amounts under the Credit Facility range from 0.62% to 0.96%, depending on the Company&#8217;s Leverage Ratio. Based on the Company&#8217;s Leverage Ratio, the rate is 0.68% as at September 30, 2021 (December 31, 2020 &#8211; 0.68%). </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">the nine months ended September 30, 2021,</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> $nil has been drawn under the Credit Facility. The Credit Facility has been used to issue letters</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> of credit amounting to $24.1 million (December 31, 2020 - $46.0 </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">16                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">million). Letters of credit relate to reclamation bonds, and other financial assurances required with various government agencies. </font></div><div id="ie2eff764bf214b188d5c377a124189d4_52"></div><div style="margin-top:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;text-align:justify"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">10. Non-current derivative financial liabilities</font></div><div style="margin-bottom:4pt;margin-top:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following is a summary of the change in non-current derivative financial liabilities&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:56.111%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.165%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Rainy River</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">New Afton</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">CHANGE IN NON-CURRENT DERIVATIVE FINANCIAL LIABILITIES</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, December 31, 2019</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">164.5&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">164.5&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proceeds received</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">300.0&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">300.0&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Settlements during the period</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(24.1)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(24.1)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Fair value adjustments related to changes in the Company&#8217;s own credit risk</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%"> </font><font style="color:#4f81bd;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:133%"> </font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19.2&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">84.0&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">103.2&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Other fair value adjustments</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%"> </font><font style="color:#4f81bd;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:133%"> </font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">58.3&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">52.1&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">110.4&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, December 31, 2020</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">217.9&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">436.1&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">654.0&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Less&#58; current portion</font></div></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(32.1)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4.5)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(36.6)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Non-current portion of derivative financial liabilities</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">185.8&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">431.6&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">617.4&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, December 31, 2020</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">217.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">436.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">654.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Settlements during the period</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(19.5)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(4.9)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(24.4)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Fair value adjustments related to changes in the Company&#8217;s own credit risk</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%"> </font><font style="color:#4f81bd;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:133%"> </font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(5.2)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(42.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(47.5)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Other fair value adjustments</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%"> </font><font style="color:#4f81bd;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:133%"> </font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(6.8)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">42.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">36.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, September&#160;30, 2021</font></div></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">186.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">431.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">618.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Less&#58; current portion</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(4)</font></div></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(32.4)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.6)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(34.0)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Non-current portion of derivative financial liabilities</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">154.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">430.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">584.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Fair value adjustments related to changes in the Company&#8217;s own credit risk are included in other comprehensive income.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Other fair value adjustments are included in the consolidated income statements.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">3.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Settlements during the period are on an accrual basis.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">4.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">The current portion of the derivative financial liabilities is included in trade and other payables on the statement of financial position. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Rainy River Gold Stream Obligation</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">In 2015, the Company entered into a $175 million streaming transaction with RGLD Gold AG, a wholly owned subsidiary of Royal Gold Inc. (&#8220;Royal Gold&#8221;). Under the terms of the agreement, the Company will deliver to Royal Gold 6.5% of gold production from Rainy River up to a total of 230,000 ounces of gold and then 3.25% of the mine&#8217;s gold production thereafter. The Company will also deliver to Royal Gold 60% of the mine&#8217;s silver production to a maximum of 3.1&#160;million ounces and then 30% of silver production thereafter. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">In addition to the upfront deposit, Royal Gold will pay 25% of the average spot gold or silver price at the time each ounce of gold or silver is delivered under the stream. The difference between the spot price of metal and the cash received from Royal Gold will reduce the $175.0 million deposit over the life of the mine. Upon expiry of the 40 year term of the agreement (which may be extended in certain circumstances), any balance of the $175.0 million upfront deposit remaining unpaid will be refunded to Royal Gold.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">17                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company has designated the gold stream obligation as a financial liability at fair value through profit or loss (&#8220;FVTPL&#8221;) under the scope of IFRS 9. Accordingly, the Company values the liability at the present value of its expected future cash flows at each reporting period with changes in fair value reflected in the consolidated income statements and consolidated statements of comprehensive income.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Fair value adjustments represent the net effect on the gold stream obligation of changes in the variables included in the Company&#8217;s valuation model between the date of receipt of deposit and the reporting date. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">New Afton Free Cash Flow Interest Obligation </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">In the first quarter of 2020, New Gold entered into a strategic partnership with Ontario Teachers&#8217; Pension Plan (&#8220;Ontario Teachers&#8217;&#8221;). </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Under the terms of the strategic partnership, Ontario Teachers' acquired a 46% free cash flow interest in the New Afton mine for upfront cash proceeds of $300 million. Ontario Teachers' has an option to convert the free cash flow interest into a 46% joint venture interest in New Afton in four years, or have their free cash flow interest remain as a free cash flow interest at a reduced rate of 42.5%. </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The agreement includes a minimum cash guarantee at the end of four years and a buyback option for New Gold.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company has designated the free cash flow interest obligation as an FVTPL under the scope of IFRS 9. Fair value of the free cash flow interest obligation on initial recognition was determined by the amount of the cash advance received. Subsequent fair value is calculated on each reporting date with gains and losses recorded in net earnings. Fair value adjustments as a result of the Company&#8217;s own credit risk are recorded in the consolidated statement of comprehensive income, as required by IFRS 9 for financial liabilities designated as at FVTPL.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Components of the adjustment to fair value for the non-current derivative financial liabilities at each reporting date include&#58;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:26.624%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:71.176%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Financial instrument</font></div></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:8pt;font-weight:400;line-height:115%">Components of the adjustment to fair value</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Rainy River gold stream obligation</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%;padding-left:33.42pt">Accretion expense due to passage of time </font></div><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%;padding-left:33.42pt">Change in the risk-free interest rate </font></div><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%;padding-left:33.42pt">Change in the Company specific credit spread </font></div><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%;padding-left:33.42pt">Change in any expected ounces to be delivered </font></div><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%;padding-left:33.42pt">Change in future metal prices </font></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">New Afton free cash flow interest obligation</font></td><td colspan="3" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%;padding-left:33.42pt">Accretion expense due to passage of time </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%;padding-left:33.42pt">Change in the risk-free interest rate </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%;padding-left:33.42pt">Change in the Company specific credit spread </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%;padding-left:33.42pt">Change in any expected ounces to be delivered </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%;padding-left:33.42pt">Change in future metal prices </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8226;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%;padding-left:33.42pt">Change in production profile, operating and capital costs at New Afton,</font></div><div style="padding-left:31.5pt;text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;including considerations to the minimum cash guarantee over the first four years of the instrument</font></div></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">18                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_55"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">11. Leases</font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(a) Right-of-use assets</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company leases assets such as buildings, mobile equipment, and machinery. These assets are included in Mining Interests on the statement of financial position and are classified as plant &#38; equipment as per Note 8 of the Company&#8217;s condensed consolidated financial statements.</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.358%"><tr><td style="width:1.0%"></td><td style="width:70.996%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.254%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.450%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at <br>September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at<br>December 31</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">RIGHT-OF-USE- ASSETS</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Opening balance</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">35.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">43.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Additions</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(6.0)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12.9)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Disposals</font><font style="color:#4f81bd;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:133%"> </font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.8)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.6)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total right-of-use-assets</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">28.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">35.2&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(b) Lease liabilities</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Please see below for a maturity analysis of the Company&#8217;s lease payments&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.374%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.164%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at <br>September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at<br>December 31</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">MATURITY ANALYSIS FOR LEASES</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less than 1 year</font></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.9&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Between 1 and 3 years</font></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">13.2&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19.3&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Between 3 and 5 years</font></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.1&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Total undiscounted lease payments</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">23.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">31.4&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Carrying value of lease liabilities</font></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">22.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">29.1&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Less&#58; current portion of lease liabilities</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.6&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Non-current portion of lease liabilities</font></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19.5&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Total undiscounted lease payments excludes leases that are classified as short term and leases for low value assets, which are not recognized as lease liabilities.</font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">The current portion of the lease liabilities is included in trade and other payables on the statement of financial position. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">the three and nine months ended</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> September&#160;30, 2021, the Company recognize</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">d $0.2 million and $0.8 million in interest expense on lease liabilities (2020 - $0.4 million and $1.0 million).</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September&#160;30, 2021, the Company expensed $0.9 million and $1.6 million related to leases that are classified as short term (2020 - $1.5 million and $2.4 million).</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">19                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_58"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt;margin-top:12pt"><font style="background-color:#ffffff;color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">12. Derivative instruments</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.002%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.164%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">As at <br>September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">As at </font></div><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">December 31</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">DERIVATIVE ASSETS (LIABILITIES)</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Foreign exchange forward contracts</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Unsettled provisionally priced concentrate derivatives, and swap contracts</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.1)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.9)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total derivative assets (liabilities)</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.9)</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Foreign exchange forward contracts are included within prepaid expense and other in the statement of financial position.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Unsettled provisionally priced concentrate derivatives are included within trade and other receivables in the statement of financial position.</font></div><div style="text-align:justify;text-indent:-18pt"><font><br></font></div><div style="text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(a)&#160;&#160;&#160;&#160;Provisionally priced contracts</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company had provisionally priced sales for which price finalization is outstanding at September&#160;30, 2021. Realized and unrealized gains (losses) on the provisional pricing of concentrate sales are classified as revenue, with the unsettled provisionally priced concentrate derivatives included in trade and other receivables. The Company enters into gold and copper swap contracts to reduce exposure to gold and copper prices. Realized and unrealized gains (losses) are recorded in revenue, with the unsettled gold and copper swaps included in trade and other receivables.</font></div><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following tables summarize the realized and unrealized gains (losses) on provisionally priced sales&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.500%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="9" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Three months ended September 30, 2021</font></td><td colspan="9" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nine months ended September 30, 2021</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Copper</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Copper</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">GAIN (LOSS) ON THE PROVISIONAL <br>PRICING OF CONCENTRATE SALES</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.7)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.0)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">7.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unrealized</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.0)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total gain (loss)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.2)</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.3)</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.5)</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.6)</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">7.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.500%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="9" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Three months ended September 30, 2020</font></td><td colspan="9" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nine months ended September 30, 2020</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Copper</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Copper</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">GAIN  (LOSS) ON THE PROVISIONAL <br>PRICING OF CONCENTRATE SALES</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unrealized</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.7)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.1)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.7)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.1)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total gain </font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.0&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.4&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.1&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.8&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6.9&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:8pt;margin-top:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following tables summarize the realized and unrealized gains (losses) on gold and copper swap contracts&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.500%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="9" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Three months ended September 30, 2021</font></td><td colspan="9" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nine months ended September 30, 2021</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Copper</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Copper</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">GAIN (LOSS) ON SWAP CONTRACTS</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(11.8)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(11.6)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unrealized</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.4)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2.2)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2.6)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total gain (loss)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(10.8)</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(10.4)</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">20                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.500%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.300%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="9" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Three months ended September 30, 2020</font></td><td colspan="9" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nine months ended September 30, 2020</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Copper</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Copper</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">GAIN (LOSS) ON SWAP CONTRACTS</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.7)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.7)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.6)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.3)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3.9)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unrealized</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.1)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.8)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.1)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.8)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total gain (loss)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.4)</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.1)</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.5)</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.3)</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.4)</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4.7)</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following table summarizes the net exposure to the impact of movements in market commodity prices for provisionally priced sales&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:68.130%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.284%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.286%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</font></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="text-align:justify"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:133%">VOLUMES SUBJECT TO FINAL PRICING NET OF OUTSTANDING SWAPS</font></div></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold ounces (000s)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Copper pounds (millions)</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.6&#160;</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(b) Copper put option contracts</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">In January 2021, the Company entered into copper price option contracts by purchasing put options at an average strike price of $3.10&#47;lb. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The put options purchased are treated as derivative financial instruments and marked to market at each reporting period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses. Realized gains and losses as a result of the exercise of the Company&#8217;s put options, up to an amount not exceeding the Company&#8217;s production of copper pounds for the reporting period, are recorded as an adjustment to revenue. The exercise of options on copper pounds in excess of the Company&#8217;s copper production for the reporting period are recorded as other gains and losses.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">As at September 30, 2021 all copper put option contracts have expired.</font></div><div style="text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(c) Foreign exchange forward contracts</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">In the second and third quarter of 2021, the Company entered into foreign exchange forward contracts in order to hedge operating costs at the New Afton and Rainy River mines. These contracts were treated as derivative financial instruments and marked-to-market at each reporting period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses.  Realized gains and losses are recorded within operating expenses. As at September 30, 2021, the fair value of the unrealized foreign exchange forward contracts assets were $0.9 million as outlined in the table below&#58;</font></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.198%"><tr><td style="width:1.0%"></td><td style="width:32.341%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.386%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.924%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.924%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.925%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Hedged<br>&#160;currency notional amount (C$&#47;per month)</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Settlement <br>currency</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">Average<br>&#160;forward rate</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Fair value</font></div><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;&#160;asset (liability)</font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FOREIGN EXCHANGE FORWARD CONTRACTS</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">October to December 2021</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">36.0 million</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">USD</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.28</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$0.9</font></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">21                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_61"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">13. Reclamation and closure cost obligations </font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Changes to the reclamation and closure cost obligations are as follows&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:43.843%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.654%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.333%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.654%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.259%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.657%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="margin-bottom:6pt;text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Rainy<br>River</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">New Afton</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Cerro San<br>Pedro</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Blackwater</font><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="18" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">CHANGES TO RECLAMATION AND <br>CLOSURE COST OBLIGATIONS</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance &#8211; December 31, 2019</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">67.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">107.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Reclamation expenditures</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.2)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5.6)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6.8)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unwinding of discount</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revisions to expected cash flows</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3.4)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign exchange movement</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.4)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.4)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liabilities sold</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9.9)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9.9)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance &#8211; December 31, 2020</font></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">81.4&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34.2&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">119.2&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less&#58; current portion of closure costs (Note 6)</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.5)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3.2)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5.7)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Non-current portion of closure costs</font></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">78.9&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34.2&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">113.5&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance &#8211; December 31, 2020</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">81.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">34.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">119.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Reclamation expenditures</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2.6)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(4.7)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(7.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unwinding of discount</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">131.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">The Blackwater project was sold in the 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style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">22                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_64"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">14. Share capital</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">At September&#160;30, 2021, the Company had an unlimited number of authorized common shares, of which 680.8 million common shares are issued and outstanding. </font></div><div style="margin-bottom:3pt;margin-top:3pt"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:11pt;font-weight:700;line-height:140%">(a) No par value common shares issued</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.483%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.484%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number of shares</font></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(000s)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">NO PAR VALUE COMMON SHARES ISSUED</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance at December 31, 2019</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">675,957&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,144.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Issuance of common shares</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">350&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Issuance of flow through shares</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,824&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Exercise of options and vested performance share units</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">119&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance at December 31, 2020</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">680,250</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,154.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Issuance of common shares under First Nations agreements</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">250</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Exercise of options and vested performance share units</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">345</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance at September&#160;30, 2021</font></div></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">680,845</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,155.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">In December 2020, the Company closed a flow-through financing for proceeds of $10.2 million (gross proceeds less equity issuance costs) consisting of the issue and sale of 3,824,000 Common Shares at a price of  C$3.40 per share to fund exploration drilling programs at Rainy River and New Afton. </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:11pt;font-weight:700;line-height:140%">(b) Share-based payment expenses</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following table summarizes share-based payment expenses&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:41.757%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.188%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nine  months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">SHARE-BASED PAYMENT EXPENSES</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Stock option expense </font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Performance share unit expense</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Restricted share unit expense</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:133%">0.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:133%">1.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Deferred share unit expense</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:133%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:133%">(0.7)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6.3&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:133%">2.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.3&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1. &#160;&#160;&#160;&#160;For the three and nine months ended September&#160;30, 2021, $0.3 million and $0.5 million of share-based expenses were recognized in operating expenses (2020 &#8211; $3.4 million and $4.4 million).</font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">23                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:18pt;text-indent:-18pt"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(i) Stock options</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following table presents changes in the Company&#8217;s stock option plan&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.201%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.202%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number of options</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average<br>exercise price</font></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="text-align:justify"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(000s)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">C$&#47;share</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">CHANGES TO THE COMPANY'S STOCK OPTION PLAN</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance at December 31, 2019</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,578&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.81&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Granted</font></td><td colspan="2" 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(32)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.17&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forfeited</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(677)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.06&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Expired</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,363)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.45&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance at December 31, 2020</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4,835</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.59</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Granted</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,708</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.06</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Exercised</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(143)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.18</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forfeited</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(413)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.71</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Expired</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(98)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5.71</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance at September&#160;30, 2021</font></div></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5,889</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.66</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">24                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:11pt;font-weight:700;line-height:140%">(c) Earnings (loss) per share</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following table sets out the calculation of earnings (loss) per share&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:41.757%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.188%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">CALCULATION OF EARNINGS (LOSS) PER SHARE</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net (loss) earnings</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(11.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(10.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(58.2)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Basic weighted average number of shares outstanding </font></div><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">(in millions) </font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">680.8</font></div></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">676.0&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">680.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">676.0&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Dilution of securities&#58;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Stock options</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Diluted weighted average number of shares outstanding </font></div><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">(in millions)</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">680.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">677.9&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">680.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">676.0&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Net (loss) earnings per share&#58;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Basic</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.02)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.02&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.02)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.09)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diluted</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.02)</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.02&#160;</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.02)</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.09)</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following table lists the equity securities excluded from the calculation of diluted loss per share. All stock options are excluded from the calculation when the Company is in a net loss position.</font></div><div style="margin-bottom:12pt;margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:41.757%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.188%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine  months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of units)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">EQUITY SECURITIES EXCLUDED FROM THE CALCULATION OF DILUTED EARNINGS PER SHARE</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Stock options</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td></tr></table></div><div id="ie2eff764bf214b188d5c377a124189d4_67"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">15. Income and mining taxes </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following table outlines the composition of income tax expense between current tax and deferred tax&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:41.757%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.188%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:126%">CURRENT INCOME AND MINING TAX EXPENSE</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Canada</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.8</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.6</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.1</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.1&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.2&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">DEFERRED INCOME AND MINING TAX EXPENSE</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Canada</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3.4)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjustments in respect of prior year</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.9&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">11.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3.0)</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total income tax expense </font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.0&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.8)</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:4pt;margin-top:4pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:25.480%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">25                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_70"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">16. Supplemental cash flow information</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Supplemental cash flow information (included within operating activities) is as follows&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:41.757%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.185%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.188%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Nine  months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">CHANGE IN NON-CASH OPERATING WORKING CAPITAL</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trade and other receivables</font></td><td colspan="3" style="display:none"></td><td colspan="3" 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9.6)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Inventories</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(8.7)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(8.6)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Prepaid expenses and other</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 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0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trade and other payables</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(18.9)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.1&#160;</font></td><td style="padding:2px 1pt 2px 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capital</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(27.0)</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.2&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine  months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 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style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9.6)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Flow through share premium</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.7)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">27.9&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:4pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">26                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_73"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">17. Segmented information </font><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%"> </font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:11pt;font-weight:700;line-height:140%">(a) Segment revenues and results </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company manages its reportable operating segments by operating mines. Income (loss) from operations of reportable operating segments are reviewed by the Company's chief operating decision maker to make decisions about resources to be allocated to the segments and to assess their performance. The results from operations for these reportable operating segments are summarized in the following tables&#58;</font></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:57.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.319%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Three months ended September 30, 2021</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Rainy River</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">New Afton</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Corporate</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">OPERATING SEGMENT RESULTS</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold revenues</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">99.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total revenues</font><font style="color:#000000;font-family:'Arial 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#b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income (loss) from operations</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">28.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">86.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(18.7)</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">96.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:13.22pt">Segmented revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the nine months ended September 30, 2021.</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">27                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.194%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.358%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Three months ended September 30, 2020</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial 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1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">120.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font 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0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Silver revenues</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 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style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">173.7&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">86.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and depletion</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">37.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue less cost of goods sold</font></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25.7&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">37.3&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Corporate administration</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Share-based payment expenses</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Exploration and business development</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income from operations</font></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.4&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25.3&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6.5&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30.2&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:13.22pt">Segmented revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the three months ended September 30, 2020.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%">     </font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.194%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.358%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nine months ended September 30, 2020</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Rainy River</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">New Afton</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Corporate</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">OPERATING SEGMENT RESULTS</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold revenues</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">246.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">64.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">310.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Copper revenues</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">125.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">125.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Silver revenues</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total revenues</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">250.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">193.9&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">444.5&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating expenses</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">150.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">91.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">242.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and depletion</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">103.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">38.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">142.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue less cost of goods sold</font></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3.6)</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">63.2&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid 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style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">40.9&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:13.22pt"> Segmented revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the nine months ended September 30, 2020.</font></div><div style="text-align:justify"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">28                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:6pt"><font style="color:#3f96b4;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">(b) Segmented assets and liabilities</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following table presents the segmented assets and liabilities&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.962%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total assets</font></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total liabilities</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">Capital expenditures</font><font style="color:#ffffff;font-family:'Arial 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Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">SEGMENTED ASSETS AND LIABILITIES</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Rainy River</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,061.8</font><font 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1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">749.7&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">578.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Other</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">534.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total segmented assets, liabilities and capital expenditures</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,270.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,250.1&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,460.8&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">189.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">174.9&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:13.22pt">Capital expenditures per consolidated statement of cash flows.</font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">2.</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:13.22pt">Other includes corporate balance, exploration properties, the stream on Blackwater gold production, and Cerro San Pedro.</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div id="ie2eff764bf214b188d5c377a124189d4_76"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">18. Fair value measurement</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In assessing the fair value of a particular contract, the market participant would consider the credit risk of the counterparty to the contract. Consequently, when it is appropriate to do so, the Company adjusts the valuation models to incorporate a measure of credit risk. Fair value represents management's estimates of the current market value at a given point in time. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company has certain financial assets and liabilities that are measured at fair value. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts), or inputs that are derived principally from, or corroborated by, observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. There were no transfers among Levels 1, 2, and 3 during the nine months ended September&#160;30, 2021 or the year ended December 31, 2020. The Company&#8217;s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer.</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">29                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Valuation methodologies for Level 2 and 3 financial assets and liabilities&#58;</font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Provisionally priced contracts and gold and copper swap contracts</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The fair value of the provisionally priced contracts and the gold and copper swap contracts is calculated using the mark-to-market forward prices of London Metals Exchange gold and copper based on the applicable settlement dates of the outstanding provisionally priced contracts and copper swap contracts. </font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Gold and copper price option contracts </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The fair value of the gold and copper price option contracts is measured based on fair value prices obtained from the counterparties of the gold price option contracts and copper price option contracts.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Foreign exchange forward contracts</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The fair value of foreign exchange forward contracts is calculated using the mark-to-market method based on the difference between the forward Canadian dollar to U.S dollar foreign exchange rate and the foreign exchange rates of the contracts. </font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Gold stream obligation</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The fair value of the gold stream obligation is calculated using the risk-free interest rate derived from the U.S. Treasury rate, forward and consensus metal prices, company specific credit spread based on the yield on the Company&#8217;s 2025 Unsecured Notes, and expected gold and silver ounces to be delivered from Rainy River&#8217;s life of mine projections. </font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Free cash flow interest obligation</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The fair value of the free cash flow interest obligation is calculated using the risk-free interest rate derived from the U.S. Treasury rate, forward and consensus metal prices, company specific credit spread based on the yield on the Company&#8217;s 2027 Unsecured Notes, and expected production, operating and capital costs from New Afton&#8217;s life of mine projections, including considerations to the minimum cash guarantee over the first four years of the instrument</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%">. </font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following table summarizes the Company&#8217;s financial assets and liabilities by category and information about financial assets and liabilities measured at fair value on a recurring basis in the statement of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">30                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">financial position categorized by level of significance of the inputs used in making the measurements&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:31.752%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.829%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.355%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.355%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.556%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at September  30, 2021</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2020</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Category</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Level</font></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"><font><br></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Level</font></td><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FINANCIAL ASSETS</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial assets at amortized cost</font></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">150.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">186.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trade and other receivables</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial assets at amortized cost</font></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">25.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">65.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Provisionally priced contracts</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial instruments at FVTPL</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2</font></td><td colspan="2" 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colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9.8)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign exchange forward contracts</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial instruments at FVTPL</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Proceeds due from income tax refunds at Mesquite</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial assets at amortized cost</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">12.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Investments</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial instruments at FVTPL</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">52.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">46.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FINANCIAL LIABILITIES</font></td><td colspan="3" style="padding:0 1pt"><div><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Trade and other payables</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">489.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold stream obligation</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial instruments at FVTPL</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">186.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Free cash flow interest obligation</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial instruments at FVTPL</font></td><td colspan="3" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3</font></td><td colspan="2" 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">436.1&#160;</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Proceeds due from income tax refunds at Mesquite are included in trade and other receivables on the consolidated statement of financial position.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Trade and other payables exclude the short-term portions of reclamation and closure cost obligations, the gold stream obligation, and the free cash flow interest obligation.</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The carrying values and fair values of the Company&#8217;s financial instruments are as follows&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:50.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.461%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.461%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.461%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.831%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at September  30, 2021</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2020</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Carrying value</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair value</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#003f6b;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Carrying value</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#003f6b;font-family:'Arial 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign exchange forward contracts</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font 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style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">186.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">217.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">217.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Free cash flow interest obligation</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">431.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">431.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">436.1&#160;</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">436.1&#160;</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Trade and other payables exclude the short-term portion of reclamation and closure cost obligation and the short-term portion of the gold stream obligation and New Afton free cash flow interest obligation.</font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">Proceeds due from income tax refunds at Mesquite are included in trade and other receivables on the consolidated statement of financial position.</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">31                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="ie2eff764bf214b188d5c377a124189d4_79"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_0.jpg" src="image_0.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><img alt="image_1.jpg" src="image_1.jpg" style="height:5px;margin-bottom:5pt;vertical-align:text-bottom;width:657px"></div><div style="text-align:justify"><font><br></font></div></div><div style="margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">19</font><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:13pt;font-weight:700;line-height:140%">. Commitments </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company has entered into a number of contractual commitments for capital items relating to operations and development. At September&#160;30, 2021, these commitments totaled $60.1 million, $59.9 million of which is expected to become due over the next 12 months. This compares to commitments of $65.3 million as at December 31, 2020, $65.1 million of which was expected to become due over the upcoming year. Certain contractual commitments may contain cancellation clauses&#59; however, the Company discloses its commitments based on management&#8217;s expectation to fulfill the contracts.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">32                                                                                                                                                                             WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div></body></html>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ngdq32021mda.htm
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<TEXT>
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<title>Document</title></head><body><div id="i2d9ef220b95c4e75ac1e93db5eed825b_1"></div><div style="min-height:0pt;width:100%"><div><font><br></font></div></div><div><img alt="mdacoversheet-q32021001.jpg" src="mdacoversheet-q32021001.jpg" style="height:1055px;margin-bottom:5pt;vertical-align:text-bottom;width:816px"></div><div style="height:0pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</font></div><div style="text-align:justify"><font style="color:#7f7f7f;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:140%">All dollar figures are in United States dollars and tabular dollar amounts are in millions, unless otherwise noted.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#7f7f7f;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:140%">For the three and nine months ended September 30, 2021.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following Management&#8217;s Discussion and Analysis (&#8220;MD&#38;A&#8221;) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of New Gold Inc. and its subsidiaries (&#8220;New Gold&#8221; or the &#8220;Company&#8221;). This MD&#38;A should be read in conjunction with New Gold&#8217;s unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2021 and 2020, and related notes, which are prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board. This MD&#38;A contains forward-looking statements that are subject to risks and uncertainties, as discussed in the Cautionary Note Regarding Forward-Looking Statements at the end of this MD&#38;A. Readers are cautioned not to place undue reliance on forward-looking statements. All dollar figures are in U.S. dollars and tabular dollar amounts are in millions, unless otherwise noted. This MD&#38;A has been prepared as at November 11, 2021. Additional information relating to the Company, including the Company&#8217;s Annual Information Form, is available on SEDAR at www.sedar.com. </font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_242"></div><div style="text-align:justify"><font style="color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">USE OF NON-GAAP FINANCIAL PERFORMANCE METRICS</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">In this MD&#38;A, we use the following non-GAAP financial performance measures&#58; &#8220;Total cash costs&#34;, &#34;all-in sustaining costs&#34;, &#34;adjusted net earnings&#47;(loss)&#34;, &#34;adjusted tax expense&#34;, &#34;sustaining capital and </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">sustaining leases</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%">&#8221;,</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> &#8220;growth capital&#8221;, &#8220;average realized gold&#47;copper price per ounce&#47;pound&#8221;, &#34;mining, processing and G&#38;A costs per tonne&#34; and &#34;free cash flow&#34;. For a detailed description of each non-GAAP financial performance measure used in this MD&#38;A and a detailed reconciliation to the most directly comparable measures under IFRS, please refer to the &#8220;Non-GAAP Financial Performance Measures&#8221; section of this MD&#38;A. The non-GAAP financial performance measures in this MD&#38;A are intended to provide additional information to investors and do not have any standardized meaning under IFRS. These measures may therefore not be comparable to other issuers and should not be considered in solution or as a substitute for measures of performance prepared in accordance with GAAP. </font></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_7"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">OUR BUSINESS</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">New Gold Inc is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in Canada. The assets of the Company, directly or through its subsidiaries, are comprised of the Rainy River Mine in Canada (&#8220;Rainy River&#8221;) and the New Afton Mine in Canada (&#8220;New Afton&#8221;). The Company also holds an 8% gold stream on the Artemis Gold Blackwater project located in Canada, a 5% equity stake in Artemis Gold Inc., and other Canadian-focused investments. New Gold's vision is to build a leading diversified intermediate gold company based in Canada that is committed to environment and social responsibility. For further information on the Company, visit www.newgold.com. </font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_10"></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.076%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:16pt;font-weight:400;line-height:100%">Contents</font></td></tr></table></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:91.688%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.112%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">USE OF NON-GAAP FINANCIAL PERFORMANCE METRICS</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">2</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2d9ef220b95c4e75ac1e93db5eed825b_7" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">OUR BUSINESS</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">2</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2d9ef220b95c4e75ac1e93db5eed825b_13" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">OPERATING AND FINANCIAL HIGHLIGHTS</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">4</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">SUSTAINABILITY AND ESG</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2d9ef220b95c4e75ac1e93db5eed825b_19" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">CORPORATE DEVELOPMENTS</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">7</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">OUTLOOK FOR 2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">7</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">OUR RESPONSE TO COVID-19</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">8</font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2d9ef220b95c4e75ac1e93db5eed825b_28" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">KEY PERFORMANCE DRIVERS</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">9</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2d9ef220b95c4e75ac1e93db5eed825b_31" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">FINANCIAL RESULTS</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">11</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2d9ef220b95c4e75ac1e93db5eed825b_34" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">REVIEW OF OPERATING MINES</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">15</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2d9ef220b95c4e75ac1e93db5eed825b_37" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">FINANCIAL CONDITION REVIEW</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">21</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2d9ef220b95c4e75ac1e93db5eed825b_40" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">NON-GAAP FINANCIAL PERFORMANCE MEASURES</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">27</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2d9ef220b95c4e75ac1e93db5eed825b_43" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">ENTERPRISE RISK MANAGEMENT AND RISK FACTORS</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">38</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2d9ef220b95c4e75ac1e93db5eed825b_46" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">CRITICAL JUDGMENTS AND ESTIMATION UNCERTAINTIES</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">38</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2d9ef220b95c4e75ac1e93db5eed825b_49" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">ACCOUNTING POLICIES</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">38</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2d9ef220b95c4e75ac1e93db5eed825b_52" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">CONTROLS AND PROCEDURES</a></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">39</font></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">END NOTES</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">40</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">CAUTIONARY NOTES</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%">41</font></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_13"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><font style="color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">OPERATING AND FINANCIAL HIGHLIGHTS</font></div><div style="text-align:justify"><font style="color:#003f6b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">OPERATING HIGHLIGHTS</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#003f6b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%"> </font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.993%"><tr><td style="width:1.0%"></td><td style="width:43.474%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.758%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="padding-right:-2.67pt;text-align:center"><font><br></font></div></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="text-align:justify"><font><br></font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#0070c0;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">OPERATING INFORMATION</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold equivalent (&#8220;eq.&#8221;) (ounces)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#58; </font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Produced</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">105,628</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">115,536&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">307,359</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">317,050&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Sold</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">97,196</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">110,905&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">293,235</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">306,231&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold (ounces)&#58;</font></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Produced</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%"> </font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">72,210</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">78,959&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">205,849</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">210,043&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Sold</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%"> </font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">66,982</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">75,760&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">198,705</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">205,385&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Copper (millions of pounds)&#58;</font></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">47.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">53.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Sold</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%"> </font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">14.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">44.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">50.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Revenue</font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,770</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,593&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,778</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,509&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Copper ($&#47;pound)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.02</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.80&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.94</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.50&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Average realized price</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%"> </font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,788</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,613&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,798</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,532&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Copper ($&#47;pound)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.28</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.99&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.20</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.69&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Operating expenses per gold eq. ounce sold ($&#47;ounce)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline"> </font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">915</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">778&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">947</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">791&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and depletion per gold eq. ounce sold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">497</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">452&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">496</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">469&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Total cash costs per gold eq. ounce sold ($&#47;ounce)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">966</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">822&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,001</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">839&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" 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0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,313&#160;</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,503</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,349&#160;</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-right:18pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><font style="color:#003f6b;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">FINANCIAL HIGHLIGHTS</font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.634%"><tr><td style="width:1.0%"></td><td style="width:43.178%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.830%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.830%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.830%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.832%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="padding-right:-2.67pt;text-align:center"><font><br></font></div></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">179.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">173.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">542.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">444.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">58.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8.7)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash generated from operations</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">54.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">92.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">218.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">128.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Growth capital</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">23.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16.3&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">74.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">46.7&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total assets</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,270.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,394.3&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,270.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,394.3&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">150.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">416.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">150.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">416.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term debt</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">490.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">681.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">490.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">681.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Non-current liabilities excluding long-term debt</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">799.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">678.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">799.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">678.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#0070c0;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Share Data</font></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Earnings (loss) per share</font></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Basic ($)</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font 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style="margin-bottom:12pt;padding-right:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-right:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-right:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-right:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-right:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-right:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-right:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-right:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-right:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-right:18pt;text-align:justify"><font><br></font></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_16"></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">5&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">SUSTAINABILITY AND ESG</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">New Gold has four sustainability focus areas&#58; Indigenous Peoples, Tailings Management, Water and Climate. New Gold has adapted its sustainability efforts to align with the most pressing Environmental, Social and Governance (&#34;ESG&#34;) issues facing the Company and the mining industry. As such, the Company's ESG approach continues to prioritize the health, safety and well-being of its people, and the people in the communities in which New Gold operates. The protection of its people is central to New Gold's success as the Company believes people are its greatest asset. New Gold is committed to providing training, opportunities and progression paths for its teams, and the Company actively seeks to ensure that it promotes diversity within its teams at all levels of the organization. New Gold has adopted an approach to execute on its sustainability strategy that aligns with ESG reporting standards.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">During the third quarter of 2021, British Columbia experienced one of the worst fire seasons in recent history, leading to many community evacuations. The New Afton Mine Rescue Team provided assistance to British Columbia Wildfire fire management programs in the region, helping support fire management in the Kamloops area.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">During the third quarter of 2021, Rainy River continued to progress reclamation on lower lift of the east mine rock stockpile and hydroseeding reclaimed areas.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">6&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_19"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:4pt;text-align:justify"><font style="background-color:#ffffff;color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">CORPORATE DEVELOPMENTS</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">In August 2021, the Company collected the final $39.4 million (C$50.0 million) in sale proceeds from Artemis Gold Inc. from the sale in 2020 of the Blackwater Project.  </font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_22"></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">OUTLOOK FOR 2021</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The operational outlook for the Company assumes that our operations will continue without any significant COVID-19-related interruptions. New Gold continues to maintain preventative measures at all our sites to protect our workforce and communities, and to mitigate the effects of COVID-19 on our operations. Any reduction or suspension of our operations due to COVID-19 could impact our ability to achieve the Company&#8217;s outlook. Please see the Cautionary Note Regarding Forward-Looking Statements at the end of this MD&#38;A.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">In September 2021, the Company provided an update to its 2021 operational outlook for the Rainy River mine and the consolidated operational outlook as a result of the variance experienced in the eastern area of the ODM zone (&#34;East Lobe&#34;). Consolidated gold equivalent</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> production for 2021 is expected to be between 405,000 and 450,000 ounces. Annual consolidated copper production guidance remained unchanged at 56 to 66 million pounds. New Gold expects its consolidated 2021 all-in sustaining costs to be between $1,415 to $1,495 per gold eq. ounce</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">, and total cash costs to be between $960 to $1,030 per gold eq. ounce</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">. For further details on Rainy River&#8217;s operational outlook refer to the Company's September 13, 2021 news release entitled &#34;New Gold Updates Operational Outlook&#34;.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Rainy River remains on-track to meet its updated gold eq.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> production guidance range of 240,000 to 255,000 ounces and all-in sustaining cost</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> guidance range of $1,365 to $1,440 per gold eq. ounce. The East Lobe represents approximately 25% of planned production for the fourth quarter. Reverse circulation drilling in the East Lobe continues and gold grades in the area are in line with updated guidance. During the fourth quarter of 2021, mining will focus on the ODM Center and ODM North zones and the gold grade is expected to increase in the quarter.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">At New Afton, B3 production commenced in June following receipt of the Mines Act Permit on May 25, 2021, and will advance through the second half of the year. With the permit having been received later than anticipated, New Afton is reviewing potential changes to its near-term mine plan and New Afton&#8217;s gold production is expected to be at the lower end of the guidance range of 52,000 to 62,000 ounces and copper production is expected to be at the mid-point of the guidance range of 56 to 66 million pounds. New Afton remains on track to meet its gold eq.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> production guidance range of 165,000 to 195,000 ounces and all-in sustaining costs</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> are expected to be at the higher end of the cost range of $1,225 to $1,325 per gold eq. ounce.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Details of the Company&#8217;s 2021 guidance is available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov, and on the Company&#8217;s website at www.newgold.com&#47;news-releases&#47;.</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_25"></div><div style="margin-bottom:2pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:2pt;text-align:justify"><font style="background-color:#ffffff;color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">OUR RESPONSE TO COVID-19</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">New Gold has established a Pandemic Response and Business Plan Committee (the &#34;Committee&#34;), comprised of leadership from all locations, that meets regularly and has developed and implemented pre-screening and business continuity plans for each of its operations. The Committee was established to ensure that New Gold is assessing all potential risks and developing viable contingency plans that will enable the Company to stay ahead of any potential safety and health risks for its employees and members of its host communities. Designated teams from relevant functions are proactively planning for various contingencies and responding to daily changes and circumstances. New Gold is proactively preparing for the potential spread of COVID-19 to any of New Gold&#8217;s operations, with specific business continuity plans in place. Across New Gold, the Company continues to identify and implement measures at its corporate office and at all sites to protect its workforce and communities. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">At Rainy River, the Company was the first to bring private testing to the Rainy River area and has worked with the Northwestern Health Unit in its implementation. The Company also partnered with Seven Generations Educational Institute to provide community-based testing in the Rainy River area, particularly in local Indigenous communities.</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> During the quarter, a second vaccination clinic was hosted at Rainy River. There are currently no active cases of COVID-19 at the Rainy River mine.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">At New Afton, the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">mine has transitioned from a COVID-19 safety plan to a communicable disease prevention plan in accordance with phase three of the provincial reopening plan. There is currently one active case of COVID-19 at the New Afton mine</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For further information on the Company's COVID-19 response, visit www.newgold.com&#47;covid-19&#47;.</font></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_28"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">8&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">KEY PERFORMANCE DRIVERS</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">There is a range of key performance drivers that are critical to the successful implementation of New Gold&#8217;s strategy and the achievement of its goals. The key internal drivers are production volumes and costs. The key external drivers are market prices of gold and copper as well as foreign exchange rates.</font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Production Volumes and Costs</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For an analysis of the impact of production volumes and costs for the three and nine months ended September 30, 2021 relative to prior-year periods, refer to the &#8220;Review of Operating Mines&#8221; section of this MD&#38;A.</font></div><div style="text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Commodity Prices</font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:140%">Gold Prices</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The price of gold is the single largest factor affecting New Gold&#8217;s profitability and operating cash flows. As such, the current and future financial performance of the Company is expected to be closely related to the prevailing price of gold. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three months ended September 30, 2021, New Gold's gold revenue per ounce and average realized gold price per ounce were $1,770 and $1,788 respectively, compared to the London Bullion </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Market (&#34;LBMA&#34;) p.m. average gold price of $1,789 per ounce.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">the nine months ended September 30, 2021, New Gold's gold revenue per ounce and average realized gold price per ounce were $1,778 and $1,798, respectively, compared to the LBMA p.m. average </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">gold price of $1,801 per ounce. </font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:140%">Copper Prices</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three months ended September 30, 2021, New Gold&#8217;s copper revenue per pound and average realized copper price per pound were $4.02 and $4.28, respectively, compared to the average London Metals </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Exchange (&#34;LME&#34;) copper price of $4.25 per pound.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">the nine months ended September 30, 2021, New Gold's copper revenue per pound and average r</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">ealized copper price per pound were $3.94 and $4.20, respectively, compared to the average LME copper price of $4.17 per pound.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:140%">Foreign Exchange Rates</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">While the Company&#8217;s key operations are in Canada, revenue is generated in U.S. dollars. As a result, the Company has foreign currency exposure with respect to costs not denominated in U.S. dollars. New Gold&#8217;s operating results and cash flows are influenced by changes in exchange rates against the U.S. dollar. The Company has exposure to the Canadian dollar through New Afton and Rainy River, as well as through corporate administration costs.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The spot Canadian dollar weakened against the U.S. dollar during the third quarter of 2021. The average value of the Canadian dollar against the average value of the U.S dollar for the three months ended September 30, 2021 increased when compared to the prior-year period. The strengthening of the Canadian dollar impacts costs in U.S. dollar terms at the Company&#8217;s Canadian operations, as a significant portion of operating and capital costs are denominated in Canadian dollars.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">9&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For an analysis of the impact of foreign exchange fluctuations on operating costs, refer to the relevant sections for Rainy River and New Afton under the heading &#8220;Review of Operating Mines&#8221;.</font></div><div style="margin-bottom:3pt;text-align:justify"><font style="background-color:#ffffff;color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Economic Outlook</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The LBMA p.m. gold price decreased by 1% during Q3 2021 relative to the prior quarter, finishing the quarter at $1,742 per ounce. An increase in the US dollar and US real yields from a potentially accelerated interest rate hiking cycle by the Federal Open Market Committee pressured the gold price over the third quarter. Gold held in exchange-traded funds decreased slightly during Q3, after increasing slightly in the prior quarter.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Prospects for gold are impacted by several structural factors. Mine supply has been plateauing as high-quality deposits become more difficult to find and more expensive to develop and mine.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Economic events can have significant effects on the price of gold, through currency rate fluctuations, the relative strength of the U.S. dollar, gold supply and demand, and macroeconomic factors, such as interest rates and inflation expectations. Management anticipates that the long-term economic environment should provide support for precious metals and for gold and believes the prospects for the business are favourable.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">During Q3 2021, LME cash copper prices decreased by 4% as economic optimism has been tempered by concerns of a slowdown in China&#8217;s manufacturing and property sectors. 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style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">FINANCIAL RESULTS</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Summary of Financial Results</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:44.740%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.8&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 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1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">35.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30.2&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">96.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">40.9&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Finance income</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 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Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.9&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loss on disposal of assets</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.1)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.5)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.3)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(Loss) gain on revaluation of investments</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(13.2)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(26.9)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gain on foreign exchange derivative</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Settlement and gain on revaluation of gold price option contracts</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loss on 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Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.5)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revaluation of CSP&#8217;s reclamation and closure cost obligation</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.2)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.2)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.4)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3.4)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gain (loss) on sale of the Blackwater Project</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(59.0)</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income tax (expense) recovery</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(6.4)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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style="padding-right:18pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">11&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="padding-right:18pt"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Revenue</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September&#160;30, 2021, the increase in revenue relative to the prior-year periods was due to higher gold and copper prices, partially offset by lower sales volume. A detailed discussion of production is included in the &#8220;Review of Operating Mines&#8221; section of this MD&#38;A.</font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Operating expenses</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September 30, 2021, operating expenses were higher than the prior-year periods due to the strengthening of the Canadian dollar relative to the U.S. dollar and the prior-year period benefitting from the wage subsidy which was applied as a reduction to salaries and employee benefits. This was partially offset by lower gold and copper sales volumes. For further information, please refer to the &#34;Review of Operating Mines&#34; section of this MD&#38;A. </font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Depreciation and depletion</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September 30, 2021, depreciation and depletion were consistent</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> when compared to the prior-year periods.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Revenue less cost of goods sold</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September 30, 2021, revenue less costs of goods sold increased when compared to prior-year periods due to higher gold and copper prices, partially offset by lower sales volume.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Corporate administration</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September 30, 2021, corporate administration, increased compared to the prior-year periods primarily </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">due to a higher corporate headcount.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Exploration and business development</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September 30, 2021, exploration and business development expenses increased compared to the prior-year periods primarily due to </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">increased exploration activity at New Afton.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Share-based payment expenses</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September 30, 2021, share-based payment expenses decreased compared with the prior-year periods due to a decrease in New Gold's share price assumption.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Finance costs</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September 30, 2021, finance costs decreased as a result of lower long-term debt due to debt repayments, and additional capitalized interest at New Afton when compared to the prior-year periods. Additionally, the prior periods included the $6.5 million loss on repayment of long-term debt.</font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Other gains and losses</font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Foreign exchange</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Movements in foreign exchange are primarily due to the revaluation of monetary assets and liabilities as at the balance sheet date and the appreciation or depreciation of the Canadian dollar compared to the U.S. dollar in the current period.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">12&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Gold stream obligation</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September 30, 2021, the Company recorded an unrealized gain on the revaluation of the gold stream obligation derivative instrument of $2.6 million and $6.8 million. The gain was primarily driven by a higher market observable discount rate and a decrease in short-term gold prices.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">New Afton free cash flow interest obligation</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September&#160;30, 2021, the Company recorded an unrealized loss on revaluation of the New Afton free cash flow interest obligation of $24.5 million and $42.9 million. The loss was primarily due to an increase in copper prices partially offset by a higher market observable discount rate.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Unrealized loss on investments</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">September&#160;30, 2021</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">, the Company recorded unrealized losses of $13.2 million and $26.9 million primarily related to a decrease in share price of Harte Gold Inc. (&#34;Harte Gold&#34;) and other investments.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Gold and copper option contracts</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the nine months ended September 30, 2021, the Company recorded an unrealized loss on the revaluation of the copper price option contracts of</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> $1.5 million</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> due to the expiry of the unexercised copper price option contracts. In the prior-year period, the Company recorded an unrealized loss on the revaluation of the gold price option contracts due to an increase in gold prices.</font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Revaluation of Cerro San Pedro closure cost obligation </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Cerro San Pedro transitioned to the reclamation phase of its mine life cycle effective December 31, 2018. The increase of $3.2 million in Cerro San Pedro&#8217;s reclamation and closure cost obligation is a result of changes in estimates to the expected reclamation expenditures. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The other gains and losses listed above are added back for the purposes of calculating adjusted net earnings</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">. Adjusted net earnings</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> 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. Please refer to the &#34;Non-GAAP Financial Performance Measures&#34; section of this MD&#38;A.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Income tax </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The current income tax expense and prior-year income tax recovery relates primarily to current and deferred mineral taxes in the period.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">On an adjusted earnings basis</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">, the adjusted tax expense</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> for the nine months ended September 30, 2021, was $11.4 million, compared to $8.0 million in the prior-year period. The adjusted tax expense</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> excludes the impact of other gains and losses on the consolidated income statement. Adjusted tax expense</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> 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.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Net (loss) earnings</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three months ended September&#160;30, 2021, there was a net loss of $11.3 million and in the prior-year period there was net earnings of $15.7 million. The change was primarily due to an unrealized loss on the revaluation of investments, partially offset by lower finance costs. For the nine months ended </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">13&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">September&#160;30, 2021, the net loss decreased </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">compared to the prior-year periods </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">primarily due to higher revenue and lower finance costs, partially offset by an increase in operating expenses </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">and an unrealized loss on the revaluation of investments</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">. Additionally, the prior-year period included a loss on the sale of the Blackwater Project. </font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Adjusted net earnings (loss)</font><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:6.5pt;font-style:italic;font-weight:700;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Net earnings (losses) have been adjusted for other gains and losses and the loss on repayment of long-term debt on the consolidated income statement. Key elements in other gains and losses are&#58; the fair value changes for the gold stream obligation&#59; fair value changes for the free cash flow interest obligation&#59; fair value changes for gold and copper price option contracts, financial instrument transaction costs, foreign exchange gains&#47;loss and fair value changes in investments. The adjusted entries are also impacted by tax expense to the extent that the underlying entries are impacted for tax in the unadjusted net earnings. Adjusted net earnings 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. Please refer to the &#8220;Non-GAAP Financial Performance Measures&#8221; section of this MD&#38;A.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September 30, 2021, adjusted net earnings</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> increased when compared to the prior-year periods primarily due to higher revenue less cost of goods sold and lower finance costs.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For further information on the Company&#8217;s liquidity and cash flow position, please refer to the &#8220;Liquidity and Cash Flow&#8221; section of this MD&#38;A.</font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Key Quarterly Operating and Financial Information</font></div><div style="margin-bottom:3pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Selected financial and operating information for the current and previous quarters is as follows&#58;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:23.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.246%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.246%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.246%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.246%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.246%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.246%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.246%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.246%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.253%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="padding-right:-0.37pt;text-align:center"><font><br></font></div></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:171%">(in millions of U.S. dollars,</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:171%">&#160;except where noted)</font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q3 2021</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q2 2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q1 2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q4 2020</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q3 2020</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q2<br>2020</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q1</font></div><div style="text-align:right"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">2020</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q4</font></div><div style="text-align:right"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">2019</font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">&#160;&#160;Q3</font></div><div style="text-align:right"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">2019</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:5pt"><font style="color:#0070c0;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">OPERATING INFORMATION</font></div></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="padding-right:-3.75pt;text-align:center"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="padding-right:-3.75pt;text-align:center"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="padding-right:-3.75pt;text-align:center"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="padding-right:-3.75pt;text-align:center"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="padding-right:-3.75pt;text-align:center"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="padding-right:-3.75pt;text-align:center"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:center"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:center"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:center"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold production from operations (ounces)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(4)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">72,210</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">66,989&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">66,650&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">83,096&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">78,959&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">64,294&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">66,790&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">66,856&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">91,087&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold sales from operations (ounces)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(4)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">66,982</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">68,184&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">63,539&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">86,491&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">75,760&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">60,853&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">68,773&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">71,691&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">85,867&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">179.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">198.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">164.9&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">198.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">173.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">128.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">142.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">139.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">168.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net (loss) income</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(11.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(15.8)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16.8&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(21.1)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(45.6)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(28.3)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(24.7)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Per share&#58;</font></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Basic ($)</font></td><td colspan="2" style="background-color:#E5F8FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.02)</font></td><td style="background-color:#E5F8FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.02)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.02&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.03)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.02&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.07)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.04)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.04)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diluted ($)</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.02)</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.02)</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.02&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.03)</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.02&#160;</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.07)</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.04)</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.00&#160;</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.04)</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">14&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_34"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">REVIEW OF OPERATING MINES</font></div><div style="text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Rainy River Mine, Ontario, Canada</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Rainy River is a gold mine located in Northwestern Ontario, Canada approximately 50 kilometres northwest of Fort Frances, a town of approximately 8,000 people.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">A summary of Rainy River&#8217;s operating results is provided below.</font></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:44.740%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.443%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="padding-right:-2.62pt;text-align:center"><font><br></font></div></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#0070c0;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">OPERATING INFORMATION</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ore mined (thousands of tonnes)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4,868</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,359&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">11,397</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7,829&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating waste mined (thousands of tonnes)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8,116</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,779&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">20,496</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19,263&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Capitalized waste mined (thousands of tonnes)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">800</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,266&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9,998</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9,445&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Waste mined (thousands of tonnes)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8,916</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 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style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ore processed (thousands of tonnes)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,323</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Average gold grade (grams&#47;tonne)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.89</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.88&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.83</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.89&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold recovery rate (%)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">89</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">89&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">89</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">90&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold eq. (ounces) </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#58;</font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Produced </font><font style="color:#000000;font-family:'Arial 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1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">172,462</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">164,960&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sold </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">57,800</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">61,726&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">168,682</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">163,137&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold (ounces)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#58;</font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Produced </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">58,557</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">63,004&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">166,113</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">162,185&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial 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0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">162,454</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">160,438&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Average gold realized price ($&#47;ounce) </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,788</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.41&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.78</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.44&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Processing cost per tonne processed </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8.54</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.33&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">G&#38;A cost per tonne processed </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.28</font><font style="color:#000000;font-family:'Arial 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style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">924&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and depletion per gold eq. ounce</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">635</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 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style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">924&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">All-in sustaining costs per gold eq. sold </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">103.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">100.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">303.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">250.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue less cost of goods sold</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">10.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">29.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3.6)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">69.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">96.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 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style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">54.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">117.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #948a54;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.2&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #948a54;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">10.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #948a54;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8.6)</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #948a54;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">15&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Operating results</font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Production</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Third quarter gold eq.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> production was 60,785 ounces (58,557 ounces of gold and 160,461 ounces of silver), a decrease compared to the prior-year period due to lower tonnes milled. For the nine-month period ended September 30, 2021, gold eq.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> production was 172,462 ounces (166,113 ounces of gold and 457,069 ounces of silver), an increase over the prior-year period due to higher tonnes processed, with the prior-year period including a two-week voluntary shutdown due to COVID-19.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The open pit mine achieved 149,630 tonnes per day during the quarter, in-line with the 2021 overall target of &#126;151,000 tonnes per day. Approximately 4.9 million ore tonnes and 8.9 million waste tonnes (including 0.8 million capitalized waste tonnes) were mined from the open pit at an average reduced strip ratio of 1.83&#58;1. As planned, the strip ratio is expected to remain approximately 2&#58;1 for the remainder of the year to achieve the original 2021 guidance of approximately 2.7&#58;1.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The mill processed 25,245 tonnes per day for the quarter, a decrease compared to the prior-year period due to maintenance activities performed on the gyratory crusher impacting mill throughput. The mill processed an average grade of 0.89 grams per tonne at a gold recovery of 89%. Mill availability for the quarter averaged 91%.</font></div><div><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Revenue </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three months ended September 30, 2021, </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">revenue increased compared to the prior-year periods due to higher gold prices partially offset by lower sales volume. </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the nine months ended September 30, 2021, </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">revenue increased compared to the prior-year periods due to higher gold prices and higher sales volume.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Revenue less cost of goods sold</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September 30, 2021, revenue less cost of goods sold increased when compared to the prior-year periods, primarily driven by higher revenues in the quarter partially offset by higher operating expenses.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Operating expenses, depreciation and depletion, total cash costs, all-in sustaining costs, capital expenditures and free cash flow</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Operating expense and total cash costs</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> were $960 per gold eq. ounce for the quarter, an increase over the prior-year period due to lower sales volumes, the strengthening of the Canadian dollar relative to the U.S. dollar, and the prior-year period benefitting from the wage subsidy. The strengthening of the Canadian dollar and the loss of the wage subsidy increased costs by approximately $90 per gold eq. ounce in the quarter. For the nine-month period ended September 30, 2021, operating expense and total cash costs</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> were $979 per gold eq. ounce, an increase over the prior-year period due to the strengthening of the Canadian dollar relative to the U.S. dollar, and the receipt of the wage subsidy in the prior-year period. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Open pit net mining costs per operating tonne mined</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2 </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">and processing costs per tonne processed</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2 </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">for the three and nine months ended September 30, 2021, were impacted by the strengthening of the Canadian dollar and the receipt of the wage subsidy in the prior-year period. Compared to the prior-year periods the mining costs per operating tonne mined</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> increases were partially offset by an increase in tonnes mined and the increase in processing costs per tonne processed</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2 </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">was partially offset by increase in tonnes milled in the nine-month period. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">16&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Depreciation and depletion was $635 per gold eq. ounce for the quarter and $647 per gold eq. ounce for the nine-month period ended </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">September 30, 2021</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">,which were consistent with prior-year periods.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Sustaining capital and sustaining lease</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> payments for the quarter were $17.6 million, including $2.1 million of capitalized mining costs. Sustaining capital spend during the quarter primarily included the advancement of the annual tailings dam raise. For the nine-month period ended September 30, 2021, sustaining capital and sustaining lease</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> payments were $76.9 million, including $29.0 million of capitalized mining costs.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">All-in sustaining costs</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> were </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">$</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">1,307 per gold eq. ounce for the quarter, a decrease over the prior-year period primarily due to lower sustaining capital spend, partially offset by lower sales volumes and higher total cash costs. For the nine-month period ended September 30, 2021, all-in sustaining costs</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> were $1,470 per gold eq. ounce, a decrease over the prior-year period primarily due to higher sales volumes and lower sustaining capital spend.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Growth capital</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> for the quarter was $4.3 million and $9.3 million for the nine-month period ended September 30, 2021. Expenditures were primarily related to the development of the underground Intrepid zone. During the quarter, development of the decline towards the Intrepid underground ore zone advanced 215 metres.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Cash generated from operations for the three months ended September 30, 2021, decreased when compared to the prior-year period primarily due to negative working capital movements of $22.8 million driven by the timing of sales and trade payables. For the nine months ended September 30, 2021, cash generated from operations increased when compared to the prior-year period primarily due to an increase in revenue, partially offset by negative working capital movements of $17.1 million driven by the timing of sales and trade payables.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Free cash flow</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> for the quarter and nine-month period ended September 30, 2021 was a net outflow of $5.1 million and net inflow of $10.5 million respectively. For the three months ended September 30, 2021 free cash flow</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> decreased when compared to the prior-year period due to lower cash generated from operations partially offset by lower capital spend. For the nine months ended September 30, 2021 free cash flow</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> increased when compared to the prior-year period due to an increase in cash generated from operations and lower capital spend.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Impact of foreign exchange on operations</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Rainy River&#8217;s operations are impacted by fluctuations in the valuation of the U.S. dollar against the Canadian dollar. For the three months ended September 30, 2021, the value of the U.S. dollar averaged $1.26 against the Canadian dollar, when compared to $1.33 against the Canadian dollar in the prior-year period. This negatively impacted total cash costs by $52 per gold eq. ounce</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">1</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> sold relative to the prior-year period.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Exploration activities</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">During the third quarter of 2021, the Company completed field exploration activities, including geological mapping, rock, and soil sampling to define new drill targets as well as finalizing the plan for the follow-up drilling program expected to start during the fourth quarter of 2021.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">17&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">New Afton Mine, British Columbia, Canada</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The New Afton mine is located in South-Central British Columbia near Kamloops, a city of approximately 90,000 people.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">A summary of New Afton&#8217;s operating results is provided below.</font></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:44.740%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.443%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="padding-right:-0.37pt;text-align:center"><font><br></font></div></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#0070c0;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">OPERATING INFORMATION</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ore mined (thousands of tonnes)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,091</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,519&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,294</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,270&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating waste mined (thousands of tonnes)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">29</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">41&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Capitalized waste mined (thousands of tonnes)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">83</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">68&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">260</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">196&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Waste mined (thousands of tonnes)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">92</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">68&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">289</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">237&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ore processed (thousands of tonnes)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,202</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,424&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,678</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,119&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Average grade&#58;</font></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold (grams&#47;tonne)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.43</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.44&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.42</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.45&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Copper (%)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.72</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.71&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.72</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.72&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Recovery rate (%)&#58;</font></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">83</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">80&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">81</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">80&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Copper</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">82</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">82&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">82</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">82&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold eq. (ounces)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#58;</font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Produced </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">44,843</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">51,315&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">134,898</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">152,090&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sold </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">39,395</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49,179&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">124,553</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">143,094&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold (ounces)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#58;</font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Produced </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13,653</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15,955&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">39,735</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">47,858&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sold </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">11,385</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15,168&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">36,251</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">44,948&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Copper (millions of pounds)&#58;</font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Produced </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">15.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">47.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">53.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sold </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">14.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">44.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">50.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue</font></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,681</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,506&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,692</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,422&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Copper ($&#47;pound)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.02</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.80&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.94</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.50&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Average realized price</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline"> (2)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#58;</font></div></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,789</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,606&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,803</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 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1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.99&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.20</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.69&#160;</font></td><td style="padding:2px 1pt 2px 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style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10.66&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">14.59</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.51&#160;</font></td><td style="padding:2px 1pt 2px 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style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">255&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">285</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial 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style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">31.6</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Capital expenditures (growth capital)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline"> (2)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">37.2</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash generated from operations</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">36.0</font><font style="color:#000000;font-family:'Arial 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style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">96.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Free cash flow </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #948a54;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.9&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #948a54;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #948a54;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">27.4&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #948a54;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">18&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Operating results</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Following the tragic incident that occurred on February 2, 2021, underground mining activities were safely and sequentially ramped-up as New Gold continues to maintain its focus on the health, safety and well-being of its people. The Company completed its investigation of the incident and an investigation report was filed with the British Columbia Ministry of Energy, Mines and Low Carbon Innovation. </font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Production</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Third quarter gold eq.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> production was 44,843 ounces (13,653 ounces of gold, and 15.6 million pounds of copper), a decrease compared to the prior-year period primarily due to lower tonnes milled.  For the nine-month period ended September 30, 2021, gold eq.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> production was 134,898 ounces (39,735 ounces of gold and 47.5 million pounds of copper), a decrease over the prior-year period primarily due to lower tonnes processed.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The underground mine averaged 12,861 tonnes per day during the quarter as the mine focused on recovery level activities and the progressive ramp-up of the B3 zone. The mining rate is expected to increase as more drawpoints become available and as the B3 zone continues to ramp-up. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The mill averaged 13,068 tonnes per day, below the prior-year period, but in-line with mining rates and the plan to optimize metal recoveries while processing higher grade supergene ore. The mill processed gold grades of 0.43 grams per tonne and copper grades of 0.72%, with gold and copper recoveries of  83% and  82%, respectively. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three months ended September 30,</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> 2021,</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">  C-Zone development advanced by approximately 790 metres in the quarter and continues to advance on plan.  </font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Revenue</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September 30,</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> 2021, revenue increased compared to the prior-year periods due to higher gold and copper prices, partially offset by lower sales volume.</font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Revenue less cost of goods sold</font><font style="color:#3f96b4;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#160;&#160;&#160;&#160;</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September 30, </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">2021</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">, revenue less cost of goods sold increased when compared to the prior-year periods, primarily driven by higher revenues in the quarter partially offset by higher operating expenses.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Operating expenses, depreciation and depletion, total cash costs, all-in sustaining costs, capital expenditures and free cash flow.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Operating expense and total cash costs</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> were $849 and $974 per gold eq. ounce for the quarter, an increase over the prior-year period due to lower sales volumes, the strengthening of the Canadian dollar relative to the U.S. dollar, and the prior-year period benefitting from the wage subsidy. The strengthening of the Canadian dollar and the loss of the wage subsidy increased costs by approximately $70 per gold eq. ounce in the quarter. For the nine-month period ended September 30, 2021, operating expense and total cash costs</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> were $904 and $1,030 per gold eq. ounce, an increase over the prior-year period due to lower sales volumes, the strengthening of the Canadian dollar relative to the U.S. dollar, and the receipt of the wage subsidy in the prior-year period.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Underground net mining costs per operating tonne mined</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> and processing costs per tonne processed</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> for the three and nine months ended September 30, 2021, were impacted by the strengthening of the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">19&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Canadian dollar and the receipt of the wage subsidy in the prior-year period and lower tonnes mined and milled.  </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depreciation and depletion was $288 per gold eq. ounce for the quarter and $285 for the nine-month period ended</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> September 30, 2021</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, an increase compared to the prior-year periods as a result of a higher asset base.</font></div><div><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Sustaining capital and sustaining lease</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> payments for the quarter were $17.4, million, primarily related to B3 mine development and the advancement of the planned tailings dam raise. For the nine-month period ended September 30, 2021, sustaining capital and sustaining lease</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> payments were $45.1 million.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">All-in sustaining costs</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> were $1,423 per gold eq. ounce for the quarter and $1,403 per gold eq. ounce for the nine-month period ended September 30, 2021. The increases over the prior-year periods were due to lower sales volumes, higher total cash costs and higher sustaining capital spend. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Growth capital</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> was $18.8 million for the quarter, and $65.5 million for the nine-month period ended September 30, 2021, primarily related to C-Zone development and the thickened and amended tailings project. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Cash generated from operations for the three months ended </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">September 30, 2021, is consistent when compared to the prior-year period. For the nine months ended September 30, 2021, cash generated from operations increased when compared to the prior-year period primarily due to an increase in revenue.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Free cash flow</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> for the quarter and nine-month periods ended September 30, 2021, were a net inflow of $0.3 million and $5.5 million. Free cash flow</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:140%;position:relative;top:-3.5pt;vertical-align:baseline">2</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> decreased compared to the prior-year periods primarily due to increased capital spend, partially offset by an increase in revenue.</font></div><div><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Impact of foreign exchange on operations</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">New Afton&#8217;s operations are impacted by fluctuations in the valuation of the U.S. dollar against the Canadian dollar. For the three months ended September 30, 2021, the value of the U.S. dollar averaged $1.26 against the Canadian dollar, when compared to $1.33 against the Canadian dollar in the prior-year period. This negatively impacted total cash costs by $46 per gold eq. ounce sold relative to the prior-year period.</font></div><div><font><br></font></div><div><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Exploration activities</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">During the third quarter of 2021, the Company completed 5,114 metres of diamond drilling in 11 completed holes. Of these 3,862 metres in 6 holes were surface diamond drilling on the Cherry Creek Trend area. The remaining 1,252 metres in 5 holes were completed from underground testing on one of the target areas defined by an artificial intelligence study. As of September 30, 2021, 43 diamond drill holes totaling 22,189 metres have been completed, comprised of 16,798 meters in 28 surface diamond drill holes within the Cherry Creek Trend area (from the start of the program in the third quarter of 2020) and 5,391 meters in 15 underground diamond drill holes on the artificial intelligence targets.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">A drilling program to explore for deep porphyry-style and shear hosted gold mineralization is in progress at the Cherry Creek Trend area and is expected to be completed by the end of Q4 2021. The underground drilling program to test the artificial intelligence targets has been extended and will be completed by the end of Q4 2021.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">20&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_37"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">FINANCIAL CONDITION REVIEW</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Balance Sheet Review</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.358%"><tr><td style="width:1.0%"></td><td style="width:68.093%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.707%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#0070c0;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">BALANCE SHEET INFORMATION</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">150.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">186.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other current assets</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">210.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">232.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" 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colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total assets</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,270.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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Current liabilities decreased due to a decrease in trade payables relative to December 31, 2020.</font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Non-current liabilities excluding long-term debt</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Non-current liabilities excluding long-term debt consist primarily of reclamation and closure cost obligations, non-current derivative obligations and deferred tax liabilities.  </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">21&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company's gold stream obligation has decreased from December 31, 2020, due to cash settlements and higher market observable discount rates in the period, which included the U.S. Treasury rate and company specific credit spread based on the yield on the Company&#8217;s 2025 Unsecured Notes.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company's free cash flow interest obligation has decreased from December 31, 2020, due to higher market observable discount rates in the period, which included the U.S. Treasury rate and company specific credit spread based on the yield on the Company&#8217;s 2027 Unsecured Notes and cash settlements, which was partially offset by an increase in copper prices.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company&#8217;s asset retirement obligations consist of reclamation and closure costs for Rainy River, New Afton and Cerro San Pedro. Significant reclamation and closure activities include land rehabilitation, demolition of buildings and mine facilities, ongoing monitoring, and other costs. The long-term discounted portion of the liabil</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">ity as at </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">September 30,</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">2021</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> was $131.6</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> million relative to the balance of $113.5 million as at December 31, 2020.</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> The increase in the liability was primarily driven by the updated Rainy River mine closure plan submitted in the prior quarter. The updated plan includes industrial site demolition changes, an increase in unit rates, increase in overhead estimates and increase in mine footprint.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The deferred income tax liability increased from $53.5 million as at December 31, 2020 to $64.8 million at September 30, 2021. The increase in deferred income tax liability was primarily driven by deferred mineral taxes.</font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Long-term debt and other financial liabilities containing financial covenants</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Long-term debt includes the 2025 Unsecured Notes, the 2027 Unsecured Notes and the Company&#8217;s revolving credit facility.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">As at September 30, 2021 the Company has $100.0 million of senior unsecured notes outstanding that mature and become due and payable on May 15, 2025 (&#8220;the 2025 Unsecured Notes&#8221;). The 2025 Unsecured Notes are denominated in U.S. dollars and bear interest at the rate of 6.375% per annum. Interest is payable in arrears in equal semi-annual installments on May 15 and November 15 of each year.</font></div><div style="margin-bottom:12pt;padding-left:0.2pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">As at September 30, 2021 the Company has $400.0 million of senior unsecured notes outstanding that mature and become due and payable on July 15, 2027 (&#34;the 2027 Unsecured Notes&#34;). The 2027 Unsecured Notes are denominated in U.S. dollars and bear interest at the rate of 7.50% per annum. Interest is payable in arrears in equal semi-annual installments on January 15 and July 15 of each year.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The 2025 Unsecured Notes and the 2027 Unsecured Notes are subject to a minimum interest coverage incurrence covenant (earnings before interest, taxes, depreciation, amortization, impairment and other non-cash adjustments to interest) of 2.0&#58;1.0. </font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company holds a revolving credit facility (the &#8220;Credit Facility&#8221;) with a maturity date of October 2023 and has a borrowing limit of $350.0 million. </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">the nine months ended September 30, 2021,</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> $nil has been drawn under the Credit Facility. The Credit Facility has been used to issue letters</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> of credit amounting to $24.1 million (December 31, 2020 - $46.0 million). Letters of credit relate to reclamation bonds, and other financial assurances required with various government agencies.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">22&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Credit Facility contains various covenants customary for a loan facility of this nature, including limits on indebtedness, asset sales, and liens. The Credit Facility contains the following three covenant tests all of which are measured on a rolling four-quarter basis at the end of every quarter&#58;</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.5pt">The minimum interest coverage ratio, being earnings before interest, taxes, depreciation, amortization, exploration, impairment, and other non-cash adjustments (&#8220;Adjusted EBITDA&#8221;) to interest&#59; </font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.5pt">The maximum net debt to Adjusted EBITDA ratio (&#8220;Leverage Ratio&#8221;)&#59; and </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.5pt">The maximum gross secured debt to Adjusted EBITDA (&#8220;Secured Leverage Ratio&#8221;).</font></div><div style="margin-bottom:12pt"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Significant financial covenants are as follows&#58;</font></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.038%"><tr><td style="width:1.0%"></td><td style="width:51.974%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.624%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.436%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">Twelve months ended September 30</font></td><td colspan="3" style="background-color:#2bb7df;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">Twelve months ended</font></div><div style="text-align:right"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:150%">December 31</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="text-align:justify"><font><br></font></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Financial<br>covenant</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FINANCIAL COVENANTS</font></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Minimum interest coverage ratio (Adjusted EBITDA to interest)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#62;3.0 &#58; 1</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:83%">6.9 &#58; 1</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5.0 &#58; 1</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Maximum Leverage Ratio (net debt to Adjusted EBITDA)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#60;4.5 &#58; 1</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:83%">1.7 &#58; 1</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.8 &#58; 1</font></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Maximum Secured Leverage Ratio (secured debt to Adjusted EBITDA)</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#60;2.0 &#58; 1</font></td><td colspan="3" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.1 &#58; 1</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.3 &#58; 1</font></td></tr></table></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Liquidity and Cash Flow</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">As at September&#160;30, 2021, the Company had cash and cash equivalents of $150.9 million compared to $186.3 million as at December 31, 2020. The Company&#8217;s investment policy is to invest its surplus funds in permitted investments consisting of treasury bills, bonds, notes and other evidences of indebtedness of Canada, the U.S. or any of the Canadian provinces with a minimum credit rating of R-1 mid from DBRS or an equivalent rating from Standard &#38; Poor&#8217;s or Moody&#8217;s and with maturities of 12 months or less at the original date of acquisition.  In addition, the Company is permitted to invest in bankers&#8217; acceptances and other evidences of indebtedness of certain financial institutions. All investments must have a maximum term to maturity of 12 months and the average term will generally range from 7 days to 90 days. Under the policy, the Company is not permitted to make investments in asset-backed commercial paper.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company's investments in marketable equity securities are exposed to various risk factors including currency risk, market price risk and liquidity risk. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company&#8217;s liquidity is impacted by several factors which include, but are not limited to, gold and copper production, gold and copper market prices, capital expenditures, operating costs, interest rates and foreign exchange rates. These factors are monitored by the Company on a regular basis and will continue to be reviewed.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company&#8217;s cash flows from operating, investing and financing activities, as presented in the consolidated statements of cash flows, are summarized in the following table for the three and nine months ended September 30, 2021 and 2020&#58;</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">23&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.833%"><tr><td style="width:1.0%"></td><td style="width:47.227%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.107%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.609%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.447%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#0070c0;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CASH FLOW INFORMATION</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash generated from operating activities</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">54.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">92.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">218.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">196.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash (used in) generated from investing activities</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(15.6)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">43.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(183.5)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial 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style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Change in cash and cash equivalents</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">12.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(283.8)</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial 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style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three months ended September 30, 2021, the decrease in cash generated from operating activities was primarily due</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> to negative working capital movements of $27.0 million compared to positive working capital movements in the prior-year period. 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F</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">or the nine months ended September 30, 2021, the increase in cash generated from operating activities was primarily du</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">e to an increase in revenue, partially offset by negative capital movements.</font></div><div style="text-align:justify"><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Investing Activities</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Cash used in investing activities is primarily for the continued capital investment in the Company&#8217;s operating mines and development projects. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following table summarizes the capital expenditures (mining interests per the consolidated statements of cash flows) for the three and nine months ended September 30, 2021&#58;</font></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:41.115%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.790%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.790%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.901%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.904%"></td><td style="width:0.1%"></td></tr><tr><td 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style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#0070c0;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CAPITAL 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style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">96.9&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">New Afton</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">36.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">110.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">174.9&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">In March 2021, New Gold purchased common shares in Harte Gold Corp. for $19.8 million. In April 2021, New Gold purchased common shares in Talisker Resources Ltd. for $11.0 million. New Gold acquired the shares for investment purposes.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">In Q3 2020, the Company completed the divestment of the Blackwater Project to Artemis Gold Inc. for total cash consideration of C$190 million</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:140%">. </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The initial cash payment of $102.8 million (C$140 million) was received in Q3 2020 and the remaining $39.4 million (C$50 million) cash payment was received in August 2021. Under the transaction, the Company retained an 8% gold stream and an equity stake in Artemis Gold Inc.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">24&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Financing Activities</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">For the three and nine months ended September&#160;30, 2021, cash used in financing activities of</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> $25.6 million and $70.8 million was primarily driven by </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">interest payments, </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">lease payments, gold stream obligation payments and the New</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> Afton free cash flow payment to the Ontario Teacher's Pension Plan.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company&#8217;s cash balance as at September&#160;30, 2021</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> of $150.9 million, together with $325.9 million</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> available for drawdown under the Credit Facility </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">as at </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">September&#160;30, 2021</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">,</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> provided the Company with $476.8 million of liquidity.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The cash generated by operations is highly dependent on metal prices, including gold and copper, as well as other factors, including the Canadian&#47;U.S. dollar exchange rate.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company is expecting to continue to advance the C-Zone development at New Afton resulting in significant capital expenditures. Assuming the stability of prevailing commodity prices and exchange rates, and operations performing in accordance with mine plans, the Company believes it has adequate liquidity to implement its near-term operational plan and will be able to repay future indebtedness from a combination of internally generated cash flow and financing activities. Additionally, the Company has a strong liquidity position, which management expects to be more than adequate to fund its business objectives including in case of any potential impacts related to COVID-19.</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="background-color:#ffffff;color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Commitments</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company has entered into a number of contractual commitments for capital items relating to operations and development. At September&#160;30, 2021, these commitments totaled $60.1 million, $59.9 million of which is expected to become due over the next 12 months. This compares to commitments of $65.3 million as at December 31, 2020. Certain contractual commitments may contain cancellation clauses&#59; however, the Company discloses its commitments based on management&#8217;s expectation to fulfill the contracts.</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="background-color:#ffffff;color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Contingencies</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">In assessing the loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company and its legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency suggests that a loss is probable, and the amount can easily be estimated, then a loss is recorded. When a contingent loss is not probable but is reasonably possible, or is probable but the amount of the loss cannot be reliably estimated, then details of the contingent loss are disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the Company discloses the nature of the guarantees. If the Company is unable to resolve these disputes favourably, it may have a material adverse impact on its financial condition, cash flow and results of operations. As at September&#160;30, 2021, there were no contingent losses recorded.</font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Related Party Transactions</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company did not enter into any reportable related party transactions during the three and nine month periods ended September&#160;30, 2021.</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">25&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Off-Balance Sheet Arrangements</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company did not have any off-balance sheet arrangements during the three and nine months ended September&#160;30, 2021.</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="background-color:#ffffff;color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Outstanding Shares</font></div><div style="margin-bottom:3pt;text-align:justify"><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">As at November 11, 2021, there were 680.9 million common shares of the Company issued and outstanding. The Company had 6.0 million stock options outstanding under its share option plan, exercisable for up to an additional 6.0 million common shares. </font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_40"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">26&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">NON-GAAP FINANCIAL PERFORMANCE MEASURES </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company has included certain non-GAAP financial measures in this MD&#38;A. These measures are not defined under IFRS and should not be considered in isolation. In 2021 the Company has disclosed mining, processing and G&#38;A costs per tonne and free cash flow as additional non-GAAP measures, and will no longer disclose operating margin. The Company believes that these additional measures, along with the measures disclosed in prior periods, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company.</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Total Cash Costs per Gold Equivalent Ounce </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#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, 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. This measure allows investors to better evaluate corporate performance and the Company's ability to generate liquidity through operating cash flow to fund future capital exploration and working capital needs. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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, and 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.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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 gold price and multiplying this ratio by the pounds of copper and silver ounces produced or sold during that quarter.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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.</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">27&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Sustaining Capital and Sustaining Lease</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#34;Sustaining capital&#34; and &#34;sustaining lease&#34; 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 &#34;sustaining capital&#34; as net capital expenditures that are intended to maintain operation of its gold producing assets. Similarly, a &#34;sustaining lease&#34; is a lease payment that is sustaining in nature. To determine &#34;sustaining capital&#34; 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 &#34;sustaining capital&#34; and &#34;sustaining lease&#34;, 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. </font></div><div><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Growth Capital</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#34;Growth capital&#34; 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 &#34;growth capital&#34; 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 &#34;growth capital&#34; 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></div><div><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">All-in Sustaining Costs per Gold Equivalent Ounce</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#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 &#34;all-in sustaining costs per gold equivalent ounce&#34; 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.  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 &#34;all-in sustaining costs per gold equivalent ounce&#34; 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 Human Resources and Compensation Committee of the Board of Directors uses &#34;all-in sustaining costs&#34;, together with other measures, in its Company scorecard to set incentive compensation goals and assess performance.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">28&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#34;All-in sustaining costs per gold equivalent ounce&#34; is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">New Gold defines &#34;all-in sustaining costs per gold equivalent ounce&#34; 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.  The definition of sustaining versus non-sustaining is similarly applied to capitalized and expensed exploration costs and lease payments. Exploration costs and lease payments to develop new operations or that relate to major projects at existing operations where these projects are expected to materially increase production are classified as non-sustaining and are excluded.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">29&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Cash Costs and AISC per Gold Equivalent Ounce Reconciliation Tables</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The following tables reconcile each of the non-GAAP financial performance measures described above to the most directly comparable IFRS measure on an aggregate and mine-by-mine basis.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> </font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:44.740%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.443%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">CONSOLIDATED OPEX, CASH COST AND AISC RECONCILIATION</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating expenses</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">88.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">86.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">277.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">242.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold equivalent ounces sold</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%"> </font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">97,196</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">110,905&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">293,235</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">306,231&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating expenses per gold equivalent ounce sold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">915</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">778&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">947</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">791&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating expenses</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">88.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">86.7&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">277.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">242.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Treatment and refining charges on concentrate sales</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">15.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total cash costs</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">93.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">91.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">293.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">257.2&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold equivalent ounces sold</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%"> </font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">97,196</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">110,905&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">293,235</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">306,231&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total cash costs per gold equivalent ounce sold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">966</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">822&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,001</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">839&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Sustaining capital expenditures</font><font style="color:#000000;font-family:'Arial 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td 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style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify;text-indent:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:44.740%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.443%"></td><td 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1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">RAINY RIVER OPEX, CASH COSTS AND AISC RECONCILIATION</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating expenses</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">55.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">51.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">165.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">150.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold equivalent ounces sold </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">57,800</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">61,726&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">168,682</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">163,137&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating expenses per unit of gold sold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">960</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">833&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">979</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">924&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Operating expenses</font></div></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:133%">55.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">51.6</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:133%">165.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">150.8</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total cash costs</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">55.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">51.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">165.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">150.8&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold equivalent ounces sold </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">57,800</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">61,726&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">168,682</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">163,137&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total cash costs per gold equivalent ounce sold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">960</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">833&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">979</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">924&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Sustaining capital expenditures</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(5)(7)</font></div></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">15.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">69.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">96.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sustaining leases</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">7.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Reclamation expenses</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total all-in sustaining costs</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">75.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">90.7&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">247.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">259.7&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold equivalent ounces sold </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">57,800</font><font style="color:#000000;font-family:'Arial 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style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">163,137&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">All-in sustaining costs per gold equivalent ounce sold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,307</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,469&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,470</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,592&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:44.740%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.443%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" 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style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating expenses</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">33.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">35.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">112.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">91.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold equivalent ounces sold </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">39,395</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49,179&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">124,553</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">143,094&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating expenses per unit of gold sold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">849</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">708&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">904</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">640&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating expenses</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">33.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">35.1&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">112.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">91.8&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Treatment and refining charges on concentrate sales</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">15.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total cash costs</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">38.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">40.0&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">128.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">106.4&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold equivalent ounces sold </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">39,395</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49,179&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">124,553</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">143,094&#160;</font></td><td style="padding:2px 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1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">807&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,030</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">742&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Sustaining capital expenditures</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(5) </font></div></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">16.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">44.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">31.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sustaining leases</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.1)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Reclamation expenses</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total all-in sustaining costs</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">55.6</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">48.8&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">175.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">90.3&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold equivalent ounces sold </font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">143,094&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">All-in sustaining costs per gold equivalent ounce sold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,423</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">988&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td 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0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify;text-indent:3.8pt"><font><br></font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">31&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="background-color:#ffffff;color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Mining, Processing and G&#38;A Cost Per Tonne</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#8220;Open pit net mining cost per operating tonne mined,&#8221; &#8220;underground net mining costs per 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Mining, processing and G&#38;A cost per tonne are defined as operating expenses less change in inventories, selling costs, royalties and other non production costs, as these costs are not directly related to tonnes mined or milled, and then dividing the residual respective mining, processing or G&#38;A costs by tonnage of ore mined or processed. New Gold believes this non-GAAP financial measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing the performance of mining operations, eliminating the impact of varying production levels. This measure does not have a standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following tables reconcile this non-GAAP measure to the most directly comparable IFRS measure on an aggregate and mine-by-mine basis.</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:44.740%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.443%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">RAINY RIVER COST PER TONNE</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating expenses</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">55.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">51.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">165.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">150.8&#160;</font></td><td style="padding:2px 1pt 2px 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4.4)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(14.0)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">23.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ore and operating waste tonnes mined (thousands of tonnes)</font></div></td><td colspan="2" 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style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">32&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:44.740%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.443%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font 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1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ore and operating waste tonnes mined (thousands of tonnes)</font></div></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,100</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,519&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,323</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,311&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ore processed (thousands of tonnes)</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,202</font><font style="color:#000000;font-family:'Arial 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solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10.66&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">14.59</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9.51&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Processing costs per tonne processed </font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">10.09</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.81&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">10.58</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.70&#160;</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.25</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.48&#160;</font></td><td style="border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div><font><br></font></div><div><font style="background-color:#ffffff;color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Sustaining Capital Expenditures Reconciliation</font><font style="background-color:#ffffff;color:#70665c;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:120%"> </font><font style="background-color:#ffffff;color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Table</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:44.740%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.443%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#0070c0;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">TOTAL SUSTAINING CAPITAL EXPENDITURES</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mining interests per statement of cash flows</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">55.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">59.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">189.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">174.9&#160;</font></td><td 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style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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&#58; the fair value changes for the gold stream obligation&#59; fair value changes for the free cash flow interest obligation&#59; the gold and copper option contracts&#59; foreign exchange forward contracts&#59; foreign exchange gain or loss, loss on disposal of assets and fair value changes in investments. The income tax adjustments reflect the tax impact of the above adjustments and is referred to as &#34;adjusted tax expense&#34;.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company uses &#34;adjusted net earnings&#34; 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 &#34;adjusted net earnings&#34;. Consequently, the presentation of &#34;adjusted net earnings&#34; </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">33&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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 &#34;adjusted net earnings&#34; 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. &#34;Adjusted net earnings&#34; and &#34;adjusted net earnings per share&#34; 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. 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font 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colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(Loss) earnings before taxes</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(4.9)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8.6)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">66.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">51.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 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style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjusted net earnings (loss) before taxes</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">27.1</font><font 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Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(6.4)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.0)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(13.8)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.2)</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font 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0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3.2)</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(11.4)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8.0)</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjusted net earnings (loss)</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">23.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.4&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">58.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.02&#160;</font></td><td style="background-color:#ffffff;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.09</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td 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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. &#34;Cash generated from operations, before changes in non-cash operating working capital&#34; 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.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">34&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font 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style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">92.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">218.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">196.3&#160;</font></td><td style="padding:2px 1pt 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">183.6&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div><font style="background-color:#ffffff;color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Free Cash Flow</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#8220;Free cash flow&#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 defines &#34;free cash flow&#34; as cash generated from operations and proceeds of sale of other assets less capital expenditures on mining interests, lease payments, settlement of non-current derivative financial liabilities which include the gold stream obligation and the Ontario Teachers&#8217; Pension Plan free cash flow interest. New Gold believes this non-GAAP financial performance measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing the Company's ability to generate cash flow from current operations. &#34;Free cash flow&#34; 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 tables reconcile this non-GAAP financial performance measure to the most directly comparable IFRS measure on an aggregate and mine-by-mine basis.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:57.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.319%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Three months ended September 30, 2021</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Rainy River</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">New Afton</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Other</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FREE CASH FLOW RECONCILIATION</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash generated from operations</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">24.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">36.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(5.8)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">54.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less Mining interest capital expenditures</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(19.5)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(36.0)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.1</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(55.4)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Add Proceeds of sale from other assets</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less Lease payments</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.1)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.1)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2.5)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less Cash settlement of non-current derivative financial liabilities</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(7.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(7.3)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Free Cash Flow</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(5.1)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(5.8)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(10.6)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:8pt"><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">35&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:57.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.319%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Three months ended September 30, 2020</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Rainy River</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">New Afton</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Other</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FREE CASH FLOW RECONCILIATION</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash generated from operations</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">54.6&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">37.4&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">92.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less Mining interest capital expenditures</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(34.5)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(24.7)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.2)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(59.4)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less Lease payments</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.8)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.1&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.2)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.9)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less Cash settlement of non-current derivative financial liabilities</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6.1)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.1)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6.2)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Free Cash Flow</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.2&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.9&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.3)</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">23.7&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:57.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.319%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nine months ended September 30, 2021</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Rainy River</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">New Afton</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Other</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FREE CASH FLOW RECONCILIATION</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash generated from operations</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">117.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">120.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(19.8)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">217.9</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less Mining interest capital expenditures</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(79.0)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(110.2)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(189.2)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Add Proceeds of sale from other assets</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.3</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.8</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less Lease payments</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(7.2)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.4)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.4)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(8.0)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less Cash settlement of non-current derivative financial liabilities</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(20.8)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(4.9)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(25.7)</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Free Cash Flow</font></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">10.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5.5</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(20.2)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(4.2)</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:8pt"><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:57.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.319%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nine months ended September 30, 2020</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Rainy River</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">New Afton</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Other</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FREE CASH FLOW RECONCILIATION</font></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash generated from operations</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">110.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">96.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(10.7)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">196.3&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less Mining interest capital expenditures</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(96.9)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(68.8)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9.2)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(174.9)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less Lease payments</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7.3)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.4)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.5)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8.2)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less Cash settlement of non-current derivative financial liabilities</font></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(14.9)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(14.9)</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Free Cash Flow</font></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8.6)</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">27.4&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(20.4)</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.6)</font></td><td style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">36&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Average Realized Price </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#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></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.596%"><tr><td style="width:1.0%"></td><td style="width:45.041%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.367%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">TOTAL AVERAGE REALIZED PRICE</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue from gold sales</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">118.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">120.8&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">352.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">310.5&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Treatment and refining charges on gold concentrate sales</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.2</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial 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style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">122.3&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">356.7</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">315.3&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold ounces sold</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">66,982</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">75,760&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">198,705</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">205,385&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total average realized price per gold ounce sold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,788</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,613&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,798</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,532&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.596%"><tr><td style="width:1.0%"></td><td style="width:45.041%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.364%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.367%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where 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1pt;text-align:left;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">RAINY RIVER AVERAGE REALIZED PRICE</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue from gold sales</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">99.4</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">97.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">291.9</font><font style="color:#000000;font-family:'Arial 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">60,592&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">162,454</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">160,438&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Rainy River average realized price per gold ounce sold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,788</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,615&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,797</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,533&#160;</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.237%"><tr><td style="width:1.0%"></td><td style="width:44.740%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.443%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2bb7df;padding:0 1pt"></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2bb7df;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Nine months ended September 30</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars, except where noted)</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#e5f8fc;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#005b94;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">NEW AFTON AVERAGE REALIZED PRICE</font></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#e5f8fc;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue from gold sales</font></td><td colspan="2" style="background-color:#e5f8fc;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">19.0</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#e5f8fc;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial 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id="i2d9ef220b95c4e75ac1e93db5eed825b_43"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">ENTERPRISE</font><font style="background-color:#ffffff;color:#70665c;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%"> </font><font style="background-color:#ffffff;color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">RISK MANAGEMENT AND RISK FACTORS</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company is subject to various financial and other risks that could materially adversely affect the Company&#8217;s future business, operations and financial condition. For a comprehensive discussion of these and other risks facing the Company, please refer to the section entitled &#8220;Risk Factors&#8221; in the Company&#8217;s most recent Annual Information Form and the section entitled &#8220;Enterprise Risk Management&#8221; in the Company&#8217;s Management&#8217;s Discussion and Analysis for the year ended December 31, 2020, both of which are filed on SEDAR at www.sedar.com. There were no significant changes to those risks or to the Company&#8217;s management of exposure to those risks for the nine months ended September 30, 2021.</font></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_46"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#00b0f0;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">CRITICAL JUDGMENTS AND ESTIMATION UNCERTAINTIES</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The preparation of the Company&#8217;s consolidated financial statements in conformity with IFRS requires the Company&#8217;s management to make judgments, estimates and assumptions about the future events that affect the amounts reported in the consolidated financial statements and related notes to the financial statements. Estimates and assumptions are continually evaluated and are based on management&#8217;s experience and other facts and circumstances. Revisions to estimates and the resulting effects on the carrying amounts of the Company&#8217;s assets and liabilities are accounted for prospectively.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The areas which require management to make significant judgments, estimates and assumptions in determining carrying values are described in the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2020.</font></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_49"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#00b0f0;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">ACCOUNTING POLICIES</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company's significant accounting policies and future changes in accounting policies are presented in the audited consolidated financial statements for the year ended December 31, 2020 and have been consistently applied in the preparation of the audited consolidated financial statements, except as noted below. </font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#3f96b4;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">IAS 16 - Property, Plant and Equipment</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The amendments to IAS 16 prohibit deducting the proceeds from selling items produced from the cost of property, plant, and equipment, while bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, a company will recognize such sales proceeds and related costs in profit or loss. With the adoption of the amended standard, pre-commercial production sales and related costs while bringing a project into a condition necessary for it to be capable of operating in the manner intended by management, are recognized in profit or loss in accordance with applicable standards. The entity measures the cost of those items applying the measurement requirements of &#8220;IAS 2 Inventories&#8221;. This amendment becomes effective January 1, 2022 with early adoption permitted. </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company has early adopted this amendment as of January 1, 2021 with retrospective application only to items of property, plant and equipment that were brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after January 1, 2020. The adoption applies to revenue generated by the sale of underground ore at Rainy River in 2021. The impact in the three and nine months ended September 30, 2021 is immaterial. There was no impact on the prior-year period.</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">38&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_52"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#00b0f0;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">CONTROLS AND PROCEDURES</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#00b0f0;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Disclosure Controls and Procedures</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company&#8217;s management, under the supervision of its President &#38; Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company&#8217;s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (&#8220;Exchange Act&#8221;) and in National Instrument 52-109 </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:140%">Certification of Disclosure in Issuers&#8217; Annual and Interim Filings</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">, as of December 31, 2020. Based on that evaluation, the Company&#8217;s Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2020, the Company&#8217;s disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by the Company in reports it files is recorded, processed, summarized and reported, within the appropriate time periods.</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#00b0f0;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Internal Controls over Financial Reporting</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">New Gold&#8217;s management, with the participation of its President and Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal controls over financial reporting. Internal controls over financial reporting is a process designed by, or under the supervision of, the Company&#8217;s principal executive and principal financial officers and effected by the Company&#8217;s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. New Gold&#8217;s management assessed the effectiveness of the Company&#8217;s internal controls over financial reporting as of December 31, 2020 based on the Integrated Framework (2013) issued by the Committee of Sponsoring Organization of the Treadway Commission and has concluded that New Gold&#8217;s internal controls over financial reporting are effective as of December 31, 2020.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The effectiveness of the Company&#8217;s internal control over financial reporting as of December 31, 2020 has been audited by Deloitte LLP, the Company&#8217;s independent registered public accounting firm, as stated in their report immediately preceding the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2020.</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#00b0f0;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Limitations of Controls and Procedures</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company&#8217;s management, including its President and Chief Executive Officer and Chief Financial Officer, believe that any internal controls and procedures for financial reporting, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Furthermore, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Due to the inherent limitations of all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented and&#47;or detected. These inherent limitations include the realities that judgments in decision-making can be faulty and breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by unauthorized override control. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Accordingly, because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and may not be detected. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">39&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#00b0f0;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Changes in Internal Controls over Financial Reporting</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">There has been no change in the Company&#8217;s design of internal controls and procedures over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal controls over financial reporting during the period covered by this MD&#38;A.</font></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_55"></div><div style="margin-bottom:4pt;margin-top:12pt"><font style="background-color:#ffffff;color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">END NOTES</font></div><div><font><br></font></div><div style="margin-bottom:12pt;padding-left:13.5pt;text-align:justify;text-indent:-14pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:5.67pt">Total gold eq. ounces include silver and copper produced&#47;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&#47;sold by the New Afton Mine. Gold eq. ounces for Rainy River in Q3 2021 includes production of 160,461 ounces of silver (158,676 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 Q3 2021 includes 15.6 million pounds of copper produced (14.0 million pounds sold) and 66,218 ounces of silver produced (54,792 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. </font></div><div style="margin-bottom:12pt;padding-left:13.5pt;text-align:justify;text-indent:-14pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:5.67pt">&#34;Total cash costs&#34;, &#34;all-in sustaining costs&#34;, &#34;adjusted net earnings&#47;(loss)&#34;, &#34;adjusted tax expense&#34;, &#34;sustaining capital and </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">sustaining leases&#8221;,</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> &#8220;growth capital&#8221;, &#8220;cash generated from operations&#8221;, &#8220;average realized gold&#47;copper price per ounce&#47;pound&#8221;, &#34;mining, processing and G&#38;A costs per tonne&#34; and &#34;free cash flow&#34; are all non-GAAP financial performance measures that are used in this MD&#38;A. 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&#34; section of this MD&#38;A.</font></div><div style="margin-bottom:12pt;padding-left:13.5pt;text-align:justify;text-indent:-14pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">3.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:5.67pt">Production is shown on a total contained basis while sales are shown on a net payable basis, including final product inventory and smelter payable adjustments, where applicable. </font></div><div style="margin-bottom:12pt;padding-left:13.5pt;text-align:justify;text-indent:-14pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">4.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:5.67pt">A detailed discussion of production is included in the &#8220;Review of Operating Mines&#8221; section of this MD&#38;A.</font></div><div style="margin-bottom:12pt;padding-left:13.5pt;text-align:justify;text-indent:-14pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">5.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:5.67pt">See &#8220;Sustaining Capital Expenditures Reconciliation table&#8221; for a reconciliation of sustaining capital expenditures to mining interests per the statement of cash flows. </font></div><div style="margin-bottom:12pt;padding-left:13.5pt;text-align:justify;text-indent:-14pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">6.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:5.67pt">Includes the sum of corporate administration costs and share-based payment expense per the income statement, net of any non-cash depreciation within those figures.</font></div><div style="margin-bottom:12pt;padding-left:13.5pt;text-align:justify;text-indent:-14pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">7.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:5.67pt">Sustaining capital expenditures are net of proceeds from disposal of assets.</font></div><div style="margin-bottom:12pt;padding-left:13.5pt;text-align:justify;text-indent:-14pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">8.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:5.67pt">Growth capital expenditures at New Afton in the current period and prior-year period relate to project advancement for the C-Zone. Growth capital expenditures at Rainy River in the current year relate to underground development.</font></div><div style="margin-bottom:12pt;padding-left:13.5pt;text-align:justify;text-indent:-14pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">9.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:5.67pt">Please refer to Note 3 of the Company&#8217;s unaudited condensed consolidated financial statements for a detailed breakdown of other gains and losses. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">40&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><div id="i2d9ef220b95c4e75ac1e93db5eed825b_58"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:4pt;margin-top:12pt"><font style="background-color:#ffffff;color:#2bb7df;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">CAUTIONARY NOTES</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Disclosure regarding Mineral Reserve and Mineral Resource estimates included in this MD&#38;A was prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (&#8220;NI 43-101&#8221;). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs from the disclosure requirements of the United States Securities and Exchange Commission (&#8220;SEC&#8221;) generally applicable to U.S. companies. For example, the terms &#8220;mineral reserve&#8221;, &#8220;proven mineral reserve&#8221;, &#8220;probable mineral reserve&#8221;, &#8220;mineral resource&#8221;, &#8220;measured mineral resource&#8221;, &#8220;indicated mineral resource&#8221; and &#8220;inferred mineral resource&#8221; are defined in NI 43-101. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this MD&#38;A will not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Cautionary Note Regarding Forward-Looking Statements</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Certain information contained in this MD&#38;A, including any information relating to New Gold&#8217;s future financial or operating performance are &#8220;forward looking&#8221;. All statements in this MD&#38;A, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are &#8220;forward-looking statements&#8221;. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as &#8220;plans&#8221;, &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;budget&#8221;, &#8220;scheduled&#8221;, &#8220;targeted&#8221;, &#8220;estimates&#8221;, &#8220;forecasts&#8221;, &#8220;intends&#8221;, &#8220;anticipates&#8221;, &#8220;projects&#8221;, &#8220;potential&#8221;, &#8220;believes&#8221; or variations of such words and phrases or statements that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;should&#8221;, &#8220;might&#8221; or &#8220;will be taken&#8221;, &#8220;occur&#8221; or &#8220;be achieved&#8221; or the negative connotation of such terms. Forward-looking statements in this MD&#38;A include, among others, those in the sections &#34;Sustainability and ESG&#34;, &#34;Outlook for 2021&#34;, &#34;Our Response to COVID-19&#34; and &#34;Key Performance Drivers - Economic Outlook&#34; as well as statements with respect to&#58; the Company&#8217;s expectations with respect to production, operating expenses, cash costs, AISC, sustaining and growth capital, and gold and copper grades at the Rainy River Mine and the New Afton Mine for 2021&#59; anticipated operational and financial results during the remainder of 2021&#59; the current and future financial performance of the Company as it relates to the prevailing price of gold&#59; expectations regarding the strip ratio for the remainder of the year&#59; anticipated timing regarding the commencement of the follow-up drilling program at Rainy River&#59; the Company&#8217;s continued focus on the health, safety and well-being of its people&#59; the expected increase in the mining rate and ramp-up of the B3 zone at New Afton&#59; plans to optimize metal recoveries while processing higher grade supergene ore at New Afton&#59; the advancement of the planned tailings dam raise at New Afton&#59; anticipated timing regarding the completion of the drilling program at the Cherry Creek Trend area and underground drilling program to test the artificial intelligence targets&#59; the Company's ability to realize value from the gold stream of the Blackwater Project&#59; the factors impacting the Company&#8217;s liquidity and the continual review thereof&#59; the expected continued advancement of the C-Zone development at New Afton and the anticipated significant capital expenditures resulting therefrom&#59; the continuation of prevailing commodity prices and exchange rates, and the continuation of operations performing in accordance with mine plans&#59; the Company&#8217;s ability to implement its near-term operational plan and to repay future indebtedness&#59; the Company&#8217;s expectations regarding its liquidity position and its ability to fund its business objectives in case of any potential impacts related to COVID-19&#59; the anticipated timing with respect to the Company&#8217;s contractual </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">41&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">commitments becoming due&#59; the sufficiency of the Company&#8217;s financial performance measures in evaluating the underlying performance of the Company&#59; expectation that IAS 16 will apply to revenue generated by the sale of underground ore at Rainy River in 2021 and the associated impact&#59; and the Company&#8217;s ability to reduce the risk of the spread of COVID-19.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">All forward-looking statements in this MD&#38;A are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold&#8217;s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this MD&#38;A, its most recent Annual Information Form and NI 43-101 Technical Reports on the Rainy River Mine and New Afton Mine filed on SEDAR 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 MD&#38;A are also subject to the following assumptions&#58; (1) there being no significant disruptions affecting New Gold&#8217;s operations other than as set out herein&#59; (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&#59; (3) the accuracy of New Gold&#8217;s current mineral reserve and mineral resource estimates and the grade of gold, silver and copper expected to be mined&#59; (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&#59; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels&#59; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold&#8217;s current expectations&#59; (7) arrangements with First Nations and other Indigenous groups in respect of the New Afton Mine and Rainy River Mine being consistent with New Gold&#8217;s current expectations, particularly in the context of the outbreak of COVID-19&#59; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments during the applicable regulatory processes&#59; (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 (due to cross-border travel or, exposure to a case of COVID-19 or any other reason)&#59; (10) the responses of the relevant governments to the COVID-19 outbreak being sufficient to contain the impact of the COVID-19 outbreak&#59; (11) there being no material disruption to the Company's supply chains and workforce that would interfere with the Company's anticipated course of action at the New Afton Mine and Rainy River Mine&#59; and (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.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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&#58; significant capital requirements and the availability and management of capital resources&#59; additional funding requirements&#59; price volatility in the spot and forward markets for metals and other commodities&#59; 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&#59; volatility in the market price of the Company&#8217;s securities&#59; hedging and investment related risks&#59; dependence on the Rainy River Mine and New Afton Mine&#59; discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical recoveries&#59; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">42&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">designed or intended&#59; risks related to construction, including changing costs and timelines&#59; adequate infrastructure&#59; fluctuation in treatment and refining charges&#59; 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&#59; global economic and financial conditions&#59; risks relating to New Gold&#8217;s debt and liquidity&#59; the adequacy of internal and disclosure controls&#59; taxation&#59; impairment&#59; conflicts of interest&#59; risks relating to climate change&#59; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business&#59; 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&#59; 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&#59; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to&#59; risks relating to proposed acquisitions and the integration thereof&#59; information systems security threats&#59; diminishing quantities or grades of mineral reserves and mineral resources&#59; competition&#59; loss of, or inability to attract, key employees&#59; rising costs of labour, supplies, fuel and equipment&#59; actual results of current exploration or reclamation activities&#59; uncertainties inherent to mining economic studies&#59; changes in project parameters as plans continue to be refined&#59; accidents&#59; labour disputes&#59; defective title to mineral claims or property or contests over claims to mineral properties&#59; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups&#59; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements&#59; 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)&#59; the responses of the relevant governments to the COVID-19 outbreak not being sufficient to contain the impact of the COVID-19 outbreak&#59; disruptions to the Company&#8217;s supply chain and workforce due to the COVID-19 outbreak&#59; 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&#59; there being further shutdowns at the Rainy River or New Afton Mines&#59; 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&#59; 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 and the Company experiencing a material delay in completing all non-recurring capital projects at Rainy River and New Afton. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as &#8220;Risk Factors&#8221; included in New Gold&#8217;s Annual Information Form and other disclosure documents filed on and available on SEDAR 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 of the forward-looking statements contained in this MD&#38;A are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">43&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%"> </font><img alt="newgoldlogoandborder.jpg" src="newgoldlogoandborder.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:559px"></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#005b94;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Technical Information</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The scientific and technical information in this MD&#38;A has been reviewed and approved by Mr. 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. Mr. Vinet is a &#34;Qualified Person&#34; for the purposes of NI 43-101. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">44&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div></body></html>
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<title>Document</title></head><body><div id="ia1c160eb169f4e4795d8da4806e40495_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:127%">Form 52-109F2</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Certification of Interim Filings</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Full Certificate</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%"><br>I, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Renaud Adams, Chief Executive Officer </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:127%">of</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%"> New Gold Inc.,</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%"> certify the following&#58;<br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:8.359%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.981%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:74.239%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">1.</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%">Review&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">I have reviewed the interim financial report and interim MD&#38;A (together, the &#8220;interim filings&#8221;) of </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%">New Gold Inc.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> (the &#8220;issuer&#8221;) for the interim period ended </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">September 30, 2021</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">2.</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">No misrepresentations&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:127%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">3.</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Fair presentation&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:127%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">4.</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Responsibility&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">The issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (&#8220;DC&#38;P&#8221;) and internal control over financial reporting (&#8220;ICFR&#8221;), as those terms are defined in National Instrument 52-109 </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:127%">Certification of Disclosure in Issuers&#8217; Annual and Interim Filings,</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%"> for the issuer.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">5.</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Design&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">  Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(a)</font></td><td colspan="6" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">designed DC&#38;P, or caused it to be designed under our supervision, to provide reasonable assurance that</font></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(i)</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared&#59; and</font></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(ii)</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation&#59; and</font></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:8.359%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:80.320%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(b)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">5.1</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Control framework</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">&#58;  The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Internal Control</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%"> &#8211; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Integrated</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:127%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Framework published by the Committee of Sponsoring Organizations of the Treadway Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">5.2</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">ICFR &#8211; material weakness relating to design&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">None</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">5.3</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Limitation on scope of design&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">None</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">6.</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Reporting changes in ICFR&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The issuer has disclosed in its interim MD&#38;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">July 1, 2021</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">and ended on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">September 30, 2021</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">,</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:8.951%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:55.054%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Date&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;margin-top:6pt;padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:128%">November 11, 2021</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">&#47;s&#47; Renaud Adams</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Name&#58;</font></td><td colspan="3" style="border-top:0.25pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Renaud Adams</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Title&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Chief Executive Officer</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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<DOCUMENT>
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<SEQUENCE>5
<FILENAME>audittab5cfoq3interimfilin.htm
<DESCRIPTION>EX-99.4
<TEXT>
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<title>Document</title></head><body><div id="i47045e8bfa9043999f747c3f6f1b4caf_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:127%">Form 52-109F2</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Certification of Interim Filings</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Full Certificate</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%"><br>I, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Robert Chausse, Chief Financial Officer </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:127%">of</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%"> New Gold Inc.,</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%"> certify the following&#58;<br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:8.359%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.981%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:74.239%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">1.</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%">Review&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">I have reviewed the interim financial report and interim MD&#38;A (together, the &#8220;interim filings&#8221;) of </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%">New Gold Inc.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> (the &#8220;issuer&#8221;) for the interim period ended </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">September 30, 2021</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">2.</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">No misrepresentations&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:127%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">3.</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Fair presentation&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:127%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">4.</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Responsibility&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">The issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (&#8220;DC&#38;P&#8221;) and internal control over financial reporting (&#8220;ICFR&#8221;), as those terms are defined in National Instrument 52-109 </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:127%">Certification of Disclosure in Issuers&#8217; Annual and Interim Filings,</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%"> for the issuer.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">5.</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Design&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">  Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(a)</font></td><td colspan="6" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">designed DC&#38;P, or caused it to be designed under our supervision, to provide reasonable assurance that</font></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(i)</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared&#59; and</font></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(ii)</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation&#59; and</font></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:8.359%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:80.320%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">(b)</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">5.1</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Control framework</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">&#58;  The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Internal Control</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%"> &#8211; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Integrated</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:127%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Framework published by the Committee of Sponsoring Organizations of the Treadway Commission</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">5.2</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">ICFR &#8211; material weakness relating to design&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">None</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">5.3</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:127%">Limitation on scope of design&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:127%">None</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">6.</font></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Reporting changes in ICFR&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The issuer has disclosed in its interim MD&#38;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">July 1, 2021 </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">and ended on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">September 30, 2021</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">, that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</font></div></td></tr><tr style="height:13pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:8.697%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.278%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:60.725%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Date&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">November 11, 2021</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">&#47;s&#47; Robert Chausse</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Name&#58;</font></td><td colspan="3" style="border-top:0.25pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Robert Chausse</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Title&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Chief Financial Officer</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
