<SEC-DOCUMENT>0000800166-25-000030.txt : 20251028
<SEC-HEADER>0000800166-25-000030.hdr.sgml : 20251028
<ACCEPTANCE-DATETIME>20251028172204
ACCESSION NUMBER:		0000800166-25-000030
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251028
DATE AS OF CHANGE:		20251028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Gold Inc. /FI
		CENTRAL INDEX KEY:			0000800166
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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:		251425923

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		181 BAY STREET, SUITE 3320
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 2T3
		BUSINESS PHONE:		(416) 324-6000

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		181 BAY STREET, SUITE 3320
		CITY:			TORONTO
		PROVINCE COUNTRY:   	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>ngd6-kxseptember302025conf.htm
<DESCRIPTION>6-K
<TEXT>
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<title>Document</title></head><body><div id="id184317dbf2d4e97a664b3df7a5fb0eb_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',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',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',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',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',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',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',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',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',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',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',serif;font-size:10pt;font-weight:400;line-height:120%">For the month of October 2025.</font></div><div><font style="color:#000000;font-family:'Times New Roman',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',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',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font><img alt="image_0.jpg" src="image_0.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',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',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',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',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',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',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',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',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',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',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',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',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',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',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',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Note</font><font style="color:#000000;font-family:'Times New Roman',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',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',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',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Note&#58; </font><font style="color:#000000;font-family:'Times New Roman',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',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',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</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:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></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><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',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',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',serif;font-size:10pt;font-weight:700;line-height:120%">&#160;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.888%"><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',serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">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',serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">99.1</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="ngdq32025fs.htm" style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Financial Statements for the three and nine months ended September 30, 2025</a></font></div></td></tr><tr style="height:15pt"><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',serif;font-size:10pt;font-weight:400;line-height:100%;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:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="ngdq32025mda.htm" style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Management&#8217;s Discussion and Analysis for the three and nine months ended September 30, 2025</a></font></div></td></tr><tr style="height:15pt"><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',serif;font-size:10pt;font-weight:400;line-height:100%;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:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="a2025-10x27audittab5ceoq3i.htm" style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">CEO Certification of Interim Filings &#8211; Full Certificate</a></font></div></td></tr><tr style="height:15pt"><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',serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">99.4</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:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="a2025-10x27audittab5cfoq3i.htm" style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">CFO Certification of Interim Filings &#8211; Full Certificate</a></font></div></td></tr></table></div><div><font style="color:#000000;font-family:'Times New Roman',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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#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',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 Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-indent:18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</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:41.709%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.974%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.015%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:35.759%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.043%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">NEW GOLD INC.</font></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><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 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">&#47;s&#47; Sean Keating<br></font></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',serif;font-size:10pt;font-weight:400;line-height:100%">Date&#58;&#160;October 28, 2025</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="border-top:1.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-right:-2.63pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Sean Keating</font></div><div style="padding-right:-2.63pt"><font style="color:#000000;font-family:'Times New Roman',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"><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>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ngdq32025fs.htm
<DESCRIPTION>EX-99.1
<TEXT>
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<title>Document</title></head><body><div id="if282a5d8e1314848b65d01d92c223717_1"></div><div style="min-height:0pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><img alt="coverpagea.jpg" src="coverpagea.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="if282a5d8e1314848b65d01d92c223717_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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:#b3995d;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="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="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:9pt;font-weight:400;line-height:147%">UNAUDITED CONDENSED INTERIM CONSOLIDATED INCOME STATEMENTS</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="#if282a5d8e1314848b65d01d92c223717_19" 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%">UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</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="#if282a5d8e1314848b65d01d92c223717_22" 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%">UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</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="#if282a5d8e1314848b65d01d92c223717_25" 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%">UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</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="#if282a5d8e1314848b65d01d92c223717_28" 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%">UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW</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="#if282a5d8e1314848b65d01d92c223717_31" 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="#if282a5d8e1314848b65d01d92c223717_34" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:147%;text-decoration:none">NOTES TO THE UNAUDITED CONDENSED INTERIM 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="#if282a5d8e1314848b65d01d92c223717_34" 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="#if282a5d8e1314848b65d01d92c223717_37" 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="#if282a5d8e1314848b65d01d92c223717_37" 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="#if282a5d8e1314848b65d01d92c223717_40" 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 material 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="#if282a5d8e1314848b65d01d92c223717_40" 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="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;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="#if282a5d8e1314848b65d01d92c223717_52" 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="#if282a5d8e1314848b65d01d92c223717_52" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">8</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="#if282a5d8e1314848b65d01d92c223717_55" 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="#if282a5d8e1314848b65d01d92c223717_55" 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="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;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="#if282a5d8e1314848b65d01d92c223717_61" 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="#if282a5d8e1314848b65d01d92c223717_61" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">10</a></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: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="#if282a5d8e1314848b65d01d92c223717_67" 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="#if282a5d8e1314848b65d01d92c223717_67" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">10</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="#if282a5d8e1314848b65d01d92c223717_70" 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="#if282a5d8e1314848b65d01d92c223717_70" 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 2px 13pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">8. Debt........................................................................................................................................</font></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="#if282a5d8e1314848b65d01d92c223717_73" 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%">9<a href="#if282a5d8e1314848b65d01d92c223717_79" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. </a>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="#if282a5d8e1314848b65d01d92c223717_79" 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="#if282a5d8e1314848b65d01d92c223717_82" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. 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="#if282a5d8e1314848b65d01d92c223717_82" 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="#if282a5d8e1314848b65d01d92c223717_85" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">1</a><a href="#if282a5d8e1314848b65d01d92c223717_85" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">1</a><a href="#if282a5d8e1314848b65d01d92c223717_85" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. 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="#if282a5d8e1314848b65d01d92c223717_85" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">18</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="#if282a5d8e1314848b65d01d92c223717_88" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">1</a><a href="#if282a5d8e1314848b65d01d92c223717_88" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">2</a><a href="#if282a5d8e1314848b65d01d92c223717_88" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. 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="#if282a5d8e1314848b65d01d92c223717_88" 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="#if282a5d8e1314848b65d01d92c223717_94" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">1</a><a href="#if282a5d8e1314848b65d01d92c223717_94" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">3</a><a href="#if282a5d8e1314848b65d01d92c223717_94" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. 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%">21</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="#if282a5d8e1314848b65d01d92c223717_100" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">1</a><a href="#if282a5d8e1314848b65d01d92c223717_100" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">4</a><a href="#if282a5d8e1314848b65d01d92c223717_100" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. 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="#if282a5d8e1314848b65d01d92c223717_100" 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="#if282a5d8e1314848b65d01d92c223717_106" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">1</a><a href="#if282a5d8e1314848b65d01d92c223717_106" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">5</a><a href="#if282a5d8e1314848b65d01d92c223717_106" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. 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="#if282a5d8e1314848b65d01d92c223717_106" 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="#if282a5d8e1314848b65d01d92c223717_109" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">1</a><a href="#if282a5d8e1314848b65d01d92c223717_109" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">6</a><a href="#if282a5d8e1314848b65d01d92c223717_109" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">. 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="#if282a5d8e1314848b65d01d92c223717_109" style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%;text-decoration:none">24</a></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;padding-left:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%">17<a href="#if282a5d8e1314848b65d01d92c223717_121" 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="#if282a5d8e1314848b65d01d92c223717_121" 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="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;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. 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="#if282a5d8e1314848b65d01d92c223717_127" 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="display:none"></td><td colspan="3" style="display:none"></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 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="if282a5d8e1314848b65d01d92c223717_19"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt"><font style="color:#b3995d;font-family:'Arial Narrow',sans-serif;font-size:15pt;font-weight:400;line-height:140%">CONDENSED INTERIM 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 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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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%">(Unaudited - 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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:2px 1pt;text-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="2" style="background-color:#eef7fd;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%">462.5</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:#eef7fd;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%">252.0&#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:#eef7fd;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%">980.0</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:#eef7fd;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%">662.3&#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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">131.2</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:#eef7fd;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%">107.6&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">345.6</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:#eef7fd;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%">323.9&#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="padding:2px 1pt;text-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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">69.5</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:#eef7fd;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%">58.3&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">192.7</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:#eef7fd;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%">190.8&#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="2" style="background-color:#eef7fd;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%">261.8</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:#eef7fd;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%">86.1&#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:#eef7fd;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%">441.7</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:#eef7fd;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%">147.6&#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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">7.7</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:#eef7fd;padding:2px 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%">5.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">18.5</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:#eef7fd;padding:2px 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%">16.7&#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%">Corporate restructuring</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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 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><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 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="padding:2px 1pt;text-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%">13</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 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%">8.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">20.6</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:#eef7fd;padding:2px 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%">13.2&#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%">New Afton free cash flow interest (income) expense</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 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><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 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 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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%">5.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">28.2</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:#eef7fd;padding:2px 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%">12.6&#160;</font></td><td style="padding:2px 1pt 2px 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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%">66.0&#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:#eef7fd;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%">368.3</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:#eef7fd;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%">105.1&#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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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 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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="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(37.9)</font></td><td style="background-color:#eef7fd;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%">28.9&#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%">Net 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="2" style="background-color:#eef7fd;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%">142.3</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:#eef7fd;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%">37.9&#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:#eef7fd;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%">194.2</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:#eef7fd;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%">47.5&#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:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">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="background-color:#eef7fd;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:#eef7fd;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%">13</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.18</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:#eef7fd;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%">0.05&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.25</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:#eef7fd;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%">0.06&#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%">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%">13</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.18</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:#eef7fd;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%">0.05&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.24</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">0.06&#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-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"></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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%">13</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">791.7</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:#eef7fd;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%">790.7&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">791.5</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:#eef7fd;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%">739.1&#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="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%">13</font></td><td colspan="2" style="background-color:#eef7fd;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%">797.8</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:#eef7fd;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%">796.1&#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:#eef7fd;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%">797.6</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:#eef7fd;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%">744.5&#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 interim 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="if282a5d8e1314848b65d01d92c223717_22"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt"><font style="color:#b3995d;font-family:'Arial Narrow',sans-serif;font-size:15pt;font-weight:400;line-height:140%">CONDENSED INTERIM 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:30.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.872%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.192%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.192%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.192%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.192%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.716%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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="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%">(unaudited - in millions of U.S. dollars)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</font></td><td colspan="3" style="padding:0 1pt"></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 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="2" style="background-color:#eef7fd;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%">142.3</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:#eef7fd;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%">37.9&#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:#eef7fd;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%">194.2</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:#eef7fd;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%">47.5&#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="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Other comprehensive income (loss) </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:#eef7fd;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:#eef7fd;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><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%">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%">9</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(4.8)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(8.5)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(9.8)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></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%">Accumulated other comprehensive income reclassified to retained earnings</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="padding:0 1pt"></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 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="2" style="background-color:#eef7fd;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%">(4.6)</font></td><td style="background-color:#eef7fd;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%">5.7&#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:#eef7fd;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%">(8.3)</font></td><td style="background-color:#eef7fd;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%">(9.8)</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="padding:0 1pt"></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</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:#eef7fd;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%">137.7</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:#eef7fd;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%">43.6&#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:#eef7fd;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%">185.9</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:#eef7fd;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%">37.7&#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="padding:0 1pt"></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 interim 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="if282a5d8e1314848b65d01d92c223717_25"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt"><font style="color:#b3995d;font-family:'Arial Narrow',sans-serif;font-size:15pt;font-weight:400;line-height:140%">CONDENSED INTERIM 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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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%">(Unaudited - in millions of U.S. dollars)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#2c8ad1;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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">123.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">105.2&#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%">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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">31.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">26.2&#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%">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%">6</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">138.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">118.7&#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="padding:2px 1pt;text-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:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">5.1&#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%">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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9.4</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">18.9&#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 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:#eef7fd;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%">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:#eef7fd;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%">274.1&#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="padding:2px 1pt;text-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 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%">6</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">59.9</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">32.6&#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%">Mining interests</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,003.5</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">1,687.1&#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%">Other assets</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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&#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 assets</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">8.7&#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: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:#eef7fd;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%">2,369.0</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:#eef7fd;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%">2,003.8&#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:#2c8ad1;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:#eef7fd;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:#2c8ad1;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:#eef7fd;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%">5</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">243.8</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">196.1&#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%">Gold prepayment obligation</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="3" style="background-color:#eef7fd;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%">97.8</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%">&#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%">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:#eef7fd;padding:2px 0 2px 1pt;text-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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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></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:#eef7fd;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%">344.9</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:#eef7fd;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%">196.6&#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%">12</font></td><td colspan="2" style="background-color:#eef7fd;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%">115.3</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:#eef7fd;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%">117.8&#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%">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%">9</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">187.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">174.6&#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%">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%">8</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">394.0</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">397.0&#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%">Deferred tax liabilities</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">76.5</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">55.6&#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%">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%">10</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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></tr><tr><td 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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9.7</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">7.9&#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:#eef7fd;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%">1,129.4</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:#eef7fd;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%">951.5&#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="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;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:#eef7fd;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%">13</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,337.0</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">3,334.5&#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%">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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">105.1</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">106.2&#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%">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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(39.5)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(31.2)</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2,163.0)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(2,357.2)</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"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total 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="2" style="background-color:#eef7fd;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%">1,239.6</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:#eef7fd;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%">1,052.3&#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:#eef7fd;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%">2,369.0</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:#eef7fd;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%">2,003.8&#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 interim consolidated financial statements.</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="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="if282a5d8e1314848b65d01d92c223717_28"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt"><font style="color:#b3995d;font-family:'Arial Narrow',sans-serif;font-size:15pt;font-weight:400;line-height:140%">CONDENSED INTERIM 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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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%">(Unaudited - in millions of U.S. dollars)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</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:#2c8ad1;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:#eef7fd;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:#2c8ad1;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,334.5</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:#eef7fd;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%">3,163.5</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="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</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">164.6&#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%">Issuance of common shares under First Nations agreements</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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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></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:2px 1pt;text-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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.1</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;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:#eef7fd;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%">3,337.0</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:#eef7fd;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%">3,334.5&#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:#2c8ad1;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:#eef7fd;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:#2c8ad1;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">106.9&#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="padding:2px 1pt;text-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%">13</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2.0)</font></td><td style="background-color:#eef7fd;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%">(2.5)</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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">1.8</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:#2c8ad1;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:#eef7fd;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%">105.1</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:#eef7fd;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%">106.2&#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:#2c8ad1;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:#eef7fd;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:#2c8ad1;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:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;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%">(135.9)</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%">Transfer of Accumulated Other Comprehensive income on New Afton free cash flow obligation extinguishment</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">114.5&#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%">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%">9</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(8.5)</font></td><td style="background-color:#eef7fd;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%">(9.8)</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:#2c8ad1;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:#eef7fd;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%">(39.5)</font></td><td style="background-color:#eef7fd;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%">(31.2)</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:#2c8ad1;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:#eef7fd;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:#2c8ad1;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2,357.2)</font></td><td style="background-color:#eef7fd;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%">(2,345.3)</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%">Transfer of Accumulated Other Comprehensive income on New Afton free cash flow obligation extinguishment</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">(114.5)</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%">Net earnings </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">194.2</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:#eef7fd;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%">47.5&#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:#2c8ad1;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:#eef7fd;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%">(2,163.0)</font></td><td style="background-color:#eef7fd;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%">(2,412.3)</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:#eef7fd;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%">1,239.6</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:#eef7fd;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%">997.2&#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: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 interim 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="if282a5d8e1314848b65d01d92c223717_31"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div><font style="color:#b3995d;font-family:'Arial Narrow',sans-serif;font-size:15pt;font-weight:400;line-height:140%">CONDENSED INTERIM 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:44.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.028%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.637%"></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:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.639%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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="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%">(Unaudited - in millions of U.S. dollars)</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Note</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</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:#2c8ad1;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="background-color:#eef7fd;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:#eef7fd;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 earnings</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">142.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">37.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">194.2</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">47.5&#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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:8pt;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="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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="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%">Foreign exchange (gain) loss</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">2.2&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(2.4)</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="3" style="padding:0 1pt"><div 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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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">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%">15</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">50.4</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">21.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">87.6</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">74.6&#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%">Income tax expense (recovery) </font></td><td colspan="3" style="padding:2px 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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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">7.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">23.8</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="padding:2px 1pt;text-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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(4.4)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(5.4)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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></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="2" style="background-color:#eef7fd;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%">300.7</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:#eef7fd;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%">127.9&#160;</font></td><td style="border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">571.2</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:#eef7fd;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%">283.2&#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:#2c8ad1;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="background-color:#eef7fd;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:#eef7fd;border-top:1pt solid #AE9655;padding:0 1pt"></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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(75.6)</font></td><td style="background-color:#eef7fd;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%">(62.5)</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(242.9)</font></td><td style="background-color:#eef7fd;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%">(195.8)</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="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="padding:2px 1pt;text-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 mineral properties acquisition</font></td><td colspan="3" style="background-color:#ffffff;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(282.3)</font></td><td style="background-color:#eef7fd;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"><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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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></tr><tr><td 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 investments</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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="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="padding:2px 1pt;text-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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">1.7&#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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">5.6&#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="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 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="2" style="background-color:#eef7fd;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%">(69.9)</font></td><td style="background-color:#eef7fd;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 #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%">(60.8)</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">(514.7)</font></td><td style="background-color:#eef7fd;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 #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%">(190.0)</font></td><td style="background-color:#ffffff;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:#2c8ad1;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="background-color:#eef7fd;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:#eef7fd;border-top:1pt solid #AE9655;padding:0 1pt"></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 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style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="padding:2px 1pt;text-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 common shares (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%">&#160;</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">164.6&#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%">Proceeds from gold prepayment</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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">100.1</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:#eef7fd;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"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Repayment of gold prepayment</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(28.7)</font></td><td style="background-color:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(28.7)</font></td><td style="background-color:#eef7fd;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"><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 minimum payment guarantee</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">(42.6)</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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(42.6)</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%">Extinguishment of New Afton Free Cash Flow obligation</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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(20.0)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(257.5)</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 payments and other financing charges</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:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(5.3)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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)</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%">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%">9</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(19.3)</font></td><td style="background-color:#eef7fd;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><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(22.9)</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%">Credit facility (repayment) drawdown</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%">8</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(150.0)</font></td><td style="background-color:#eef7fd;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%">(50.0)</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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">50.0&#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><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 paid</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(22.6)</font></td><td style="background-color:#eef7fd;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%">(18.8)</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:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(36.2)</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="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%">Issuance of senior unsecured notes, 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%">8</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Repayment of senior unsecured notes, including redemption premium 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%">8</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(111.2)</font></td><td style="background-color:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(402.6)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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><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="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 (used by) 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="2" style="background-color:#eef7fd;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%">(332.8)</font></td><td style="background-color:#eef7fd;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 #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%">(119.0)</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">(39.1)</font></td><td style="background-color:#eef7fd;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 #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%">(145.6)</font></td><td style="background-color:#ffffff;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%">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="2" style="background-color:#eef7fd;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%">(0.5)</font></td><td style="background-color:#eef7fd;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 #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%">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:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">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:#eef7fd;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 #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%">(0.5)</font></td><td style="background-color:#ffffff;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: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="2" style="background-color:#eef7fd;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%">(102.5)</font></td><td style="background-color:#eef7fd;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 #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%">(51.8)</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">18.1</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:#eef7fd;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 #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%">(52.9)</font></td><td style="background-color:#ffffff;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%">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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">225.8</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:#eef7fd;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%">184.4&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">105.2</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:#eef7fd;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%">185.5&#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 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="2" style="background-color:#eef7fd;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%">123.3</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:#eef7fd;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 #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%">132.6&#160;</font></td><td style="background-color:#ffffff;border-top:1pt solid #AE9655;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">123.3</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:#eef7fd;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 #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%">132.6&#160;</font></td><td style="background-color:#ffffff;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:#2c8ad1;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="background-color:#eef7fd;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:#eef7fd;border-top:1pt solid #AE9655;padding:0 1pt"></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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">123.3</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:#eef7fd;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%">122.6&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">123.3</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:#eef7fd;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%">122.6&#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%">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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">10.0&#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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">10.0&#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-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="2" style="background-color:#eef7fd;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%">123.3</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:#eef7fd;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="background-color:#ffffff;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%">132.6&#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:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">123.3</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:#eef7fd;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="background-color:#ffffff;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%">132.6&#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:middle"></td></tr></table></div><div style="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 interim 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%">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="if282a5d8e1314848b65d01d92c223717_34"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="color:#b3995d;font-family:'Arial Narrow',sans-serif;font-size:15pt;font-weight:400;line-height:140%">NOTES TO THE UNAUDITED CONDENSED INTERIM 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</font><font style="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:8pt;font-style:italic;font-weight:400;line-height:140%">September 30, 2025</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="if282a5d8e1314848b65d01d92c223717_37"></div><div style="margin-top:12pt;text-align:justify"><font style="color:#2c8ad1;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 New Afton Mine in British Columbia, Canada (&#8220;New Afton&#8221;), and the Rainy River Mine in Ontario, Canada (&#8220;Rainy River&#8221;).</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 </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:140%">Business Corporations Act</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> (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. The Company's head office is located at 181 Bay Street, Suite 3320, Toronto, Ontario M5J 2T3.</font></div><div id="if282a5d8e1314848b65d01d92c223717_40"></div><div style="margin-top:12pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">2. Basis of preparation and material accounting policies</font></div><div style="text-align:justify"><font style="color:#2c8ad1;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 interim consolidated financial statements have been prepared in accordance with IAS 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, 2024 which includes information necessary or useful to understanding the Company's business and financial statement presentation. </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 particular, the Company's accounting policies are presented as Note 2 in the audited consolidated financial statements for the year ended December 31, 2024 and have been consistently applied in the preparation of these unaudited condensed interim consolidated financial 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%">These unaudited condensed interim consolidated financial statements were approved by the Board of Directors of the Company on October 28, 2025. </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><div id="if282a5d8e1314848b65d01d92c223717_52"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-top:12pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">3. Expenses</font></div><div><font style="color:#2c8ad1;font-family:'Arial',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:100.000%"><tr><td style="width:1.0%"></td><td style="width:41.848%"></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:13.162%"></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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="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:700;line-height:100%">2.9</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:#eef7fd;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%">7.9&#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%">Royalties</font></td><td colspan="2" 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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%">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:#eef7fd;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%">0.7&#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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">Ore purchase costs</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">0.7&#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:#eef7fd;padding:2px 0 2px 1pt;text-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><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:#eef7fd;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%">1.0&#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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">4.4&#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="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 production expenses</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">177.2</font><font style="color:#000000;font-family:'Arial 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style="background-color:#eef7fd;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%">107.6&#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:#eef7fd;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%">345.6</font><font style="color:#000000;font-family:'Arial 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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:41.848%"></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:13.162%"></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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FINANCE INCOME</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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="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="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;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 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Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.9</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:#eef7fd;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%">3.6&#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%">Loss on repayment of long-term debt (Note 8)</font></td><td colspan="2" style="background-color:#eef7fd;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:#eef7fd;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"><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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">3.5&#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:#eef7fd;padding:2px 0 2px 1pt;text-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 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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></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%">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><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:12pt"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(c) Other (losses) and gains </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:41.848%"></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:13.162%"></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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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="background-color:#eef7fd;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:#eef7fd;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></tr><tr><td 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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">(2.3)</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(5.0)</font></td><td style="background-color:#eef7fd;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%">Loss on disposal of assets</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">Gain (loss) on revaluation of investments</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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></tr><tr><td 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 Rainy River gold stream obligation and New Afton free cash flow interest (Note 9)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(33.9)</font></td><td style="background-color:#eef7fd;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%">(25.4)</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(75.3)</font></td><td style="background-color:#eef7fd;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%">(124.4)</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="padding:2px 1pt;text-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 extinguishment of New Afton free cash flow interest obligation </font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">42.3&#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%">Gain (loss) on foreign exchange derivative</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.9)</font></td><td style="background-color:#eef7fd;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%">1.4&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.4</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:#eef7fd;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)</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:justify;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gain (loss) on fuel hedge swap contracts</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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&#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;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%">Unrealized loss on gold prepayment (Note 9)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(14.2)</font></td><td style="background-color:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(26.4)</font></td><td style="background-color:#eef7fd;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="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></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(2.1)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2.1)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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)</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"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total other losses</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">(49.2)</font></td><td style="background-color:#eef7fd;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%">(29.1)</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:#eef7fd;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%">(103.1)</font></td><td style="background-color:#eef7fd;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%">(84.6)</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 id="if282a5d8e1314848b65d01d92c223717_55"></div><div style="margin-top:12pt"><font style="color:#2c8ad1;font-family:'Arial',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:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.374%"></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:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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 receivables</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">20.6</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">Sales tax receivable</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">10.1</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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></tr><tr><td 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 11)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="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="padding:2px 1pt;text-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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 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%">0.2&#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 trade and other receivables</font></td><td colspan="2" style="background-color:#eef7fd;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%">31.3</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:#eef7fd;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%">26.2&#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-top:12pt"><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><div id="if282a5d8e1314848b65d01d92c223717_61"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-top:12pt"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">5. Trade and other payables</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 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:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">43.9</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">36.9&#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%">Interest payable</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">14.1&#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%">Accruals</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">74.9&#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"><div><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 other liabilities</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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">20.0&#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"><div><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 payable</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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">Current portion of reclamation and closure cost obligations (Note 12)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">1.6&#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%">Current portion of the Rainy River gold stream obligation (Note 9)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">77.2</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">42.6&#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%">Current portion of derivative liabilities (Note 11)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">5.3&#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%">Current portion of lease liabilities (Note 10)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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-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:#eef7fd;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%">243.8</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:#eef7fd;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%">196.1&#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></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 2024, the Company entered into an Amending Agreement with </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">Ontario Teachers Pension Plan (&#34;Ontario Teachers&#34;)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%"> to reduce the free cash flow interest held by Ontario Teachers in New Afton from 46.6% to 19.9%. The consideration for the disposition included a contingent obligation of $20.0 million to Ontario Teachers should there be a change of control of New Gold prior to January 2026. The contingent obligation was extinguished in May 2025 as a result of the free cash flow buyback transaction (Note 9). </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">Represents the Company&#8217;s obligation to Ontario Teachers for 19.9% of New Afton&#8217;s free cash flow accrued from January through April 2025. The obligation was extinguished in May 2025. This balance reflects the liability for that period, with payment scheduled for the first quarter of 2026. </font></div><div style="text-align:justify"><font><br></font></div><div id="if282a5d8e1314848b65d01d92c223717_67"></div><div style="margin-top:12pt"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">6. 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:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">INVENTORIES</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">92.4</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">45.2&#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%">Work-in-process</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">15.5</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">17.1&#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"><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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13.9</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">14.4&#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%">Supplies</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">76.4</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">74.6&#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 inventories</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">198.2</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:#eef7fd;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%">151.3&#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"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less&#58; non-current stockpile inventories</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(59.9)</font></td><td style="background-color:#eef7fd;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%">(32.6)</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 current inventories</font></td><td colspan="2" style="background-color:#eef7fd;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%">138.3</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:#eef7fd;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%">118.7&#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, 2025 was $123.5 million (2024 - $103.8 million) and $328.7 million (2024 - $313.2 million) respectively.</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="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="if282a5d8e1314848b65d01d92c223717_70"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-top:12pt"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">7. Mining interests</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:28.707%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.521%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.521%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.521%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.521%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.842%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.567%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="background-color:#2c8ad1;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><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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><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: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><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;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><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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:100%">As at December 31, 2023</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%">2,001.2&#160;</font></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td 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style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">182.1</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,696.9</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 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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 20</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">24, the Company entered into an Amending Agreement with Ontario Teachers which was determined for accounting purposes to be a partial disposition of mineral property with a net book value of $272.2&#160;million. </font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%">3.</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:140%;padding-left:12.17pt">In May 2025, the Company closed the Transaction to eliminate the Ontario Teachers free cash flow interest in New Afton, and as a result reacquired 19.9% of New Afton's mineral interest recognized at a fair value of $282.3 million.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Consolidation of 100% Interest in New Afton</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 April 2025, the Company entered into an agreement with Ontario Teachers Pension Plan (&#34;Ontario Teachers&#34;) to acquire its remaining 19.9% free cash flow interest in New Afton (the &#34;Transaction&#34;). The Transaction closed in May 2025, and as a result, Ontario Teachers' free cash flow interest in New Afton and the $20.0 million contingent liability were fully eliminated in exchange for a cash payment of $300.0 million from the Company. The Company funded the $300.0 million cash payment with cash on hand, borrowings from its existing revolving credit facility, and a gold prepayment financing arrangement with a syndicate of financial institutions. The transaction resulted in the acquisition of mining interests valued at $282.3 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%">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><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Carrying amount by property as at September 30, 2025</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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="15" style="background-color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Depletable</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Plant &#38; equipment</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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:700;line-height:100%">416.6</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:#eef7fd;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:#eef7fd;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%">204.1</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:#eef7fd;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:#eef7fd;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%">2,003.5</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:#eef7fd;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 Cerro San Pedro (&#34;CSP&#34;) and corporate balances.</font></div><div style="margin-bottom:3pt"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Carrying amount by property as at December 31, 2024 </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:#2c8ad1;padding:0 1pt"><div style="margin-bottom:6pt;text-align:right"><font><br></font></div></td><td colspan="15" style="background-color:#2c8ad1;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:#2c8ad1;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:#2c8ad1;font-family:'Arial 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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%">1,142.8&#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:#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%">4.0&#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="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%">358.2&#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><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%">182.1&#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%">1,687.1&#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></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 CSP and corporate balances.</font></div><div id="if282a5d8e1314848b65d01d92c223717_73"></div><div style="margin-top:12pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">8. 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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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%">Senior unsecured notes - 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due April 1, 2032</font></div><div style="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%">On March 18, 2025, the Company issued $400.0 million of senior unsecured notes (&#34;2032 Unsecured Notes&#34;) for net cash proceeds of $393.7 million after transaction costs. The face value of the 2032 Unsecured Notes is $400.0 million. The 2032 Unsecured Notes are denominated in U.S. dollars and bear interest at the rate of 6.875% per annum. Interest is payable in arrears in equal semi-annual installments on April 1 and October 1 of each year. </font></div><div style="padding-left:0.2pt;text-align:justify"><font><br></font></div><div style="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 Company incurred initial transaction costs of $6.3 million, which have been offset against the carrying </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amount of the 2032 Unsecured Notes and are being amortized to net earnings using the effective interest </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">method. </font></div><div><font><br></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 2032 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 </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><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">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 2032 Unsecured Notes are redeemable by the Company in whole or in part during the 12 month period beginning on April 1 of the years indicated at the redemption prices below, expressed as a percentage of the principal amount of the 2032 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date&#58;</font></div><div style="margin-bottom:12pt;padding-left:0.2pt;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: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:#2c8ad1;padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:83%">Date</font></div></td><td colspan="3" style="background-color:#2c8ad1;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%">April 1, 2028</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">103.438</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">April 1, 2029</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">101.719</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">April 1, 2030 and thereafter</font></td><td colspan="2" style="background-color:#eef7fd;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%">100.000</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="padding-left:0.2pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',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="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%">During the nine months ended September 30, 2025, the Company redeemed the full amount of the $400.0 million outstanding senior unsecured notes that mature and become due and payable on July 15, 2027 (the &#34;2027 Unsecured Notes&#34;). On March 18, 2025, the Company completed a partial redemption of $288.8 million and then on July 15, 2025, the Company completed the redemption of the remaining $111.2 million. The Company recognized a loss on repayment of long-term debt of $5.1 million, primarily comprised of a $2.6 million tender offer premium and the de-recognition of deferred financing charges associated with the 2027 Unsecured Notes. </font></div><div style="padding-left:0.2pt;text-align:justify"><font><br></font></div><div style="padding-left:0.2pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(c) Credit Facility</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">On December 31, 2024, the Company held a revolving credit facility (the &#8220;Credit Facility&#8221;) with a maturity date of December 2026 and a borrowing limit of $400.0 million. In March 2025, the Company entered into an amended and restated credit agreement with a syndicate of financial institutions which extended the maturity date to March 2029. The borrowing limit remains at $400.0 million with an option to increase the limit up to $500.0 million through an accordion feature.  </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%">The accordion feature permits the Company to request that the aggregate principal amount of the credit limit be increased by up to a maximum of an additional $100.0 million if approved by one or more members of the credit facility syndicate. This feature provides the Company with flexibility to access additional funding if needed. As at September 30, 2025, the Company had not exercised the accordion feature.</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 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 style="padding-left:0.2pt;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="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:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:12pt;padding-left:0.2pt"><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:98.397%"><tr><td style="width:1.0%"></td><td style="width:47.759%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.883%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.978%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.980%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;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%">16.6 &#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%">11.0 &#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:#eef7fd;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%">0.7 &#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%">1.1 &#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:#eef7fd;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%">0.0 &#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%">0.1 &#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 1.00% to 3.25% over term-adjusted SOFR, 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 2.00% over term-adjusted SOFR as at September 30, 2025 (December 31, 2024 &#8211; 2.50% over term-adjusted SOFR). The standby fees on undrawn amounts under the Credit Facility range from 0.45% to 0.73% over SOFR, depending on the Company&#8217;s Leverage Ratio. Based on the Company&#8217;s Leverage Ratio, the rate is 0.45% over SOFR as at September 30, 2025 (December 31, 2024 &#8211; 0.56% over SOFR).</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%">In May 2025, $150.0 million was drawn under the Credit Facility, and the balance was repaid during the three months ended September 30, 2025. The draw was used to partially fund the acquisition of the remaining 19.9% free cash flow interest in New Afton from Ontario Teachers (Note 9). The Credit Facility has also been used to issue letters of credit amounting to $23.6&#160;million (December 31, 2024 - $23.3&#160;million). Letters of credit relate to reclamation bonds, and other financial assurances required with various government agencies. </font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><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="if282a5d8e1314848b65d01d92c223717_79"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-top:12pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">9. Derivative financial liabilities</font></div><div style="margin-top:12pt;padding-left:0.2pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(a) Non-current derivative financial liabilities</font></div><div style="margin-bottom:4pt"><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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#2c8ad1;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:#2c8ad1;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:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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, 2023</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">199.9&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">543.4&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">743.3&#160;</font></td><td style="background-color:#eef7fd;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"><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:#eef7fd;padding:2px 0 2px 1pt;text-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)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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)</font></td><td style="background-color:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12.2&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11.0&#160;</font></td><td style="background-color:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">79.0&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">130.6&#160;</font></td><td style="background-color:#eef7fd;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%">Extinguishment of New Afton free cash flow interest obligation</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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(634.6)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(634.6)</font></td><td style="background-color:#eef7fd;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, 2024</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">217.2&#160;</font></td><td style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">217.2&#160;</font></td><td style="background-color:#eef7fd;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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(42.6)</font></td><td style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(42.6)</font></td><td style="background-color:#eef7fd;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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">174.6&#160;</font></td><td style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">174.6&#160;</font></td><td style="background-color:#eef7fd;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, 2024</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">217.2</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">217.2</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:#eef7fd;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%">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">(5)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(36.5)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(36.5)</font></td><td style="background-color:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8.5</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8.5</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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">75.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">75.3</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:#eef7fd;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%">Balance, September 30, 2025</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">264.5</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">264.5</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:#eef7fd;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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(77.2)</font></td><td style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(77.2)</font></td><td style="background-color:#eef7fd;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:#eef7fd;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%">187.3</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:#eef7fd;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:#eef7fd;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:#eef7fd;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:#eef7fd;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%">187.3</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:#eef7fd;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 (loss).</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 Other Losses in the condensed interim 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">In 2024, the Company entered into an Amending Agreement with Ontario Teachers which resulted in a derecognition of the FVTPL during the second quarter of 2024. </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 condensed interim 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%">5.</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. During the nine months ended September 30, 2025, the Company paid $32.9 million in cash towards settlements of the Rainy River gold stream obligation.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',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 $175.0&#160;million streaming transaction with RGLD Gold AG, a wholly owned subsidiary of Royal Gold Inc. (&#34;Royal Gold&#34;). Under the terms of the agreement, the Company is required to 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 is also required to 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 $175.0&#160;million deposit, Royal Gold is required to 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 reduces the $175.0&#160;million deposit over the life of the mine. There is no outstanding balance remaining on the $175.0 million deposit. </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 Rainy River gold stream obligation as a FVTPL 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 condensed interim consolidated income statements and condensed interim consolidated statements of comprehensive income.</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:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">Fair value adjustments represent the net effect on the Rainy River 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:#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 liability at each reporting date include&#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: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:#2c8ad1;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:#2c8ad1;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="border-bottom: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%">Rainy River gold stream obligation</font></td><td colspan="3" style="background-color:#eef7fd;border-bottom:1pt solid #b3995d;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="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:12pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">New Afton free cash flow interest obligation elimination</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 2020, New Gold entered into a strategic partnership (&#34;Original Agreement&#34;) with Ontario Teachers. Under the terms of the Original Agreement, Ontario Teachers acquired a 46% free cash flow interest in the New Afton mine for upfront cash proceeds of $300&#160;million. The Original Agreement was determined to be a financial liability that the Company designated as FVTPL under the scope of IFRS 9.</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 May 2024, the Company entered into an amending agreement (&#34;Amending Agreement&#34;) with Ontario Teachers to reduce the free cash flow interest to 19.9% in exchange for a cash payment of $255.0&#160;million. The Company determined that the Amending Agreement constituted a substantial modification of the Original Agreement which resulted in a derecognition of the FVTPL liability. Consideration for the disposal consisted of the $255.0&#160;million cash payment, $2.5&#160;million in transaction costs, the 19.9% free cash flow interest, and a contingent obligation of $20.0&#160;million payable to Ontario Teachers should there be a change of control of New Gold prior to January 2026. The Company determined that the Amending Agreement constituted an executory contract and a partial disposal of the New Afton Mining Interest with a book value of $272.2 million as at May 31, 2024.</font></div><div style="margin-top:12pt;padding-left:0.2pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(b) Gold prepayment 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%">To finance a portion of the cash payment pursuant to the agreement with Ontario Teachers to acquire the remaining 19.9% free cash flow interest in New Afton (Note 7), New Gold entered into a gold prepayment financing arrangement with a syndicate of financial institutions. Pursuant to the gold prepayment financing arrangement, the Company received $100.1 million in April 2025 from a syndicate of financial institutions in exchange for delivery of 2,771 oz of gold bullion per month effective July 2025, and until June 2026. Settlement of gold ounces is not linked to the Company&#8217;s own production as settlement will occur with the delivery of gold bullion purchased in the open market. </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 accounting purposes, the gold prepayment did not meet the own use exemption to be treated as an executory contract. As a result, the contract is a financial liability with an embedded derivative. As allowed under IFRS 9, the Company elected to account for the entire contract as a financial liability at Fair Value Through Profit or Loss (&#34;FVTPL&#34;) and will revalue the liability based on the average gold forward curve at each reporting period, with changes in fair value recognized in 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%">The gold prepayment financing is recorded as a current liability on the statement of financial position and is settled as gold ounces are delivered. As at September 30, 2025, the fair value of the liability is recognized at $97.8 million.</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:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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: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:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td></tr><tr><td colspan="3" style="border-top: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%">Upon issuance - April 28, 2025</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">100.1</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:#eef7fd;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></tr><tr><td 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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(28.7)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">Fair value adjustment</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">26.4</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="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%">Balance, September 30, 2025</font></td><td colspan="2" style="background-color:#eef7fd;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%">97.8</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:#eef7fd;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%">&#8212;&#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 id="if282a5d8e1314848b65d01d92c223717_82"></div><div style="margin-top:12pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">10. Leases</font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',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 condensed interim consolidated statement of financial position and are classified as plant &#38; equipment as per Note 7 of the Company&#8217;s unaudited condensed interim consolidated financial statements.</font></div><div style="margin-bottom:4pt"><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:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.6</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">17.9&#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%">Additions</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">Depreciation</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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)</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%">Transfers</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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(11.8)</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="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:#eef7fd;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%">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:#eef7fd;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%">4.6&#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: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">2024 transfers of right-of-use assets (net of accumulated depreciation) from leased to owned.</font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(b) Lease liabilities</font></div><div style="margin-bottom:4pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.8</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:#eef7fd;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%">0.6&#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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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></tr><tr><td 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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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></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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">2.7&#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><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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.4</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:#eef7fd;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%">2.7&#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><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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">(0.7)</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:#eef7fd;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%">1.7</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:#eef7fd;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%">2.0&#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></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 exclude 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"><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%">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:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></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%">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 30, 2025</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">, the Company recognized</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> $0.1 million and $0.3 </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">million (20</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">24 - nil and $0</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">.2 million) in interest expense on lease liabilities. </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%">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 30, 2025</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">, the Company expensed</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> $1.5 million and $5.1</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> million (2024</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> - $1.9&#160;million and $8.2 million</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">) related to leases that are classified as short term.</font></div><div id="if282a5d8e1314848b65d01d92c223717_85"></div><div style="margin-bottom:4pt;margin-top:12pt"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">11. 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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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></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-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;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:#eef7fd;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"><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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">(5.3)</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"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Fuel hedge 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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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-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%">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:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">(1.0)</font></td><td style="background-color:#eef7fd;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%">1.2&#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><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 Trade and Other Receivables when in an assets position, and in Trade and Other Payables when in a liability position 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">Fuel hedge swap contracts are included within Trade and Other Receivables when in an assets position, and in Trade and Other Payables when in a liability position 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%">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">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"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',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 30, 2025. 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. 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style="width:9.316%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.320%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="9" style="background-color:#2c8ad1;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, 2025</font></td><td colspan="9" style="background-color:#2c8ad1;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, 2025</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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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="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><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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.1</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">19.2</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:#eef7fd;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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6.6</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:#eef7fd;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="2" style="background-color:#eef7fd;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%">5.7</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:#eef7fd;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:#eef7fd;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%">2.9</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:#eef7fd;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:#eef7fd;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%">8.6</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:#eef7fd;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:#eef7fd;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%">17.2</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:#eef7fd;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:#eef7fd;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%">8.6</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:#eef7fd;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:#eef7fd;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%">25.8</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:#eef7fd;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:36.400%"></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:9.316%"></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:9.320%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="9" style="background-color:#2c8ad1;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, 2024</font></td><td colspan="9" style="background-color:#2c8ad1;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, 2024</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:middle"><font style="color:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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="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="2" style="padding:2px 0 2px 1pt;text-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><td colspan="2" style="padding:2px 0 2px 1pt;text-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%">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%">6.7&#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%">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%">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="padding:2px 1pt;text-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="2" style="padding:2px 0 2px 1pt;text-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%">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%">4.3&#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%">1.3&#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%">2.6&#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%">3.9&#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;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="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%">3.3&#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%">1.9&#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><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%">5.2&#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 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%">8.0&#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%">7.2&#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 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%">15.2&#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="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><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></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:36.400%"></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:9.316%"></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:9.320%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="9" style="background-color:#2c8ad1;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, 2025</font></td><td colspan="9" style="background-color:#2c8ad1;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, 2025</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:middle"><font style="color:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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="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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(11.7)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(17.5)</font></td><td style="background-color:#eef7fd;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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1.8)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(4.5)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.1)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;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 loss</font></td><td colspan="2" style="background-color:#eef7fd;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%">(5.5)</font></td><td style="background-color:#eef7fd;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:#eef7fd;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%">(2.9)</font></td><td style="background-color:#eef7fd;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:#eef7fd;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%">(8.4)</font></td><td style="background-color:#eef7fd;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:#eef7fd;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%">(16.2)</font></td><td style="background-color:#eef7fd;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:#eef7fd;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%">(8.9)</font></td><td style="background-color:#eef7fd;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:#eef7fd;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%">(25.1)</font></td><td style="background-color:#eef7fd;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><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:36.400%"></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:9.316%"></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:9.320%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="9" style="background-color:#2c8ad1;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, 2024</font></td><td colspan="9" style="background-color:#2c8ad1;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, 2024</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:middle"><font style="color:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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="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="2" style="padding:2px 0 2px 1pt;text-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="padding:2px 1pt 2px 0;text-align:right;vertical-align: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&#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&#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%">(4.8)</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%">(2.8)</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%">(7.6)</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%">Unrealized</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%">(1.5)</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%">(4.2)</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%">(5.7)</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%">(1.4)</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%">(2.7)</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%">(4.1)</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 loss</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%">(3.0)</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%">(1.6)</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%">(4.6)</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%">(6.2)</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%">(5.5)</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%">(11.7)</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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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></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:#eef7fd;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%">1.2</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:#eef7fd;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%">0.4&#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 style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(b) 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%">The Company entered into foreign exchange forward contracts in order to hedge operating costs at the New Afton and Rainy River mines. These contracts 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 are recorded within operating expenses. </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%">The Company entered into foreign exchange forward contracts hedging an average of C$43.5&#160;million per  month during the first half of 2025, and C$46.0&#160;million per month for the second half of 2025. As at September 30, 2025, the fair value of the unrealized foreign exchange forward contract liability was $1.7 million (December 31, 2024 - $5.3&#160;million forward contract liabilities). </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="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="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><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(c) Diesel fuel hedge 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 Company entered into diesel fuel hedge swap contracts for Rainy River in order to reduce exposure to volatile fuel prices. These contracts 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 are recorded within 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%">The Company hedged an average of 0.7&#160;million gallons per month during the first half of 2025 and 0.7&#160;million gallons per month for the second half of 2025. As at September 30, 2025, the fair value of the unrealized fuel hedge swap contract assets was nil (December 31, 2024 - $0.1&#160;million swap contract assets).</font></div><div id="if282a5d8e1314848b65d01d92c223717_88"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">12. 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:100.000%"><tr><td style="width:1.0%"></td><td style="width:42.329%"></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:13.162%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.685%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="margin-bottom:6pt;text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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:right;vertical-align:middle"><font style="color:#2c8ad1;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:right;vertical-align:middle"><font style="color:#2c8ad1;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:right;vertical-align:middle"><font style="color:#2c8ad1;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:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</font></td></tr><tr><td colspan="15" style="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#2c8ad1;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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance &#8211; December 31, 2023</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%">33.1&#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%">91.0&#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%">0.1&#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%">124.2&#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%">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%">&#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%">(0.4)</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%">(0.1)</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%">(0.5)</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%">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%">2.7&#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%">&#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%">3.6&#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%">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%">3.1&#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%">(1.2)</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%">1.9&#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%">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%">(2.7)</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%">(7.1)</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%">&#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%">(9.8)</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="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance &#8211; December 31, 2024</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%">34.4&#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%">85.0&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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%">119.4&#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"><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 5)</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%">(0.3)</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%">(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%">&#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%">(1.6)</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%">34.1&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">83.7&#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="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%">117.8&#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="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance &#8211; December 31, 2024</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">34.4</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">85.0</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">119.4</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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.1</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.9</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:#eef7fd;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="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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 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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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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="border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance &#8211; September 30, 2025</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">35.4</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">88.5</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 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0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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:#eef7fd;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:#eef7fd;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%">115.3</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:#eef7fd;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"><font><br></font></div><div id="if282a5d8e1314848b65d01d92c223717_94"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font><br></font></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="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:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">13. Share 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%">At September 30, 2025, the Company had unlimited authority to issue common shares, and 791.7 million common shares outstanding. </font></div><div style="margin-bottom:3pt"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">(a) No par value common shares issued&#160;&#160;&#160;&#160;</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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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%">Value of shares</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:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance at December 31, 2023</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:700;line-height:100%">687,006</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#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%">3,163.5&#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"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Issuance of common 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:700;line-height:100%">100,395</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:#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 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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: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:700;line-height:100%">1,129</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#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%">2.5&#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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance at December 31, 2024</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">790,930</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;border-top:1pt solid 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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 May 2024, the Company completed an equity issuance of 100,395,000 common shares at a price of $1.72 per common share for gross proceeds of $172.7&#160;million. 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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><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2c8ad1;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: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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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="background-color:#eef7fd;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:#eef7fd;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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 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%">0.1&#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="2" style="background-color:#eef7fd;padding:2px 0 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">3.9&#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:#eef7fd;padding:2px 0 2px 1pt;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%">10.2</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:#eef7fd;padding:2px 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%">5.8&#160;</font></td><td style="padding:2px 1pt 2px 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">&#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:#eef7fd;padding:2px 0 2px 1pt;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%">0.4</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:#eef7fd;padding:2px 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></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 share-based payment expenses</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;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%">15.3</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:#eef7fd;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:133%">13.4&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;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%">34.7</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:#eef7fd;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:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19.8&#160;</font></td><td style="border-top:1pt solid #b3995d;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%">Less&#58; included within operating expenses</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;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%">(8.2)</font></td><td style="background-color:#eef7fd;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:133%">(4.5)</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;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%">(14.1)</font></td><td style="background-color:#eef7fd;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:top"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6.6)</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></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%">Share-based payment expenses</font></td><td colspan="2" style="background-color:#eef7fd;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%">7.1</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:#eef7fd;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:133%">8.9&#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><td colspan="2" style="background-color:#eef7fd;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%">20.6</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:#eef7fd;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%">13.2&#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:top"></td></tr></table></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><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%">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><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">(i) Stock options</font></div><div><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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance at December 31, 2023</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%">1,730&#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%">1.93&#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="padding:2px 1pt;text-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:#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%">(936)</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%">1.85&#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%">(307)</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%">2.03&#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%">(30)</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%">1.81&#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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance at December 31, 2024</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">457</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.04</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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="padding:2px 1pt;text-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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(233)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.93</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.18</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:#eef7fd;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="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Balance at September 30, 2025</font></td><td colspan="2" style="background-color:#eef7fd;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%">216</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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:#eef7fd;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%">2.15</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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><br></font></div><div><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Earnings per share</font></div><div><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 per share&#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:43.771%"></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:12.201%"></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><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2c8ad1;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: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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">CALCULATION OF EARNINGS PER SHARE</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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></tr><tr><td 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 earnings</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">142.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">37.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">194.2</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">47.5&#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%">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="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">791.7</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:#eef7fd;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%">790.7&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">791.5</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:#eef7fd;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%">739.1&#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:#2c8ad1;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="background-color:#eef7fd;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:#eef7fd;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, deferred share units, performance share units</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-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%">5.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-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%">5.3&#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: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><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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">797.8</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:#eef7fd;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%">796.1&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">797.6</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:#eef7fd;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%">744.5&#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="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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Net earnings per share&#58;</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.18</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">0.05&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.25</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">0.06&#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%">Diluted</font></td><td colspan="2" style="background-color:#eef7fd;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%">0.18</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:#eef7fd;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%">0.05&#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:#eef7fd;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%">0.24</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">0.06&#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="padding-left:18pt;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">No equity securities were excluded from the calculation of diluted earnings per share.</font></div><div id="if282a5d8e1314848b65d01d92c223717_100"></div><div style="margin-top:12pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">14. Income and mining taxes </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 outlines the composition of income tax expense (recovery) between current tax and deferred tax&#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:41.848%"></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:13.162%"></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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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: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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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="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%">Current income and mining tax expense</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">0.7&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8.3</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:#eef7fd;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%">1.7&#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="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="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%">Deferred income and mining tax expense (recovery)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">25.8</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">29.6</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(30.6)</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="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 (recovery) </font></td><td colspan="2" style="background-color:#eef7fd;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%">31.7</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:#eef7fd;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%">(1.8)</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><td colspan="2" style="background-color:#eef7fd;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%">37.9</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:#eef7fd;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%">(28.9)</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"><font><br></font></div><div style="margin-bottom:12pt"><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%">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="if282a5d8e1314848b65d01d92c223717_106"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">15. 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:100.000%"><tr><td style="width:1.0%"></td><td style="width:41.848%"></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:13.162%"></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:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2c8ad1;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: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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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="background-color:#eef7fd;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:#eef7fd;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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.4)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.4)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="padding:2px 1pt;text-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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(17.1)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(3.0)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(19.6)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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></tr><tr><td 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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1.8</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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:#eef7fd;padding:2px 0 2px 1pt;text-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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">4.3&#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 payables</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">23.0</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">11.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">33.6</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(6.4)</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 change in non-cash operating working capital</font></td><td colspan="2" style="background-color:#eef7fd;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%">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:#eef7fd;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%">7.9&#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><td colspan="2" style="background-color:#eef7fd;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%">23.8</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:#eef7fd;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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style="width:13.166%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:133%">Three months ended September 30</font></td><td colspan="6" style="background-color:#2c8ad1;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: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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">OTHER NON-CASH ADJUSTMENTS</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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%">(Gain) loss on revaluation of foreign exchange forward contracts and fuel hedge swap contracts</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 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0;text-align:right;vertical-align: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%">Unrealized (gain) loss on provisionally priced concentrate contracts</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="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="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">Gain on extinguishment of New Afton free cash flow obligation</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(42.3)</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 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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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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&#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 loss on revaluation of non-current derivative financial instruments (Note 9)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">33.8</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">75.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">124.4&#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%">Unrealized loss on gold prepayment (Note 9)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">14.2</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">26.4</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">Inventory net realizable value (write-up) write-down</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.8)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(4.2)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(10.0)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(10.4)</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%">(Gain) loss on revaluation of investments</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(2.1)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="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-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 other non-cash adjustments</font></td><td colspan="2" style="background-color:#eef7fd;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%">50.5</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:#eef7fd;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%">21.7&#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:#eef7fd;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%">87.6</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:#eef7fd;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%">74.6&#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 style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><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><div id="if282a5d8e1314848b65d01d92c223717_109"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">16. Segmented information  </font></div><div><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">(a) Segment revenues and results </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 manages its reportable segments by operating mines. Earnings (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="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 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:#2c8ad1;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, 2025</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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Other</font><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:6.17pt;font-weight:700;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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:#2c8ad1;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:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" 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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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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 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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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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 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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">Other includes corporate balances and CSP.</font></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%">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">Segmented revenue reported above represents revenue generated from external customers. 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style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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: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:#2c8ad1;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, 2024</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:#2c8ad1;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:top"><font style="color:#2c8ad1;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:left;vertical-align:top"><div style="text-align:right"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Other</font><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:6.17pt;font-weight:700;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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:#2c8ad1;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%">35.1&#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%">168.1&#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%">&#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%">203.2&#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%">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%">43.9&#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="2" style="padding:2px 0 2px 1pt;text-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%">43.9&#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%">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%">4.1&#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%">&#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%">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"><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">(2)</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%">79.8&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">172.2&#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 #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">252.0&#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="padding:2px 1pt;text-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%">34.4&#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%">73.2&#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%">&#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%">107.6&#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%">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%">45.7&#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%">&#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%">58.3&#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%">32.8&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">53.3&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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%">86.1&#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: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%">5.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5.5&#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><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: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%">8.9&#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%">8.9&#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%">2.9&#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%">2.5&#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%">0.3&#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%">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="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%">Earnings (loss) from operations</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%">29.9&#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%">50.8&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(14.7)</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%">66.0&#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:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Finance income</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="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%">1.7&#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 Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Finance costs</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"></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%">(2.5)</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 losses</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"></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%">(29.1)</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 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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">Other includes corporate balances and CSP.</font></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%">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">Segmented revenue reported above represents revenue generated from external customers. 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Narrow',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nine months ended September 30, 2025</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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Other</font><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:6.17pt;font-weight:700;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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:#2c8ad1;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:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" 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There were no inter-segment sales in the nine months ended September 30, 2025.</font></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%">3.</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">In March 2025, the Company recognized a restructuring charge of $3.3 million in severance and other termination benefits related to changes at the executive leadership level of the organization. </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%">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><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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: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:#2c8ad1;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, 2024</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:#2c8ad1;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:top"><font style="color:#2c8ad1;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:left;vertical-align:top"><div style="text-align:right"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Other</font><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:6.17pt;font-weight:700;line-height:100%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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:#2c8ad1;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%">109.8&#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%">394.5&#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%">504.3&#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%">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%">144.4&#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%">&#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="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%">144.4&#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%">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%">2.5&#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%">11.1&#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%">&#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%">13.6&#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"><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">(2)</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%">256.7&#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%">405.6&#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="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%">662.3&#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%">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%">120.9&#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%">203.0&#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%">&#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%">323.9&#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%">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%">53.6&#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%">137.2&#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%">&#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%">190.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-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%">82.2&#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%">65.4&#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="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%">147.6&#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="padding:2px 1pt;text-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: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%">16.7&#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%">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="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: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%">13.2&#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%">13.2&#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"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Exploration and business development</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="padding:2px 0 2px 1pt;text-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&#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%">5.4&#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%">(1.9)</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="2" style="padding:2px 0 2px 1pt;text-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></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%">Earnings (loss) from operations</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%">73.1&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">60.0&#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="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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colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"></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%">5.6&#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="padding:2px 1pt;text-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:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></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 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1pt;text-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 before taxes</font></td><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:0 1pt"></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%">18.6&#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 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">Other includes corporate balances and CSP.</font></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%">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">Segmented revenue reported above represents revenue generated from external customers. 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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:19.412%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.515%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.156%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.156%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.156%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.160%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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="6" style="background-color:#2c8ad1;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="12" style="background-color:#2c8ad1;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><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:7pt;font-style:italic;font-weight:400;line-height:100%">(in millions of U.S. dollars)</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;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:#eef7fd;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:#eef7fd;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%">New Afton</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,193.4</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:#eef7fd;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%">923.1&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">147.8</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:#eef7fd;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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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%">62.5&#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:#eef7fd;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%">242.9</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:#eef7fd;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%">195.8&#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></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">Mining interests 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 balances and CSP.</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%">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="if282a5d8e1314848b65d01d92c223717_121"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-top:12pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">17. 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 30, 2025 or the year ended December 31, 2024. 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="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:140%">Valuation methodology for Level 1 financial assets and liabilities&#58;</font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Investments</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%">The fair value of the investments are measured based on the investee's closing share price on the reporting date. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;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:#2c8ad1;font-family:'Arial',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:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Gold prepayment 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 gold prepayment liability is calculated using the mark-to-market method based on the average gold forward prices.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',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:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Fuel hedge swap 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%">The fair value of the fuel hedge swap contracts is calculated using the mark-to-market forward prices of diesel, based on the applicable settlement dates of the outstanding swap contracts.</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="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:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;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%">The fair value of the Rainy River 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 2032 Senior 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:#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 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:99.679%"><tr><td style="width:1.0%"></td><td style="width:29.928%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.928%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.385%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.385%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.385%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.389%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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, 2025</font></td><td colspan="6" style="background-color:#2c8ad1;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, 2024</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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Category</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Level</font></td><td colspan="3" style="background-color:#eef7fd;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:#2c8ad1;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:#2c8ad1;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:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#eef7fd;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 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%">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:#eef7fd;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">123.3</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:#eef7fd;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%">105.2&#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"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trade and other receivables</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="padding:2px 1pt;text-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:#eef7fd;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">32.3</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:#eef7fd;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%">25.0&#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 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%">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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6.6</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:#eef7fd;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%">(0.5)</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%">Gold and copper swap 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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;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%">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 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%">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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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="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%">Fuel hedge swap 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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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="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:#2c8ad1;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:#eef7fd;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#eef7fd;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="padding-left:6pt;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 Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial liabilities at amortized cost</font></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">155.3</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:#eef7fd;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%">151.9&#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 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%">Long-term debt</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 liabilities at amortized cost</font></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">394.0</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:#eef7fd;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%">397.0&#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><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%">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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">5.3&#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" 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%">Rainy River 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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">264.5</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:#eef7fd;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%">3</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%">217.2&#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 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 prepayment 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="2" style="background-color:#eef7fd;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%">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:#eef7fd;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">97.8</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:#eef7fd;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&#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%">&#8212;&#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></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 receivables exclude provisionally priced contracts, and gold and copper swap contracts.</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 portion of reclamation and closure cost obligation, the Rainy River gold stream obligation, and current derivative liabilities.</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="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:right"><img alt="image_0b.jpg" src="image_0b.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;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;</font><font style="color:#ffffff;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</font></div><div style="text-align:right"><img alt="fsngborder.jpg" src="fsngborder.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div><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="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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, 2025</font></td><td colspan="6" style="background-color:#2c8ad1;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, 2024</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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c8ad1;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:#2c8ad1;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 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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%">Cash and cash equivalents</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">123.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">123.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">105.2&#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%">105.2&#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"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trade and other receivables</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">32.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">32.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">25.0&#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%">25.0&#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 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%">Provisionally priced contracts</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6.6</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6.6</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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)</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%">(0.5)</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%">Gold and copper swap contracts</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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><td colspan="2" style="padding:2px 0 2px 1pt;text-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 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%">Foreign exchange forward contracts</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="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%">Fuel hedge swap contracts</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FINANCIAL LIABILITIES</font></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#eef7fd;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="padding-left:6pt"><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="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">155.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">155.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">151.9&#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%">151.9&#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 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:133%">Long-term debt</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">394.0</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">422.0</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">397.0&#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%">404.0&#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><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:133%">Foreign exchange forward contracts</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">5.3&#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%">5.3&#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" 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%">Rainy River gold stream obligation</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">264.5</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">264.5</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">217.2&#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%">217.2&#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 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 prepayment obligation</font></td><td colspan="2" style="background-color:#eef7fd;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%">97.8</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:#eef7fd;border-bottom:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">97.8</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:#eef7fd;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%">&#8212;&#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%">&#8212;&#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></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 receivables exclude provisionally priced contracts and gold and copper swap contracts.</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 portion of reclamation and closure cost obligation, the Rainy River gold stream obligation, and current derivative liabilities.</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div id="if282a5d8e1314848b65d01d92c223717_127"></div><div style="margin-top:12pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">18.</font><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',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 30, 2025, these commitments totaled</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> $61.7&#160;million. This compares to commitments of $63.7&#160;million as at December 31, 2024. Certain contractu</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">al commitments may contain cancellation clauses&#59; however, the Company discloses its commitments based on management&#8217;s intention 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%">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></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ngdq32025mda.htm
<DESCRIPTION>EX-99.2
<TEXT>
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<title>Document</title></head><body><div id="i2e4829d443c94f5d9094040b7d2dca12_1"></div><div style="min-height:0pt;width:100%"><div><font><br></font></div></div><div><img alt="mdacoverq32025001.jpg" src="mdacoverq32025001.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="i2e4829d443c94f5d9094040b7d2dca12_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="text-align:justify"><img alt="fsngborder1a.jpg" src="fsngborder1a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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:#b3995d;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="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="#i2e4829d443c94f5d9094040b7d2dca12_10" 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%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_10" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%;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="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:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_13" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%;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:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_16" 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%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_16" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">4</a></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:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_19" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:100%;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:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_22" 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%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_22" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;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:justify;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">OUTLOOK</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_25" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">8</a></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: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="#i2e4829d443c94f5d9094040b7d2dca12_31" 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%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_31" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">10</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:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_46" 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%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_46" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;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;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_49" 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%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_49" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;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;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_52" 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%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_52" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;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;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_55" 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%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_55" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;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;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_64" 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%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_64" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">42</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:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_67" 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%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_67" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">42</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:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_70" 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%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_70" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">42</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:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_73" 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%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_73" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">42</a></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%">ENDNOTES</font></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:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_79" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">44</a></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%">CAUTIONARY NOTES</font></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:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%"><a href="#i2e4829d443c94f5d9094040b7d2dca12_82" style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">45</a></font></div></td></tr></table></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="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><div id="i2e4829d443c94f5d9094040b7d2dca12_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="color:#b3995d;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, 2025.</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 condensed interim 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, 2025 and 2024, and related notes, which are prepared in accordance with IAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (&#34;IASB&#34;). This MD&#38;A contains forward-looking statements that are subject to risks and uncertainties, as discussed in the &#34;Cautionary Note Regarding Forward-Looking Statements&#34; section 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. Figures in some tables may not add due to rounding. This MD&#38;A has been prepared as of October 28, 2025. Additional information relating to the Company, including the Company&#8217;s Annual Information Form, is available on SEDAR+ at www.sedarplus.ca.</font></div><div id="i2e4829d443c94f5d9094040b7d2dca12_10"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#b3995d;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 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 New Afton Mine in British Columbia, Canada (&#8220;New Afton&#8221;), and the Rainy River Mine in Ontario, Canada (&#8220;Rainy River&#8221;). New Gold's vision is to be the most valued intermediate gold and copper producer through profitable and responsible mining for our shareholders and stakeholders. For further information on the Company, visit www.newgold.com.</font></div><div style="margin-bottom:4pt;text-align:justify"><font style="color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">EXTERNAL DOCUMENTS</font></div><div style="margin-bottom:4pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">References made in this MD&#38;A to other documents or to information or documents available on a website do not constitute the incorporation by reference into this MD&#38;A of such other documents or such other information or documents available on such website, unless such incorporation by reference is explicit.</font></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">ENDNOTES</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%">Note references throughout the document are to endnotes which can be foun</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">d on</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> page <a href="#i2e4829d443c94f5d9094040b7d2dca12_79" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">44</a> of this</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%">MD&#38;A.</font></div><div id="i2e4829d443c94f5d9094040b7d2dca12_13"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#b3995d;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;Cash costs&#34;, &#34;all-in sustaining costs&#34; or &#34;AISC&#34;, &#34;adjusted net earnings&#47;(loss)&#34;, &#34;adjusted income 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;open pit net mining cost per operating tonne mined&#34;, &#34;underground net mining costs per operating tonne mined&#34;, &#34;processing costs per tonne processed&#34;, &#34;G&#38;A costs per tonne processed&#34;, &#34;cash generated from operations before changes in non-cash operating working capital&#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 und</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">er International Financial Reporting Standards (&#34;IFRS Accounting Standards&#34;)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">, as issued by the International Accounting Standards Board</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="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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></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%">please refer to the &#8220;Non-GAAP Financial Performance Measures&#8221; section of this MD&#38;A starting on page <a href="#i2e4829d443c94f5d9094040b7d2dca12_55" style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">29</a>. The</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> 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 </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">IFRS Accounting Standards</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">. These measures may therefore not be comparable to similar measures presented by other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.  </font></div><div id="i2e4829d443c94f5d9094040b7d2dca12_16"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:115%">OPERATING AND FINANCIAL HIGHLIGHTS</font></div><div style="text-align:justify"><font style="color:#2c8ad1;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"><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:45.694%"></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:12.201%"></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:12.203%"></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:#2c8ad1;padding:0 1pt"><div style="padding-right:-2.67pt;text-align:center"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">OPERATING INFORMATION</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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="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="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 (ounces)</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">(4)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#58;</font></div></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></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="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">(4)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">115,213</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">78,369&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">245,994</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">217,865&#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 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">(4)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">117,481</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">81,791&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">245,241</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">219,565&#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%">Copper (millions of pounds)</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">(4)</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#58;</font></div></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></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="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">(4)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">39.1</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">39.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><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">(4)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">11.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">37.8</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">36.4&#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"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Revenue</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">(10)</font></div></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></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="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold ($&#47;ounce)</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">(10)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,447</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">2,485&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,277</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">2,297&#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 style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Copper ($&#47;pound)</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">(10)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.36</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">3.98&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.25</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">3.97&#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: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">(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="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></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="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold ($&#47;ounce)</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,458</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">2,507&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,295</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">2,324&#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 style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Copper ($&#47;pound)</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.47</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">4.18&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4.37</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">4.19&#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:133%">Operating expenses ($&#47;oz gold, co-product)</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">874</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">1,021&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,054</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">1,090&#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:133%">Operating expenses ($&#47;lb copper, co-product)</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.41</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">2.18&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.31</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">2.33&#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%">Depreciation and depletion ($&#47;oz gold)</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">(10)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">593</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">715&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">872&#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:133%">Cash costs per gold ounce sold (by-product basis)</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)(2)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">639</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">741&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">709</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">783&#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="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:133%">All-in sustaining costs per gold ounce sold (by-product basis)</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)(2)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">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:#eef7fd;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%">1,195&#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:#eef7fd;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%">1,260</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:#eef7fd;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%">1,317&#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><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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="color:#2c8ad1;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:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.694%"></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:12.201%"></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:12.203%"></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:#2c8ad1;padding:0 1pt"><div style="padding-right:-2.67pt;text-align:center"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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: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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">FINANCIAL INFORMATION </font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">980.0</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">662.3&#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="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="padding:2px 1pt;text-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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">261.8</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">86.1&#160;</font></td><td style="padding:2px 1pt 2px 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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%">19.8&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">85.9</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">77.2&#160;</font></td><td style="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%">62.5&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">242.9</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:#eef7fd;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="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">342.2&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">390.5</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:#eef7fd;padding:2px 1pt 2px 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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%">Earnings (loss) per share</font></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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="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%">Basic ($)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.18</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">0.05&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.25</font><font style="color:#000000;font-family:'Arial 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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="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><div id="i2e4829d443c94f5d9094040b7d2dca12_19"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt;text-align:justify"><font style="background-color:#ffffff;color:#b3995d;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%">The Company is committed to responsible mining through implementation of sound environmental, social and governance (&#34;ESG&#34;) practices. The Company is also continuing to implement and report on the Mining Association of Canada&#8217;s Towards Sustainable Mining framework at all of its operating mines. New Gold continues to prioritize the health, safety and well-being of its people through the &#8220;Courage to Care&#8221; initiative.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Health and Safety</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%">Total recordable injury frequency rate (&#34;TRIFR&#34;)</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">12</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> was 0.61 for Q3 2025 with no lost time injuries experienced during the quarter. During the quarter, New Afton surpassed 1 million hours, and Rainy River surpassed 1.5 million hours worked without a lost time injury, marking significant safety milestones at both sites.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Environment</font></div><div style="text-align:justify"><font style="color:#2c8bd2;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Water Management</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 Afton continued to prioritize pond removal at the New Afton Tailings Storage Facility (&#34;TSF&#34;), and the pond was materially removed at the end of Q3. This marks a significant milestone of the C-Zone stabilization program. At Rainy River, reduced precipitation year to date has resulted in lower than forecasted pond volumes in the Tailings Management Area (&#34;TMA&#34;). Rainy River continues to focus effort on water treatment to maximize available storage at the TMA. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8bd2;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Tailings Management</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 Rainy River TMA construction continued to advance during the quarter. Rainy River is again self-completing the construction at the TMA in 2025. New Afton completed the TSF crest raise as part of the C-Zone stabilization program. The C-Zone stabilization program remains on track with respect to groundwater depressurization and ahead of schedule for pond removal. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Social</font></div><div style="text-align:justify"><font style="color:#2c8bd2;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Indigenous &#38; Community Relations</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 recognizes the importance of engaging meaningfully with local and Indigenous communities and recognizes that these communities provide the social license to operate and explore at both New Afton and Rainy River. Indigenous and Community Relations teams engage regularly with partners and stakeholders to continue building trust-based relationships centered on transparency and acceptance. In addition to engagement, these teams work with communities to identify economic development opportunities, most commonly in the form of employment and contracting opportunities. New Gold continues to provide social and community development support through the Community Investment Program, which is administered locally through the New Afton, the Rainy River and the Corporate office. This program focuses on providing financial and in-kind support for initiatives and projects that have sustainable and long-lasting impacts within the communities where New Gold operates. </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%">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="i2e4829d443c94f5d9094040b7d2dca12_22"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#b3995d;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="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">New Gold Achieves 2025 TSX30 Ranking for Top Performance</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 been recognized by the Toronto Stock Exchange (&#34;TSX&#34;) as a top performer with the inclusion in the TSX30 for 2025. The Company ranked eleventh on the list of the top 30 performing stocks on the TSX, with a share price appreciation of 394% over the trailing three-year period (June 30, 2022 &#8211; June 30, 2025).</font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">New Gold Announces Director Departure</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 announced the resignation of Christian Milau from the Board of Directors on August 18, 2025, effective immediately, to pursue other opportunities.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Redemption of Remaining 7.50% Senior 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%">On July 15, 2025, the Company redeemed the remaining $111.2 million aggregate principal amount of the outstanding 2027 Unsecured Notes. The redemption of the 2027 Unsecured Notes was funded with cash on hand.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">New Gold Provides Exploration Update For the New Afton and Rainy River Mines, Highlighted by Significant Growth at New Afton's K-Zone</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%">On September 8, 2025, the Company provided an update on its ongoing exploration programs at the 100%-owned New Afton and Rainy River mines in 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%">At New Afton, new underground drilling has confirmed the width and continuity of previously reported mineralization at K-Zone and discovered additional copper-gold porphyry mineralization emanating from the roots of the zone, which have more than doubled the known extent of the system. The K-Zone mineralized system now reaches approximately 600 metres in strike length and 900 metres in vertical extent, while exploration drill holes from surface have intersected new mineralization 550 metres to the east of the current footprint, demonstrating the potential for further growth.  </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, surface drilling has extended the NW Trend mineralization and underground drilling has extended underground mining zones, which continues to remain open at depth. Infill drilling continues to progress the conversion of near-surface and underground Inferred Mineral Resources to Indicated, which is expected to have a positive impact on year-end Mineral Reserve and Mineral Resource estimates. </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%">Please refer to the press release dated September 8, 2025, &#34;New Gold Provides Exploration Update For New Afton and Rainy River Mines, Highlighted by Significant Growth at New Afton's K-Zone&#34;.</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="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><div id="i2e4829d443c94f5d9094040b7d2dca12_25"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt;text-align:justify"><font style="color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">OUTLOOK</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 is pleased to reaffirm its 2025 operational outlook as outlined below.</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%">The Company has assumed $30.00 per silver ounce and $4.00 per copper pound, and a foreign exchange rate of C$1.40 to US$1.00 in its outlook. </font></div><div style="margin-bottom:12pt;margin-top: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:76.464%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.336%"></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:#2c8ad1;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Operational Estimates</font></td><td colspan="3" style="background-color:#2c8ad1;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">2025 Guidance</font></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',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold production (ounces)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">4</font></div></td><td colspan="3" style="border-left:0.5pt solid #81b9e3;border-right:0.5pt solid #81b9e3;border-top:0.5pt solid #81b9e3;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">325,000 &#8211; 365,000</font></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',sans-serif;font-size:9pt;font-weight:400;line-height:100%">New Afton gold production (ounces)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">4</font></div></td><td colspan="3" style="border-left:0.5pt solid #81b9e3;border-right:0.5pt solid #81b9e3;border-top:0.5pt solid #81b9e3;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">60,000 &#8211; 70,000</font></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',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Rainy River gold production (ounces)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">4</font></div></td><td colspan="3" style="border-left:0.5pt solid #81b9e3;border-right:0.5pt solid #81b9e3;border-top:0.5pt solid #81b9e3;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">265,000 &#8211; 295,000</font></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',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Copper production (M lbs)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">4</font></div></td><td colspan="3" style="border-left:0.5pt solid #81b9e3;border-right:0.5pt solid #81b9e3;border-top:0.5pt solid #81b9e3;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">50 &#8211; 60</font></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',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash costs per gold ounce sold (by-product)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">1,2</font></div></td><td colspan="3" style="border-left:0.5pt solid #81b9e3;border-right:0.5pt solid #81b9e3;border-top:0.5pt solid #81b9e3;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$600 - $700</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating expenses ($&#47;oz gold, co-product)</font><font style="color:#000000;font-family:'Arial',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="3" style="border-left:0.5pt solid #81b9e3;border-right:0.5pt solid #81b9e3;border-top:0.5pt solid #81b9e3;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$900 - $1,000</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Operating expenses ($&#47;lb copper, co-product)</font><font style="color:#000000;font-family:'Arial',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="3" style="border-left:0.5pt solid #81b9e3;border-right:0.5pt solid #81b9e3;border-top:0.5pt solid #81b9e3;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$1.75 - $2.25</font></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',sans-serif;font-size:9pt;font-weight:400;line-height:100%">All-in sustaining costs per gold ounce sold (by-product)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">1,2</font></div></td><td colspan="3" style="border-left:0.5pt solid #81b9e3;border-right:0.5pt solid #81b9e3;border-top:0.5pt solid #81b9e3;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$1,025 - $1,125</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Capital Investment Estimates</font></td><td colspan="3" style="background-color:#2c8ad1;border-top:0.5pt solid #81b9e3;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">2025 Guidance</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total capital ($M)</font></td><td colspan="3" style="border-left:0.5pt solid #81b9e3;border-right:0.5pt solid #81b9e3;border-top:0.5pt solid #81b9e3;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$270 - $315</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sustaining capital ($M)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">1,8</font></div></td><td colspan="3" style="border-left:0.5pt solid #81b9e3;border-right:0.5pt solid #81b9e3;border-top:0.5pt solid #81b9e3;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$95 - $110</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Growth capital ($M)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">1,9</font></div></td><td colspan="3" style="border-bottom:0.5pt solid #81b9e3;border-left:0.5pt solid #81b9e3;border-right:0.5pt solid #81b9e3;border-top:0.5pt solid #81b9e3;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$175 - $205</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The Company delivered a strong third quarter, highlighted by multiple records for production and free cash flow generation. Rainy River produced over 100,000 ounces of gold in the quarter, a 63% increase over the second quarter, as the open pit continued to perform as expected following the release of the higher-grade material in June. At New Afton, the B3 cave continued to over-deliver during the third quarter, averaging over 4,300 tonnes per day. Additional tonnage from B3 continues to provide excellent shareholder value as it comes with no additional capital as we continue to shift all production resources over to C-Zone. The performance from the Company's two assets led to a record $205 million of free cash flow, a 225% quarter-over-quarter improvement over the Company's previous record last quarter.</font></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Third quarter consolidated production was 115,213 ounces of gold and 12.0 million pounds of copper at 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">1,2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> of $966 per gold ounce sold. Gold production through the first nine months of 2025 represented approximately 71% of the midpoint of annual consolidated production guidance of 325,000 to 365,000 ounces of gold.</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 Afton third quarter production was 14,912 ounces of gold and 12.0 million pounds of copper at 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">1,2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> of $(595) per gold ounce sold. The B3 cave continued to perform better than planned, delivering an average of 4,300 tonnes per day through the quarter. With the cave nearing exhaustion, the third quarter experienced an expected quarter-over-quarter decline in head grades towards the planned levels provided earlier in the year. Production through the first nine months of 2025 represented approximately 77% and 71% of the midpoint of annual guidance of 60,000 to 70,000 ounces of gold and 50 to 60 million pounds of copper, respectively.</font></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">C-Zone cave construction continues to advance on schedule, with an expected quarter-over-quarter step up in copper and gold production in the fourth quarter of 2025. Cave construction progress is 79% complete as of the end of September. The flotation cleaner circuit upgrade was completed and commissioned during the quarter, and is achieving the designed recovery improvements for gold and </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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">copper and positions New Afton to fully capitalize on this investment once the mill is operating at full capacity starting in 2026.</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 third quarter production was 100,301 ounces of gold at 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">1,2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> of $1,043 per gold ounce sold, a 63% production increase and 39% decrease in all-in sustaining costs over the second quarter as the mill processed higher grade open pit ore. Rainy River&#8217;s third quarter production included approximately 5,900 ounces of gold-in-circuit inventory as discussed at the end of the second quarter. Gold production through the first nine months of 2025 represented approximately 70% of the midpoint of annual guidance of 265,000 to 295,000 ounces of gold. Importantly, during the third quarter, the mill demonstrated the ability to process the required gold production to achieve the 2026 production target outlined in the Rainy River Technical Report earlier this year without compromising on recovery.</font></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Rainy River underground continues to advance well with several key initiatives undertaken in the quarter specifically designed to improve recruitment and retention, including camp facilities upgrades, travel improvements, and contract modifications to incentivize and reward optimized development rates. Underground development and stope production will expand out three mining zones and will continue to increase through the fourth quarter. </font></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Gold production is expected to be in-line with the 325,000 to 365,000 ounce guidance range. New Afton gold production is expected to be at the midpoint of the guidance range of 60,000 to 70,000 ounces. Rainy River gold production is expected to be above the midpoint of the 265,000 to 295,000 ounce guidance range.</font></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Copper production is expected to be at the mid-point of the guidance range of 50 to 60 million pounds.</font></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Consolidated 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">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> are trending above the mid-point of the guidance range of $600 to $700 per gold ounce sold, on a by-product basis. New Afton cash costs on a by-product basis are expected to be below the bottom end of the guidance range on favourable by-product prices. Rainy River cash costs on a by-product basis are expected to be at the high end of the guidance range as strong operational performance is offset by higher underground mining costs and related camp costs due to the amended underground contract. Cash costs at both operations include an additional $40 per ounce related to share-based payment increases during the quarter.</font></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Consolidated 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">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> are trending at the high end of the guidance range of $1,025 to $1,125 per gold ounce sold, on a by-product basis, and include a higher share-based expense of $75 per ounce year-to-date due to an increase in the Company's share price.  All-in sustaining costs at New Afton are expected to be below the low end of its guidance range due to lower cash costs. Rainy River&#8217;s all-in sustaining costs are expected to be at the high end of its guidance range due to higher cash costs. </font></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Operating expenses per gold ounce (co-product) are tracking to the high end of the guidance range of $900 to $1,000 per gold ounce sold as a result of higher underground mining and camp costs at Rainy River. Operating expenses per copper pound (co-product) are trending in-line with the guidance range of $1.75 to $2.25 per copper pound sold.</font></div><div style="margin-bottom:12pt;margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Sustaining 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">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> is tracking to the low end of the guidance range of $95 million to $110 million.  </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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:12pt;margin-top: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">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> is tracking to midpoint of the guidance range of $175 million to $205 million, due to efficient capital management at New Afton, partially offset by higher underground capital expenditures at Rainy River primarily due to the higher underground development costs from the amended underground contract. </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%">Details of the Company&#8217;s 2025 guidance are available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company&#8217;s website at www.newgold.com&#47;news-events&#47;news.</font></div><div id="i2e4829d443c94f5d9094040b7d2dca12_31"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#b3995d;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 the market prices of gold and copper as well as foreign exchange rates.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;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, 2025 relative to the 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:#2c8ad1;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:#2c8ad1;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 id="i2e4829d443c94f5d9094040b7d2dca12_34"></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, 2025, New Gold's gold revenue per 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">10</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> and average realized gold price per 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">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> were $3,447 and $3,458, respectively (September 30, 2024 - $2,485 and $2,507, respectively). This 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 </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">$3,457</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> per ounce </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">(September 30, 2024 - $2,474)</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 id="i2e4829d443c94f5d9094040b7d2dca12_37"></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, 2025, New Gold's gold revenue per 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">10</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> and average realized gold price per 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">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> were $3,277 and $3,295, respectively (September 30, 2024 - $2,297 and $2,324, respectively). This compared to the </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">LBMA p.m. average gold price of</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> $3,201 </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">per ounce </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">(September 30, 2024 - $2,296)</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="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:140%">Copper Prices</font><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> </font></div><div id="i2e4829d443c94f5d9094040b7d2dca12_40"></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, 2025, New Gold&#8217;s copper revenue per pound</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">10</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> and average realized copper price per pound</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%"> were $4.36 and $4.47, respectively (September 30, 2024 - $3.98 and $4.18, respectively). This compared to the average London Metals Exchange (&#34;LME&#34;) copper price of $4.44 per pound (September 30, 2024 - $4.18).</font></div><div id="i2e4829d443c94f5d9094040b7d2dca12_43"></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, 2025, New Gold&#8217;s copper revenue per pound</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">10</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> and average realized copper price per pound</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%"> were $4.25 and $4.37, respectively (September 30, 2024 - $3.97 and $4.19, respectively). This compared to the average LME copper price of $4.33 per pound (September 30, 2024 - $4.14).</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%">10&#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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;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="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 three and nine months ended September 30, 2025 when compared to the prior-year period. The weakening 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="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="text-align:justify"><font style="color:#2c8ad1;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 increased by 16% during the third quarter of 2025, finishing the quarter at $3,825 per ounce. Gold prices continued to rise to new record high prices driven by expectations for Federal Reserve rate cuts, persistent safe-haven demand and continued central bank purchases. Looking forward, persistent geopolitical uncertainty, strong central bank demand and expectations for looser monetary policy may provide further support for 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%">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. 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 other macroeconomic factors, such as interest rates and inflation expectations. Management anticipates that the long-term economic environment should provide support for gold and precious metals, 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%">The LME cash copper price increased by 3% during the third quarter of 2025, finishing the quarter at $4.67 per pound. Prices strengthened over the quarter on expectations of monetary policy easing, a weaker U.S. dollar and supply concerns. Over the longer-term, continued growth in the global economy, constrained supply and the global trend towards electrification could increase demand for copper and provide support for copper prices.</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><div id="i2e4829d443c94f5d9094040b7d2dca12_46"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">FINANCIAL RESULTS</font></div><div style="margin-bottom:3pt;text-align:justify"><font style="color:#2c8ad1;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:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.694%"></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:12.201%"></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:12.203%"></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:#2c8ad1;padding:0 1pt"><div style="text-align:justify"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;padding:2px 1pt;text-align:right;text-indent:22.5pt;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:#2c8ad1;padding:2px 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Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">28.2</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="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:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Earnings (loss) from operations</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">233.4</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:#eef7fd;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%">66.0&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">368.3</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:#eef7fd;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%">105.1&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="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%">Finance income</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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&#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%">Finance costs</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(11.7)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(37.1)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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)</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="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%">Other gains and losses</font></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" 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0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="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 (loss) on 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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%">Unrealized loss on revaluation of non-current derivative financial liabilities </font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(33.9)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(75.3)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(124.4)</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 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 extinguishment of New Afton free cash flow interest obligation </font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">42.3&#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="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 (loss) on foreign exchange derivative</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.9)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">1.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.4</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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)</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 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 fuel hedge swap contracts</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(26.4)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td 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Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">232.1</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:#eef7fd;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%">18.6&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="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 tax (expense) recovery </font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(31.7)</font></td><td style="background-color:#eef7fd;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%">1.8&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 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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:justify;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Net earnings</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">142.3</font><font style="color:#000000;font-family:'Arial 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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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="padding-right:18pt"><font style="background-color:#ffffff;color:#2c8ad1;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 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style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Finance income</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 September 30, 2025, finance income was relatively consistent when compared to the prior-year periods.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;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="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 30, 2025, finance costs increased compared to the prior-year periods, primarily related to lower capitalized interest costs due to commercial production at New Afton's C-Zone and the redemption of the 2027 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="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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;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:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Foreign exchange</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%">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 when compared to the U.S. dollar for the three and nine months ended September 30, 2025.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;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%">For the three and nine months ended September 30, 2025, the Company recorded an unrealized loss on the revaluation of the Rainy River gold stream obligation derivative instrument of $33.9 million and $75.3 million, respectively, primarily driven by higher metal prices.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Foreign exchange derivatives</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</font><font style="background-color:#ffffff;color:#2c8ad1;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%">the three months ended September&#160;30, 2025, the Company recorded a loss on foreign exchange derivatives, associated with changes in forward prices on the Company's foreign exchange contracts. For</font><font style="background-color:#ffffff;color:#2c8ad1;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%">the nine months ended September&#160;30, 2025, the Company recorded a gain on foreign exchange derivatives, associated with changes in forward prices on the Company's foreign exchange contracts.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Fuel hedge swap 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%">For the three months ended September&#160;30, 2025, the Company recorded a loss on fuel hedge derivatives, associated with changes in fuel prices on the Company's fuel hedge swap contracts. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Unrealized gold prepayment loss</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&#160;30, 2025, the Company recorded an unrealized loss associated with the gold prepayment liability as a result of higher metal prices.</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%">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">1</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">1</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 Accounting Standards 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 starting on page <a href="#i2e4829d443c94f5d9094040b7d2dca12_55" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">29</a> of this MD&#38;A for more details about adjusted net earnings.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;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="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The current and prior-year income tax (expense) recovery relates primarily to current and deferred mineral taxes. Income tax expense for the three and nine months ended September&#160;30, 2025 increased primarily due to an increase in 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%">On an 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">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> basis, the adjusted income tax expense</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%"> for the three months and the nine months ended September&#160;30, 2025 was $24.3 and $42.3 million, respectively, compared to an adjusted income tax expense of $0.9 and $8.9 million in the prior-year. Adjusted income tax expense</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%"> excludes the tax impact of other gains and losses on the consolidated income statement. Adjusted income tax expense</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%"> is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS Accounting Standards 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 on page <a href="#i2e4829d443c94f5d9094040b7d2dca12_55" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">29</a> of this MD&#38;A for more details. </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><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Net earnings</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&#160;30, 2025, there was an increase in net earnings compared to the prior-year periods, largely due to an increase in revenue, partially offset by higher finance costs and the loss on derivative financial liabilities due to higher gold prices. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Adjusted net earnings</font><font style="background-color:#ffffff;color:#2c8ad1;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">1</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 have been adjusted for Other Gains and Losses, Loss on Repayment of Long-term Debt, and Corporate Restructuring on the consolidated income statement. Key elements in Other Gains and Losses are the fair value changes for the gold stream obligation, unrealized loss on the gold prepayment liability, foreign exchange gains&#47;loss, gain on the extinguishment of the New Afton free cash flow interest obligation, and gain&#47;loss on foreign exchange derivative. The adjusted entries are also impacted by tax expenses to the extent that the underlying entries are impacted for tax in the unadjusted net earnings. 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">1</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 A</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">ccounting Standards </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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 for more details.</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 and nine months ended September 30, 2025, 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">1 </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">increased compared to the prior-year period primarily due to higher 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 further information on the Company&#8217;s liquidity and cash flow position,</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> 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><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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="color:#2c8ad1;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:#2c8ad1;padding:0 1pt"><div style="padding-right:-0.37pt;text-align:center"><font><br></font></div></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q3<br>&#160;2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q2<br>&#160;2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q1 2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q4<br>&#160;2024</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q3 2024</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q2 2024</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q1 2024</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q4 2023</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:133%">Q3 2023</font></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:#2c8ad1;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:#eef7fd;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"><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="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"><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></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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">115,213</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">78,595&#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%">52,186&#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%">80,438&#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%">78,369&#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%">68,598&#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%">70,898&#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%">79,187&#160;</font></td><td style="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%">82,986&#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 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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">117,481</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">75,596&#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%">52,164&#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%">77,281&#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%">81,791&#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%">67,697&#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%">70,077&#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%">77,870&#160;</font></td><td style="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%">79,821&#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%">Revenue</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">462.5</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">308.4&#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%">209.1&#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%">262.2&#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%">252.0&#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%">218.2&#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%">192.1&#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%">199.2&#160;</font></td><td style="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%">201.3&#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%">Net earnings (loss)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">142.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">68.6&#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%">(16.7)</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%">55.1&#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%">37.9&#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%">9.6&#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%">(43.5)</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%">(27.4)</font></td><td style="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%">(2.7)</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%">Per share&#58;</font></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.18</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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&#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%">(0.02)</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&#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%">0.05&#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&#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%">(0.06)</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="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%">(0.00)</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;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:#eef7fd;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%">0.18</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:#eef7fd;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&#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%">(0.02)</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&#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%">0.05&#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&#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%">(0.06)</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="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%">(0.00)</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="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 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><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="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><div id="i2e4829d443c94f5d9094040b7d2dca12_49"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#b3995d;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:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">New Afton Mine, British Columbia, 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%">The New Afton mine is located in South-Central British Columbia near Kamloops, a city of approximately 100,000 people. 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:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.694%"></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:12.201%"></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:12.203%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="padding-right:-0.37pt;text-align:center"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">OPERATING INFORMATION</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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:#eef7fd;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%">995</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">881&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">3,303</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">2,779&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></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="padding:2px 1pt;text-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:#eef7fd;padding:2px 0 2px 1pt;text-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</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">13&#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%">Ore processed (thousands of tonnes)</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">13</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">1,058</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">1,040&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">3,414</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">2,973&#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:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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 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:#eef7fd;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%">0.52</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.57&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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:#eef7fd;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%">0.67&#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:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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 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:#eef7fd;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%">84</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">86&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">85</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">88&#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:#eef7fd;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%">90</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">88&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">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:#eef7fd;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%">90&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></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="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">(4)</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:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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"><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 - New Afton Mine</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">(4)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">14,853</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="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%">16,283</font></td><td colspan="2" style="background-color:#eef7fd;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%">49,606</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">52,241&#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%">Produced - Ore Purchase Agreements</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">(4)(11)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">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:#eef7fd;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%">195&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">575</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">716&#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%">Produced - Total</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">(4)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">14,912</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">16,477&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">50,181</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">52,957&#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">(4)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">14,755</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">14,564&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">50,039</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">49,728&#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)</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><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:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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"><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">(4)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">12.0</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:#eef7fd;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%">12.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">39.1</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:#eef7fd;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%">39.5&#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"><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">(4)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">11.9</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:#eef7fd;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%">11.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">37.8</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:#eef7fd;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%">36.4&#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:100%">Revenue</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">(10)</font></div></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold ($&#47;ounce)</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">(10)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">3,431</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">2,413&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">3,164</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">2,208&#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%">Copper ($&#47;pound)</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">(10)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">4.36</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">3.98&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">4.25</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:#eef7fd;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%">3.97&#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">(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:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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"><div style="padding-left:6pt"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gold ($&#47;ounce)</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:#eef7fd;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%">3,517</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">2,536&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">3,250</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:#eef7fd;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%">2,330&#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%">Copper ($&#47;pound)</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:#eef7fd;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%">4.47</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">4.18&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">4.37</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">4.19&#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:100%">Underground net mining cost per operating tonne mined</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">15.49</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">15.64&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">13.45</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">18.29&#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: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">(1)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">15.77</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">14.97&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">14.92</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:#eef7fd;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%">16.01&#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: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">(1)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">6.15</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">5.94&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">5.58</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:#eef7fd;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%">5.69&#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%">Operating expenses ($&#47;oz gold, co-product)</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)(10)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">832</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">709&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">747</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">730&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></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:133%">Operating expenses ($&#47;lb copper, co-product)</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)(10)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">2.41</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">2.18&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">2.31</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">2.33&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></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:133%">Depreciation and depletion ($&#47;oz gold)</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">(10)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">1,849</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:#eef7fd;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%">864&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">1,576</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">1,078&#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%">Cash costs per gold ounce sold (by-product basis)</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)(2)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">(730)</font></td><td style="background-color:#eef7fd;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%">(583)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">(708)</font></td><td style="background-color:#eef7fd;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%">(401)</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%">Cash costs per gold ounce sold (co-product)</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)(3)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">859</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">775&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">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:#eef7fd;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%">799&#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%">Cash costs per copper pound sold (co-product)</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)(3)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">2.49</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">2.39&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">2.40</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">2.55&#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%">All-in sustaining costs per gold ounce sold(by-product basis)</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)(2)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">(595)</font></td><td style="background-color:#eef7fd;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%">(408)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">79.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">322.7</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">256.7&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">35.5</font><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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">7.7&#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: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">(1)(9)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">29.3</font><font style="color:#000000;font-family:'Arial 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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%">19.3&#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:#eef7fd;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%">115.2</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:#eef7fd;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%">30.8&#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="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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">      </font><font style="background-color:#ffffff;color:#2c8ad1;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:#2c8ad1;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%">Production</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">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> for gold and copper for the three months ended September 30, 2025 was 14,912 ounces of gold (inclusive of ore purchase agreements) and 12.0 million pounds of copper respectively. Production</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">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> for gold and copper for the nine months ended September 30, 2025 was 50,181 ounces (inclusive of ore purchase agreements) and 39.1 million pounds, respectively. The decrease in gold and copper production</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">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> over the prior-year periods is due to lower grade and recovery as the B3 cave nears exhaustion.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:140%"> </font></div><div style="text-align:justify"><font style="color:#2c8ad1;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, 2025, revenue increased when compared to the prior-year period due to higher gold and copper average realized prices.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Revenue less cost of goods sold&#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, 2025, revenue less cost of goods sold increased when compared to the prior-year periods, primarily due to higher revenue.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;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 </font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">expenditures  and free cash flow&#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="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Operating expenses per gold ounce sold</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">3,10</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> and per copper pound sold</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">3,10</font><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, 2025 increased over the prior-year period primarily due to higher tonnes mined. Operating expenses per gold ounce sold</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">3,10</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> and per copper pound sold</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">3,10</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, 2025 were in line with the prior-year period. </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%">Underground net mining costs per operating tonne mined</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%">for the three and nine months ended September&#160;30, 2025 were in line with prior-year periods.</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%">Processing costs per tonne processed</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%"> for the three months ended September&#160;30, 2025 increased over the prior-year period due to higher maintenance costs. Processing costs per tonne processed</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%"> for the nine months ended September&#160;30, 2025 decreased over the prior-year period due to higher tonnes processed. </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%">Depreciation and depletion per gold ounce sold</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">10 </font><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, 2025 increased when compared to the prior-year periods due to capitalization of C-Zone assets and an increase in depreciable asset base associated with the acquisition of the remaining 19.9% free cash flow interest in New Afton from Ontario Teachers. </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%">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">1 </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">per gold ounce sold (by-product basis)</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 the three months ended September&#160;30, 2025 decreased over the prior-year periods primarily due to higher by-product revenue, and lower sustaining capital spend.</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%">Total capital expenditures for the three and nine months ended September 30, 2025 was $30.6 million and $81.3 million, respectively. For the three months ended September 30, 2025, total capital expenditures were in-line with the prior-year period. For the nine months ended September 30, 2025 total capital expenditures decreased over the prior-year period, due to lower sustaining and growth capital spend. Sustaining 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">1 </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">primarily related to mobile equipment. 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">1 </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> primarily related to construction, mine development, tailings, and machinery and equipment.</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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div><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%">Cash generated from operations for the three and nine months ended September 30, 2025 increased over the prior-year periods primarily due to higher 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">1</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, 2025 was $30.1 million and $115.2 million, respectively, an improvement over the prior-year periods primarily due to higher revenue.</font></div><div><font style="background-color:#ffffff;color:#2c8ad1;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</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#8217;s operations are impacted by fluctuations in the value of the U.S. dollar against the Canadian dollar. For the three months ended September 30, 2025, the value of the U.S. dollar averaged $1.38 against the Canadian dollar, compared to $1.36 in the prior-year period. This reduced total cash costs by $27 per gold ounce sold</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%"> relative to the prior-year period. </font></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%">For </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">the 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 30</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">, 2025, the value of the U.S. dollar averaged $1.40 relative to the Canadian dollar, compared to $1.36 in the prior-year period. This reduced total cash costs by $69 per gold ounce sold</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%">relative to the prior-year period. </font></div><div><font style="background-color:#ffffff;color:#2c8ad1;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="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">At New Afton, new underground drilling confirmed the width and continuity of previously reported mineralization at K-Zone and discovered additional copper-gold porphyry mineralization emanating from the roots of the zone, which have more than doubled the known extent of the system. The K-Zone mineralized system now reaches approximately 600 metres in strike length and 900 metres in vertical extent, while exploration drill holes from surface have intersected new mineralization 550 metres to the east of the current footprint, demonstrating the potential for further growth. The Company increased the 2025 New Afton exploration budget to $22 million and currently has nine drill rigs actively targeting the K-Zone. A maiden K-Zone mineral resource estimate is expected to be announced with the Company's year-end Mineral Reserve and Mineral Resource estimate update early in 2026.</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="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%">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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="color:#2c8ad1;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. 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:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.694%"></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:12.201%"></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:12.203%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="padding-right:-2.62pt;text-align:center"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">OPERATING INFORMATION</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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%">Open Pit</font></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></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%">Ore mined (thousands of tonnes)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,773</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">2,242&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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:700;line-height:100%">4,279</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">4,791&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">9,351</font><font style="color:#000000;font-family:'Arial 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Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">348</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">475&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">8,516</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">6,720&#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%">Waste mined (thousands of tonnes)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4,628</font><font style="color:#000000;font-family:'Arial 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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%">2.35&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2.98</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">3.99&#160;</font></td><td style="padding:2px 1pt 2px 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style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">207&#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%">Lateral development (meters)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,015</font><font style="color:#000000;font-family:'Arial 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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%">2,257&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6,796</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">6,906&#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:700;line-height:100%">93</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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&#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="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">(4)</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:#eef7fd;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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"><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">(4)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">100,301</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 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style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">67,228&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">195,202</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">169,837&#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%">Gold Revenue ($&#47;ounce)</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">(10)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,450</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">2,501&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,306</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">2,323&#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%">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">(1)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,450</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">2,501&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3,306</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">2,323&#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%">Open pit net mining cost per operating tonne mined</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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5.31</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">4.76&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5.21</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">4.24&#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%">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">(1)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13.81</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">10.80&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">12.10</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">4.35&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5.92</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">1,089&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,133</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">1,195&#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%">Depreciation and depletion ($&#47;oz gold)</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">(10)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">411</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">681&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">809&#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%">Cash costs per gold ounce sold (by-product basis)</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)(2)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">836</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">1,028&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,072</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">1,130&#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 ounce sold (by-product basis)</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)(2)</font></div></td><td colspan="2" style="background-color:#eef7fd;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:-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><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font 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For the nine months ended September 30, 2025, gold production was 195,813 ounces. Gold production</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">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> over the prior-year periods significantly increased due to higher grade.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Revenue</font><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> </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 </font><font style="background-color:#ffffff;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="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> September 30, 2025, revenue increased when compared to the prior-year period due to higher average realized price and higher sales volume.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;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 six months ended September 30, 2025, revenue less cost of goods sold increased when compared to the prior-year periods primarily due to higher revenue. </font></div><div style="text-align:justify"><font style="color:#2c8ad1;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 </font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">expenditures  and free cash flow&#160;&#160;&#160;&#160;</font><font style="color:#365f91;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</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 per gold ounce sold</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">10</font><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, 2025 decreased over the prior-year periods due to higher sales volumes and a stockpile inventory write-up of $5.1 million and $10.8 million for the three and nine months ended September 30, 2025, respectively, partially offset by higher underground and camp costs as underground mining continues to ramp up. </font></div><div style="text-align:justify;text-indent:9pt"><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%">Open pit net mining costs per operating tonne mined</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%">for the three months ended September 30, 2025 increased over the prior-year period due to higher maintenance and contractor costs as ex-pit tonnes increased in the third quarter. For the nine months ended September 30, 2025, open pit net mining costs per operating tonne mined</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%"> increased when compared to the prior-year period due to lower tonnes mined.</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%">Processing costs per tonne processed</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%">for the three and nine months ended September 30, 2025 increased when compared to the prior-year periods due to an increase in milling costs primarily driven by higher maintenance and electricity 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%">Depreciation and depletion per gold ounce sold</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">10 </font><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, 2025 decreased when compared to the prior-year periods due to higher sales volume. </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">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> per gold ounce sold (by-product basis)</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 the three months ended September 30, 2025 decreased over the prior-year period primarily due to higher sales volumes. 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">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> per gold ounce sold (by-product basis)</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 the nine months ended September 30, 2025 decreased over the prior-year period primarily due to higher sales volumes and the stockpile inventory write-up, partially offset by higher underground costs and higher sustaining capital from capitalized waste stripping.</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 capital expenditures for the three and nine months ended September 30, 2025 increased over the prior-year periods due to higher sustaining and growth capital spend. Sustaining 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">1 </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">primarily related to open pit stripping and tailings dam raise. 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">1 </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">primarily related to growth mine development and machinery 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%">Cash generated from operations for the three and nine months ended September 30, 2025 increased when compared to the prior-year periods primarily due to an increase in revenue.</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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">Free cash flow</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%"> for the three and nine months ended September 30, 2025 was $182.6 million and $214.8 million, respectively (net of stream payments of $19.4 million and $32.9 million, respectively), a record quarterly free cash flow and significant improvement</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> over the prior-year periods primarily due to higher revenue.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;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 value of the U.S. dollar relative to the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Canadian dollar. For the three months ended September 30, 2025, the value of the U.S. dollar averaged $1.38 against the Canadian dollar, when compared to $1.36 in the prior-year period. This reduced total cash costs by $9 per gold ounce sold</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%"> relative to the prior-year period.</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, 2025, the value of the U.S. dollar averaged $1.40 against the Canadian dollar, when compared to $1.36 in the prior-year period. This reduced total cash costs by $32 per gold ounce sold</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%">relative to the prior-year period.</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="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;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="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">At Rainy River, surface drilling extended the NW Trend mineralization and underground drilling has extended underground mining zones, which continue to remain open at depth. Infill drilling continues to progress the conversion of near-surface and underground Inferred Mineral Resources to Indicated Mineral Resources, which is expected to have a positive impact on year-end Mineral Reserve and Mineral Resource estimates. </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="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><div id="i2e4829d443c94f5d9094040b7d2dca12_52"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">FINANCIAL CONDITION REVIEW</font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Balance Sheet Review</font></div><div style="margin-bottom:12pt;margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.519%"><tr><td style="width:1.0%"></td><td style="width:67.982%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.358%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.360%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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%">As at September 30</font></td><td colspan="3" style="background-color:#2c8ad1;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%">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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">123.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">105.2&#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%">Other current assets</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">180.0</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">168.9&#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%">Non-current assets</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,065.7</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">1,729.7&#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 assets</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,369.0</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:#eef7fd;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%">2,003.8&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #b3995d;padding:0 1pt"><div><font><br></font></div></td><td colspan="3" style="background-color:#eef7fd;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%">Current liabilities</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">344.9</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">196.6&#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%">Non-current liabilities excluding long-term debt</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">390.5</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">357.9&#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%">Long-term debt</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">394.0</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">397.0&#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 liabilities</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,129.4</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:#eef7fd;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%">951.5&#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:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total equity</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,239.6</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:#eef7fd;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%">1,052.3&#160;</font></td><td style="border-top:1pt solid 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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%">2,003.8&#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></tr></table></div><div style="padding-right:18pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:140%">Assets</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Cash and cash equivalents</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 and cash equivalen</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">ts increased compared to </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">the prior-year period primarily due to cash flow generated from operations, partially offset by the net cash paid for the acquisition of the 19.9% free cash flow interest in New Afton from Ontario Teachers, and the related repayment of the amount drawn on the revolving credit facility.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Other current assets</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%">Other current assets primarily consist of trade and other receivables, inventories, investments, and prepaid expenses. 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Non-current assets increased relative to the prior-year period due to the acquisition of Ontario Teachers 19.9% free cash flow interest in New Afton, which resulted in the addition of mineral interest.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Current liabilities</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%">Current liabilities consist primarily of trade and other payables, current debt and the gold prepayment liability. Current liabilities increased relative to the prior-year period primarily due to the gold prepayment financing.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;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 consists 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%">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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">The Company's non-current derivative obligations reflect the Rainy River gold stream obligation. The Rainy River gold stream obligation has increased from the prior-year period primarily due to higher metal prices, partially offset by settlements.</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 and New Afton. Significant reclamation and closure activities include land rehabilitation, demolition of buildings and mine facilities, ongoing monitoring, and other costs. The long-term discounted portion of the liability as at September 30, 2025 was $115.3 million, which is relatively consistent compared to $117.8 million as at December 31, 2024. </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 deferred income tax liability increased from $55.6 million as at December 31, 2024 to $76.5 million at September 30, 2025 primarily due to the tax impact of higher revenue.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;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="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 2032 Unsecured Notes and the Company's revolving Credit Facility (each as defined below).</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Senior Unsecured Notes - due April 1, 2032</font></div><div style="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%">On March 18, 2025, the Company issued $400.0 million of senior unsecured notes (&#34;2032 Unsecured Notes&#34;) for net cash proceeds of $393.7 million after transaction costs. The face value of the 2032 Unsecured Notes is $400.0 million. The 2032 Unsecured Notes are denominated in U.S. dollars and bear interest at the rate of 6.875% per annum. 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The test is applied on a pro-forma basis prior to the Company incurring additional debt, entering into business combinations or acquiring significant assets, or certain other corporate actions. There are no maintenance covenants.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Senior Unsecured Notes - due July 15, 2027</font></div><div style="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%">During the nine months ended September 30, 2025, the Company redeemed the full amount of the $400.0 million outstanding senior unsecured notes that mature and become due and payable on July 15, 2027 (the &#34;2027 Unsecured Notes&#34;). On March 18, 2025, the Company completed a partial redemption of $288.8 million and then on July 15, 2025, the Company completed the redemption of the remaining $111.2 million. The Company recognized a loss on repayment of long-term debt of $5.1 million, primarily comprised of a $2.6 million tender offer premium and the de-recognition of deferred financing charges associated with the 2027 Unsecured Notes. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Credit Facility</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%">On December 31, 2024, the Company held a revolving credit facility (the &#8220;Credit Facility&#8221;) with a maturity date of December 2026 and a borrowing limit of $400.0 million. In March 2025, the Company entered into an amended and restated credit agreement with a syndicate of financial institutions which extended 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%">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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">maturity date to March 2029. The borrowing limit remains at $400.0 million with an option to increase the limit up to $500.0 million through an accordion feature.  </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%">The accordion feature permits the Company to request that the aggregate principal amount of the credit limit be increased by up to a maximum of an additional $100.0 million if approved by one or more members of the credit facility syndicate. This feature provides the Company with flexibility to access additional funding if needed. As at September 30, 2025, the Company had not exercised the accordion feature.</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 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-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">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-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">The maximum net debt to Adjusted EBITDA ratio (&#8220;Leverage Ratio&#8221;)&#59; and </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">The maximum gross secured debt to Adjusted EBITDA (&#8220;Secured Leverage Ratio&#8221;).</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="6" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="3" style="background-color:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;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%">16.6 &#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%">11.0 &#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:#eef7fd;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%">0.7 &#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%">1.1 &#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:#eef7fd;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%">0.0 &#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%">0.1 &#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 1.00% to 3.25% over term-adjusted SOFR, 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 2.00% over term-adjusted SOFR as at September 30, 2025 (December 31, 2024 &#8211; 2.50% over term-adjusted SOFR). The standby fees on undrawn amounts under the Credit Facility range from 0.45% to 0.73% over SOFR, depending on the Company&#8217;s Leverage Ratio. Based on the Company&#8217;s Leverage Ratio, the rate is 0.45% over SOFR as at September 30, 2025 (December 31, 2024 &#8211; 0.56% over SOFR).</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 May 2025, $150.0 million was drawn under the Credit Facility, and the balance was repaid during the three months ended September 30, 2025. The draw was used to partially fund the acquisition of the remaining 19.9% free cash flow interest in New Afton from Ontario Teachers. The Credit Facility has also been used to issue letters of credit amounting to $23.6&#160;million (December 31, 2024 - $23.3&#160;million). Letters of credit relate to reclamation bonds, and other financial assurances required with various government agencies.</font></div><div><font><br></font></div><div style="margin-top:3pt;text-align:justify"><font style="color:#2c8ad1;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 30, 2025, the Company had cash and cash equivalents of $123.3 million compared to $105.2 million as at December 31, 2024. 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 </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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">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 Bearer Deposit Notes, Term Deposits 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. As per the investment 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&#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, 2025 and September 30, 2024&#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:98.557%"><tr><td style="width:1.0%"></td><td style="width:44.916%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.395%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.395%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.395%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.399%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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="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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">300.7</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:#eef7fd;padding:2px 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%">127.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">571.2</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:#eef7fd;padding:2px 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%">283.2&#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%">Cash used in investing activities</font></td><td colspan="2" style="background-color:#eef7fd;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%">(69.9)</font></td><td style="background-color:#eef7fd;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%">(60.8)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;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%">(514.7)</font></td><td style="background-color:#eef7fd;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%">(190.0)</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%">Cash used in financing activities</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(332.8)</font></td><td style="background-color:#eef7fd;padding:2px 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%">(119.0)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(39.1)</font></td><td style="background-color:#eef7fd;padding:2px 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%">(145.6)</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%">Effect of exchange rate changes on cash and cash equivalents</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 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%">0.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 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%">(0.5)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></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:#eef7fd;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%">(102.5)</font></td><td 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style="background-color:#eef7fd;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%">(52.9)</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><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating Activities</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%">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><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, 2025, the increase in cash generated from operating activities was primarily due to higher revenue.</font></div><div style="text-align:justify"><font><br></font></div><div><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investing 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%">Cash used in investing activities is primarily for the continued capital investment in the Company&#8217;s operating mines and development projects. For </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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, 2025, cash used in investing activities stayed relatively consistent compared to the prior-year period. For </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">the 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 30, 2025, cash used in investing activities increased compared to the prior-year period primarily due to the re-acquisition of the 19.9% free cash flow interest in New Afton.</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 statement of cash flows) for the three and nine months ended September 30, 2025&#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%">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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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:98.076%"><tr><td style="width:1.0%"></td><td style="width:44.651%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.462%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.462%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.462%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.463%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:'Calibri',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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CAPITAL EXPENDITURES BY SITE</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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%">Rainy River</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">45.0</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:#eef7fd;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%">31.9&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">161.6</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:#eef7fd;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%">101.3&#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%">New Afton</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">30.6</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:#eef7fd;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%">30.6&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">81.3</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:#eef7fd;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%">94.5&#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><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-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%">Capital expenditures</font></td><td colspan="2" style="background-color:#eef7fd;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%">75.6</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:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">62.5&#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:#eef7fd;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%">242.9</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:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">195.8&#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></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="background-color:#ffffff;color:#2c8ad1;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 </font><font style="background-color:#ffffff;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="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> September&#160;30, 2025, cash used in financing activities was</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> $332.8 million and $39.1 million, respectively. For </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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, 2025, cash used in financing activities increased compared to the prior-year period primarily driven by the redemption of the 2027 Unsecured Notes and the repayment of the drawdown of the Credit Facility. For </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">the 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 30, 2025, cash used in financing activities decreased compared to the prior-year period primarily due to the settlement of the New Afton Free Cash Flow obligation in the prior-year period.</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 and cash equivalents balance as at September&#160;30, 2025</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> of $</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">123.3</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> million, together with </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">$376.4 </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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, 2025 provided the Company with $499.7 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%">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 operational plan and will be able to repay future indebtedness from internally generated cash flow. Additionally, the Company has a strong liquidity position, which management expects to be more than adequate to fund its business objectives.</font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Commitments</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%">The Company has entered into a number of contractual commitments for capital items relating to operations and development. At September 30, 2025, these commitments totaled</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> $61.7&#160;million. This compares to commitments of </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">$63.7&#160;million</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> as at December 31, 2024. Certain contractu</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">al commitments may contain cancellation clauses&#59; however, the Company discloses its commitments based on management&#8217;s intention to fulfill the contracts.</font></div><div><font><br></font></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Contingencies</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 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, 2025, there were no contingent losses recorded.</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%">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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;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 months ended September&#160;30, 2025.</font></div><div style="margin-top:3pt;text-align:justify"><font style="color:#2c8ad1;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, 2025.</font></div><div style="margin-top:3pt;text-align:justify"><font style="color:#2c8ad1;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="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">As at October 28, 2025, there were 791.7 million common shares of the Company issued and outstanding. The Company had 0.1 million stock options outstanding under its stock option plan and 6.0 million performance share units outstanding under its long term incentive plan, exercisable for up to an additional 0.1 million common shares and up to an additional 6.0 million common shares, respectively. </font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></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="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><div id="i2e4829d443c94f5d9094040b7d2dca12_55"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">NON-GAAP FINANCIAL PERFORMAN</font><font style="background-color:#ffffff;color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">CE MEA</font><font style="color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">SURES </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 performance measures in this MD&#38;A. These measures are not defined under IFRS Accounting Standards and should not be considered in isolation. The Company has disclosed the following&#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%">&#9642;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.46pt">&#34;Cash costs per gold ounce sold&#34;</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%">&#9642;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.46pt">&#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&#34;</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:140%">,</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%">&#9642;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.46pt">&#34;Growth capital&#34;</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%">&#9642;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.46pt">&#34;All-in sustaining costs per gold ounce sold&#34; (&#34;AISC&#34;)</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%">&#9642;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.46pt">&#34;Adjusted net earnings (loss)&#34;, &#34;adjusted net earnings (loss) per share&#34;, &#34;adjusted income tax expense (recovery)&#34;</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%">&#9642;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.46pt">&#34;Cash generated from operations, before changes in non-cash operating working capital&#34;</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%">&#9642;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.46pt">&#34;Free cash flow&#34; </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%">&#9642;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.46pt">&#34;Average realized price per gold ounce or copper pound sold&#34;</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%">&#9642;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.46pt">&#34;Open pit net mining costs per operating tonne mined&#34;</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%">&#9642;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.46pt">&#34;Underground net mining costs per operating tonne mined&#34;</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%">&#9642;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.46pt">&#34;Processing costs per tonne processed&#34;</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%">&#9642;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:14.46pt">&#34;G&#38;A costs per tonne processed&#34;</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:3pt;text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Cash Costs per Gold 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%">&#34;Cash costs per gold ounce sold&#34; is a common non-GAAP financial performance measure used in the gold mining industry but does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. New Gold reports 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 Accounting Standards, 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 Accounting Standards. This measure is not necessarily indicative of cash generated from operations under IFRS Accounting Standards or operating costs presented under IFRS Accounting Standards.</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 costs 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. 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 and net of by-product revenue. Cash costs are then divided by gold ounces sold to arrive at the cash costs per gold 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%">The Company produces copper and silver as by-products of its gold production. The calculation of cash costs per gold ounce for Rainy River is net of by-product silver sales revenue, and the calculation of cash costs per gold ounce sold for New Afton is net of by-product copper and silver sales revenue. New Gold </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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">notes that in connection with New Afton, the by-product revenue is sufficiently large to result in negative cash costs on a single mine basis. Notwithstanding this by-product contribution, as a Company focused on gold production, New Gold aims to assess the economic results of its operations in relation to gold, which is the primary driver of New Gold&#8217;s business. New Gold believes this metric is of interest to its investors, who invest in the Company primarily as a gold mining Company. To determine the relevant costs associated with gold only, New Gold believes it is appropriate to reflect all operating costs, as well as any revenue related to metals other than gold that are extracted in its 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%">To provide additional information to investors, New Gold has also calculated New Afton's cash costs on a co-product basis, which removes the impact of copper sales that are produced as a by-product of gold production and apportions the cash costs to each metal produced by 30% gold, 70% copper, and subsequently divides the amount by the total gold ounces, or pounds of copper sold, as the case may be, to arrive at per ounce or per pound figures. Unless indicated otherwise, all cash cost information in this MD&#38;A is net of by-product sales.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;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 Accounting Standards 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 consolidated 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 significantly 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 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 Accounting Standards. </font></div><div><font style="color:#2c8ad1;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 Accounting Standards 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 significantly increase production. To determine &#34;growth capital&#34; expenditures, New Gold uses cash flow related to mining interests from its consolidated 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 significantly 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 Accounting Standards. </font></div><div><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">All-in Sustaining Costs per Gold 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%">&#8220;All-in sustaining costs per gold ounce sold&#8221; or (&#34;AISC&#34;) is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not </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%">30&#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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">be comparable to similar measures presented by other issuers. New Gold calculates &#34;all-in sustaining costs per gold ounce sold&#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 Accounting Standards measures to provide visibility into the economics of a gold mining company. Current IFRS Accounting Standards 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 ounce sold&#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="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 ounce sold&#34; is intended to provide additional information only and does not have any standardized meaning under IFRS Accounting Standards 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 Accounting Standards. The measure is not necessarily indicative of cash flow from operations under IFRS Accounting Standards or operating costs presented under IFRS Accounting Standards. </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 all-in sustaining costs per gold ounce sold as the sum of cash costs, net capital expenditures that are sustaining in nature, corporate general and administrative costs, sustaining leases, capitalized and expensed exploration costs that are sustaining in nature, and environmental reclamation costs, all divided by the total gold ounces sold to arrive at a per ounce figure. To determine sustaining capital expenditures, New Gold uses cash flow related to mining interests from its unaudited condensed interim consolidated statement of cash flows and deducts any expenditures that are non-sustaining (growth). Capital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projects will significantly benefit the operation are classified as growth and are excluded. The definition of sustaining versus non-sustaining is similarly applied to capitalized and expensed exploration costs. Exploration costs to develop new operations or that relate to major projects at existing operations where these projects are expected to significantly benefit the operation are classified as non-sustaining and are excluded.</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 per gold ounce sold 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="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">To provide additional information to investors, the Company has also calculated all-in sustaining costs per gold ounce sold on a co-product basis for New Afton, which removes the impact of other metal sales that are produced as a by-product of gold production and apportions the all-in sustaining costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total gold ounces or pounds of copper sold, as the case may be, to arrive at per ounce or per pound figures. By </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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">including cash costs as a component of all-in sustaining costs, the measure deducts by-product revenue from gross cash costs.</font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Cash Costs and All-in Sustaining Costs per Gold 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 Accounting Standards 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:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.694%"></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:12.201%"></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:12.203%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;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:#eef7fd;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%">131.2</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:#eef7fd;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%">107.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#eef7fd;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%">345.6</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:#eef7fd;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%">323.9&#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: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:#eef7fd;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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">4.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#eef7fd;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%">8.8</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:#eef7fd;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%">14.1&#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"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">By-product silver revenue</font></td><td colspan="2" style="background-color:#eef7fd;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%">(5.8)</font></td><td style="background-color:#eef7fd;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%">(5.0)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#eef7fd;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%">(15.5)</font></td><td 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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="background-color:#eef7fd;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%">173.7</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:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">172.0&#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 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style="background-color:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">741&#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:#eef7fd;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%">709</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">783&#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: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 Narrow',sans-serif;font-size:5.85pt;font-weight:400;line-height:133%;position:relative;top:-3.15pt;vertical-align:baseline">(1)(6)(8) </font></div></td><td colspan="2" style="background-color:#eef7fd;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%">19.2</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:#eef7fd;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%">19.8&#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:#eef7fd;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%">85.9</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:#eef7fd;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%">77.2&#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:100%">Sustaining exploration - expensed</font><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%">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:#eef7fd;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&#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%">Corporate G&#38;A including share-based compensation</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">(7)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">13.4</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:#eef7fd;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%">14.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#eef7fd;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%">37.3</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:#eef7fd;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%">29.5&#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:bottom"><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" 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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:#eef7fd;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%">8.3&#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:bottom"><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:#eef7fd;border-top:1pt solid #b3995d;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%">117,481</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">81,791&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><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%">1,195&#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:bottom"></td><td colspan="2" style="background-color:#eef7fd;border-bottom:1pt solid #b3995d;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%">1,260</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:#eef7fd;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></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:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,317&#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:bottom"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify;text-indent:9pt"><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%">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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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:45.694%"></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:12.201%"></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:12.203%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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 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1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">NEW AFTON CASH COSTS AND AISC RECONCILIATION</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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="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:#eef7fd;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%">40.9</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:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34.4&#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:#eef7fd;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%">124.6</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:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">120.9&#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: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:#eef7fd;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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">4.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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:#eef7fd;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%">14.1&#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:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">By-product silver revenue</font></td><td colspan="2" style="background-color:#eef7fd;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%">(1.3)</font></td><td style="background-color:#eef7fd;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%">(0.8)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">(3.6)</font></td><td style="background-color:#eef7fd;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%">(2.6)</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:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">By-product copper revenue</font></td><td colspan="2" style="background-color:#eef7fd;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%">(53.0)</font></td><td style="background-color:#eef7fd;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%">(46.1)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">(165.2)</font></td><td style="background-color:#eef7fd;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%">(152.4)</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:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Cash costs net of by-product revenue</font></td><td colspan="2" style="background-color:#eef7fd;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%">(10.8)</font></td><td style="background-color:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8.5)</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:#eef7fd;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%">(35.5)</font></td><td style="background-color:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(19.9)</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:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold ounces sold</font></td><td colspan="2" style="background-color:#eef7fd;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%">14,755</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">14,564&#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:#eef7fd;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%">50,039</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">49,728&#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:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash costs per gold ounce sold (by-product basis)</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:#eef7fd;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%">(730)</font></td><td style="background-color:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(583)</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:#eef7fd;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%">(708)</font></td><td style="background-color:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(401)</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">(1)(6)(8)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">1.3</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:#eef7fd;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: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="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">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:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.7&#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="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%">Sustaining leases</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:#eef7fd;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:#eef7fd;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%">&#8212;&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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:#eef7fd;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%">0.5&#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:bottom"><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:#eef7fd;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%">0.7</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:#eef7fd;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%">0.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;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%">2.2</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:#eef7fd;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%">2.0&#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:bottom"><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:#eef7fd;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%">(8.8)</font></td><td style="background-color:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5.9)</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:#eef7fd;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%">(30.5)</font></td><td style="background-color:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9.7)</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:bottom"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Gold ounces sold</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">14,755</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14,564&#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:#eef7fd;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%">50,039</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49,728&#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"><div><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 ounce sold (by-product basis)</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)(2)</font></div></td><td colspan="2" style="background-color:#eef7fd;border-bottom:1pt solid #b3995d;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%">(595)</font></td><td style="background-color:#eef7fd;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></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:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(408)</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#eef7fd;border-bottom:1pt solid #b3995d;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%">(609)</font></td><td style="background-color:#eef7fd;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></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:bottom"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(195)</font></td><td style="border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></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:45.694%"></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:12.201%"></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:12.203%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">RAINY RIVER CASH COSTS AND AISC RECONCILIATION</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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="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:#eef7fd;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%">90.4</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:#eef7fd;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%">73.2&#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:#eef7fd;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%">221.1</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:#eef7fd;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%">203.0&#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="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:133%">By-product silver revenue</font></td><td colspan="2" style="background-color:#eef7fd;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%">(4.5)</font></td><td style="background-color:#eef7fd;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%">(4.1)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#eef7fd;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%">(11.9)</font></td><td style="background-color:#eef7fd;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%">(11.1)</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:133%">Cash costs net of by-product revenue</font></td><td colspan="2" style="background-color:#eef7fd;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%">85.9</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:#eef7fd;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%">69.1&#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:#eef7fd;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%">209.2</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:#eef7fd;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%">191.9&#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="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%">Gold ounces sold</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">102,725</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">67,228&#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:#eef7fd;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%">195,202</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:#eef7fd;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%">169,837&#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:middle"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash costs per gold ounce sold (by-product basis)</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:#eef7fd;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%">836</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">1,028&#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:#eef7fd;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%">1,072</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">1,130&#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: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">(1)(6)(8)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">17.9</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:#eef7fd;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%">17.9&#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:#eef7fd;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%">83.3</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:#eef7fd;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%">69.5&#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="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"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sustaining leases</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:#eef7fd;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:#eef7fd;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:#eef7fd;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:#eef7fd;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%">1.0&#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="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%">Reclamation expenses</font></td><td colspan="2" style="background-color:#eef7fd;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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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:#eef7fd;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%">7.2</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:#eef7fd;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%">6.3&#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 all-in sustaining costs</font></td><td colspan="2" style="background-color:#eef7fd;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%">107.1</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:#eef7fd;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%">89.2&#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:#eef7fd;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%">299.7</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:#eef7fd;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%">268.7&#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%">Gold ounces sold</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">102,725</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">67,228&#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:#eef7fd;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%">195,202</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:#eef7fd;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%">169,837&#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%">All-in sustaining costs per gold ounce sold (by-product basis)</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)(2)</font></div></td><td colspan="2" style="background-color:#eef7fd;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%">1,043</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">1,327&#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:#eef7fd;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%">1,536</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">1,582&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><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 style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><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></table></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-style:italic;font-weight:400;line-height:140%">    </font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify;text-indent:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">    </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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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:45.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.688%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.688%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.690%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="background-color:#2c8ad1;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, 2025</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, except where noted)</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Copper</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">NEW AFTON CASH COSTS AND AISC RECONCILIATION (ON A CO-PRODUCT BASIS)</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="background-color:#eef7fd;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%">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%">12.3&#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%">28.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">40.9</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:#eef7fd;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%">Units of metal 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%">14,755&#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%">11.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></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%">Operating expenses ($&#47;oz gold or lb copper sold, co-product)</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)(10)</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%">832&#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%">2.41&#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="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></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%">Treatment and refining charges on concentrate sales</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%">0.8&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">By-product silver revenue</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%">(0.4)</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%">(0.9)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">Cash costs (co-product)</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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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="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%">29.6&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">42.2</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:#eef7fd;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:100%">Cash costs per gold ounce sold or lb copper sold (co-product)</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)(3)</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%">859&#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%">2.49&#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="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></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%">Sustaining capital expenditures</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)(6)(8)(i)</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%">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%">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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">Sustaining leases</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="padding:2px 0 2px 1pt;text-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="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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="padding:2px 0 2px 1pt;text-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%">0.5&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">All-in sustaining costs (co-product)</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)(3)</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%">13.3&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">31.0&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;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:100%">All-in sustaining costs per gold ounce sold or lb copper sold (co-product)</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)(3)</font></div></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%">900&#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%">2.61&#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="background-color:#eef7fd;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="12" 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%">(i) Apportioned to each metal produced on a percentage of activity basis. For the above reconciliation table, 30% of operating costs were attributed to gold production and 70% of operating costs were attributed to copper production.</font></td></tr></table></div><div style="text-align:justify;text-indent:9pt"><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:45.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.688%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.688%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.690%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="background-color:#2c8ad1;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, 2024</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, except where noted)</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Copper</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">NEW AFTON CASH COSTS AND AISC RECONCILIATION (ON A CO-PRODUCT BASIS)</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="background-color:#eef7fd;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%">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%">10.3&#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%">24.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34.4&#160;</font></td><td style="background-color:#eef7fd;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%">Units of metal 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%">14,564&#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%">11.0&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></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%">Operating expenses ($&#47;oz gold or lb copper sold, co-product)</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)(10)</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%">709&#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%">2.18&#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="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></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%">Treatment and refining charges on concentrate sales</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%">1.2&#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%">2.9&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.1&#160;</font></td><td style="background-color:#eef7fd;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%">By-product silver revenue</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%">(0.3)</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%">(0.6)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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="background-color:#eef7fd;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%">Cash costs (co-product)</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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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="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%">26.4&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">37.6&#160;</font></td><td style="background-color:#eef7fd;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:100%">Cash costs per gold ounce sold or lb copper sold (co-product)</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)(3)</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%">775&#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%">2.39&#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="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></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%">Sustaining capital expenditures</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)(6)(8)(i)</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%">0.6&#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%">1.4&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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="background-color:#eef7fd;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%">Sustaining leases</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="padding:2px 0 2px 1pt;text-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="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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="padding:2px 0 2px 1pt;text-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="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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="background-color:#eef7fd;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%">All-in sustaining costs (co-product)</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)(3)</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%">12.1&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28.1&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">40.2&#160;</font></td><td style="background-color:#eef7fd;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:100%">All-in sustaining costs per gold ounce sold or lb copper sold (co-product)</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)(3)</font></div></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%">828&#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%">2.55&#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="background-color:#eef7fd;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="12" 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%">(i) Apportioned to each metal produced on a percentage of activity basis. For the above reconciliation table, 30% of operating costs were attributed to gold production and 70% of operating costs were attributed to copper production.</font></td></tr></table></div><div style="text-align:justify;text-indent:9pt"><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%">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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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:45.620%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.660%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.660%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.660%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="background-color:#2c8ad1;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, 2025</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, except where noted)</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Copper</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">NEW AFTON CASH COSTS AND AISC RECONCILIATION (ON A CO-PRODUCT BASIS)</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="background-color:#eef7fd;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%">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%">37.4&#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%">87.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">124.6</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:#eef7fd;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%">Units of metal 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%">50,039&#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%">37.8&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></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%">Operating expenses ($&#47;oz gold or lb copper sold, co-product)</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)(10)</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%">747&#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%">2.31&#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="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></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%">Treatment and refining charges on concentrate sales</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%">2.6&#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%">6.1&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">By-product silver revenue</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)</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="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;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%">Cash costs (co-product)</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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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="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%">90.8&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">129.6</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:#eef7fd;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:100%">Cash costs per gold ounce sold or lb copper sold (co-product)</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)(3)</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%">778&#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%">2.40&#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="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></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%">Sustaining capital expenditures</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)(6)(8)(i)</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%">0.8&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">Sustaining leases</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="padding:2px 0 2px 1pt;text-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%">0.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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="padding:2px 0 2px 1pt;text-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><td colspan="2" style="padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">All-in sustaining costs (co-product)</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)(3)</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%">40.4&#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%">94.3&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">134.7</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:#eef7fd;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:100%">All-in sustaining costs per gold ounce sold or lb copper sold (co-product)</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)(3)</font></div></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%">808&#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%">2.49&#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="background-color:#eef7fd;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="12" 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%">(i) Apportioned to each metal produced on a percentage of activity basis. For the above reconciliation table, 30% of operating costs were attributed to gold production and 70% of operating costs were attributed to copper production.</font></td></tr></table></div><div style="text-align:justify;text-indent:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">    </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:45.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.688%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.688%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.690%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="background-color:#2c8ad1;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, 2024</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, except where noted)</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Gold</font></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:700;line-height:100%">Copper</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:top"><font style="color:#2c8ad1;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="background-color:#ffffff;border-top:1pt solid #b3995d;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">NEW AFTON CASH COSTS AND AISC RECONCILIATION (ON A CO-PRODUCT BASIS)</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="background-color:#eef7fd;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%">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%">36.3&#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%">84.7&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">120.9&#160;</font></td><td style="background-color:#eef7fd;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%">Units of metal 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%">49,728&#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%">36.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#eef7fd;padding:0 1pt"></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%">Operating expenses ($&#47;oz gold or lb copper sold, co-product)</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)(10)</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%">730&#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%">2.33&#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="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></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%">Treatment and refining charges on concentrate sales</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%">4.2&#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%">9.9&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14.1&#160;</font></td><td style="background-color:#eef7fd;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%">By-product silver revenue</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%">(0.8)</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%">(1.8)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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="background-color:#eef7fd;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%">Cash costs (co-product)</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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">39.7&#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%">92.7&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">132.4&#160;</font></td><td style="background-color:#eef7fd;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:100%">Cash costs per gold ounce sold or lb copper sold (co-product)</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)(3)</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%">799&#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%">2.55&#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="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></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%">Sustaining capital expenditures</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)(6)(8)(i)</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%">2.3&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5.4&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7.7&#160;</font></td><td style="background-color:#eef7fd;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%">Sustaining leases</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="padding:2px 0 2px 1pt;text-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%">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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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="padding:2px 0 2px 1pt;text-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%">1.4&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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="background-color:#eef7fd;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%">All-in sustaining costs (co-product)</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)(3)</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%">42.8&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">99.8&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">142.6&#160;</font></td><td style="background-color:#eef7fd;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:100%">All-in sustaining costs per gold ounce sold or lb copper sold (co-product)</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)(3)</font></div></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%">861&#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%">2.74&#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="background-color:#eef7fd;border-bottom:1pt solid #b3995d;border-top:1pt solid #b3995d;padding:0 1pt"></td></tr><tr><td colspan="12" 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%">(i) Apportioned to each metal produced on a percentage of activity basis. For the above reconciliation table, 30% of operating costs were attributed to gold production and 70% of operating costs were attributed to copper production.</font></td></tr></table></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><div id="i2e4829d443c94f5d9094040b7d2dca12_58"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Sustaining Capital Expenditures Reconciliation</font><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:140%"> </font><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Table</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:45.694%"></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:12.201%"></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:12.203%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;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 consolidated statement of cash flows</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">75.6</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:#eef7fd;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%">62.5</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">242.9</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:#eef7fd;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%">195.8</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%">New Afton growth 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">(9)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(29.3)</font></td><td style="background-color:#eef7fd;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%">(28.7)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(78.6)</font></td><td style="background-color:#eef7fd;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%">(86.8)</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%">Rainy River growth 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">(9)</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;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%">(14.0)</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(78.4)</font></td><td style="background-color:#eef7fd;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%">(31.8)</font></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%">Sustaining capital expenditures</font></td><td colspan="2" style="background-color:#eef7fd;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%">19.2</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:#eef7fd;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="border-bottom:1pt solid #b3995d;border-top: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%">19.8</font></td><td colspan="2" style="background-color:#eef7fd;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%">85.9</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:#eef7fd;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="border-bottom:1pt solid #b3995d;border-top: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%">77.2</font></td></tr></table></div><div id="i2e4829d443c94f5d9094040b7d2dca12_61"></div><div style="margin-top:3pt;text-align:justify"><font style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Open Pit Net Mining Costs per Operating Tonne Mined, Underground Net Mining Costs per Operating Tonne Mined, Processing Costs per Tonne Processed and G&#38;A Cost per Tonne 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%">&#8220;Open pit net mining costs per operating tonne mined,&#8221; &#8220;underground net mining costs per operating tonne mined,&#8221; &#8220;processing costs per tonne processed&#8221; and &#8220;G&#38;A cost per tonne processed&#8221; are non-GAAP financial performance measures with no standard meaning under IFRS Accounting Standards. &#34;Open pit net mining costs per operating tonne mined&#34;, &#34;underground net mining costs per operating tonne mined&#34;, &#34;processing costs per tonne processed&#34; and &#34;G&#38;A costs per tonne&#34; 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 these non-GAAP financial performance measures provide further transparency and assist analysts, investors and other stakeholders of the Company in assessing the performance of mining operations by eliminating the impact of varying production levels. These measures do not have standardized meanings under IFRS  Accounting Standards and may not be comparable to similar measures presented by other mining companies. They should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS Accounting Standards. The following tables reconcile these non-GAAP measures to the most directly comparable IFRS Accounting Standards measures on an aggregate and mine-by-mine basis.</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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.694%"></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:12.201%"></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:12.203%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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: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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">NEW AFTON COST PER TONNE</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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%">Operating expenses</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">40.9</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="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%">34.4</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">124.6</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">120.9&#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"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Change in inventory, ore purchase costs, selling costs and royalties and other</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">1.2</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(9.8)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(5.2)</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"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Production costs</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">38.6</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:#eef7fd;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 #B2995D;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%">35.7</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">114.8</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:#eef7fd;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%">115.7&#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"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Underground net mining costs</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">15.4</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:#eef7fd;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 #B2995D;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%">13.8</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">44.4</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:#eef7fd;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%">50.8&#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%">Processing costs</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">16.7</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="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%">15.7</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">51.2</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">47.9&#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%">Site G&#38;A costs</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="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%">6.2</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">19.2</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">17.0&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">995</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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 #B2995D;padding:2px 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style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13.45</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">18.29&#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 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Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">16.01&#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"><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 ($&#47;tonne)</font></div></td><td colspan="2" style="background-color:#eef7fd;border-bottom: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="background-color:#eef7fd;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%">5.69&#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><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:45.694%"></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:12.201%"></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:12.203%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial 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style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">203.0&#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"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:133%">Change in inventory, selling costs and royalties and other</font></div></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 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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%">Production costs</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">89.6</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:#eef7fd;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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style="background-color:#ffffff;color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Adjusted Net Earnings and Adjusted Net Earnings per Share </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%">&#8220;Adjusted net earnings&#8221; and &#8220;adjusted net earnings per share&#8221; are non-GAAP financial performance measures that do not have any standardized meaning under IFRS </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">Accounting Standards</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> and therefore may not be comparable to similar measures presented by other issuers. </font><font 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 loss on repayment of long-term debt, corporate </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">restructuring</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%"> and the group of costs in &#8220;Other gains and losses&#8221; as per Note 3 o</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">f the Company&#8217;s unaudited condensed interim consolidated financial statements</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">. Key entries in this grouping are&#58; </font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">the fair value changes for the Rainy River gold stream obligation, fair value changes for copper price option contracts, foreign exchange gains&#47;loss, fair value changes in investments and the unrealized gain&#47;loss on the gold prepayment liability. </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">The income tax adjustments reflect the tax impact of the above adjustments and is referred to as &#34;adjusted income tax expense&#34;</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%">  </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%">37&#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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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 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; 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 Accounting Standards. These measures are not necessarily indicative of operating profit or cash flows from operations as determined under IFRS Accounting Standards. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS Accounting Standards measure. </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:45.694%"></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:12.201%"></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:12.203%"></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:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></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:#2c8ad1;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">ADJUSTED NET EARNINGS 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Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">174.0</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">36.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">232.1</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">18.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></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:133%">Other losses</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">49.2</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">29.1&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">103.1</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">84.6&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></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%">Loss on repayment of long-term debt</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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:#eef7fd;padding:2px 0 2px 1pt;text-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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="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="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%">Corporate restructuring</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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:#eef7fd;padding:2px 0 2px 1pt;text-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><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="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%">Adjusted net earnings before taxes</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">223.8</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:#eef7fd;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%">65.2&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">343.6</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:#eef7fd;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%">103.2&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></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 </font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(31.7)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(37.9)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">28.9&#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="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%">Income tax 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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%">(4.4)</font></td><td style="background-color:#eef7fd;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%">(37.8)</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="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"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjusted income tax expense</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(24.3)</font></td><td style="background-color:#eef7fd;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)</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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:#eef7fd;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%">(8.9)</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="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"><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjusted net earnings</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">199.5</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:#eef7fd;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%">64.3&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">301.3</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:#eef7fd;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%">94.3&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></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%">Adjusted net earnings per share (basic and diluted) ($&#47;share)</font></td><td colspan="2" style="background-color:#eef7fd;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%">0.25</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:#eef7fd;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%">0.08&#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:#eef7fd;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%">0.38</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">0.13&#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><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Cash Generated from Operations, before Changes in Non-Cash Operating Working Capital</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;Cash generated from operations, before changes in non-cash operating working capital&#8221; is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS Accounting Standards 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. &#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 Accounting Standards. This measure is not necessarily </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><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">indicative of operating profit or cash flows from operations as determined under IFRS Accounting Standards. The following table reconciles this non-GAAP financial performance measure to the most directly comparable IFRS Accounting Standards measure.</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:45.694%"></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:12.201%"></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:12.203%"></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:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CASH RECONCILIATION</font></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;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%">Cash generated from operations</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">300.7</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">127.9&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">571.2</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">283.2&#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="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%">Change in non-cash operating working capital</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">(7.9)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(23.8)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="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%">Cash generated from operations, before changes in non-cash operating working capital</font></td><td colspan="2" style="background-color:#eef7fd;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%">296.4</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:#eef7fd;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%">120.0&#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:#eef7fd;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%">547.4</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:#eef7fd;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%">283.1&#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><font style="background-color:#ffffff;color:#2c8ad1;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 Accounting Standards 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 Rainy River gold stream obligation and the Ontario Teachers 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 Accounting Standards. This measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS Accounting Standards. The following tables reconcile this non-GAAP financial performance measure to the most directly comparable IFRS Accounting Standards 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:#2c8ad1;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, 2025</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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;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:#2c8ad1;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:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">248.0</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">60.6</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(7.9)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">300.7</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:#eef7fd;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; Mining interest capital expenditures</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(45.0)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(30.5)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(75.5)</font></td><td style="background-color:#eef7fd;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&#58; Lease payments</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;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; Cash settlement of non-current derivative financial liabilities</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(19.4)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(19.4)</font></td><td style="background-color:#eef7fd;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%">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">1</font></div></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">182.6</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">30.1</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">204.7</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:#eef7fd;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="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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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:#2c8ad1;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, 2024</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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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="padding:2px 0 2px 1pt;text-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="padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">49.9&#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%">(6.0)</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%">127.9&#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%">Less&#58; Mining interest capital 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%">(32.0)</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%">(30.6)</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%">(62.6)</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%">Add&#58; Proceeds of sale from other assets</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%">&#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%">Less&#58; Lease payments</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%">(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%">(0.1)</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%">Less&#58; Cash settlement of non-current derivative financial liabilities</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%">(8.2)</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%">&#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%">(8.2)</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: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">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%">43.8&#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="border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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="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%">(6.1)</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%">57.0&#160;</font></td><td style="border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr 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:#2c8ad1;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, 2025</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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;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:#2c8ad1;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:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:0 1pt"></td><td colspan="3" style="background-color:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">412.1</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">196.6</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(37.5)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">571.2</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:#eef7fd;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; Mining interest capital expenditures</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(161.6)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(81.3)</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(242.9)</font></td><td style="background-color:#eef7fd;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&#58; Lease payments</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(3.4)</font></td><td style="background-color:#eef7fd;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; Cash settlement of non-current derivative financial liabilities</font></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;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%">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">1</font></div></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">214.8</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">115.2</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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-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></td><td style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">292.0</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:#eef7fd;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:#2c8ad1;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, 2024</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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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:#2c8ad1;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="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">178.4&#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%">125.6&#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%">(20.8)</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%">283.2&#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%">Less&#58; Mining interest capital 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%">(101.3)</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%">(94.5)</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%">(195.8)</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%">Add&#58; Proceeds of sale from other assets</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%">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%">&#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%">0.2&#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%">Less&#58; Lease payments</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%">(0.9)</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%">(0.5)</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%">(0.5)</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%">(1.9)</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%">Less&#58; Cash settlement of non-current derivative financial liabilities</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%">(22.9)</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%">&#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%">(22.9)</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-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%">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">1</font></div></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%">53.3&#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%">30.8&#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%">(21.3)</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%">62.8&#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="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><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><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%">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><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="text-align:justify"><font style="color:#2c8ad1;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 Accounting Standards and therefore may not be comparable to similar measures presented by other issuers, who may calculate this measure differently. 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 Accounting Standards. The following tables reconcile this non-GAAP financial performance measure to the most directly comparable IFRS Accounting Standards 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:100.000%"><tr><td style="width:1.0%"></td><td style="width:46.335%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.041%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.041%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.041%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.042%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">405.0</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">203.3&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">803.7</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">504.3&#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;text-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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">6.0&#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-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%">Gross revenue from gold sales</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">406.3</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:#eef7fd;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%">205.1&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">808.0</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:#eef7fd;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%">510.3&#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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">117,481</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">81,791&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">245,241</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">219,565&#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%">Total average realized price per gold ounce sold ($&#47;ounce)</font></td><td colspan="2" style="background-color:#eef7fd;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%">3,458</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">2,507&#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:#eef7fd;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%">3,295</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;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%">2,324&#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:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.694%"></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:12.201%"></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:12.203%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;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="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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">50.6</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">158.3</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">109.8&#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;text-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:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">6.0&#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-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%">Gross revenue from gold sales</font></td><td colspan="2" style="background-color:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">51.9</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:#eef7fd;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%">36.9&#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:#eef7fd;border-top:1pt solid #b3995d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">162.6</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:#eef7fd;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%">115.8&#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="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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">14,755</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">14,564&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">50,039</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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="background-color:#eef7fd;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%">2,536&#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:#eef7fd;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%">3,250</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:#eef7fd;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%">2,330&#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:100.000%"><tr><td style="width:1.0%"></td><td style="width:46.335%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.041%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.041%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.041%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.042%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#2c8ad1;padding:0 1pt"></td><td colspan="6" style="background-color:#2c8ad1;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:#2c8ad1;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:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</font></td><td colspan="3" style="background-color:#eef7fd;padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</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:#2c8ad1;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:#eef7fd;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:#eef7fd;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 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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%">645.4</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">394.5&#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;text-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:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">102,725</font><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td style="background-color:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">67,228&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#eef7fd;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:100%">195,202</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:#eef7fd;padding:2px 1pt 2px 0;text-align:right;vertical-align: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%">169,837&#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:#eef7fd;border-bottom:1pt solid #b3995d;border-top:1pt solid 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style="margin-bottom:3pt;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%">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><div id="i2e4829d443c94f5d9094040b7d2dca12_64"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">ENTERPRISE 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, 2024, both of which are filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov</font><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">. There were no significant changes to those risks or to the Company&#8217;s management of exposure to those risks for </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">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%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">September 30, 2025.</font></div><div id="i2e4829d443c94f5d9094040b7d2dca12_67"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#b3995d;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 Accounting Standards as issued by IASB 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 Note 3 of the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2024.</font></div><div id="i2e4829d443c94f5d9094040b7d2dca12_70"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#b3995d;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 material accounting policies and future changes in accounting policies are presented in the audited consolidated financial statements for the year ended December 31, 2024 and have been consistently applied.</font></div><div id="i2e4829d443c94f5d9094040b7d2dca12_73"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">CONTROLS AND PROCEDURES</font></div><div style="margin-top:3pt;text-align:justify"><font style="color:#2c8ad1;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 and Chief Executive Officer and its Executive Vice President 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 &#8211; </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, 2024. Based on that evaluation, the Company&#8217;s President and Chief Executive Officer and Executive Vice President and Chief Financial Officer have concluded that, as of December 31, 2024, 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-top:3pt;text-align:justify"><font style="color:#2c8ad1;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 its Executive Vice President and Chief Financial Officer, is responsible for establishing and maintaining </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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">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 Accounting Standards. New Gold&#8217;s management assessed the effectiveness of the Company&#8217;s internal controls over financial reporting as of December 31, 2024 based on the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and has concluded that New Gold&#8217;s internal controls over financial reporting are effective as of December 31, 2024.</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 controls over financial reporting as of December 31, 2024 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, 2024.</font></div><div style="margin-top:3pt;text-align:justify"><font style="color:#2c8ad1;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 its Executive Vice President 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="margin-top:3pt;text-align:justify"><font style="color:#2c8ad1;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 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="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><div id="i2e4829d443c94f5d9094040b7d2dca12_79"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">ENDNOTES</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">&#34;Cash costs per gold ounce sold&#34;, &#34;all-in sustaining costs per gold ounce sold&#34; (or &#34;AISC&#34;), &#34;adjusted net earnings&#47;(loss)&#34;, &#34;adjusted income tax expense&#34;, &#34;sustaining capital and sustaining leases&#8221;, &#8220;growth capital&#8221;, &#8220;average realized gold&#47;copper price per ounce&#47;pound&#8221;,&#34;cash generated from operations before changes in non-cash operating working capital&#34;, &#34;free cash flow&#34; &#34;open pit net mining costs per operating tonne mined&#34;, &#34;underground net mining costs per operating tonne mined&#34;, &#34;processing costs per tonne processed&#34;, and &#34;G&#38;A costs per tonne processed&#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 Accounting Standards, as issued by the IASB, 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 Accounting Standards, see the &#8220;Non-GAAP Financial Performance Measures&#34; section of this MD&#38;A starting on page <a href="#i2e4829d443c94f5d9094040b7d2dca12_55" style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;text-decoration:none">29</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%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:5.67pt">The Company produces copper and silver as by-products of its gold production. All-in sustaining costs calculated on a by-product basis, includes silver and copper net revenues as by-product credits to the total costs. </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">Co-product basis includes net silver sales revenues as by-product credits, and apportions net costs to each metal produced on the basis of 30% to gold and 70% to copper, and subsequently dividing the amount by the total gold ounces sold, or pounds of copper sold, to arrive at per ounce or per pound 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%">4.</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%">5.</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%">6.</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 consolidated 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%">7.</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 consolidated 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%">8.</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 the 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%">9.</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 and prior period 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%">10.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:0.11pt">These are supplementary financial measures which are calculated as follows&#58; &#34;Revenue gold ($&#47;ounce)&#34; and &#34;Revenue copper ($&#47;pound)&#34; is total gold revenue divided by total gold ounces sold and total copper revenue divided by total copper pounds sold, respectively, &#34;Operating expenses ($&#47;oz gold, co-product)&#34; is total operating expenses apportioned to gold based on a percentage of activity basis divided by total gold ounces sold, &#34;Operating expenses ($&#47;lb copper, co-product)&#34; is total operating expenses apportioned to copper based on a percentage of activity basis divided by total </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="padding-right:-1.62pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7pt;font-weight:400;line-height:120%">44&#160;&#160;&#160;&#160;WWW.NEWGOLD.COM   TSX&#58;NGD  NYSE American&#58;NGD</font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div><div style="padding-right:-1.62pt;text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div style="margin-bottom:12pt;padding-left:13.5pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%">copper pounds sold&#59; &#34;Depreciation and depletion ($&#47;oz gold)&#34; is depreciation and depletion expenses divided by total gold ounces sold.</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%">11.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:0.11pt"> Key performance indicator data for the three and nine months ended September 30, 2025 is exclusive of ounces from ore purchase agreements for New Afton. The New Afton Mine purchases small amounts of ore from local operations, subject to certain grade and other criteria. These ounces represented approximately 1% of total gold ounces produced using New Afton&#8217;s excess mill capacity. All other ounces are mined and produced at New Afton.</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%">12.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:0.11pt"> Total Recordable Injury Frequency Rate (TRIFR) is calculated as recorded incidents &#215; 200,000 &#47; total number of hours worked.</font></div><div style="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%">13.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:140%;padding-left:0.11pt"> Ore processed (thousands of tonnes) is exclusive of ore purchased.</font></div><div id="i2e4829d443c94f5d9094040b7d2dca12_82"></div><div style="margin-bottom:4pt;margin-top:12pt;text-align:justify"><font style="background-color:#ffffff;color:#b3995d;font-family:'Arial',sans-serif;font-size:13pt;font-weight:700;line-height:140%">CAUTIONARY NOTES</font></div><div style="text-align:justify"><font style="color:#2c8ad1;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="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 &#8211; 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 significantly 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="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c8ad1;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:140%">Cautionary Note Regarding Forward-Looking Statements</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%">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 2025&#34;, &#8220;Corporate Developments&#8221;&#59; &#8220;Review of Operating Mines&#8221; and &#34;Key Performance Drivers - Economic Outlook&#34; as well as statements with respect to&#58; the Company&#8217;s expectations and guidance with respect to production, operational estimates, capital investment estimates and exploration expense estimates on a mine-by-mine and consolidated basis, and the factors and timing contributing to those expectations&#59; planned activities and timing for 2025 and future years at Rainy River and New Afton, including planned development and exploration activities and related expenses&#59; successfully extending the open pit mine </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%">45&#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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">life at Rainy River&#59; the expectation that production will be in-line with guidance range&#59; the Company successfully advancing underground development and ramping up production for the remainder of 2025 and future years at Rainy River and New Afton&#59; the Company's expectation that New Afton's C-Zone will ramp up to full processing capacity in future years and K-Zone potential for future growth&#59; the expected announcement of the maiden K-Zone mineral resource estimate in early 2026&#59; the current and future financial performance of the Company as it relates to the prevailing price of gold&#59; the continuation of prevailing commodity prices and exchange rates, the continuation of operations performing in accordance with mine plans&#59; anticipated factors impacting the Company&#8217;s liquidity and the continued review thereof&#59; the Company&#8217;s ability to successfully increase production, lower costs and capital spend to generate significant cash flow therefrom over the coming years&#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&#59; the anticipated timing with respect to the Company&#8217;s contractual commitments becoming due&#59; and the sufficiency of the Company&#8217;s financial performance measures in evaluating the underlying performance of the Company.</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%">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 Rainy River and New Afton filed on SEDAR+ at www.sedarplus.ca 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, including material disruptions to the Company's supply chain, workforce or otherwise&#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, and commodity prices being approximately consistent with current levels and expectations for the purposes of guidance and otherwise&#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 New Afton and Rainy River being consistent with New Gold&#8217;s current expectations&#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 or obstacles during the applicable regulatory processes&#59; and (9) the results of the life of mine plans for Rainy River and New Afton being realized.</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%">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; price volatility in the spot and forward markets for metals and other commodities&#59; discrepancies between actual and estimated production, between actual and estimated costs, between actual and estimated Mineral Reserves and Mineral Resources and between actual and estimated metallurgical recoveries&#59; equipment malfunction, failure or unavailability&#59; accidents&#59; risks related to early production at Rainy River, including failure of </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%">46&#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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">equipment, machinery, the process circuit or other processes to perform as designed or intended&#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, including, but not limited to&#58; uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements&#59; changes in project parameters as plans continue to be refined&#59; changing costs, timelines and development schedules as it relates to construction&#59; the Company not being able to complete its construction projects at Rainy River or New Afton on the anticipated timeline or at all&#59; the ability to successfully implement strategic plans&#59; volatility in the market price of the Company&#8217;s securities&#59; changes in national and local government legislation in the countries in which New Gold does or may in the future carry on business&#59; compliance with public company disclosure obligations&#59; controls, regulations and political or economic developments in the countries in which New Gold does or may in the future carry on business&#59; the Company&#8217;s dependence on Rainy River and New Afton&#59; the Company not being able to complete its exploration drilling programs on the anticipated timeline or at all&#59; inadequate water management and stewardship&#59; tailings storage facilities and structure failures&#59; failing to complete stabilization projects according to plan&#59; geotechnical instability and conditions&#59; disruptions to the Company&#8217;s workforce at either Rainy River or New Afton, or both&#59; significant capital requirements and the availability and management of capital resources&#59; additional funding requirements&#59; diminishing quantities or grades of Mineral Reserves and Mineral Resources&#59; actual results of current exploration or reclamation activities&#59; uncertainties inherent to mining economic studies including the Technical Reports for Rainy River and New Afton&#59; impairment&#59; unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other Indigenous groups&#59; climate change, environmental risks and hazards and the Company&#8217;s response thereto&#59; ability to obtain and maintain sufficient insurance&#59; management and reporting of ESG matters&#59; actual results of current exploration or reclamation activities&#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; global economic and financial conditions and any global or local natural events that may impede the economy or New Gold&#8217;s ability to carry on business in the normal course&#59; inflation&#59; compliance with debt obligations and maintaining sufficient liquidity&#59; the responses of the relevant governments to any disease, epidemic or pandemic outbreak not being sufficient to contain the impact of such outbreak&#59; disruptions to the Company&#8217;s supply chain and workforce due to any disease, epidemic or pandemic outbreak&#59; an economic recession or downturn as a result of any disease, epidemic or pandemic outbreak that materially adversely affects the Company&#8217;s operations or liquidity position&#59; taxation&#59; fluctuation in treatment and refining charges&#59; transportation and processing of unrefined products&#59; rising costs or availability of labour, supplies, fuel and equipment&#59; information systems security threats&#59; adequate infrastructure&#59; relationships with communities, governments and other stakeholders&#59; perceived reputation amongst stakeholders&#59; labour disputes&#59; effectiveness of supply chain due diligence&#59; the uncertainties inherent in current and future legal challenges to which New Gold is or may become a party&#59; defective title to mineral claims or property or contests over claims to mineral properties&#59; competition&#59; loss of, or inability to attract, key employees&#59; use of derivative products and hedging transactions&#59; reliance on third-party contractors&#59; counterparty risk and the performance of third party service providers&#59; investment risks and uncertainty relating to the value of equity investments in public companies held by the Company from time to time&#59; the adequacy of internal and disclosure controls&#59; conflicts of interest&#59; the lack of certainty with respect to foreign operations and 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; and the successful acquisitions and integration of business arrangements and realizing the intended benefits therefrom. In addition, there are </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%">47&#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:3pt;margin-top:3pt;text-align:justify"><img alt="image_01.jpg" src="image_01.jpg" style="height:48px;margin-bottom:5pt;vertical-align:text-bottom;width:109px"></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><img alt="fsngborder2a.jpg" src="fsngborder2a.jpg" style="height:13px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></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%">risks and hazards associated with the business of mineral exploration, development, construction, operation 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.sedarplus.ca 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="margin-top:3pt;text-align:justify"><font style="color:#2c8ad1;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%">All other scientific and technical information in this MD&#38;A has been reviewed and approved by Travis Murphy, Vice President, Operations of New Gold. Mr. Murphy is a Professional Geoscientist, a member of Engineers and Geoscientists British Columbia. Mr. Murphy is a &#34;Qualified Person&#34; for the purposes of NI 43-101.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;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%">48&#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="iea4f1349928c48f695f5b69bed7e46c4_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',serif;font-size:11pt;font-weight:700;line-height:148%">Form 52-109F2</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Certification of Interim Filings</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Full Certificate</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%"><br>I, </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Patrick Godin, Chief Executive Officer </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:148%">of</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%"> New Gold Inc.,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%"> certify the following&#58;<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: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;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">1.</font></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Review&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">I have reviewed the interim financial report and interim management discussion and analysis (&#8220;MD&#38;A&#8221;) (collectively, the &#8220;interim filings&#8221;) of </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">New Gold Inc.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%"> (the &#8220;issuer&#8221;) for the interim period ended </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%">September</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:148%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%">30, 2025</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">.</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="9" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">2.</font></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">No misrepresentations&#58;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="9" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">3.</font></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Fair presentation&#58;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="9" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">4.</font></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Responsibility&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:148%">Certification of Disclosure in Issuers&#8217; Annual and Interim Filings,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%"> for the issuer.</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="9" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">5.</font></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Design&#58;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">  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&#58;</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="9" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">(a)</font></div></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">designed DC&#38;P, or caused it to be designed under our supervision, to provide reasonable assurance that&#58;</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">(i)</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr></table></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><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:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">(ii)</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></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><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"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">(b)</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">5.1</font></div></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Control framework</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">&#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',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Internal Control</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%"> &#8211; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Integrated</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Framework published by the Committee of Sponsoring Organizations of the Treadway Commission</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">.</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">5.2</font></div></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">ICFR &#8211; material weakness relating to design&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">None</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">5.3</font></div></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Limitation on scope of design&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">None</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">6.</font></div></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Reporting changes in ICFR&#58;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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',serif;font-size:11pt;font-weight:700;line-height:148%">July 1, 2025</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">and ended on </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%">September 30, 2025 </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></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: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;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:128%">Date&#58;</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:128%">October 28, 2025</font></div></td><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;margin-top:18pt;padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:128%">&#47;s&#47; Patrick Godin</font></div></td><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:128%">Name&#58;</font></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:128%">Patrick Godin</font></div></td><td colspan="3" style="padding:0 1pt"><div style="margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:128%">Title&#58;</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.77pt;padding-right:-2.48pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:128%">Chief Executive Officer</font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></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>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>a2025-10x27audittab5cfoq3i.htm
<DESCRIPTION>EX-99.4
<TEXT>
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<title>Document</title></head><body><div id="i26cf638b435d480fb820e045cfdda182_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',serif;font-size:11pt;font-weight:700;line-height:148%">Form 52-109F2</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Certification of Interim Filings</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Full Certificate</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%"><br>I, </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Keith Murphy, Chief Financial Officer </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:148%">of</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%"> New Gold Inc.,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%"> certify the following&#58;<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: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;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">1.</font></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Review&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">I have reviewed the interim financial report and interim management discussion and analysis (&#8220;MD&#38;A&#8221;) (collectively, the &#8220;interim filings&#8221;) of </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">New Gold Inc.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%"> (the &#8220;issuer&#8221;) for the interim period ended </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%">September 30, 2025</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">.</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="9" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">2.</font></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">No misrepresentations&#58;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="9" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">3.</font></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Fair presentation&#58;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="9" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">4.</font></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Responsibility&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:148%">Certification of Disclosure in Issuers&#8217; Annual and Interim Filings,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%"> for the issuer.</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="9" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">5.</font></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Design&#58;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">  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&#58;</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="9" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">(a)</font></div></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">designed DC&#38;P, or caused it to be designed under our supervision, to provide reasonable assurance that&#58;</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:right"><font><br></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">(i)</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr></table></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><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:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:right"><font><br></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">(ii)</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:right"><font><br></font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></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><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"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">(b)</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">5.1</font></div></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Control framework</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">&#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',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Internal Control</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%"> &#8211; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Integrated</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Framework published by the Committee of Sponsoring Organizations of the Treadway Commission</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">.</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">5.2</font></div></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">ICFR &#8211; material weakness relating to design&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">None</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">5.3</font></div></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Limitation on scope of design&#58; </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">None</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">6.</font></div></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:700;line-height:148%">Reporting changes in ICFR&#58;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">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',serif;font-size:11pt;font-weight:700;line-height:148%">July 1, 2025 </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">and ended on </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:148%">September 30, 2025 </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:148%">that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</font></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="6" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></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: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;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:128%">Date&#58;</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:128%">October 28, 2025</font></div></td><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt;margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-style:italic;font-weight:400;line-height:128%">&#47;s&#47; Keith Murphy</font></div></td><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:128%">Name&#58;</font></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:128%">Keith Murphy</font></div></td><td colspan="3" style="padding:0 1pt"><div style="margin-top:6pt;padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:128%">Title&#58;</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:700;line-height:128%">Chief Financial Officer</font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div></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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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
***** "BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>fsngborder.jpg
<TEXT>
begin 644 fsngborder.jpg
M_]C_X  02D9)1@ ! 0$ D "0  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1"  . GX# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
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MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
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M%_\ H*?^2\O_ ,376446GW7W?\$+P[?C_P  Y/\ X6IX7_Z"G_DO+_\ $T?\
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MB:/^%J>%_P#H*?\ DO+_ /$UUE%%I]U]W_!"\.WX_P# .3_X6IX7_P"@I_Y+
MR_\ Q-'_  M3PO\ ]!3_ ,EY?_B:ZRBBT^Z^[_@A>';\?^ <G_PM3PO_ -!3
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M*?\ DO+_ /$T?\+4\+_]!3_R7E_^)KK**+3[K[O^"%X=OQ_X!R?_  M3PO\
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M?_H*?^2\O_Q-'_"U/"__ $%/_)>7_P")KK**+3[K[O\ @A>';\?^ <G_ ,+4
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MBT^Z^[_@A>';\?\ @')_\+4\+_\ 04_\EY?_ (FC_A:GA?\ Z"G_ )+R_P#Q
M-=911:?=?=_P0O#M^/\ P#D_^%J>%_\ H*?^2\O_ ,31_P +4\+_ /04_P#)
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MY+R__$UUE%%I]U]W_!"\.WX_\ Y/_A:GA?\ Z"G_ )+R_P#Q-'_"U/"__04_
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M3_R7E_\ B:ZRBBT^Z^[_ ((7AV_'_@')_P#"U/"__04_\EY?_B:/^%J>%_\
MH*?^2\O_ ,376446GW7W?\$+P[?C_P  Y/\ X6IX7_Z"G_DO+_\ $T?\+4\+
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MQ-'_  M3PO\ ]!3_ ,EY?_B:ZRBBT^Z^[_@A>';\?^ <G_PM3PO_ -!3_P E
MY?\ XFC_ (6IX7_Z"G_DO+_\376446GW7W?\$+P[?C_P#D_^%J>%_P#H*?\
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BX!4TK5;76K"*]LI?.MI<[)-I7."0>" >H-6Z**T]2#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>fsngborder1a.jpg
<TEXT>
begin 644 fsngborder1a.jpg
M_]C_X  02D9)1@ ! 0$ D "0  #_VP!#  ," @," @,# P,$ P,$!0@%!00$
M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_
MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04
M%!04%!04%!04%!04%!04%!04%!04%!3_P  1"  . GX# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
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M%_\ H*?^2\O_ ,376446GW7W?\$+P[?C_P  Y/\ X6IX7_Z"G_DO+_\ $T?\
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MB:/^%J>%_P#H*?\ DO+_ /$UUE%%I]U]W_!"\.WX_P# .3_X6IX7_P"@I_Y+
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MO#M^/_ .3_X6IX7_ .@I_P"2\O\ \31_PM3PO_T%/_)>7_XFNLHHM/NON_X(
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BX!4TK5;76K"*]LI?.MI<[)-I7."0>" >H-6Z**T]2#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>fsngborder2a.jpg
<TEXT>
begin 644 fsngborder2a.jpg
MB5!.1PT*&@H    -24A$4@   GX    ." 8   "Q;1&(     7-21T( KLX<
MZ0    1G04U!  "QCPO\804    )<$A9<P  %B4  !8E 4E2)/    !N241!
M5'A>[=E1"< P% 3!^I=2"]403:\:TI\2=@;6P\%= P! @N$' !!A^ $ 1!A^
M   1AA\ 0(3A!P 0\7GXK>>6)$G2C^TR_"1)D@YMEZL7 "#"\ , B##\   B
E##\ @ C##P @PO # $B8>0&U[$'"<8+J(0    !)14Y$KD)@@@$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>image_0.jpg
<TEXT>
begin 644 image_0.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" !# -X# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
