Mineral Reserves and Mineral Resources
New Gold's Mineral Reserve estimates as at December 31, 2021 are presented in the following table.

Measured and Indicated Mineral Resources
Mineral Resource estimates as at December 31, 2021, are presented in the following tables:

Inferred Mineral Resources

Notes to Mineral Reserve and Resource Estimates
- New Gold’s Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM Standards,
which are incorporated by reference in NI 43-101.
- All Mineral Reserve and Mineral Resource estimates for New Gold’s properties and projects are effective
December 31, 2021.
- New Gold’s year-end 2020 Mineral Reserves and Mineral Resources have been estimated based on the following
metal prices and foreign exchange (FX) rate criteria:

- Lower cut-offs for the Company’s Mineral Reserves and Mineral Resources are outlined in the following
table:

- New Gold reports its Measured and Indicated Mineral Resources exclusive of Mineral Reserves. Measured and Indicated Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability. Inferred Mineral Resources have a greater amount of uncertainty as to their existence and technical
feasibility, do not have demonstrated economic viability, and are likewise exclusive of Mineral Reserves. Numbers may not add due to rounding
- Mineral resources are classified as measured, indicated and inferred based on relative levels of confidence
in their estimation and on technical and economic parameters consistent with the methods considered to be
most suitable to their potential commercial extraction. The designators ‘open pit’ and ‘underground’ may be
used to indicate the envisioned mining method for different portions of a resource. Similarly, the
designators ‘direct processing’ and ‘lower grade material’ may be applied to differentiate material
envisioned to be mined and processed directly from material to be mined and stored separately for future
processing. Mineral reserves and mineral resources may be materially affected by environmental, permitting,
legal, title, taxation, sociopolitical, marketing and other risks and relevant issues. Additional details
regarding mineral reserve and mineral resource estimation, classification, reporting parameters, key
assumptions and associated risks for each of New Gold’s material properties are provided in the respective
NI 43-101 Technical Reports, which are available at www.sedar.com.
- Rainy River Mine: In addition to the criteria described above, Mineral Reserves and Mineral Resources for the Rainy River project are reported according to the
following criteria: Underground Mineral Reserves are reported peripheral to and/or below the open pit Mineral Reserve pit shell, which has been designed and
optimized based on a $1,400/oz gold price. Open pit and underground Mineral Resources are reported based on a $1,500/oz gold price. Open pit Mineral
Resources are reported from within an open pit resource shell that extends to a depth of approximately 340 meters from surface. Open pit Mineral Resources
exclude material reported as underground Mineral Reserves. New Afton Mine: C-Zone Mineral Resources reported at December 31, 2020, have been further
subdivided under C-Zone, D-Zone and Eastern Extension based upon geological model refinement and location within the New Afton deposit.
- The preparation of New Gold's consolidated statement and estimation of mineral reserves has been completed
under the oversight and review of Mr. Andrew Croal, Director of Technical Services for the Company. Mr.
Croal is a Professional Engineer and member of the Association of Professional Engineers Ontario.
Preparation of New Gold’s consolidated statement and estimation of mineral resources has been completed
under the oversight and review of Mr. Michele Della Libera, Director, Exploration for the Company. Mr. Della
Libera is a Professional Geoscientist and member of the Association of Professional Geoscientist of Ontario
and of the Engineers and Geoscientist of British Columbia. Mr. Croal and Mr. Della Libera are "Qualified
Persons" as defined by NI 43-101.