Contents

OUR BUSINESS	3
USE OF NON-GAAP FINANCIAL PERFORMANCE METRICS	3
OPERATING AND FINANCIAL HIGHLIGHTS	4
SUSTAINABILITY AND ESG	6
CORPORATE DEVELOPMENTS	7
OUTLOOK	7
KEY PERFORMANCE DRIVERS	9
FINANCIAL RESULTS	11
REVIEW OF OPERATING MINES	16
FINANCIAL CONDITION REVIEW	22
NON-GAAP FINANCIAL PERFORMANCE MEASURES	28
ENTERPRISE RISK MANAGEMENT AND RISK FACTORS	41
CRITICAL JUDGMENTS AND ESTIMATION UNCERTAINTIES	41
ACCOUNTING POLICIES	41
CONTROLS AND PROCEDURES	41
ENDNOTES	43
CAUTIONARY NOTES	44

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MANAGEMENT’S DISCUSSION AND ANALYSIS

All dollar figures are in United States dollars and tabular dollar amounts are in millions, unless otherwise noted.

For the three and six months ended June 30, 2025.

The following Management’s Discussion and Analysis (“MD&A”) 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 (“New Gold” or the “Company”). This MD&A should be read in conjunction with New Gold’s unaudited condensed consolidated interim financial statements for the three and six months ended June 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 ("IASB"). This MD&A contains forward-looking statements that are subject to risks and uncertainties, as discussed in the "Cautionary Note Regarding Forward-Looking Statements" section at the end of this MD&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&A has been prepared as of July 25, 2025. Additional information relating to the Company, including the Company’s Annual Information Form, is available on SEDAR+ at www.sedarplus.ca.

OUR BUSINESS

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 (“New Afton”), and the Rainy River Mine in Ontario, Canada (“Rainy River”). 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.

EXTERNAL DOCUMENTS

References made in this MD&A to other documents or to information or documents available on a website do not constitute the incorporation by reference into this MD&A of such other documents or such other information or documents available on such website, unless such incorporation by reference is explicit.

ENDNOTES

Note references throughout the document are to endnotes which can be found on page 43 of thisMD&A.

USE OF NON-GAAP FINANCIAL PERFORMANCE METRICS

In this MD&A, we use the following non-GAAP financial performance measures: “Cash costs", "all-in sustaining costs" or "AISC", "adjusted net earnings/(loss)", "adjusted tax expense", "sustaining capital and sustaining leases”, “growth capital”, “average realized gold/copper price per ounce/pound”, "open pit net mining cost per operating tonne mined", "underground net mining costs per operating tonne mined", "processing costs per tonne processed", "G&A costs per tonne processed", "cash generated from operations before changes in non-cash operating working capital" and "free cash flow". For a detailed description of each non-GAAP financial performance measure used in this MD&A and a detailed reconciliation to the most directly comparable measures under International Financial Reporting Standards ("IFRS Accounting Standards"), please refer to the “Non-GAAP Financial Performance

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Measures” section of this MD&A starting on page 28. The non-GAAP financial performance measures in this MD&A are intended to provide additional information to investors and do not have any standardized meaning under IFRS Accounting Standards. 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.

OPERATING AND FINANCIAL HIGHLIGHTS

OPERATING HIGHLIGHTS

	Three months ended June 30		Six months ended June 30
	2025	2024	2025	2024
OPERATING INFORMATION
Gold (ounces)(4):
Produced(4)	78,595	68,598	130,781	139,496
Sold(4)	75,596	67,697	127,760	137,774
Copper (millions of pounds)(4):
Produced(4)	13.5	13.6	27.1	26.9
Sold(4)	12.7	13.3	26.0	25.3
Revenue(10)
Gold ($/ounce)(10)	3,298	2,313	3,121	2,185
Copper ($/pound)(10)	4.23	4.26	4.20	3.97
Average realized price(1)
Gold ($/ounce)(1)	3,317	2,346	3,145	2,216
Copper ($/pound)(1)	4.34	4.49	4.32	4.19
Operating expenses ($/oz gold, co-product)(3)	1,070	1,156	1,220	1,131
Operating expenses ($/lb copper, co-product)(3)	2.37	2.35	2.26	2.39
Depreciation and depletion ($/oz gold)(10)	877	1,066	968	980
Cash costs per gold ounce sold (by-product basis)(1)(2)	706	740	773	808
All-in sustaining costs per gold ounce sold (by-product basis)(1)(2)	1,393	1,381	1,529	1,389

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FINANCIAL HIGHLIGHTS

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
FINANCIAL INFORMATION
Revenue	308.4	218.2	517.5	410.3
Revenue less cost of goods sold	131.4	38.9	179.9	61.5
Net earnings	68.6	53.1	51.9	9.6
Adjusted net earnings(1)	89.8	17.0	101.8	30.1
Cash generated from operations	162.9	100.4	270.5	155.2
Cash generated from operations before changes in non-cash operating working capital(1)	160.9	90.4	251.0	163.0
Sustaining capital(1)	34.0	31.5	66.7	57.4
Growth capital(1)	58.0	40.8	100.6	75.9
Total mining interest capital expenditures	92.0	72.3	167.3	133.3
Free cash flow(1)	62.5	20.4	87.4	5.6
Total assets	2,461.6	2,009.0	2,461.6	2,009.0
Cash and cash equivalents	225.8	184.4	225.8	184.4
Long-term debt	543.8	496.5	543.8	496.5
Non-current liabilities excluding long-term debt	373.1	338.4	373.1	338.4
Share Data
Earnings (loss) per share
Basic ($)	0.09	0.07	0.07	0.01
Diluted ($)	0.09	0.07	0.07	0.01
Adjusted net earnings per basic share ($)(1)	0.11	0.02	0.13	0.04
Share price as at June 30 (TSX - Canadian dollars)	6.77	2.70	6.77	2.70
Weighted average outstanding shares (basic) (millions)	791.8	738.6	791.4	714.2
Weighted average outstanding shares (diluted) (millions)	797.2	744.9	796.8	720.4

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SUSTAINABILITY AND ESG

The Company is committed to responsible mining through implementation of sound environmental, social and governance ("ESG") practices. The Company is also continuing to implement and report on the Mining Association of Canada’s Towards Sustainable Mining ("TSM") framework at all of its operating mines. New Gold continues to prioritize the health, safety and well-being of its people through the “Courage to Care” initiative.

Health and Safety

Total recordable injury frequency rate ("TRIFR")12 was 0.82 for Q2 2025. New Afton was awarded a trio of safety awards in Q2 for exemplary safety performance in 2024. The awards received were the J.T Ryan Regional for BC & Yukon, BC’s Safest Large Underground Mine, and BC Mines Safety Innovation award. In Q2, New Afton won the BC Underground Mine Rescue championship and Rainy River won the Thunder Bay District Mine Rescue championship.

Environment

Water Management

New Afton successfully permitted and re-started the twelve evaporators ahead of schedule in April. The evaporators are used to reduce the pond volume in the New Afton Tailings Storage Facility, as part of the C-Zone stabilization program. Significant progress has been made on the removal of the New Afton Tailings Storage Facility Pond, which is scheduled for completion ahead of schedule. Water treatment at Rainy River has started and is advancing on target to achieve the targeted treatment levels in Q3 2025.

Climate Action

New Gold completed its internal decarbonization road map, demonstrating how the company plans to continue to progress its goal of a 30% reduction in absolute greenhouse gas emissions by 2030 (from a 2020 baseline), based on life of mine plans. New Gold is currently on track to achieve this target. New Gold continues to review opportunities to further reduce greenhouse gas emissions and improve energy efficiency at both of its sites.

Tailings Management

The Rainy River Tailings Management Area ("TMA") construction remains in full compliance, on schedule, and within budget. Rainy River is again self-completing the construction at the TMA in 2025. Spring Independent Tailings Review Boards were held at both sites, with no material findings or recommendations. The C-Zone stabilization program remains on track with respect to groundwater depressurization and pond removal.

Social

Indigenous & Community Relations

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 the New Afton Mine and the Rainy River Mine. Indigenous and Community Relations teams engage regularly with partners and stakeholders to continue building trust-based relationships centered on transparency and acceptance.

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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 though New Afton Mine, Rainy River Mine 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.

Governance

ESG Disclosure

The Company published its 2024 Sustainability Report in Q2 2025. The Sustainability Report was prepared in alignment with external reporting frameworks, such as the Global Reporting Initiative (GRI), including the newly released GRI 14 Mining Sector supplement, the Sustainability Account Standards Board (SASB) and the Mining Local Procurement Reporting Mechanism (LPRM). In addition, New Gold’s 2024 Sustainability Report highlights our sustainability-related management practices and performance on the material topics most important to the communities where we operate. New Gold’s 2024 Sustainability Report is available at https://sustainability.newgold.com/reporting/.

CORPORATE DEVELOPMENTS

New Gold Consolidates 100% Interest in its New Afton Mine

In April 2025, the Company entered into an agreement with Ontario Teachers' Pension Plan ("Ontario Teachers") to acquire its remaining 19.9% free cash flow interest in New Afton (the "Transaction"). 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 $280.0 million.

Redemption of Remaining 7.50% Senior Notes

On June 11, 2025, the Company issued a notice of redemption to redeem the remaining $111.2 million aggregate principal amount of the outstanding 2027 Unsecured Notes on July 15, 2025. The redemption of the 2027 Unsecured Notes was funded with cash on hand.

OUTLOOK

New Gold is pleased to reaffirm its 2025 operational outlook as outlined below.

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.

Operational Estimates	2025 Guidance
Gold production (ounces)4	325,000 – 365,000
New Afton gold production (ounces)4	60,000 – 70,000
Rainy River gold production (ounces)4	265,000 – 295,000
Copper production (M lbs)4	50 – 60
Cash costs per gold ounce sold (by-product)1,2	$600 - $700

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Operating expenses ($/oz gold, co-product)3	$900 - $1,000
Operating expenses ($/lb copper, co-product)3	$1.75 - $2.25
All-in sustaining costs per gold ounce sold (by-product)1,2	$1,025 - $1,125
Capital Investment Estimates	2025 Guidance
Total capital ($M)	$270 - $315
Sustaining capital ($M)1,8	$95 - $110
Growth capital ($M)1,9	$175 - $205

Across the Company, the second quarter successfully built on the momentum from the first quarter, positioning the Company to deliver on its annual guidance. The quarter was highlighted by a record production month at Rainy River, resulting in record quarterly free cash flow for both Rainy River and the Company.

At New Afton, the B3 cave continued to over-deliver, with the cave now expected to exhaust in the middle of the third quarter, four months later than initially planned. Mill performance also continues to be a highlight, with a quarter-over-quarter throughput increase. At Rainy River, the second quarter saw a meaningful increase in production compared to the first quarter. June was a record production month, providing an excellent indication of the expected open pit performance for the remainder of the year. Combined with the strong quarterly mill performance, which demonstrated the ability to process higher-grade material at a high throughput rate, Rainy River is on-track for increased production in the second half of the year. Additionally, underground development continues to advance, and the site successfully commissioned the ventilation loop and primary ventilation fans in late June. With the ventilation loop now complete, and the in-pit portal breakthrough completed in early April, underground development is expected to accelerate through the remainder of the year.

Exploration efforts at both operations continue to support our organic growth initiatives, with seven diamond drills active at New Afton and three at Rainy River. Exploration drilling at New Afton is at an all-time high on all key metrics, supported by the recently completed exploration drift developed from the C-Zone extraction level, designed to infill and expand K-Zone, as well as the Lift 1 level exploration drift developed last year. At Rainy River, exploration efforts are focused on increasing the underground ore inventory and testing open pit extensions at NW-Trend. The Company looks forward to providing exploration results in September.

Second quarter consolidated production was 78,595 ounces of gold and 13.5 million pounds of copper at all-in sustaining costs1,2 of $1,393 per gold ounce sold. Gold production through the first half of 2025 represented approximately 38% of the midpoint of annual consolidated production guidance of 325,000 to 365,000 ounces of gold, in-line with the planned first half of 38%.

New Afton second quarter production was 16,991 ounces of gold and 13.5 million pounds of copper at all-in sustaining costs1,2 of (537) per gold ounce sold. The B3 cave continued to perform better than planned, leading to higher than expected head grades. As a result, production through the first half of 2025 represented approximately 54% and 49% of the midpoint of annual guidance of 60,000 to 70,000 ounces of gold and 50 to 60 million pounds of copper, respectively.

C-Zone cave construction continues to advance on schedule, facilitating a step up in copper and gold production in the second half of 2025. The operation is advancing well, with undercutting completed in

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May. Cave construction progress is 64% complete as of the end of June. The flotation cleaner circuit upgrade is on schedule for commissioning in the third quarter. This project is expected to improve copper and gold recoveries as the operation ramps up to full processing capacity of approximately 16,000 tonnes per day beginning in 2026.

Rainy River second quarter production was 61,604 ounces of gold at all-in sustaining costs1,2 of $1,696 per gold ounce sold, a substantial production increase and all-in sustaining cost decrease over the first quarter as the mill transitioned from low-grade stockpile material to processing higher grade open pit ore. June gold production totaled 37,341 ounces, a monthly production record, at an average grade of 1.44 g/t gold. With the mill now processing higher grade open pit material, the Company expects gold production to continue to step-up in the third quarter, compared to the second quarter. Gold production through the first half of 2025 represented approximately 34% of the midpoint of annual guidance of 265,000 to 295,000 ounces of gold, slightly behind the planned first half of 37%, driven by a one-week delay in the sequencing of the higher grade open-pit material in May, which led to an increase of approximately 5,900 ounces of gold-in-circuit inventory at quarter end.

Following the successful breakthrough of the pit portal in early April, the Rainy River underground mine achieved another important milestone with fresh air raise commissioning and completion of the ODM East ventilation loop. Underground development and stope production from several new mining zones can now progress as they come online in late-2025.

The Company is on track to deliver its 2025 consolidated production guidance of 325,000 to 365,000 ounces of gold and 50 to 60 million pounds of copper at all-in sustaining costs1,2 of $1,025 to $1,125 per gold ounce sold.

Details of the Company’s 2025 guidance are available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company’s website at www.newgold.com/news-events/news.

KEY PERFORMANCE DRIVERS

There is a range of key performance drivers that are critical to the successful implementation of New Gold’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.

Production Volumes and Costs

For an analysis of the impact of production volumes and costs for the three and six months ended June 30, 2025 relative to the prior-year periods, refer to the “Review of Operating Mines” section of this MD&A.

Commodity Prices

Gold Prices

The price of gold is the single largest factor affecting New Gold’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.

For the three months ended June 30, 2025, New Gold's gold revenue per ounce10 and average realized gold price per ounce1 were $3,298 and $3,317, respectively (June 30, 2024 - $2,313 and $2,346

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respectively). This compared to the London Bullion Market ("LBMA") p.m. average gold price of $3,280 per ounce (June 30, 2024 - $2,338).

For the six months ended June 30, 2025, New Gold's gold revenue per ounce10 and average realized gold price per ounce1 were $3,121 and $3,145, respectively (June 30, 2024 - $2,185 and $2,216 respectively). This compared to the LBMA p.m. average gold price of $3,067 per ounce (June 30, 2024 - $2,203).

Copper Prices

For the three months ended June 30, 2025, New Gold’s copper revenue per pound10 and average realized copper price per pound1 were $4.23 and $4.34, respectively (June 30, 2024 - $4.26 and $4.49 respectively). This compared to the average London Metals Exchange ("LME") copper price of $4.32 per pound (June 30, 2024 - $4.42).

For the six months ended June 30, 2025, New Gold’s copper revenue per pound10 and average realized copper price per pound1 were $4.20 and $4.32, respectively (June 30, 2024 - $3.97 and $4.19 respectively). This compared to the average LME copper price of $4.29 per pound (June 30, 2024 - $4.12).

Foreign Exchange Rates

While the Company’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’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.

The spot Canadian dollar strengthened against the U.S. dollar during the three and six months ended June 30, 2025 when compared to the prior-year period. The strengthening of the Canadian dollar impacts costs in U.S. dollar terms at the Company’s Canadian operations, as a significant portion of operating and capital costs are denominated in Canadian dollars.

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 “Review of Operating Mines”.

Economic Outlook

The LBMA p.m. gold price increased by 6% during the second quarter of 2025, finishing the quarter at $3,287 per ounce. Gold prices rose to new record high prices over the quarter driven by consistent central bank buying and safe haven demand tied to continued geopolitical and macroeconomic uncertainties. Looking forward, persistent geopolitical uncertainty and strong central bank demand may provide further support for gold prices.

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.

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The LME cash copper price increased by 4% during the second quarter of 2025, finishing the quarter at $4.55 per pound. Prices experienced heightened volatility over the quarter as the market balanced trade policy uncertainty with falling inventory supply balances. Over the longer-term, continued growth in the global economy and the global trend towards electrification could increase demand for copper and provide support for copper prices.

FINANCIAL RESULTS

Summary of Financial Results

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
FINANCIAL RESULTS
Revenues	308.4	218.2	517.5	410.3
Operating expenses	111.0	109.5	214.4	216.3
Depreciation and depletion	66.0	69.8	123.2	132.5
Revenue less cost of goods sold	131.4	38.9	179.9	61.5
Corporate administration	5.5	5.4	10.8	11.2
Corporate restructuring	—	—	3.3	—
Share-based payment expenses	9.0	3.5	13.5	4.3
New Afton free cash flow interest expense	(6.0)	—	2.8	—
Exploration and business development	10.0	6.0	14.6	6.9
Earnings (loss) from operations	112.9	24.0	134.9	39.1
Finance income	1.5	1.8	2.5	3.9
Finance costs	(11.7)	(2.3)	(25.4)	(4.9)
Other gains and losses
(Loss) gain on foreign exchange	(8.4)	0.8	(8.9)	4.8
Loss on disposal of assets	—	(0.6)	—	(1.2)
Unrealized gain on revaluation of investments	0.5	0.4	2.1	0.9
Unrealized loss on revaluation of non-current derivative financial liabilities	(15.6)	(41.1)	(41.4)	(99.0)
Gain on extinguishment of New Afton free cash flow interest obligation	—	42.3	—	42.3
Gain (loss) on foreign exchange derivative	5.5	(1.3)	7.3	(3.9)
Gain (loss) on fuel hedge swap contracts	0.2	(0.1)	0.3	1.0
Unrealized gold prepayment loss	(12.3)	—	(12.3)	—
Flow through share premium	—	0.7	—	0.7
Other	(0.6)	(1.6)	(1.0)	(1.2)
Earnings (loss) before taxes	72.0	23.0	58.1	(17.5)
Income tax (expense) recovery	(3.4)	30.1	(6.2)	27.1
Net earnings	68.6	53.1	51.9	9.6
Adjusted net earnings(1)	89.8	17.0	101.8	30.1

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Revenue

For the three months ended June 30, 2025, the increase in revenue relative to the prior-year period was due to higher gold prices and higher gold sales volume, partially offset by lower copper prices and lower copper sales volume. For the six months ended June 30, 2025, the increase in revenue relative to prior-year period was due to higher gold and copper prices, higher copper sales volume, partially offset by lower gold sales volume.

Operating expenses

For the three and six months ended June 30, 2025, operating expenses were relatively consistent when compared to the prior-year periods. For further information, please refer to the "Review of Operating Mines" section of this MD&A.

Depreciation and depletion

For the three months ended June 30, 2025, depreciation and depletion was relatively consistent when compared to the prior-year period. For the six months ended June 30, 2025, depreciation and depletion decreased when compared to the prior-year period primarily due to lower gold production.

Revenue less cost of goods sold

For the three and six months ended June 30, 2025, revenue less costs of goods sold increased when compared to the prior-year periods primarily due to higher revenue.

Corporate administration

For the three and six months ended June 30, 2025, corporate administration was relatively consistent when compared to the prior-year periods.

Share-based payment expenses

For the three and six months ended June 30, 2025, share-based payment expenses increased when compared to the prior-year periods due to an increase in share price.

New Afton free cash flow interest expense

For the three and six months ended June 30, 2025, New Afton free cash flow interest expense represents the Company's obligation to Ontario Teachers for its 19.9% New Afton free cash flow interest. The Company acquired this interest in New Afton's free cash flow in May 2025. See "Corporate Developments" section of this MD&A for further details.

Exploration and business development

For the three and six months ended June 30, 2025, exploration and business development expenses increased when compared to the prior-year periods due to increased exploration activity at New Afton and Rainy River.

Finance income

For the three and six months ended June 30, 2025, finance income was relatively consistent when compared to the prior-year periods.

Finance costs

For the three and six months ended June 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

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C-Zone, the partial redemption of the 2027 Unsecured Notes and the drawdown on the Company's revolving credit facility.

Other gains and losses

Foreign exchange

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 six months ended June 30, 2025.

Rainy River Gold stream obligation

For the three and six months ended June 30, 2025, the Company recorded an unrealized loss on the revaluation of the Rainy River gold stream obligation derivative instrument of $15.6 million and $41.4 million, respectively, primarily driven by higher metal prices.

Foreign exchange derivatives

Forthe three and six months ended June 30, 2025, the Company recorded a gain on foreign exchange derivatives, associated with changes in forward prices on the Company's foreign exchange contracts.

Fuel hedge swap contracts

For the three and six months ended June 30, 2025, the Company recorded a gain associated with the Company's fuel hedge swap contracts.

Unrealized gold prepayment loss

For the three and six months ended June 30, 2025, the Company recorded an unrealized loss associated with the gold prepayment liability as a result of higher metal prices.

The Other Gains and Losses listed above are added back for the purposes of calculating adjusted net earnings1. Adjusted net earnings1 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 "Non-GAAP Financial Performance Measures" section starting on page 28 of this MD&A for more details about adjusted net earnings.

Income tax

The current and prior-year income tax (expense) recovery relates primarily to current and deferred mineral taxes. Income tax expense for the three and six months ended June 30, 2025 increased primarily due to an increase in revenue.

On an adjusted net earnings1 basis, the adjusted income tax expense1 for the three months and the six months ended June 30, 2025 was $12.9 and $18.0 million, respectively, compared to an adjusted tax expense of $6.5 and $8.0 million in the prior-year. Adjusted income tax expense1 excludes the tax impact of other gains and losses on the consolidated income statement. Adjusted income tax expense1 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 “Non-GAAP Financial Performance Measures” section on page 28 of this MD&A for more details.

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Net earnings

For the three and six months ended June 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 increased share-based payment expenses.

Adjusted net earnings1

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/loss, gain on extinguishment of New Afton free cash flow interest obligation, and gain/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 earnings1 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 "Non-GAAP Financial Performance Measures" section of this MD&A for more details.

For the three and six months ended June 30, 2025, adjusted net earnings1 increased compared to the prior-year period primarily due to higher revenue.

For further information on the Company’s liquidity and cash flow position, please refer to the “Liquidity and Cash Flow” section of this MD&A.

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Key Quarterly Operating and Financial Information

Selected financial and operating information for the current and previous quarters is as follows:

(in millions of U.S. dollars,  except where noted)	Q2  2025	Q1 2025	Q4  2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
OPERATING INFORMATION
Gold production from operations (ounces)(4)	78,595	52,186	80,438	78,369	68,598	70,898	79,187	82,986	76,527
Gold sales from operations (ounces)(4)	75,596	52,164	77,281	81,791	67,697	70,077	77,870	79,821	74,219
Revenue	308.4	209.1	262.2	252.0	218.2	192.1	199.2	201.3	184.4
Net earnings (loss)	68.6	(16.7)	55.1	37.9	9.6	(43.5)	(27.4)	(2.7)	(2.6)
Per share:
Basic ($)	0.09	(0.02)	0.07	0.05	0.07	(0.06)	(0.04)	(0.00)	(0.00)
Diluted ($)	0.09	(0.02)	0.07	0.05	0.07	(0.06)	(0.04)	(0.00)	(0.00)

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REVIEW OF OPERATING MINES

New Afton Mine, British Columbia, Canada

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’s operating results is provided below.

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
OPERATING INFORMATION
Ore mined (thousands of tonnes)	1,198	927	2,308	1,898
Waste mined (thousands of tonnes)	3	3	5	10
Ore processed (thousands of tonnes)13	1,244	1,009	2,357	1,933
Average grade:
Gold (grams/tonne)	0.50	0.62	0.53	0.65
Copper (%)	0.56	0.67	0.59	0.69
Recovery rate (%):
Gold	84	90	86	89
Copper	87	91	88	90
Gold (ounces)(4):
Produced - New Afton Mine(4)	16,767	18,100	34,753	35,958
Produced - Ore Purchase Agreements(4)(11)	224	200	516	521
Produced - Total(4)	16,991	18,300	35,269	36,479
Sold(4)	16,852	18,184	35,284	35,164
Copper (millions of pounds)(4):
Produced(4)	13.5	13.6	27.1	26.9
Sold(4)	12.7	13.3	26.0	25.3
Revenue(10)
Gold ($/ounce)(10)	3,263	2,250	3,053	2,124
Copper ($/pound)(10)	4.23	4.26	4.20	3.97
Average realized price(1):
Gold ($/ounce)(1)	3,348	2,372	3,139	2,244
Copper ($/pound)(1)	4.34	4.49	4.32	4.19
Underground net mining cost per operating tonne mined(1)	12.61	16.82	12.57	19.51
Processing cost per tonne processed(1)	15.34	16.22	14.55	16.57
G&A cost per tonne processed(1)	5.16	5.37	5.32	5.56
Operating expenses ($/oz gold, co-product)(3)(10)	766	736	712	738
Operating expenses ($/lb copper, co-product)(3)(10)	2.37	2.35	2.26	2.39
Depreciation and depletion ($/oz gold)(10)	1,604	1,231	1,461	1,224
Cash costs per gold ounce sold (by-product basis)(1)(2)	(622)	(597)	(699)	(325)
Cash costs per gold ounce sold (co-product)(1)(3)	796	806	744	877
Cash costs per copper pound sold (co-product)(1)(3)	2.46	2.57	2.36	2.62
All-in sustaining costs per gold ounce sold(by-product basis)(1)(2)	(537)	(433)	(615)	(107)
All-in sustaining costs per gold ounce sold (co-product)(1)(3)	822	856	769	874
All-in sustaining costs per copper pound sold (co-product)(1)(3)	2.54	2.73	2.44	2.83
FINANCIAL INFORMATION:
Revenue	109.9	98.5	219.1	176.9
Revenue less cost of goods sold	39.8	33.5	83.8	49.4
Capital expenditures (sustaining capital)(1)(8)	0.7	2.0	1.4	5.8
Capital expenditures (growth capital)(1)(9)	26.0	30.4	49.3	58.1
Total mining interest capital expenditures	26.7	32.5	50.7	63.9
Cash generated from operations	59.6	47.5	136.0	75.7
Free cash flow(1)	32.9	14.9	85.2	11.5

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Operating results

Production

Production1 for gold and copper for the three months ended June 30, 2025 was 16,991 ounces of gold (inclusive of ore purchase agreements) and 13.5 million pounds of copper respectively. Production1 for gold and copper for the six months ended June 30, 2025 was 35,269 ounces (inclusive of ore purchase agreements) and 27.1 million pounds of copper respectively. The decrease in gold production over the prior-year periods is due to lower grade and recovery as the B3 cave nears exhaustion. Copper production was relatively in-line with the prior-year periods as lower grade is offset by higher tonnes processed.

Revenue

For the three months ended June 30, 2025, revenue increased when compared to the prior-year period due to higher gold average realized price, partially offset by lower copper average realized price and lower gold and copper sales volumes. For the six months ended June 30, 2025, revenue increased when compared to the prior-year period due to higher gold and copper average realized prices and sales volumes.

Revenue less cost of goods sold    

For the three and six months ended June 30, 2025, revenue less cost of goods sold increased when compared to the prior-year periods, primarily due to higher revenue.

Operating expenses, depreciation and depletion, total cash costs, all-in sustaining costs, capital

expenditures and free cash flow                            

Operating expenses per gold ounce sold3,10 and per copper pound sold3,10 for the three months ended June 30, 2025 increased over the prior-year period primarily due to lower gold and copper sales. Operating expenses per gold ounce sold3,10 and per copper pound sold3,10 for the six months ended June 30, 2025 decreased over the prior-year period, primarily due to lower underground mining costs and higher sales.

Underground net mining costs per operating tonne mined1 for the three and six months ended June 30, 2025 decreased over the prior-year periods due to an increase in tonnes mined and a decrease in the contribution of B3 tonnes which have higher haulage costs.

Processing costs per tonne processed1 for the three and six months ended June 30, 2025 decreased over the prior-year periods due to higher tonnes processed.

Depreciation and depletion per gold ounce sold10 for the three and six months ended June 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.

All-in sustaining costs1 per gold ounce sold (by-product basis)2 for the three months ended June 30, 2025 decreased over the prior-year period primarily due to lower sustaining capital spend. All-in sustaining costs1 per gold ounce sold (by-product basis)2 for the six months ended June 30, 2025 decreased over the prior-year period, primarily due to higher copper sales volumes, higher by-product revenue, and lower sustaining capital spend.

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Total capital expenditures for the three and six months ended June 30, 2025 was $26.7 million and $50.7 million, respectively, which decreased over the prior-year periods, primarily due to lower sustaining and growth capital spend. Sustaining capital1 primarily related to mobile equipment. Growth capital1 primarily related to construction, mine development, tailings, and machinery and equipment.

Cash generated from operations for the three and six months ended June 30, 2025 increased over the prior-year periods primarily due to higher revenue.

Free cash flow1 for the three and six months ended June 30, 2025 was $32.9 million and $85.2 million, respectively, an improvement over the prior-year periods primarily due to higher revenue, and lower capital.

Impact of foreign exchange on operations

New Afton’s operations are impacted by fluctuations in the value of the U.S. dollar against the Canadian dollar. For the three months ended June 30, 2025, the value of the U.S. dollar averaged $1.38 against the Canadian dollar, compared to $1.37 in the prior-year period. This reduced total cash costs by $29 per gold ounce sold1 relative to the prior-year period.

For the six months ended June 30, 2025, the value of the U.S. dollar averaged $1.41 relative to the Canadian dollar, compared to $1.36 in the prior-year period. This reduced total cash costs by $88 per gold ounce sold1 relative to the prior-year period.

Exploration activities

New Afton’s exploration program, centered on K-Zone and nearby targets, is currently at an all-time high with one surface drill targeting the K-Zone trend along strike and six underground drills actively targeting the core of the zone and testing its footprint. By the end of the second quarter, approximately 18,000 metres of drilling of the planned 48,000 metres had been completed. Underground drilling is conducted from two exploration drifts separated by more than 400 metres in elevation, including a new drift recently completed at the C-Zone extraction level. The new exploration drift provides better drilling angles and accelerates exploration drilling in the upper part of K-Zone, while the exploration drift developed in 2024 provides a platform to further test potential extensions of K-Zone to the east and at depth. The Company is pursuing its strategic plan to grow and infill K-Zone for the remainder of 2025, with the objective of defining resources.

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Rainy River Mine, Ontario, Canada

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’s operating results is provided below.

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
OPERATING INFORMATION
Open Pit
Ore mined (thousands of tonnes)	1,810	1,609	2,218	3,108
Operating waste mined (thousands of tonnes)	3,628	5,127	5,071	9,813
Capitalized waste mined (thousands of tonnes)	3,350	4,095	8,167	6,245
Waste mined (thousands of tonnes)	6,979	9,222	13,239	16,057
Ratio of waste-to-ore	3.86	5.73	5.97	5.17
Underground
Ore mined (thousands of tonnes)	110	50	180	130
Lateral development (meters)	2,062	1,307	3,502	2,258
Ore processed (thousands of tonnes)	2,284	2,372	4,486	4,649
Average gold grade (grams/tonne)	0.91	0.74	0.72	0.78
Gold recovery rate (%)	93	91	91	91
Gold (ounces)(4):
Produced(4)	61,604	50,298	95,512	103,016
Sold(4)	58,744	49,513	92,476	102,610
Gold Revenue ($/ounce)(10)	3,308	2,336	3,147	2,206
Average gold realized price ($/ounce)(1)	3,308	2,336	3,147	2,206
Open pit net mining cost per operating tonne mined(1)	5.13	3.34	5.10	3.96
Processing cost per tonne processed(1)	10.87	8.72	11.21	9.60
G&A cost per tonne processed(1)	5.91	4.01	5.63	4.28
Operating expenses ($/oz gold)(10)	1,157	1,310	1,414	1,265
Depreciation and depletion ($/oz gold)(10)	665	1,002	776	893
Cash costs per gold ounce sold (by-product basis)(1)(2)	1,088	1,231	1,334	1,197
All-in sustaining costs per gold ounce sold (by-product basis)(1)(2)	1,696	1,868	2,084	1,749
FINANCIAL INFORMATION
Revenue	198.5	119.7	298.4	233.4
Revenue less cost of goods sold	91.6	5.4	96.0	12.1
Capital expenditures (sustaining capital)(1)(8)	33.4	29.4	65.4	51.6
Capital expenditures (growth capital)(1)(9)	32.0	10.4	51.3	17.8
Total mining interest capital expenditures	65.4	39.8	116.6	69.4
Cash generated from operations	118.5	59.2	164.1	94.4
Free cash flow(1)	44.9	11.9	32.1	9.3

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Operating results

Production

Gold production4 for the three months ended June 30, 2025 was 61,604 ounces, an increase over the prior-year period due to higher grade and recovery, partially offset by lower tonnes processed. For the six months ended June 30, 2025, gold production was 95,512 ounces, a decrease over the prior-year period due to lower tonnes processed and lower grade.

Revenue

For the three months ended June 30, 2025, revenue increased when compared to the prior-year period due to higher average realized price and higher sales volume. For the six months ended June 30, 2025 revenue increased when compared to the prior-year period due to higher average realized price partially offset by lower sales volume.

Revenue less cost of goods sold

For the three and six months ended June 30, 2025, revenue less cost of goods sold increased when compared to the prior-year periods primarily due to higher revenue.

Operating expenses, depreciation and depletion, total cash costs, all-in sustaining costs, capital

expenditures and free cash flow    

Operating expense per gold ounce sold10 for the three months ended June 30, 2025 decreased over the prior-year period due to higher sales volumes, partially offset by higher underground and camp costs as underground mining continues to ramp up. For the six months ended June 30, 2025, operating expenses per gold ounce sold increased over the prior-year period due to lower sales volumes and an increase in operating expenses.

Open pit net mining costs per operating tonne mined1 for the three months ended June 30, 2025 increased over the prior-year period due to lower tonnes mined and higher maintenance and contractor costs as ex-pit tonnes increased in the second quarter. For the six months ended June 30, 2025, open pit net mining costs per operating tonne mined1 increased when compared to the prior-year period due to lower tonnes mined, higher capitalized waste, and higher contractor and maintenance costs.

Processing costs per tonne processed1 for the three and six months ended June 30, 2025 increased when compared to the prior-year periods due to lower tonnes processed, and an increase in milling costs primarily driven by higher electricity and maintenance costs.

Depreciation and depletion per gold ounce sold10 for the three and six months ended June 30, 2025 decreased when compared to the prior-year periods due to a lower asset base and higher sales volume for the three months ended.

All-in sustaining costs1 per gold ounce sold (by-product basis)2 for the three months ended June 30, 2025 decreased over the prior-year period primarily due to higher sales volumes, partially offset by higher sustaining capital spend and operating costs. All-in sustaining costs1 per gold ounce sold (by-product basis)2 for the six months ended June 30, 2025 increased over the prior-year period primarily due to higher operating costs, lower sales volumes, and higher sustaining capital from capitalized waste stripping.

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Total capital expenditures for the three and six months ended June 30, 2025 increased over the prior-year periods due to higher sustaining and growth capital spend. Sustaining capital1 primarily related to open pit stripping and Tailings Facility expansion. Growth capital1 primarily related to growth mine development and machinery and equipment.

Cash generated from operations for the three and six months ended June 30, 2025 increased when compared to the prior-year periods primarily due to an increase in revenue.

Free cash flow1 for the three and six months ended June 30, 2025 was $44.9 million and $32.1 million respectively, (net of stream payments of $7.2 million and $13.5 million, respectively), a record quarterly free cash flow and significant improvement over the prior-year periods primarily due to higher revenue.

Impact of foreign exchange on operations

Rainy River’s operations are impacted by fluctuations in the value of the U.S. dollar relative to the Canadian dollar. For the three months ended June 30, 2025, the value of the U.S. dollar averaged $1.38 against the Canadian dollar, when compared to $1.37 in the prior-year period. This reduced total cash costs by $13 per gold ounce sold1 relative to the prior-year period.

For the six months ended June 30, 2025, the value of the U.S. dollar averaged $1.41 against the Canadian dollar, when compared to $1.36 in the prior-year period. This reduced total cash costs by $52 per gold ounce sold1 relative to the prior-year period.

Exploration activities

Rainy River is pursuing its two-pronged approach of advancing open pit exploration and underground exploration in parallel. By the end of the second quarter, approximately 28,000 metres of drilling of the planned 58,000 metres had been completed. The Company recently completed a reverse circulation (“RC”) drilling program at the NW-Trend open pit zone, focused on infill drilling the inferred part of the resource and testing potential pit extensions. A follow-up program is planned in the third quarter, with the objective of fully converting the NW-Trend Mineral Resource to the indicated category. The Rainy River exploration program further aims at unlocking the full value of the underground mine, with three diamond drills actively targeting extensions of UG Main from surface. This includes drilling Inferred Mineral Resources located near the core of the ODM zone to upgrade its classification, and targeting the extensions of current ore zones down-plunge.

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FINANCIAL CONDITION REVIEW

Balance Sheet Review

	As at June 30	As at December 31
(in millions of U.S. dollars)	2025	2024
BALANCE SHEET INFORMATION
Cash and cash equivalents	225.8	105.2
Other current assets	168.0	168.9
Non-current assets	2,067.8	1,729.7
Total assets	2,461.6	2,003.8
Current liabilities	443.1	196.6
Non-current liabilities excluding long-term debt	373.1	357.9
Long-term debt	543.8	397.0
Total liabilities	1,360.0	951.5
Total equity	1,101.6	1,052.3
Total liabilities and equity	2,461.6	2,003.8

Assets

Cash and cash equivalents

Cash and cash equivalents increased compared to the prior-year period primarily due to free cash flow generated from operations and the net proceeds received from the offering of 2032 Unsecured Notes partially offset by the partial tender of the 2027 Unsecured Notes and the net cash paid for the acquisition of the 19.9% free cash flow interest in New Afton.

Other current assets

Other current assets primarily consist of trade and other receivables, inventories, investments, and prepaid expenses. Other current assets were relatively consistent when compared to the prior-year period.

Non-current assets

Non-current assets primarily consist of mining interests, which include the Company’s mining properties, development projects and property, plant and equipment, as well as non-current inventories and deferred tax assets. 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.

Current liabilities

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 and the classification of 2027 debt as short-term.

Non-current liabilities excluding long-term debt

Non-current liabilities excluding long-term debt consists primarily of reclamation and closure cost obligations, non-current derivative obligations, and deferred tax liabilities.

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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.

The Company’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 June 30, 2025 was $119.4 million, which is relatively consistent compared to $117.8 million as at December 31, 2024.

The deferred income tax liability increased from $55.6 million as at December 31, 2024 to $61.1 million at June 30, 2025 primarily due to the tax impact of higher revenue.

Long-term debt and other financial liabilities containing financial covenants

Long-term debt includes the 2032 Unsecured Notes, the 2027 Unsecured Notes, and the Company's revolving Credit Facility (each as defined below).

Senior Unsecured Notes - due April 1, 2032

On March 18, 2025, the Company issued $400.0 million of senior unsecured notes ("2032 Unsecured Notes") for net cash proceeds of $393.7 million after transaction costs. The face value 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.

The Company incurred initial transaction costs of $6.3 million which have been offset against the carrying

amount of the 2032 Unsecured Notes and are being amortized to net earnings using the effective interest

method.

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 2:1. The test is applied on a pro-forma basis prior to the Company incurring additional debt, entering into business combinations or acquiring significant assets, or certain other corporate actions. There are no maintenance covenants.

Senior Unsecured Notes - due July 15, 2027

On March 18, 2025, the Company completed the partial redemption of outstanding senior unsecured notes that mature and become due and payable on July 15, 2027 (the "2027 Unsecured Notes"). The partial redemption of $288.8 million of the initial $400.0 million principal amount of the 2027 Unsecured Notes was funded from the net proceeds of the Company's recent issuance of $400.0 million aggregate principal amount of its 2032 Unsecured Notes. The Company recognized a loss on repayment of long-term debt of $4.4 million, primarily comprised of a $2.6 million tender offer premium and the partial de-recognition of deferred financing charges associated with the 2027 Unsecured Notes.

As at June 30, 2025, the Company has $111.2 million aggregate principal amount outstanding of its 2027 Unsecured Notes. The 2027 Unsecured Notes are denominated in U.S. dollars and bear interest at the rate of 7.50% per annum. Interest is payable in arrears in equal semi-annual installments on January 15 and July 15 of each year.

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The 2027 Unsecured Notes are subject to a minimum interest coverage incurrence covenant of earnings before interest, taxes, depreciation, amortization, impairment and other non-cash adjustments to interest of 2:1. The test is applied on a pro-forma basis prior to the Company incurring additional debt, entering into business combinations or acquiring significant assets, or certain other corporate actions. There are no maintenance covenants.

On July 15, 2025, the Company redeemed the remaining $111.2 million aggregate principal amount of the outstanding 2027 Unsecured Notes.

Credit Facility

On December 31, 2024, the Company held a revolving credit facility (the “Credit Facility”) 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 its 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.

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 flexibility to access additional funding if needed. As at June 30, 2025, the Company has not exercised the accordion feature.

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:

•The minimum interest coverage ratio, being earnings before interest, taxes, depreciation, amortization, exploration, impairment, and other non-cash adjustments (“Adjusted EBITDA”) to interest;

•The maximum net debt to Adjusted EBITDA ratio (“Leverage Ratio”); and

•The maximum gross secured debt to Adjusted EBITDA (“Secured Leverage Ratio”).

Significant financial covenants are as follows:

		Twelve months ended June 30	Twelve months ended December 31
Financial Covenant		2025	2024
FINANCIAL COVENANTS
Minimum interest coverage ratio (Adjusted EBITDA to interest)	>3.0 : 1.0	12.9 : 1	11.0 : 1
Maximum leverage ratio (net debt to Adjusted EBITDA)	<4.5 : 1.0	1.3 : 1	1.1 : 1
Maximum secured leverage ratio (secured debt to Adjusted EBITDA)	<2.0 : 1.0	0.3 : 1	0.1 : 1

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’s Leverage Ratio, and the currency and type of credit selected by the Company. Based on the Company’s Leverage Ratio, the rate is 2.25% over term-adjusted SOFR as at June 30, 2025 (December 31, 2024 – 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,

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depending on the Company’s Leverage Ratio. Based on the Company’s Leverage Ratio, the rate is 0.51% over SOFR as at June 30, 2025 (December 31, 2024 – 0.56% over SOFR).

As at June 30, 2025, $150.0 million had been drawn under the Credit Facility (December 31, 2024 - $nil). 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 $23.9 million (December 31, 2024 - $23.3 million). Letters of credit relate to reclamation bonds, and other financial assurances required with various government agencies.

Liquidity and Cash Flow

As at June 30, 2025, the Company had cash and cash equivalents of $225.8 million compared to $105.2 million as at December 31, 2024. The Company’s investment policy is to invest its surplus funds in permitted investments consisting of treasury bills, bonds, notes and other evidences of indebtedness of Canada, the U.S. or any of the Canadian provinces with a minimum credit rating of R-1 mid from DBRS or an equivalent rating from Standard & Poor’s or Moody’s and with maturities of 12 months or less at the original date of acquisition. In addition, the Company is permitted to invest in bankers’ acceptances and other evidences of indebtedness of certain financial institutions. All investments must have a maximum term to maturity of 12 months and the average term will generally range from 7 days to 90 days. As per the investment policy, the Company is not permitted to make investments in asset-backed commercial paper.

The Company’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.

The Company’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 six months ended June 30, 2025 and June 30, 2024:

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
CASH FLOW INFORMATION
Cash generated from operating activities	162.9	100.4	270.5	155.2
Cash used in investing activities	(370.8)	(70.2)	(444.9)	(129.2)
Cash used in financing activities	219.7	(2.3)	293.8	(26.5)
Effect of exchange rate changes on cash and cash equivalents	1.2	(0.2)	1.1	(0.6)
Change in cash and cash equivalents	13.0	27.7	120.5	(1.1)

Operating Activities

The cash generated by operations is highly dependent on metal prices, including gold and copper, as well as other factors, including the Canadian/U.S. dollar exchange rate. For the three and six months ended June 30, 2025, the increase in cash generated from operating activities was primarily due to higher revenue.

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Investing Activities

Cash used in investing activities is primarily for the continued capital investment in the Company’s operating mines and development projects. For the three and six months ended June 30, 2025, cash used in investing activities increased compared to the prior-year periods primarily due to the re-acquisition of the 19.9% free cash flow interest in New Afton.

The following table summarizes the capital expenditures (mining interests per the consolidated statement of cash flows) for the three and six months ended June 30, 2025:

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars)	2025	2024	2025	2024
CAPITAL EXPENDITURES BY SITE
Rainy River	65.3	39.8	116.5	69.4
New Afton	26.8	32.4	50.8	63.9
Capital expenditures	92.1	72.2	167.3	133.3

Financing Activities

For the three and six months ended June 30, 2025, cash used in financing activities was $219.7 million and $293.8 million, respectively, primarily driven by the net proceeds received from the offering of 2032 Unsecured Notes, the drawdown of the Credit Facility and the proceeds received as part of the gold prepayment financing transaction, offset by the partial tender of the 2027 Unsecured Notes and interest paid.

The Company’s cash and cash equivalents balance as at June 30, 2025 of $225.8 million, together with $226.1 million available for drawdown under the Credit Facility as at June 30, 2025 provided the Company with $451.9 million of liquidity.

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.

Commitments

The Company has entered into a number of contractual commitments for capital items relating to operations and development. At June 30, 2025, these commitments totaled $76.5 million. This compares to commitments of $63.7 million as at December 31, 2024. Certain contractual commitments may contain cancellation clauses; however, the Company discloses its commitments based on management’s intention to fulfill the contracts.

Contingencies

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

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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 June 30, 2025, there were no contingent losses recorded.

Related Party Transactions

The Company did not enter into any reportable related party transactions during the three and six months ended June 30, 2025.

Off-Balance Sheet Arrangements

The Company did not have any off-balance sheet arrangements during the three and six months ended June 30, 2025.

Outstanding Shares

As at July 25, 2025, there were 791.7 million common shares of the Company issued and outstanding. The Company had 0.2 million stock options outstanding under its stock option plan and 6.1 million performance share units outstanding under its long term incentive plan, exercisable for up to an additional 0.2 million common shares and up to an additional 6.1 million common shares, respectively.

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NON-GAAP FINANCIAL PERFORMANCE MEASURES

The Company has included certain non-GAAP financial performance measures in this MD&A. These measures are not defined under IFRS Accounting Standards and should not be considered in isolation. The Company has disclosed the following:

▪"Cash costs per gold ounce sold"

▪"Sustaining capital and sustaining leases",

▪"Growth capital"

▪"All-in sustaining costs per gold ounce sold" ("AISC")

▪"Adjusted net earnings (loss)", "adjusted net earnings (loss) per share", "adjusted tax expense (recovery)"

▪"Cash generated from operations, before changes in non-cash operating working capital"

▪"Free cash flow"

▪"Average realized price per gold ounce or copper pound sold"

▪"Open pit net mining costs per operating tonne mined"

▪"Underground net mining costs per operating tonne mined"

▪"Processing costs per tonne processed"

▪"G&A costs per tonne processed"

Cash Costs per Gold Ounce sold

"Cash costs per gold ounce sold" 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’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.

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.

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.

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

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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’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.

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&A is net of by-product sales.

Sustaining Capital and Sustaining Lease

"Sustaining capital" and "sustaining lease" 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 "sustaining capital" as net capital expenditures that are intended to maintain operation of its gold producing assets. Similarly, a "sustaining lease" is a lease payment that is sustaining in nature. To determine "sustaining capital" expenditures, New Gold uses cash flow related to mining interests from its 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 "sustaining capital" and "sustaining lease" 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.

Growth Capital

"Growth capital" 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 “growth capital”, 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 "growth capital" 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 "growth capital" 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.

All-in Sustaining Costs per Gold Ounce Sold

“All-in sustaining costs per gold ounce sold” or ("AISC") is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not

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be comparable to similar measures presented by other issuers. New Gold calculates "all-in sustaining costs per gold ounce sold" based on guidance announced by the World Gold Council (“WGC”) in September 2013. The WGC is a non-profit association of the world’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 "all-in sustaining costs per gold ounce sold" 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 "all-in sustaining costs", together with other measures, in its Company scorecard to set incentive compensation goals and assess performance.

"All-in sustaining costs per gold ounce sold" 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.

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.

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.

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

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including cash costs as a component of all-in sustaining costs, the measure deducts by-product revenue from gross cash costs.

Cash Costs and All-in Sustaining Costs per Gold Ounce Reconciliation Tables

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.

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
CONSOLIDATED OPEX, CASH COST AND AISC RECONCILIATION
Operating expenses	111.0	109.5	214.4	216.3
Treatment and refining charges on concentrate sales	2.9	5.4	6.1	10.1
By-product silver revenue	(5.2)	(5.0)	(9.7)	(8.8)
By-product copper revenue	(55.2)	(59.7)	(112.2)	(106.2)
Cash costs net of by-product revenue	53.5	50.1	98.6	111.3
Gold ounces sold	75,596	67,697	127,760	137,774
Cash costs per gold ounce sold (by-product basis)(1)	706	740	773	808
Sustaining capital expenditures(1)(6)(8)	34.0	31.5	66.7	57.4
Sustaining exploration - expensed(1)	0.1	0.1	0.2	0.2
Sustaining leases(1)	0.2	0.5	0.4	1.8
Corporate G&A including share-based compensation(7)	14.4	8.7	23.9	15.2
Reclamation expenses	3.1	2.7	5.5	5.4
Total all-in sustaining costs	105.3	93.5	195.3	191.3
Gold ounces sold	75,596	67,697	127,760	137,774
All-in sustaining costs per gold ounce sold (by-product basis)(1)	1,393	1,381	1,529	1,389

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	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
NEW AFTON CASH COSTS AND AISC RECONCILIATION
Operating expenses	43.0	44.6	83.7	86.5
Treatment and refining charges on concentrate sales	2.9	5.4	6.1	10.1
By-product silver revenue	(1.2)	(1.1)	(2.4)	(1.8)
By-product copper revenue	(55.2)	(59.7)	(112.2)	(106.2)
Cash costs net of by-product revenue	(10.5)	(10.9)	(24.8)	(11.4)
Gold ounces sold	16,852	18,184	35,284	35,164
Cash costs per gold ounce sold (by-product basis)(1)	(622)	(597)	(699)	(325)
Sustaining capital expenditures(1)(6)(8)	0.7	2.0	1.4	5.8
Sustaining leases(1)	—	0.3	0.1	0.5
Reclamation expenses	0.7	0.7	1.5	1.4
Total all-in sustaining costs	(9.1)	(7.9)	(21.8)	(3.8)
Gold ounces sold	16,852	18,184	35,284	35,164
All-in sustaining costs per gold ounce sold (by-product basis)(1)(2)	(537)	(433)	(615)	(107)

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
RAINY RIVER CASH COSTS AND AISC RECONCILIATION
Operating expenses	67.9	64.9	130.7	129.8
By-product silver revenue	(4.1)	(3.9)	(7.4)	(7.0)
Cash costs net of by-product revenue	63.8	60.9	123.3	122.8
Gold ounces sold	58,744	49,513	92,476	102,610
Cash costs per gold ounce sold (by-product basis)(1)	1,088	1,231	1,334	1,197
Sustaining capital expenditures(1)(6)(8)	33.4	29.4	65.4	51.6
Sustaining leases(1)	—	0.1	—	1.0
Reclamation expenses	2.4	2.0	3.9	4.0
Total all-in sustaining costs	99.6	92.5	192.6	179.5
Gold ounces sold	58,744	49,513	92,476	102,610
All-in sustaining costs per gold ounce sold (by-product basis)(1)(2)	1,696	1,868	2,084	1,749

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Three months ended June 30, 2025
(in millions of U.S. dollars, except where noted)	Gold	Copper	Total
NEW AFTON CASH COSTS AND AISC RECONCILIATION (ON A CO-PRODUCT BASIS)
Operating expenses	12.9	30.1	43.0
Units of metal sold	16,852	12.7
Operating expenses ($/oz gold or lb copper sold, co-product)(3)(10)	766	2.37
Treatment and refining charges on concentrate sales	0.9	2.0	2.9
By-product silver revenue	(0.3)	(0.8)	(1.2)
Cash costs (co-product)(3)	13.5	31.3	44.7
Cash costs per gold ounce sold or lb copper sold (co-product)(1)(3)	796	2.46
Sustaining capital expenditures(1)(6)(8)(i)	0.2	0.5	0.7
Sustaining leases(1)	—	—	—
Reclamation expenses	0.2	0.5	0.7
All-in sustaining costs (co-product)(1)(3)	13.9	32.3	46.1
All-in sustaining costs per gold ounce sold or lb copper sold (co-product)(1)(3)	822	2.54
(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.

Three months ended June 30, 2024
(in millions of U.S. dollars, except where noted)	Gold	Copper	Total
NEW AFTON CASH COSTS AND AISC RECONCILIATION (ON A CO-PRODUCT BASIS)
Operating expenses	13.4	31.2	44.6
Units of metal sold	18,184	13.3
Operating expenses ($/oz gold or lb copper sold, co-product)(3)(10)	736	2.35
Treatment and refining charges on concentrate sales	1.6	3.7	5.4
By-product silver revenue	(0.3)	(0.8)	(1.1)
Cash costs (co-product)(3)	14.7	34.2	48.9
Cash costs per gold ounce sold or lb copper sold (co-product)(1)(3)	806	2.57
Sustaining capital expenditures(1)(6)(8)(i)	0.6	1.4	2.0
Sustaining leases(1)	0.1	0.2	0.3
Reclamation expenses	0.2	0.5	0.7
All-in sustaining costs (co-product)(1)(3)	15.6	36.3	51.9
All-in sustaining costs per gold ounce sold or lb copper sold (co-product)(1)(3)	856	2.73
(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.

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Six months ended June 30, 2025
(in millions of U.S. dollars, except where noted)	Gold	Copper	Total
NEW AFTON CASH COSTS AND AISC RECONCILIATION (ON A CO-PRODUCT BASIS)
Operating expenses	25.1	58.6	83.7
Units of metal sold	35,284	26.0
Operating expenses ($/oz gold or lb copper sold, co-product)(3)(10)	712	2.26
Treatment and refining charges on concentrate sales	1.8	4.3	6.1
By-product silver revenue	(0.7)	(1.6)	(2.3)
Cash costs (co-product)(3)	26.2	61.3	87.5
Cash costs per gold ounce sold or lb copper sold (co-product)(1)(3)	744	2.36
Sustaining capital expenditures(1)(6)(8)(i)	0.4	1.0	1.4
Sustaining leases(1)	—	—	—
Reclamation expenses	0.5	1.1	1.5
All-in sustaining costs (co-product)(1)(3)	27.1	63.3	90.4
All-in sustaining costs per gold ounce sold or lb copper sold (co-product)(1)(3)	769	2.44
(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.

Six months ended June 30, 2024
(in millions of U.S. dollars, except where noted)	Gold	Copper	Total
NEW AFTON CASH COSTS AND AISC RECONCILIATION (ON A CO-PRODUCT BASIS)
Operating expenses	26.0	60.6	86.5
Units of metal sold	35,164	25.3
Operating expenses ($/oz gold or lb copper sold, co-product)(3)(10)	738	2.39
Treatment and refining charges on concentrate sales	3.0	7.0	10.0
By-product silver revenue	(0.5)	(1.3)	(1.8)
Cash costs (co-product)(3)	28.4	66.3	94.7
Cash costs per gold ounce sold or lb copper sold (co-product)(1)(3)	809	2.62
Sustaining capital expenditures(1)(6)(8)(i)	1.7	4.0	5.7
Sustaining leases(1)	0.2	0.4	0.6
Reclamation expenses	0.4	1.0	1.4
All-in sustaining costs (co-product)(1)(3)	30.7	71.7	102.4
All-in sustaining costs per gold ounce sold or lb copper sold (co-product)(1)(3)	874	2.83
(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.

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Sustaining Capital Expenditures ReconciliationTable

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
TOTAL SUSTAINING CAPITAL EXPENDITURES
Mining interests per consolidated statement of cash flows	92.1	72.2	167.3	133.3
New Afton growth capital expenditures(9)	(26.0)	(30.4)	(49.3)	(58.1)
Rainy River growth capital expenditures(9)	(32.0)	(10.4)	(51.3)	(17.8)
Sustaining capital expenditures	34.0	31.5	66.7	57.4

Open Pit Net Mining Costs per Operating Tonne Mined, Underground Net Mining Costs per Operating Tonne Mined, Processing Costs per Tonne Processed and G&A Cost per Tonne Processed

“Open pit net mining costs per operating tonne mined,” “underground net mining costs per operating tonne mined,” “processing costs per tonne processed” and “G&A cost per tonne processed” are non-GAAP financial performance measures with no standard meaning under IFRS Accounting Standards. "Open pit net mining costs per operating tonne mined", "underground net mining costs per operating tonne mined", "processing costs per tonne processed" and "G&A costs per tonne" are defined as operating expenses less change in inventories, selling costs, royalties and other non production costs, as these costs are not directly related to tonnes mined or milled, and then dividing the residual respective mining, processing or G&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.

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	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
NEW AFTON COST PER TONNE
Operating expenses	43.0	44.6	83.7	86.5
Change in inventory, ore purchase costs, selling costs and royalties and other	(2.3)	(7.1)	(7.6)	(6.4)
Production costs	40.7	37.5	76.1	80.1
Underground net mining costs	15.1	15.6	29.0	37.0
Processing costs	19.2	16.5	34.5	32.2
Site G&A costs	6.4	5.5	12.6	10.8
Ore and operating waste tonnes mined (thousands of tonnes)	1,198	927	2,308	1,898
Ore processed (thousands of tonnes)	1,251	1,016	2,372	1,946
Underground net mining costs per operating tonne mined ($/tonne)	12.61	16.82	12.57	19.51
Processing costs per tonne processed ($/tonne)	15.34	16.22	14.55	16.57
G&A cost per tonne processed ($/tonne)	5.16	5.37	5.32	5.56

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
RAINY RIVER COST PER TONNE
Operating expenses	67.9	64.9	130.7	129.8
Change in inventory, selling costs and royalties and other	(1.7)	(12.2)	(18.0)	(14.2)
Production costs	66.2	52.7	112.8	115.7
Open pit net mining costs	27.9	22.5	37.2	51.1
Processing costs	24.8	20.7	50.3	44.6
Site G&A costs	13.5	9.5	25.3	19.9
Ore and operating waste tonnes mined (thousands of tonnes)	5,438	6,736	7,289	12,921
Ore processed (thousands of tonnes)	2,284	2,372	4,486	4,649
Open pit net mining costs per operating tonne mined ($/tonne)	5.13	3.34	5.10	3.96
Processing costs per tonne processed ($/tonne)	10.87	8.72	11.21	9.60
G&A cost per tonne processed ($/tonne)	5.91	4.01	5.63	4.28

Adjusted Net Earnings and Adjusted Net Earnings per Share

“Adjusted net earnings” and “adjusted net earnings per share” 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. Net earnings have been adjusted, including the associated tax impact, for loss on repayment of long-term debt, corporate restructuring and the group of costs in “Other gains and losses” as per Note 3 of the Company’s unaudited condensed interim consolidated financial statements. Key entries in this grouping are: the fair value changes for the Rainy River gold stream obligation, fair value changes for copper price option contracts, foreign exchange gains/loss, fair value changes in investments and the unrealized gain/loss on the gold prepayment liability. The income tax adjustments reflect the tax impact of the above adjustments and is referred to as "adjusted tax expense".

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The Company uses "adjusted net earnings" for its own internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect the items which have been excluded from the determination of "adjusted net earnings". Consequently, the presentation of "adjusted net earnings" enables investors to better understand the underlying operating performance of the Company's core mining business through the eyes of management. Management periodically evaluates the components of "adjusted net earnings" based on an internal assessment of performance measures that are useful for evaluating the operating performance of New Gold's business and a review of the non-GAAP financial performance measures used by mining industry analysts and other mining companies. "Adjusted net earnings" and "adjusted net earnings per share" are intended to provide additional information only and should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS 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.

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
ADJUSTED NET EARNINGS RECONCILIATION
Earnings before taxes	72.0	23.0	58.1	(17.5)
Other losses	30.7	0.5	53.9	55.6
Loss on repayment of long-term debt	—	—	4.4	—
Corporate restructuring	—	—	3.3	—
Adjusted net earnings before taxes	102.7	23.5	119.7	38.1
Income tax expense	(3.4)	30.1	(6.2)	27.1
Income tax adjustments	(9.5)	(36.6)	(11.8)	(35.1)
Adjusted income tax expense(1)	(12.9)	(6.5)	(18.0)	(8.0)
Adjusted net earnings(1)	89.8	17.0	101.8	30.1
Adjusted net earnings per share (basic and diluted) ($/share)	0.11	0.02	0.13	0.04

Cash Generated from Operations, before Changes in Non-Cash Operating Working Capital

“Cash generated from operations, before changes in non-cash operating working capital” 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. "Cash generated from operations, before changes in non-cash operating working capital" excludes changes in non-cash operating working capital. New Gold believes this non-GAAP financial measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing the Company’s ability to generate cash from its operations before temporary working capital changes.

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

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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.

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars)	2025	2024	2025	2024
CASH RECONCILIATION
Cash generated from operations	162.9	100.4	270.5	155.2
Change in non-cash operating working capital	(2.0)	(10.0)	(19.5)	7.8
Cash generated from operations, before changes in non-cash operating working capital	160.9	90.4	251.0	163.0

Free Cash Flow

“Free cash flow” 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 "free cash flow" 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’ Pension Plan free cash flow interest. New Gold believes this non-GAAP financial performance measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing the Company's ability to generate cash flow from current operations. "Free cash flow" 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.

Three months ended June 30, 2025
(in millions of U.S. dollars)	Rainy River	New Afton	Other	Total
FREE CASH FLOW RECONCILIATION
Cash generated from operations	118.5	59.6	(15.1)	162.9
Less: Mining interest capital expenditures	(65.5)	(26.6)	(0.1)	(92.1)
Less: Lease payments	(0.9)	(0.1)	(0.2)	(1.1)
Less: Cash settlement of non-current derivative financial liabilities	(7.2)	—	—	(7.2)
Free Cash Flow1	44.9	32.9	(15.4)	62.5

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Three months ended June 30, 2024
(in millions of U.S. dollars)	Rainy River	New Afton	Other	Total
FREE CASH FLOW RECONCILIATION
Cash generated from operations	59.2	47.5	(6.3)	100.4
Less: Mining interest capital expenditures	(39.7)	(32.5)	—	(72.2)
Add: Proceeds of sale from other assets	—	0.2	—	0.2
Less: Lease payments	0.1	(0.3)	(0.1)	(0.5)
Less: Cash settlement of non-current derivative financial liabilities	(7.5)	—	—	(7.5)
Free Cash Flow1	11.9	14.9	(6.4)	20.4

Six months ended June 30, 2025
(in millions of U.S. dollars)	Rainy River	New Afton	Other	Total
FREE CASH FLOW RECONCILIATION
Cash generated from operations	164.1	136.0	(29.6)	270.5
Less: Mining interest capital expenditures	(116.6)	(50.7)	—	(167.3)
Less: Lease payments	(1.9)	(0.1)	(0.3)	(2.3)
Less: Cash settlement of non-current derivative financial liabilities	(13.5)	—	—	(13.5)
Free Cash Flow1	32.1	85.2	(29.9)	87.4

Six months ended June 30, 2024
(in millions of U.S. dollars)	Rainy River	New Afton	Other	Total
FREE CASH FLOW RECONCILIATION
Cash generated from operations	94.4	75.7	(14.9)	155.2
Less: Mining interest capital expenditures	(69.4)	(63.9)	—	(133.3)
Add: Proceeds of sale from other assets	—	0.2	—	0.2
Less: Lease payments	(1.0)	(0.5)	(0.3)	(1.8)
Less: Cash settlement of non-current derivative financial liabilities	(14.7)	—	—	(14.7)
Free Cash Flow1	9.3	11.5	(15.2)	5.6

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Average Realized Price

“Average realized price per ounce of gold sold” 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. “Average realized price per ounce of gold sold” 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.

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
TOTAL AVERAGE REALIZED PRICE
Revenue from gold sales	249.3	156.6	398.7	301.0
Treatment and refining charges on gold concentrate sales	1.4	2.2	3.0	4.2
Gross revenue from gold sales	250.7	155.8	401.7	305.2
Gold ounces sold	75,596	67,697	127,760	137,774
Total average realized price per gold ounce sold ($/ounce)	3,317	2,346	3,145	2,216

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
NEW AFTON AVERAGE REALIZED PRICE
Revenue from gold sales	55.0	40.9	107.7	74.7
Treatment and refining charges on gold concentrate sales	1.4	2.2	3.0	4.2
Gross revenue from gold sales	56.4	43.1	110.7	78.9
Gold ounces sold	16,852	18,184	35,284	35,164
New Afton average realized price per gold ounce sold ($/ounce)	3,348	2,372	3,139	2,244

	Three months ended June 30		Six months ended June 30
(in millions of U.S. dollars, except where noted)	2025	2024	2025	2024
RAINY RIVER AVERAGE REALIZED PRICE
Revenue from gold sales	194.3	115.7	291.0	226.4
Gold ounces sold	58,744	49,513	92,476	102,610
Rainy River average realized price per gold ounce sold ($/ounce)	3,308	2,336	3,147	2,206

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ENTERPRISE RISK MANAGEMENT AND RISK FACTORS

The Company is subject to various financial and other risks that could materially adversely affect the Company’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 “Risk Factors” in the Company’s most recent Annual Information Form and the section entitled “Enterprise Risk Management” in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2024, both of which are filed on SEDAR+ at www.sedarplus.ca. There were no significant changes to those risks or to the Company’s management of exposure to those risks for the three months endedJune 30, 2025.

CRITICAL JUDGMENTS AND ESTIMATION UNCERTAINTIES

The preparation of the Company’s consolidated financial statements in conformity with IFRS Accounting Standards as issued by IASB requires the Company’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’s experience and other facts and circumstances. Revisions to estimates and the resulting effects on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.

The areas which require management to make significant judgments, estimates and assumptions in determining carrying values are described in Note 3 of the Company’s audited consolidated financial statements for the year ended December 31, 2024.

ACCOUNTING POLICIES

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.

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company’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’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 (“Exchange Act”) and in National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings, as of December 31, 2024. Based on that evaluation, the Company’s President and Chief Executive Officer and Executive Vice President and Chief Financial Officer have concluded that, as of December 31, 2024, the Company’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.

Internal Controls over Financial Reporting

New Gold’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 adequate internal controls over financial reporting. Internal controls over financial reporting is a process

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designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’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’s management assessed the effectiveness of the Company’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’s internal controls over financial reporting are effective as of December 31, 2024.

The effectiveness of the Company’s internal controls over financial reporting as of December 31, 2024 has been audited by Deloitte LLP, the Company’s independent registered public accounting firm, as stated in their report immediately preceding the Company’s audited consolidated financial statements for the year ended December 31, 2024.

Limitations of Controls and Procedures

The Company’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/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.

Changes in Internal Controls over Financial Reporting

There has been no change in the Company’s design of internal controls and procedures over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting during the period covered by this MD&A.

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ENDNOTES

1."Cash costs per gold ounce sold", "all-in sustaining costs per gold ounce sold" (or "AISC"), "adjusted net earnings/(loss)", "adjusted income tax expense", "sustaining capital and sustaining leases”, “growth capital”, “average realized gold/copper price per ounce/pound”,"cash generated from operations before changes in non-cash operating working capital", "free cash flow" "open pit net mining costs per operating tonne mined", "underground net mining costs per operating tonne mined", "processing costs per tonne processed", and "G&A costs per tonne processed" are all non-GAAP financial performance measures that are used in this MD&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 “Non-GAAP Financial Performance Measures" section of this MD&A starting on page 28.

2.The Company produces copper and silver as by-products of its gold production. All-in sustaining costs based on a by-product basis, includes silver and copper net revenues as by-product credits to the total costs.

3.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.

4.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.

5.A detailed discussion of production is included in the “Review of Operating Mines” section of this MD&A.

6.See “Sustaining Capital Expenditures Reconciliation Table” for a reconciliation of sustaining capital expenditures to mining interests per the consolidated statement of cash flows.

7.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.

8.Sustaining capital expenditures are net of proceeds from disposal of assets.

9.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.

10.These are supplementary financial measures which are calculated as follows: "Revenue gold ($/ounce)" and "Revenue copper ($/pound)" is total gold revenue divided by total gold ounces sold and total copper revenue divided by total copper pounds sold, respectively, "Operating expenses ($/oz gold, co-product)" is total operating expenses apportioned to gold based on a percentage of activity basis divided by total gold ounces sold, "Operating expenses ($/lb copper, co-product)" is total operating expenses apportioned to copper based on a percentage of activity basis divided by total

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copper pounds sold; "Depreciation and depletion ($/oz gold)" is depreciation and depletion expenses divided by total gold ounces sold.

11. Key performance indicator data for the three and six months ended June 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’s excess mill capacity. All other ounces are mined and produced at New Afton.

12. Total Recordable Injury Frequency Rate (TRIFR) is calculated as recorded incidents × 200,000 / total number of hours worked.

13. Ore processed (thousands of tonnes) is exclusive of ore purchased.

CAUTIONARY NOTES

Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources

Disclosure regarding Mineral Reserve and Mineral Resource estimates included in this MD&A was prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). 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 (“SEC”) generally applicable to U.S. companies. For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” 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&A will not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this MD&A, including any information relating to New Gold’s future financial or operating performance are “forward-looking”. All statements in this MD&A, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are “forward-looking statements”. 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 “plans”, “expects”, “is expected”, “budget”, “scheduled”, “targeted”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements in this MD&A include, among others, those in the sections "Sustainability and ESG", "Outlook for 2025", “Corporate Development”; “Mineral Reserves and Mineral Resources Update” and "Key Performance Drivers - Economic Outlook" as well as statements with respect to: the Company’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; planned activities and timing for 2025 and future years at Rainy River and New Afton, including planned development and exploration activities and related expenses; successfully extending

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the open pit mine life at Rainy River; the Company successfully achieving a 30% reduction in absolute greenhouse gas emissions by 2030; the Company successfully advancing underground development and ramping up production for the remainder of 2025 and future years at Rainy River and New Afton; the Company's expectation that New Afton's C-Zone will ramp up to full processing capacity of approximately 16,000 tonnes per day beginning 2026; the Company’s ability to extend the New Afton mine life beyond 2031; the current and future financial performance of the Company as it relates to the prevailing price of gold; the continuation of prevailing commodity prices and exchange rates, the continuation of operations performing in accordance with mine plans; anticipated factors impacting the Company’s liquidity and the continued review thereof; the Company’s ability to successfully increase production, lower costs and capital spend to generate significant cash flow therefrom over the coming years; the Company’s ability to implement its near-term operational plan and to repay future indebtedness; the Company’s expectations regarding its liquidity position and its ability to fund its business objectives; the anticipated timing with respect to the Company’s contractual commitments becoming due; the sufficiency of the Company’s financial performance measures in evaluating the underlying performance of the Company; and any statements about tariffs and the possible impacts on the Company.

All forward-looking statements in this MD&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’s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this MD&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&A are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold’s operations, including material disruptions to the Company's supply chain, workforce or otherwise; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current Mineral Reserve and Mineral Resource estimates and the grade of gold, silver and copper expected to be mined; (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; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold’s current expectations; (7) arrangements with First Nations and other Indigenous groups in respect of New Afton and Rainy River being consistent with New Gold’s current expectations; (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; and (9) the results of the life of mine plans for Rainy River and New Afton being realized.

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: price volatility in the spot and forward markets for metals and other commodities; 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; equipment malfunction,

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failure or unavailability; accidents; risks related to early production at Rainy River, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; 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: uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements; changes in project parameters as plans continue to be refined; changing costs, timelines and development schedules as it relates to construction; the Company not being able to complete its construction projects at Rainy River or New Afton on the anticipated timeline or at all; the ability to successfully implement strategic plans; volatility in the market price of the Company’s securities; changes in national and local government legislation in the countries in which New Gold does or may in the future carry on business; compliance with public company disclosure obligations; controls, regulations and political or economic developments in the countries in which New Gold does or may in the future carry on business; the Company’s dependence on Rainy River and New Afton; the Company not being able to complete its exploration drilling programs on the anticipated timeline or at all; inadequate water management and stewardship; tailings storage facilities and structure failures; failing to complete stabilization projects according to plan; geotechnical instability and conditions; disruptions to the Company’s workforce at either Rainy River or New Afton, or both; significant capital requirements and the availability and management of capital resources; additional funding requirements; diminishing quantities or grades of Mineral Reserves and Mineral Resources; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies including the Technical Reports for Rainy River and New Afton; impairment; unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other Indigenous groups; climate change, environmental risks and hazards and the Company’s response thereto; ability to obtain and maintain sufficient insurance; management and reporting of ESG matters; actual results of current exploration or reclamation activities; 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; global economic and financial conditions and any global or local natural events that may impede the economy or New Gold’s ability to carry on business in the normal course; inflation; compliance with debt obligations and maintaining sufficient liquidity; the responses of the relevant governments to any disease, epidemic or pandemic outbreak not being sufficient to contain the impact of such outbreak; disruptions to the Company’s supply chain and workforce due to any disease, epidemic or pandemic outbreak; an economic recession or downturn as a result of any disease, epidemic or pandemic outbreak that materially adversely affects the Company’s operations or liquidity position; taxation; fluctuation in treatment and refining charges; transportation and processing of unrefined products; rising costs or availability of labour, supplies, fuel and equipment; information systems security threats; adequate infrastructure; relationships with communities, governments and other stakeholders; perceived reputation amongst stakeholders; labour disputes; effectiveness of supply chain due diligence; the uncertainties inherent in current and future legal challenges to which New Gold is or may become a party; defective title to mineral claims or property or contests over claims to mineral properties; competition; loss of, or inability to attract, key employees; use of derivative products and hedging transactions; reliance on third-party contractors; counterparty risk and the performance of third party service providers; investment risks and uncertainty relating to the value of equity investments in public companies held by the Company from time to time; the adequacy of internal and disclosure controls; conflicts of interest; 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; and the successful acquisitions and

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integration of business arrangements and realizing the intended benefits therefrom. In addition, there are 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 “Risk Factors” included in New Gold’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&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.

Technical Information

All other scientific and technical information in this MD&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 "Qualified Person" for the purposes of NI 43-101.

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