12 WWWNEW G O L D C O M TSXNGD NY SE Am er ic an NG D REVIEW OF OPERAT I N G MI NES Rainy River Mine Ontario Canada Rain y Ri ve r i s a gol d min e locate d ap pro x imatel y 5 0 kilom e tre s north we st of Fort Fran ce s a town of approxi m atel y 8000 p eopl e in northwe stern Ontari o Cana da A summa ry o f Rainy River s ope rating re sults i s pro v id ed belo w Three mont hs ended March 31 in millions of U S dolla rs except where not ed 202 0 201 9 OPERAT IN G IN FORM AT ION Ore m i ned t ho us a nds of ton nes 236 7 141 6 Was t e m i ne d t ho us ands of to nn es 925 2 863 5 Ore proc es s ed t h ous an ds of t o n nes 167 8 177 5 Ratio of was t e to o re 391 610 Av erage gol d gr ad e gram s to nne 103 119 Gold recovery rate 90 90 Gold e q ounc es 1 3 Produc e d 511 06 622 78 Sold 535 38 714 83 Gold o unc es 1 Produc e d 503 81 615 57 Sold 527 82 706 95 Av erage gol d re ali z ed pric e 1 2 ounce 145 6 129 5 Operati ng ex pe ns es per g o l d e q o u n c e s o ld o unc e 3 106 0 801 Deprec iat i o n a nd dep leti on per go ld eq ounc e 661 303 To ta l ca sh co sts pe r g o l d e q o u n c e so l d 2 3 106 0 801 Al l i n su sta i ni n g co sts p e r go l d e q so l d 2 3 175 5 133 0 FINAN CIAL I N F O RMAT I O N Rev enue 778 925 Operati ng m a r g in 2 210 352 Rev enue les s c o s t of g o o d s s o ld 144 135 Capit a l ex p e n d itur es s us taini ng c a pi tal 2 334 346 Capit a l ex p e n d itur es growth c a pit a l 2 01 38 1 Product i on is shown on a t o t a l cont ained bas is while sales are shown o n a net payabl e basis including f i nal product invent ory and s m elt e r pay able adjust m ent s where applicable 2 The Company uses cer t ain nonG AAP financial performance measures throughout this MDA Total cash cos t s and allin sustaining c ost s per g o ld eq ounce sold average realized price and operat ing margin and capit a l expen di t u res sust a ining c apit a l sust aining leases and growt h capit a l are nonG AAP f inancial perf o rmance meas ures wit h no st andard meaning under IFRS For further informa t i on and a detailed reconciliati on please refe r to the N onGAAP Financial Performance Measures sect ion of t h is MDA 3 G o ld eq ounces include silver ounces and copper ounces produced or sold convert ed t o a gol d eq based on a rat i o o f 1 500 per gold ounce and 17 75 per silver ounce T h roughout t he year t h e Company will report gold equivale nt ounces using a const ant rat i o of t h ose prices