1 WWWNEW G O L D C O M TSXNGD NY SE Am er ic an NG D MANAGEMENT S DISCUS SI ON AND ANALYSI S All dollar figures are in United Sta t es dollars and tabul ar dollar amo unts are in millio ns unless otherwise noted For the t h ree m o nths ended Marc h 31 2020 The followin g Manageme n t s Discussio n and Analysis M DA pro v ide s information that manag eme n t belie ve s is rel e va nt to an a s sessme nt an d und erstandi ng of the con s olid ated fina ncial co nditio n and re sult s of operation s of Ne w Gold I n c an d its su bsidi a rie s New G o ld or t he Com pan y Thi s M D A shoul d be read in co nju n ction with New Gold s un audited cond ensed co nsolidated interim fi nanci a l state m ents for the three m onth s ende d Ma rch 31 20 20 a nd 20 19 an d related note s whi c h a r e p r epared in accorda n ce with Internation a l Finan cial Re porting Stan d a rd s IF R S as issue d by the Internati onal Accou n ting Standa rd s Board IASB Thi s MD A contain s forwardl o o k ing st atement s th at are su bje c t to risks and u n ce rtaintie s as di scu ssed in the caution a ry n o te co ntained in th is MDA The reade r is caut ioned not to place undu e relian c e on fo rwa r d loo k in g statements All dollar figures a r e in Un ited States d o llars and tabular doll a r amount s are in millions unless otherwi se noted Th i s MDA has been pre pared as at April 28 2020 Additional inf o rmatio n rel a ting to the Compan y in cl uding th e Co mpan ys A n n ual Inform ation Fo rm is avail able on SEDAR at w ww sed a rc o m OUR BUSINESS Ne w Gold is a Cana dian focu s e d intermediate gold mining comp any with a po rtfolio of two core pro d u c in g assets i n Can ada the Rain y Ri ve r g o ld mine Rain y River or the Rai ny Ri ve r Mine an d th e Ne w Afton goldco ppe r mine Ne w Afton or the New Afton Mine as well as the 100 own e d Blackwater developm ent proje c t Bl a ckwater The Compa n y al so op erate s the Ce rro San Pedro gol d sil v e r min e Cerro S an Pedro i n Me xico whi c h is cu rre ntly i n t he recl amatio n pha se Ne w Gol d s vi sio n is to build a leadin g di versified inte rme d iate gol d co mpan y ba se d in Ca nad a that is commit t ed to en viro nmental a n d social respon sibility