35 WWWNEW G O L D C O M TSXNGD NY SE Am er ic an NG D ENTERPRISE RISK MANAGEMENT AND RISK FACTORS The Com pan y is subje c t to vario u s fin anci a l and other ri sks that could materi ally ad versel y affect the Comp an ys fu ture busi n e s s operation s and financi a l condi tion The followin g is a summ ary of certain ri sks facing the Compan y Fo r a more com p reh e n s ive di sc ussio n of these and oth e r ri sks fa cin g Com pan y plea se refer t o the se ction entitled Risk Facto r s in th e Co mpan y s most re cent Annual Info rmation Fo rm and the se ction entitled Ent erp r ise Ri sk Man agem e n t in the Co mpan ys Man ageme n ts Di scussio n and Analysis fo r the ye ar en de d De cemb er 31 2019 bot h filed on SEDAR at www sed a rcom T here we re no signifi cant ch ange s to th ose ri sks o r to t he Comp an ys ma nag eme n t of expo sure to tho s e risks for the th ree months e nde d March 31 2 020 exce pt as noted b e lo w Other Risk s COVID 19 Efforts to fight the COVID1 9 pand emic h a ve b een ta ken by n a tional and local g o vernm ents a n d busin esse s that have ha d sig n ifica n t impact o n the eco nom y an d on in divi du al bu sine ss inclu d ing Ne w Gold Th ere wa s a temporary twowee k shutdo wn of the Rain y River Mine from March 20 to April 2 to allow the local workfo rce to compl e te a 1 4 da y pe rio d of selfi solati on re com m e nded b y the Can adian go vernme nt after travel outsi de of Cana da a s freq uent bo rde r cro ssi ng s to the Unite d States are a comm on p r actice in the regio n nea r the mine On April 3 opera t ions re su me d usin g a local workfo rce with ope ratio n s gradu ally rampi ng up o v er th e comin g we eks ple ase refe r to the Compa n y s April 3 2 0 2 0 pre s s rel e a s e for fu rthe r informatio n Both the British Colum b ia and Ont a rio provi n ci al gove r nm e n ts ord e red nonesse ntial busi n e s ses t o clo s e to h e lp stop th e spread of COVI D1 9 As of the date of this MD A New G o ld s operation s fit within the current list of essential b u si n e sse s relate d to these ord e rs However there is no guarantee th at New Gold s ope ratio n s will not be su spe nde d or shutdo w n in whol e or in p a rt in the future as a re sult of revi sion s to th e list of esse n t ial busin es s e s ma de by th e p r ov inc e s o f O n ta r i o Br itish C o lumb ia or both a s the COVID19 pand emic p r ogre s se s Th e Comp an y has currentl y implemented measu r e s to pre v ent the sprea d of COVID19 an d these mea s u r e s have impacte d the Compa n y s prod ucti vity and ma y contin ue to d o in the futu re Can adia n and p r o v in cia l govern m ent s as well a s other rele va n t jurisdiction s may introdu ce new or m o dify exi s ting l a ws regul ati ons orde rs o r other me asure s that coul d impact ou r ability to operate or affect the acti on s of our suppli e rs or cu stom ers The respon ses of the Can adian an d p r ov inc i a l gov e r n m en ts as we ll as o t he r re lev a n t jur i s d i c tion s m a y b e in suffici ent to contain the impa ct of the COVI D1 9 pan demi c and thi s could al so i m pac t o u r e m ployee s supplie rs cu stomers local comm unitie s and othe r sta k eh olde rs which coul d im pact ou r abilit y to ope rate The COVID1 9 pand emi c and re sp on ses to it may also le ad to an economi c rece ssion o r downtu r n a s a result of the COVID1 9 outbre a k that materially ad versel y affect s the Compa n y s operatio ns or liquidit y position One or more of the Comp an ys emplo y e e s coul d co ntra ct COVID1 9 o r be directl y a ffected by so meone who d oes contract COVID19 an d may be req u ired to selfi solate This may impa ct the health of the Comp an y s workfo rce whe r e empl o y ee s ha ve co ntracte d COV I D19 an d also impact the health of the surro undi ng communit y as well a s impa cting the Com pan ys a b ilit y to operate at that location