39 WWWNEW G O L D C O M TSXNGD NY SE Am er ic an NG D Cautionary Note Regarding Forwa rdLooking Statements Certai n info rmation contai ned in thi s M D A inclu d in g an y informa t ion relatin g to Ne w G o lds future finan ci al or ope ratin g perfo rman ce are fo r ward looki ng All st at ements in t h is ne ws rele ase othe r tha n stateme n ts of histori c al fa ct whi c h ad dress e v ents result s out co mes o r de vel opment s that Ne w Gold expect s to occu r are fo r ward l ooki ng state m ents Forward loo k ing stat ements a r e statements t hat are not hi stori c al fact s and are gen e r ally but not alwa ys identified by the use of forward loo k ing termi nolog y su ch as pla ns expe c ts is exp e cte d b udget sche duled targ e t ed e stimates fo r e c a s ts inte n d s antici pate s proje cts po t ential belie ve s o r va riati ons of su ch word s and p h ra se s or state m ents that ce rtain actio n s eve n ts or re sults ma y could woul d should mi ght or will b e taken o ccur or be ach i eve d or the negati v e con notation of such te rm s F o rwardlo oki n g statem ents in this n e ws relea s e in clude am ong others state m ents with re spe c t to t he Comp an ys a n ticipate d co urse of action at the Rainy River Mine an d the systemati c ramp up of operation s the Compa n y s ability to redu ce t he risk of the spre ad of COVID19 the Co mpa n y s revi ew of lo wer than plan ned cop p e r g r ade s at Ne w Afton the st at ements un der the he adin g Outlook fo r 2020 the ade qua cy of the Comp an ys li qui dity po sitio n statements under the he ading s Ke y Perform a n c e Drive r s Economi c Outlo o k Mineral Re serve an d Mineral Re source estim a tes grade s exp e cte d to b e mined at th e Co mpan y s operation s pl anne d de vel o pment e x plo r ation an d oth e r a c tivitie s for 2020 at th e Comp an ys operation s an d proje c ts All forwa r d lo okin g state m ents in this M D A are ba s ed on the o p i n ion s an d e s t i mates of ma nagem ent a s of the date su ch statem ent s are ma de a nd are subje c t to important risk fa ctors a nd uncertai n ties man y of whi c h a r e be yon d Ne w G o lds a b ility t o cont rol o r predi ct Ce rta i n material a s sumption s regarding su ch forwa r d loo k i ng statem ent s a r e di scussed i n this M D A its mo st recent Ann ual Inform ation Fo rm an d techni cal re p o rts on the R a iny Ri ve r Mine and Ne w Afton Mine filed at www se darcom and on EDGAR at wwwsecg o v In addition to and subje c t to such a s su mption s d i scusse d in more d e tail e l se whe r e the forwa r d loo k i ng stateme n ts in this news rele ase are also su bject to the following assum p tio n s 1 the r e being n o si gn ificant disru p tions affe cting New Gold s oper ation s ot her tha n as set out herei n 2 p o litical and leg a l de velopme n ts in cludi ng tho s e in the conte x t of the outbreak of COVID1 9 in juri sdiction s where Ne w Gold op erate s or m a y in the futu re ope rate be ing co nsi s ten t with Ne w G o lds cu rre nt exp e ctatio ns 3 th e ac cu ra cy o f N e w Go ld s cu rr e n t min e r a l r e s e rv e a n d min e r a l r e so u r c e es tima tes 4 th e e x c h ange rate between the Cana dia n dollar a n d US dollar and to a lesser e x tent the Mexi can Peso bein g approxi m atel y co nsi s tent with cu rrent level s 5 pri c es for die s el natur al g a s fuel oil electri c ity an d other ke y suppli e s being app ro xi mately con s i s tent with curr ent levels 6 equipm ent labou r an d m a terial s cost s increa sing on a ba sis con s i s tent with Ne w Gol d s cu rr ent expe ctations 7 arran gement s with First Nation s and oth e r Ab origin al group s in respe c t of the Ne w A fton Mine Ra iny River Min e and Bla c kwater p r oje c t being con s ist ent with Ne w Gold s cu rre n t expectatio n s particula rly i n the conte x t of the outbrea k of COVID 19 8 all req u ired pe rmits licen se s a nd authori z ati o n s bei ng o b tai ned from the rele vant g o ve rnme nts a nd other rel e vant stakeh olde rs within the expecte d ti melines an d the abse n ce of material negati v e comme nts durin g the applica b le reg u l a tory p r o c e s ses 9 the re su lts of the techni cal re port s for the Rain y River Mine and Ne w Afton Min e an d the fea s ibilit y st udy an d the fea s ibility stud y for th e Blackwater proje c t b e ing reali z ed there being no case s of COVID19 in the Comp an ys workfo rce no r emplo y ee s requi re d or e x pe c t ed to s e lf i s o la te eith e r fo r cr oss bo rd e r tr av el or a n y oth e r rea s on b o t h to the exte nt that su ch ca se s of CO VID19 or sel f isolatio n im pact the Co m pan ys ope rat i ons 10 the re spo n se s of the rel e vant govern m ent s to the COVID19 outb r ea k being sufficie n t to contain the impa ct of the COVID19 outbrea k 11 there b e i ng no materi a l disru p tion to the Compa n y s sup p ly c h ains o r cu st o m ers that wo uld impa ct th e Comp an ys Rainy Ri ve r Mine or Ne w Afton Mine and 12 the long term econo mi c effects of the COVID