6 WWWNEW G O L D C O M TSXNGD NY SE Am er ic an NG D measures at our co rpo r ate office an d at all our site s t o prote c t o u r workfo rce an d co mmunitie s For fu rthe r informatio n o n the Comp a n y s re sp on se visit wwwne wgol dcom The Comp an y continu e s to asse ss th e p o tential impa cts of the CO VID19 pan d e mic o n its 20 20 produ ction and co st stru cture duri ng this unprecede n t ed period Wh ile operation s contin ue at both mines the Comp an y belie ve s it was pru dent to tempo r aril y wit hdra w ou r 20 20 guid ance as the glo bal COVID19 cri s is contin ue s to develo p particul a rl y given the signifi cant risk rela te d to the potential for gove r n m ent laws re gulation s o r other me asures that might be re quired t hat coul d imp a ct ou r ability to operate b u sin e ss di sru p tions in our sup p ly chain disru p tion s in the markets for our p r o duct s comm odity pri c e s g enerally a s well as glob al health an d econ omic im p a cts Also wi thout any sig n if icant ad ditional de velo p m ent s the a c tion s that the Comp an y ha s taken at it s operation s to prote c t the h e a lth and safet y of its wo rkf o rce a nd lo ca l comm unity may imp a ct e a ch min e s pr odu ct ivit y The Company has a strong liquidit y position of approximatel y 6 00 million which man agement feel s is more tha n ad equate to fun d our bu sin e ss duri ng this perio d KEY PERFORMANCE DRIVERS There is a range of key perf o rma n ce dr ivers that are critical to the succ essful impl ementation of New Gold s strateg y a nd t he a c hie v em ent of its go al s The ke y in t e rnal dri v e r s are p r o d u c tio n vol u me s an d co sts Th e ke y exte rnal drivers are m a rket pri c e s o f gold and co pper a s well as forei gn e x cha nge rates Production Volumes and Costs For an a nal ysis of the impa ct of prod ucti on vol u me s a nd co sts fo r the thre e mon t hs end ed Ma rch 31 202 0 relative to priory e ar periods refer to the Re v ie w of Operating Mi nes se ction of this MDA Commodity Prices Gold Pri c e s The price of gold i s the si ngle larges t f a ctor affecting New Gold s profit ability and operating cash flows A s su ch the cu rrent and future financi a l pe rforma nce of t he Comp an y is exp e cte d to be clo s el y related to the prevailing pri c e of gold For the thre e months en d ed March 31 2020 Ne w Gold s gold reve nue pe r o unce and a v erag e reali z e d gold p r ice p e r ou nce we re 14 3 1 an d 1458 re specti vel y co mpared to th e Lond on Bu llion Market LBMA pm avera ge gol d price of 1583 pe r oun ce The Comp an y ha s e n tere d into gold p r i c e option colla r co ntra cts to pro v ide do wn side pri c e p r o t ection The Comp an ys g o ld pri c e opti on coll ar cont ract s e x t end until the end of 2020 For further info rm ation on the Comp an ys g o ld price option colla r cont ract s please refe r to the Liquidity and Cash Flo w se ction of this MDA Cop per Pri c e s For the three months en de d March 31 2020 Ne w Gol d s co ppe r re ven ue per po und and a v erage reali z e d cop per pri c e per poun d we re 2 36 a nd 256 respe c tivel y compa r ed to the a v e r age LME co pper pri c e of 256 pe r po und