40 WWWNEW G O L D C O M TSXNGD NY SE Am er ic an NG D 19 outb r ea k not havi ng a material a d ve rse im pa ct on t he Comp an ys o p e r ation s or liq uidity positio n and 13 com m odi ty pri c e s and excha nge rates bei ng con s iste nt with m a rket con s e n s u s estimate s Forwardl o o k i ng stateme n ts are ne ce ssarily b a sed o n estimate s and assu mpt i ons that are inhere n tly subj ect to kn own an d unknown risks unce r taintie s a nd other facto r s that may cause ac t ual r e sult s level o f activit y perfo rman ce o r achievement s to be materiall y different fro m those expressed o r implied by su ch forwa r d loo k i ng state m ent s Such facto r s i n cl ude wi t hout limitatio n signifi cant capital req u irements an d the availabilit y and mana g e ment of capi tal resou r ce s additional funding re quire ments pri c e volatility in the spot and forward market s for metals and othe r co mmodi tie s fluctuatio ns in the international cu rren cy markets and i n the rates of excha nge of the curren cie s of Can ada t he United Sta t es an d to a l e sser e x tent Mexi co di screpan cie s bet wee n actu al and e s timate d pro ductio n betwee n act ual and e s tim a ted Mine ral Re serve s an d Mine ral Re sou r ces and betwe en a c tu al and estim a ted metallu rgi c al re co veri e s ch ang es in national an d local go ve rnm ent legislati o n in the countri es in whi c h New Gold do es or may in the future ca rry on bu sine ss taxatio n controls reg u latio n s an d political or econo mic de velo pme n ts in the co u n tries in whi c h Ne w Gold do es or ma y in the future ca rry on b u sin e ss the spe c ul ative natu r e of mineral e x ploratio n and developm ent including the risks of obtaining and maint a ining the validity and enfor ceability of th e necessary licen se s a nd permit s an d complyi ng with the pe rmitting re quirement s of e a ch juri sdiction i n which Ne w G o l d operates in cl uding b u t no t limited to obtaining th e nec essa ry pe rmits fo r the Ne w Afton Czo ne the r e being cases o f COVID19 i n the Compa n y s workfo rce at either the Rainy Ri ve r or Ne w Afton Mine or both the Co mpa n ys workforce at either th e Rain y River Mi ne o r the New Afton Mi n e or b o th be ing requi red t o s e lf i s o la te du e to c r oss bo r d er tr av e l to th e U n it ed States or an y other cou n try the re sp o n se s of the rele vant go ve rnme nts to the COVI D19 outbre a k not being sufficie n t to contain the impact of the COVID 19 outb r e a k disruption s to the Compa n y s su ppl y ch ain cu stom ers an d workfo rce d ue to th e COVID19 outbre a k a n eco nomi c rece ssion or downturn as a re sult of the COVI D1 9 outbrea k that materi all y adversel y affects the Com pan ys ope rat i ons or li quidi ty position th e un ce rtaintie s inh e rent to curre n t and future legal challen ges to whi c h Ne w G o ld is or ma y becom e a party dimini sh ing quantitie s or grade s of Mineral Reserves and Mineral Resources com petition loss of key employees rising costs or availabilit y of labou r sup p li es fuel and e quipme n t global eco nomi c con d ition s an d any glo bal o r local n a tural event s that may impede the econom y or Ne w Gold s ability to carry on business in the normal course act ual results of curre n t explo r ation or re cla m ation acti vities uncertai n ti es inhe rent to mining econ omic stu d ie s inclu d ing the techni cal rep o rts fo r the Rain y River and Ne w Afton Mi n e s an d the fea s ibili ty stud y fo r t he Bla c kwate r project the uncertainty wit h respec t to prevailing market conditions necessary for a pos itive developm ent or con s tru c tio n de cisi on at the Blackwat er p r oje c t ch ange s in proj ect pa ram e te rs as plan s continue to be refined a cci d ents labo ur disp utes def ective title to mi neral claim s or p r op erty or co ntest s o v er claim s to mineral prope rties un expe cted del ay s a nd co st s inhe rent to con s ul ting and a c co mmodatin g ri ghts of First Nation s and other indi gen ous g r ou ps uncertaintie s and unanti c i pated dela ys associ ated with obtainin g and maintai n ing ne ce ssary li cen s e s permits a n d authori z ati ons a nd co mplyin g with permitting requi rem ents inclu d ing th o s e a s so ciated with the C zo ne pe rmitting pro c e ss glob al gold su ppl y increa sing as hi ghqualit y de po sits a r e locate d an d mined a signi fic ant in cre a se in e x plo r atio n bud gets of comp etitors the longt e rm econ omic en viro nme n t no longe r provi d i ng favo ura b le supp ort for p r eci o u s metal s and g o ld in pa rticul ar and Chin ese dema nd fo r cop per not in cr e a si ng In addition the r e are ri sks a nd ha za rd s asso ciated with the busin ess of mineral explo r atio n develo p m ent const r u c tion and mining includi ng envi r on menta l event s an d haza r d s ind u strial accid e n ts unu su al or un expe cte d formation s pre s sure s ca vei ns floo ding or droug ht and gold bullion losse s and in each ca se the risk of inadequat e insuran c e or ina b ility to obtain in su rance to cove r these ri sks as well a s Risk Fa cto r s inclu ded in Ne w Gol d s disclo sur e do cume nts filed on and avail able on SED AR at www sedar c om Fo rwa r d loo k in g statements are n o t gua ra ntees of futu re perfo rma n ce and a c tual results a nd fu ture e v ent s could mate riall y differ fro m those a n ticip a ted in such statement s All of the fo rwardl o o k ing statement s containe d in this M D A ar e