Slides
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October 29, 2025 Q3 2025 Earnings Call and Webcast
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Cautionary Notes All amounts in U.S. Dollars unless otherwise stated Certain information contained in this presentation, including any information relating to New Gold’s future financial or operating performance are “forward-looking”. All statements in this presentation, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “targeted”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements in this presentation include, among others, statements with respect to: the Company’s expectations and guidance with respect to production, costs, capital investment and expenses on a mine-by-mine and consolidated basis, associated timing and accomplishing the factors contributing to those expectations; successfully completing the Company’s growth projects and significantly increasing production into 2026 and future years as a result thereof; successfully reducing operating costs and capital expenditures and the cumulative free cash flow anticipated to be generated over the next three years as a result thereof; expectations that the Company will deliver on its 2025 production and cost guidance; the Company successfully ramping up New Afton’s C-Zone to 16,000 tpd and advancing K-Zone exploration towards maiden resource in early 2026; the Company successfully ramping up Rainy River’s underground main zone and advancing Phase 5 open pit development; expectation that the Company will maintain exemplary health and safety performance; the Company’s ability to implement its near-term operational plan and to repay future indebtedness; the Company’s expectations regarding its liquidity position and its ability to fund its business objectives; the anticipated timing with respect to the Company’s contractual commitments becoming due; and the sufficiency of the Company’s financial performance measures in evaluating the underlying performance of the Company. All forward-looking statements in this presentation are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold’s ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this presentation, its most recent Annual Information Form and NI 43-101 Technical Reports on the Rainy River Mine and New Afton Mine filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this presentation are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold’s operations, including material disruptions to the Company's supply chain, workforce or otherwise; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current Mineral Reserve and Mineral Resource estimates and the grade of gold, silver and copper expected to be mined; (4) the exchange rate between the Canadian dollar and U.S. dollar, and to a lesser extent, the Mexican Peso, and commodity prices being approximately consistent with current levels and expectations for the purposes of guidance and otherwise; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold’s current expectations; (7) arrangements with First Nations and other Indigenous groups in respect of New Afton and Rainy River being consistent with New Gold’s current expectations; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments or obstacles during the applicable regulatory processes; and (9) the results of the life of mine plans for Rainy River and New Afton being realized. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation, the “Risk Factors” included in New Gold’s most recent annual information form, MD&A and other disclosure documents filed on and available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All forward-looking statements contained in this presentation are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. Cautionary note regarding forward-looking statements
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Ankit Shah, EVP, Chief Strategy Officer Introduction 3
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4 Q3/25 Key Accomplishments QUARTER-OVER-QUARTER PRODUCTION AND COST IMPROVEMENT Production and cost management tracking well, highlighted by record quarterly production at Rainy River and ongoing B3 overperformance at New Afton 225% QUARTER OVER QUARTER INCREASE IN FREE CASH FLOW Generated a record $205 million of free cash flow during quarter, up 225% quarter- over-quarter; Rainy River generated a record $183 million during the quarter BALANCE SHEET STRENGTHENED WITH DEBT REPAYMENTS $260 million of debt obligations repaid in quarter, highlighted by the repayment of the $150 million drawn on the credit facility, one quarter ahead of plan GROWTH PROJECTS ADVANCING FOR 2026 PRODUCTION GROWTH New Afton’s C-Zone on-track for ramp up to 16,000 tpd for the beginning of 2026; Rainy River underground continues to advance well STRONG EXPLORATION RESULTS RELEASED DURING Q3 Significant growth at New Afton’s K-Zone with maiden mineral resource expected in early-2026, Rainy River expected to offset mining depletion
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Travis Murphy, VP Operations Q3 2025 Operational Review 5
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6 Consolidated Q3 2025 Q3 2024 9M 2025 9M 2024 Gold production (oz) 115,213 78,369 245,994 217,865 Copper production (Mlbs) 12.0 12.6 39.1 39.5 Operating expenses per gold ounce sold ($/ounce, co-product) 874 1,021 1,054 1,090 All-in sustaining costs per gold ounce sold (by-product basis) ($/ounce)1 966 1,195 1,260 1,317 Sustaining capital ($M)1 19.2 19.8 85.9 77.2 Growth capital ($M)1 56.4 42.7 157.0 118.6 Total capital ($M) 75.6 62.5 242.9 195.8 New Afton Q3 2025 Q3 2024 9M 2025 9M 2024 Gold production (oz) 14,912 16,477 50,181 52,957 Copper production (Mlbs) 12.0 12.6 39.1 39.5 Operating expenses per gold ounce sold ($/ounce, co-product) 832 709 747 730 All-in sustaining costs per gold ounce sold (by-product basis) ($/ounce)1 (595) (408) (609) (195) Rainy River Q3 2025 Q3 2024 9M 2025 9M 2024 Gold production (oz) 100,301 61,892 195,813 164,908 Operating expenses per gold ounce sold ($/ounce) 880 1,089 1,133 1,195 All-in sustaining costs per gold ounce sold (by-product basis) ($/ounce)1 1,043 1,327 1,536 1,582 On-Track to Deliver 2025 Guidance Operating Results 1. This is a non-GAAP measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. Refer to the “Non-GAAP Financial Performance Measures” section of this presentation.
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Operational Estimates 9M 25 Actual 2025 Outlook Tonnes processed (kt) 3,414 5,102 Gold feed grade (g/t) 0.53 0.48 Copper feed grade (g/t) 0.58 0.56 Gold recovery (%) 85 83 Copper recovery (%) 89 88 Gold production (koz) 49.61 60 – 70 Copper production (Mlb) 39.1 50 – 60 Sustaining capital2 ($M) 2.7 5 – 10 Growth capital2 ($M) 78.6 110 – 125 7 Tracking In-Line with Guidance, C-Zone Ramp-Up On Plan New Afton 2025 Outlook 1. New Afton Mine Only. Data is exclusive of gold ounces from ore purchase agreements. 2. This is a non-GAAP measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. Refer to the “Non-GAAP Financial Performance Measures” section of this presentation.
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Operational Estimates 9M 2025 Actual 2025 Outlook Total ex-pit tonnes (Mt) 17.9 30 Strip ratio 2.98 1.8 Underground ore (kt) 350 846 Tonnes processed (kt) 6,796 9,147 Gold feed grade (g/t) 0.97 1.06 Gold recovery (%) 93 91 Gold production (koz) 195.8 265 – 295 Sustaining capital1 ($M) 83.3 90 – 100 Growth capital1 ($M) 78.4 65 – 80 8 Record Quarterly Production and Free Cash Flow Rainy River 2025 Outlook 1. This is a non-GAAP measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. Refer to the “Non-GAAP Financial Performance Measures” section of this presentation.
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Keith Murphy, CFO Q3 2025 Financial Review 9
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10 Q3 2025 Q3 2024 9M 2025 9M 2024 Revenue ($M) 462.5 252.0 980.0 662.3 Operating expenses ($M) 131.2 107.6 345.6 323.9 Depreciation and depletion ($M) 69.5 58.3 192.7 190.8 Net earnings ($M) 142.3 37.9 194.2 47.5 Net earnings per share ($) 0.18 0.05 0.25 0.06 Adj. net earnings ($M)1 199.5 64.3 301.3 94.3 Adj. net earnings, per share ($)1 0.25 0.08 0.38 0.13 Cash generated from operations ($M) 300.7 127.9 571.2 283.2 Cash generated from operations, per share ($) 0.38 0.16 0.72 0.38 Cash generated from operations, before changes in non-cash operating working capital ($M)1 296.4 120.0 547.4 283.1 Cash generated from operations, before changes in non-cash operating working capital, per share ($)1 0.37 0.15 0.69 0.38 Free cash flow ($M)1 204.7 57.0 292.0 62.8 Record Quarterly Free Cash Flow Achieved Financial Highlights 1. This is a non-GAAP measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. Refer to the “Non-GAAP Financial Performance Measures” section of this presentation.
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11 $500M Liquidity Position $123M Cash and Cash equivalents1 $376M Undrawn credit facility2 Face Value ($M) Maturity Interest Rate Revolving credit facility $400 March 2029 SOFR +2.00% - 3.25% Senior unsecured notes $400 April 2032 6.875% April Gold Prepayment Financing Monthly Delivery Remaining Term Average Price 2,771 gold ounces October 2025 – June 2026 $3,157/oz Hedging Strategy 3 Q4 2025 ~75% of FX of AISC hedged at 1.37 and ~75% of fuel consumption hedged Q1 2026 ~20% of FX of AISC hedged at 1.37 and ~15% of fuel consumption hedged Redeemed remaining $111 million July 2027 Senior Notes Financial Flexibility Enhanced Strong Liquidity Position, Financial Flexibility Balance Sheet 1. Based on cash and equivalents as at June 30, 2025. 2. $400M credit facility of which $24M in Letters of Credit outstanding related to mine closure cost. 3. Includes hedges placed subsequent to Q3/25 Repaid $150 million drawn on credit facility
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Jean -Francois Ravenelle, VP Geology Exploration 12
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13 2025 Strategic Outlook • Building on recent success, the 2025 exploration program at New Afton is strongly focused on K-Zone (budget recently increased by $5 million to $22 million total) • Exploration highlights include: 1. Discovery of additional mineralization in the footwall of K-Zone, which has more than doubled the known extent of the system 2. Surface drilling intersected C-Zone grade copper- gold mineralization located 550 metres to the east of the current K-Zone footprint. Borehole AF24- 596E intersected 1.1% CuEq over 55 metres core length, demonstrating the high potential for further growth New Afton Exploration
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14 2025 Strategic Outlook • Infill drilling programs are expected to upgrade the existing pit- constrained resource to the indicated category at NW Trend • Exploration drilling has extended underground mining zones, which remain open at depth • Additional underground exploration platforms becoming available in 2026 and 2027 will accelerate underground resources and reserves development Rainy River Underground Exploration
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Patrick Godin, President and CEO Outlook and Concluding Remarks 15
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16 FREE CASH FLOW1 GENERATION OVER THE NEXT THREE YEARS $- $200 $400 $600 $800 $1,000 $1,200 2025 2026 2027 $2,750/oz Au and $3.75/lb Cu $3,000/oz Au and $4.00/lb Cu $3,250/oz Au and $4.25/lb Cu Cumulative FCF 2025-20272 ~US$2.2 Billion Average Annual FCF 2025-20272 ~US$720 Million ~US$0.90/share Average Annual FCF Yield2 2025-2027 ~15% Free Cash Flow 1. Reflects New Gold’s 100% free cash flow at New Afton. Free cash flow is cash generated from operations, less capital expenditures on mining interests, lease payments, and settlement of the gold stream obligation. This is a non-GAAP measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. Refer to the “Non-GAAP Financial Performance Measures” section of this presentation. 2. Assumes $3,000/oz gold and $4.00/lb copper.
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17 New Gold • Deliver on 2025 production and cost guidance • Maintain exemplary health and safety performance New Afton • Ramp up of New Afton’s C-Zone • Advance K-Zone exploration towards maiden resource in early-2026 Rainy River • Ramp-up of Rainy River’s underground main zone • Advance Phase 5 open pit development • Progress exploration strategy focused on offsetting mining depletion Building on 2024 Free Cash Flow Inflection Point 2025 Strategic Goals
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Questions 18
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19 Endnotes Disclosure regarding Mineral Reserve and Mineral Resource estimates included in this presentation was prepared in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the United States Securities and Exchange Commission (“SEC”) generally applicable to U.S. companies. For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in NI 43-101. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this presentation will not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements. Cautionary note to U.S. readers concerning estimates of mineral reserves and mineral resources Technical Information All scientific and technical information has been reviewed and approved by Travis Murphy, Vice President, Operations of New Gold. Mr. Murphy is a Professional Geoscientist and a member of the Association of Professional Engineers and Geoscientists of British Columbia. Mr. Murphy is a "Qualified Person" for the purposes of NI 43-101. Additional information regarding the Company’s verification and quality assurance processes is set out in the New Afton and Rainy River NI 43-101 Technical Reports available on SEDAR+ at www.sedarplus.ca. For additional technical information on New Gold’s material properties, including a detailed breakdown of Mineral Reserves and Mineral Resources by category, as well as key assumptions, parameters and risks, refer to New Gold’s MD&A for the year ended December 31, 2024 available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov
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20 Non-GAAP Measures Non-GAAP Financial Performance Measures 1. Cash costs per gold ounce sold "Cash costs per gold ounce sold" is a common non-GAAP financial performance measure used in the gold mining industry but does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. New Gold reports cash costs on a sales basis and not on a production basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, this measure, along with sales, is a key indicator of the Company’s ability to generate operating earnings and cash flow from its mining operations. This measure allows investors to better evaluate corporate performance and the Company's ability to generate liquidity through operating cash flow to fund future capital exploration and working capital needs. This measure is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. This measure is not necessarily indicative of cash generated from operations under IFRS Accounting Standards or operating costs presented under IFRS Accounting Standards. Cash cost figures are calculated in accordance with a standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. Cash costs include mine site operating costs such as mining, processing and administration costs, royalties, and production taxes, but are exclusive of amortization, reclamation, capital and exploration costs and net of by-product revenue. Cash costs are then divided by gold ounces sold to arrive at the cash costs per gold ounce sold. The Company produces copper and silver as by-products of its gold production. The calculation of total cash costs per gold ounce for Rainy River is net of by-product silver sales revenue, and the calculation of total cash costs per gold ounce sold for New Afton is net of by-product copper sales revenue. New Gold notes that in connection with New Afton, the copper by-product revenue is sufficiently large to result in a negative total cash cost on a single mine basis. Notwithstanding this by-product contribution, as a Company focused on gold production, New Gold aims to assess the economic results of its operations in relation to gold, which is the primary driver of New Gold’s business. New Gold believes this metric is of interest to its investors, who invest in the Company primarily as a gold mining Company. To determine the relevant costs associated with gold only, New Gold believes it is appropriate to reflect all operating costs, as well as any revenue related to metals other than gold that are extracted in its operations. To provide additional information to investors, New Gold has also calculated total cash costs on a co-product basis, which removes the impact of other metal sales that are produced as a by-product of gold production and apportions the cash costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total gold ounces, silver ounces or pounds of copper sold, as the case may be, to arrive at per ounce or per pound figures. Unless indicated otherwise, all total cash cost information is net of by-product sales. 2. All-in sustaining costs per gold ounce sold “All-in sustaining costs per gold ounce sold” ("AISC") is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. New Gold calculates "all-in sustaining costs per gold ounce sold" based on guidance announced by the World Gold Council (“WGC”) in September 2013. The WGC is a non-profit association of the world’s leading gold mining companies established in 1987 to promote the use of gold to industry, consumers and investors. The WGC is not a regulatory body and does not have the authority to develop accounting standards or disclosure requirements. The WGC has worked with its member companies to develop a measure that expands on IFRS Accounting Standards measures to provide visibility into the economics of a gold mining company. Current IFRS Accounting Standards measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred to discover, develop and sustain gold production. New Gold believes that "all-in sustaining costs per gold ounce sold" provides further transparency into costs associated with producing gold and will assist analysts, investors, and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value. In addition, the Human Resources and Compensation Committee of the Board of Directors uses "all-in sustaining costs", together with other measures, in its Company scorecard to set incentive compensation goals and assess performance. "All-in sustaining costs per gold ounce sold" is intended to provide additional information only and does not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. The measure is not necessarily indicative of cash flow from operations under IFRS Accounting Standards or operating costs presented under IFRS Accounting Standards. New Gold defines all-in sustaining costs per gold ounce sold as the sum of cash costs, net capital expenditures that are sustaining in nature, corporate general and administrative costs, sustaining leases, capitalized and expensed exploration costs that are sustaining in nature, and environmental reclamation costs, all divided by the total gold ounces sold to arrive at a per ounce figure. To determine sustaining capital expenditures, New Gold uses cash flow related to mining interests from its unaudited condensed interim consolidated statement of cash flows and deducts any expenditures that are non-sustaining (growth). Capital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projects will materially benefit the operation are classified as growth and are excluded. The definition of sustaining versus non-sustaining is similarly applied to capitalized and expensed exploration costs. Exploration costs to develop new operations or that relate to major projects at existing operations where these projects are expected to materially benefit the operation are classified as non-sustaining and are excludedCosts excluded from all-in sustaining costs per gold ounce sold are non-sustaining capital expenditures, non-sustaining lease payments and exploration costs, financing costs, tax expense, and transaction costs associated with mergers, acquisitions and divestitures, loss on repayment of long-term debt, fair value changes for the Rainy River gold stream obligation, fair value changes for the New Afton free cash flow interest obligation, fair value changes for copper price option contracts, foreign exchange gains/loss and fair value changes in investments.. To provide additional information to investors, the Company has also calculated all-in sustaining costs per gold ounce sold on a co-product basis for New Afton, which removes the impact of other metal sales that are produced as a by-product of gold production and apportions the all-in sustaining costs to each metal produced on a percentage of revenue basis, and subsequently divides the amount by the total gold ounces, or pounds of copper sold, as the case may be, to arrive at per ounce or per pound figures. By including cash costs as a component of all-in sustaining costs, the measure deducts by-product revenue from gross cash costs.111
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21 Non-GAAP Measures Non-GAAP Financial Performance Measures 3. Sustaining capital and sustaining leases "Sustaining capital" and "sustaining lease" are non-GAAP financial performance measures that do not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. New Gold defines "sustaining capital" as net capital expenditures that are intended to maintain operation of its gold producing assets. Similarly, a "sustaining lease" is a lease payment that is sustaining in nature. To determine "sustaining capital" expenditures, New Gold uses cash flow related to mining interests from its unaudited condensed interim consolidated statement of cash flows and deducts any expenditures that are capital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projects will materially increase production. Management uses "sustaining capital" and "sustaining lease" to understand the aggregate net result of the drivers of all-in sustaining costs other than cash costs. These measures are intended to provide additional information only and should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS Accounting Standards. 4. Growth capital "Growth capital" is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. New Gold considers non-sustaining capital costs to be “growth capital”, which are capital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projects will materially increase production. To determine "growth capital" expenditures, New Gold uses cash flow related to mining interests from its unaudited condensed interim consolidated statement of cash flows and deducts any expenditures that are capital expenditures that are intended to maintain operation of its gold producing assets. Management uses "growth capital" to understand the cost to develop new operations or related to major projects at existing operations where these projects will materially increase production. This measure is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. 5. Free Cash Flow “Free cash flow” is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. New Gold defines "free cash flow" as cash generated from operations and proceeds of sale of other assets less capital expenditures on mining interests, lease payments, and settlement of non-current derivative financial liabilities which include the Rainy River gold stream obligation and the New Afton free cash flow interest obligation. New Gold believes this non-GAAP financial performance measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing the Company's ability to generate cash flow from current operations. "Free cash flow" is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. This measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS Accounting Standards. The following tables reconcile this non-GAAP financial performance measure to the most directly comparable IFRS Accounting Standards measure on an aggregate and mine-by-mine basis. 6., Adjusted Net Earnings and Adjusted Net Earnings per Share “Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures that do not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. "Adjusted net earnings" and "adjusted net earnings per share" exclude “other gains and losses” as per Note 3 of the Company’s unaudited condensed interim consolidated financial statements. Net earnings have been adjusted, including the associated tax impact, for the group of costs in “Other gains and losses” on the unaudited condensed interim consolidated income statements. Key entries in this grouping are: fair value changes for the Rainy River gold stream obligation, fair value changes and gain on the disposal of the New Afton free cash flow interest obligation, foreign exchange gains/loss and fair value changes in investments. The income tax adjustments reflect the tax impact of the above adjustments and is referred to as "adjusted tax expense". The Company uses "adjusted net earnings" for its own internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect the items which have been excluded from the determination of "adjusted net earnings". Consequently, the presentation of "adjusted net earnings" enables investors to better understand the underlying operating performance of the Company's core mining business through the eyes of management. Management periodically evaluates the components of "adjusted net earnings" based on an internal assessment of performance measures that are useful for evaluating the operating performance of New Gold's business and a review of the non-GAAP financial performance measures used by mining industry analysts and other mining companies. "Adjusted net earnings" and "adjusted net earnings per share" are intended to provide additional information only and should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS Accounting Standards. These measures are not necessarily indicative of operating profit or cash flows from operations as determined under IFRS Accounting Standards.
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22 Non-GAAP Measures Non-GAAP Financial Performance Measures 7. Cash Generated from Operations, before Changes in Non-Cash Operating Working Capital “Cash generated from operations, before changes in non-cash operating working capital” is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. Other companies may calculate this measure differently and this measure is unlikely to be comparable to similar measures presented by other companies. "Cash generated from operations, before changes in non-cash operating working capital" excludes changes in non-cash operating working capital. New Gold believes this non-GAAP financial measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing the Company’s ability to generate cash from its operations before temporary working capital changes. Cash generated from operations, before non-cash changes in working capital is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. This measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS Accounting Standards. For additional information with respect to the non-GAAP measures used by the Company, including a reconciliation to the most directly comparable measure under IFRS Accounting Standards, refer to the detailed "Non-GAAP Financial Performance Measure" section disclosure in the MD&A for the three months and nine months ended September 30, 2025 filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.