GOLD: US 1,473.30 +0.00 +0% Volume: 18 November 20, 2019
TSX: NGD 1.07 -0.05 -4.46% Volume: 2,463,489 November 21, 2019
NYSE MKT: NGD 0.81 -0.03 -3.05% Volume: 1,689,723 November 21, 2019

Please read the following terms and conditions of use (the “Terms of Use”) carefully before using the www.newgold.com website (the “Site”). By using or accessing the Site, you acknowledge that you have read the Terms of Use and that you accept and will be bound by the Terms of Use. If you do not agree to the Terms of Use, do not use the Site.

The Terms of Use may be amended from time to time without notice. Accordingly, you should periodically revisit the Site to review the then-current Terms of Use governing your use of the Site and determine whether you wish to continue accessing the Site.

References to the “Company” in the Terms of Use include New Gold Inc. and all of its subsidiaries, affiliates and related companies.

Proprietary Rights

The Site, its organization and design, and all information, images, artwork, text, video, audio, pictures, and other materials on the Site as well as the layout and design of the Site (collectively the “Content”) are protected by copyright and other proprietary rights, all of which are owned by the Company. You may download information from the Site for your personal, non-commercial viewing, but you may not, directly or indirectly, otherwise copy, reproduce, republish, post, transmit, display, frame in another web page, perform, distribute, modify or create derivative works from the Content without the Company’s prior written approval. You do not acquire ownership rights to any Content by accessing or using the Site, and the Company’s posting of Content on the site does not constitute a waiver of any right in or to such Content.

At any time and without notice or liability, the Company may change any part of the Site including without limitation, any part or the whole of the Content. At any time, and in its sole and unfettered discretion, the Company may correct any errors or omissions in any portion of the Site without notice or liability but does not have a duty to do so.

The Company owns “NEWGOLD”, the Company’s logo, and all other Company trade-marks and trade names appearing on the Site. Unless otherwise indicated, all other trade-marks appearing on the Site are owned by third parties and are used by the Company under licence.

Disclaimers

This Site and its Content are provided “as is” and “as available”. The Content is believed to be accurate at the time it is posted on the Site. However, the Content may not be accurate, complete or current. To the fullest extent permissible under applicable law, the Company disclaims all representation and warranties, whether express, implied or statutory (including without limitation any warranties of merchantability, fitness for a particular purpose, accuracy and non-infringement). The Company does not represent or warrant that functions contained on this Site will be uninterrupted or error-free, that defects will be corrected, or that the Site or the server that makes it available is free of viruses or other harmful components.

The information and Content contained on the Site is prepared by the Company and is believed to be accurate but has not been independently audited or verified and is provided for informational purposes only. This information and Content is not to be construed as an offer nor as a recommendation to buy or sell securities in any jurisdiction. The Company does not warrant or make any representations regarding the use or the results of the use of any Content in terms of completeness, correctness, accuracy, reliability, usefulness, timeliness, reliability or otherwise. The information and other Content on the Site is not meant to modify, qualify, supplement or amend information disclosed by or on behalf of the Company under corporate, securities or other legislation in any jurisdiction, and should not be used to make investment decisions involving the Company’s securities.

You acknowledge that your access to and use of the Site and the Content will not be free of interruptions, that the Site and the Content may contain bugs, errors, inaccuracies or other limitations, and that the Site may be unavailable from time to time. You assume total responsibility and risk for your access to and use of the Site and the Content.

Limitation of Liability

The Company and its officers, directors, employees and representatives will not be liable to you or any other party for any damages of any kind including, without limitation, damages based on contract, negligence or other legal basis, including without limitation, indirect, special, consequential or incidental damages, lost profits, business interruption or other damages arising directly or indirectly from your use of the Site or the Content, including without limitation, your use or reliance on any information or other Content contained on the Site; any delay or loss of use or access to the Site; any inaccuracy or omission in any information or other Content contained on the Site or failure to keep such information current; your use of or reliance on any third-party websites linked to the Site; any software used in connection with this Site or computer viruses or other destructive programs encountered as a result of using this Site; and any other matter connect with this website. These limitations apply even if the party liable or allegedly liable had been advised of the possibility of such damage or loss or if such damage or loss was foreseeable by the party liable or allegedly liable.

You acknowledge that the Company is making the Site and the Content available to you in reliance upon your acceptance of the limitations and exclusions of liability and the disclaimers set out in this Legal Notice and that the same form a contract between you and the Company. You agree that the limitations and disclaimers will survive and continue to apply in the case of a fundamental breach or breaches, the failure of an essential purpose of this contract, the failure of any remedy or the termination or suspension of your use of the Site by the Company.

Indemnity

You agree to indemnify, defend and hold harmless the Company and its affiliates and their respective directors, officers, employees and representatives from and against all losses, expenses, damages and costs (including actual lawyers’ fees and expenses) arising directly or indirectly from your violation of these Terms of Use or from your use of the Site.

Forward-Looking Information

Certain information contained on this Site, including any information relating to New Gold’s future financial or operating performance are “forward looking”. All statements on this Site, 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 on this Site include, among others, statements with respect to: the timing and amount of estimated future production and costs of future production and the factors contributing to those expected results, as well as expected capital expenditures; costs and timing of the development of new and existing deposits; mine life; Mineral Reserve and Mineral Resource estimates; financing requirements and requirements for additional capital; planned activities at the Company’s operations and projects; implementation, timing and success of drilling and other exploration activities; permitting time lines; the completion and success of acquisitions; permitting timelines and government regulation of mining operations; environmental risks and remediation and reclamation procedures and expenses.

All forward-looking statements on this Site 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 New Gold’s Annual Information Form, New Gold’s annual and quarterly management’s discussion and analysis (“MD&A”) and its most recent technical reports filed on SEDAR at www.sedar.com. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements on this Site are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold’s operations; (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; (4) the exchange rate between the Canadian dollar, U.S. dollar and, to a lesser extent, the Mexican peso being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and material costs increasing on a basis consistent with New Gold’s current expectations; (7) arrangements with First Nations and other indigenous groups in respect of Rainy River and Blackwater 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; (9) the results of the feasibility studies for the New Afton C-zone and Blackwater being realized; (10) and in the case of production, cost and expenditure outlooks at operating mines for 2019, commodity prices and exchange rates being consistent with those estimated for the purposes of 2019 guidance.

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: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; discrepancies between actual and estimated production, between actual and estimated Mineral Reserves and Mineral Resources and between actual and estimated metallurgical recoveries; changes in national and local government legislation in the countries in which New Gold does or may in the future carry on business; taxation; controls, regulations and political or economic developments in the countries in which New Gold does or may in the future carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates; the uncertainties inherent to current and future legal challenges to which New Gold is or may become a party; diminishing quantities or grades of Mineral Reserves and Mineral Resources; competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies; the uncertainty with respect to prevailing market conditions necessary for a positive development or construction decision at the Company’s projects; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other indigenous groups; uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations, complying with permitting requirements. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and, in each case, the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as “Risk Factors” included in New Gold’s most recent annual information form. 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 the forward-looking statements on this Site. 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. Additional information about the risks and uncertainties concerning forward-looking statements and material factors or assumptions on which information contained in forward-looking statements is based is provided in our filings with the securities regulators of Canada and the United States including, but not limited to, the Company’s most recent annual information form and our most recent annual MD&A or any subsequently filed interim MD&A, available under at www.sedar.com.

Technical Information

Unless otherwise noted on this Site, the scientific and technical information about our mineral properties provided on this Site has been reviewed and approved by Mr. Eric Vinet, an officer of the Company. Mr. Vinet is a Professional Engineer and member of the Ordre des ingénieurs du Québec and is a "Qualified Persons" for the purposes of NI 43-101.

Readers are also advised to refer to the latest annual information form and technical reports of the Company as well as other continuous disclosure documents filed by the Company available at www.sedar.com, for detailed information (including qualifications, assumptions and notes set forth therein) regarding the mineral reserve and mineral resource information contained on the Site.

Cautionary Note to US Investors

Information concerning the properties and operations discussed on this Site has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to similar information for United States companies. The terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" used on this Site are Canadian mining terms as defined in accordance with NI 43-101 under guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on December 11, 2005. While the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are recognized and required by Canadian regulations, they are not defined terms under standards of the United States Securities and Exchange Commission (the “SEC”). Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. As such, certain information contained in the Company’s publications and the Content concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. The Company may use certain terms in its publications or in the Content such as “resources” or “possible ore reserves” that SEC guidelines strictly prohibit U.S. companies from including in filings with the SEC. An "Inferred Mineral Resource" has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. It cannot be assumed that all or any part of an "Inferred Mineral Resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into Mineral Reserves. Readers are also cautioned not to assume that all or any part of an "Inferred Mineral Resource" exists, or is economically or legally mineable. In addition, the definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" under CIM standards differ in certain respects from the standards of the SEC. In addition, the Company’s publications and the Content may include information about adjacent properties on which the Company has no right to explore or mine. The Company advises U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed by U.S. companies with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.

Stock Quotes and Metal Prices

All stock and metal price quotes and historical data on the site are provided by third parties, are for informational purposes only, and are not intended for trading purposes. If you are contemplating trading in the Company’s securities, the Company strongly advises that you obtain independent professional advice (including independent legal and financial advice from qualified advisors) before making any investment decision. The Company makes no representation or warranty regarding the timeliness, accuracy or completeness of any stock price quotes or historical stock price data and has not taken any steps to verify the adequacy, timeliness, accuracy or completeness of the information on the Site.

Security and Viruses

E-mail communications between you and the Company may not be secure. We suggest that you encrypt all e-mail to increase the security of your communications with the Company.

The Company has taken precautions to ensure that the Site is free of computer viruses. Nevertheless, you should install and maintain appropriate anti-virus and other protective software. Without limiting any other wording in these Terms of Use, the Company disclaims any and all liability for any computer viruses or other harmful or destructive programs that you may download from the Site.

Linking

The Site may contain links to third party websites or content posted on the websites maintained by third parties. The Company provides such links for your convenience only, to assist you in identifying and locating other Internet resources that may be of interest to you.

You acknowledge that in providing such links the Company: does not endorse any third party website or content contained on such website; does not act as an editor, publisher or disseminator of any content accessible through such links and neither controls nor monitors such content; does not make any representations or warranties of any kind regarding the links or the third party websites; is not responsible in any way for the accuracy, relevancy, completeness, timeliness or legality of any content accessible through such links; and is not responsible in any way for any damage or loss incurred as a result of your use of or reliance on any of the links.

If you wish to provide a link to the Site from your website, you may only link to the Company’s home page at www.newgold.com. You may not use any of the Company’s icons or logos on your website without the Company’s express written consent, and you may not use the link to suggest that the Company sponsors, endorses, approves of, or is affiliated with, you or your website. Further, at any time and on reasonable notice, the Company may direct that you remove the link to the Site from your website. If you refuse or neglect to remove the link to the Site from your website you acknowledge that such refusal or neglect will result in immediate and irreparable damage to the Company and that the Company will be entitled to temporary and permanent injunctive relief and any other relief as a court may determine is appropriate. The Company is not liable in any way for content on a third party website that contains a link to the Site.

Jurisdiction

These Terms of Use, your access to and use of the Site and the Content, and any claims made at law or in equity against the Company or its directors, officers, employees and representatives, arising out of such access or use or otherwise, will be governed by and construed and interpreted in accordance with the law of Ontario and the federal laws of Canada incorporated therein.

Other Agreements

If there is any conflict between the Terms of Use and any other agreement between you or your business and the Company, the latter agreements will prevail.

General

If any part of the Terms of Use is unlawful, void or unenforceable, then that part is severable and will not affect the validity and enforceability of the remaining Terms of Use.

The terms set out in this Legal Notice shall enure to the benefit of the Company, is employees, subsidiaries, affiliates and successors. The Company may assign its rights and duties under this Legal Notice at any time without notice to you. You may not assign your rights and duties set out herein to any individual or entity at any time without the consent of the Company.