----

----

----

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| CORPORATE OUR BUSINESS                          | 1      |
|-------------------------------------------------|--------|
|                                            |   |
| OPERATING AND FINANCIAL HIGHLIGHTS              | 3      |
|                                            |   |
| DEVELOPMENTS                                    | 5      |
|                                            |   |
| OUTLOOK FOR 2020                                | 5      |
|                                            |   |
| MINERAL RESERVES AND MINERAL RESOURCES UPDATE   | 6      |
|                                            |   |
| KEY PERFORMANCE DRIVERS                         | 6      |
|                                            |   |
| FINANCIAL RESULTS                               | 9      |
|                                            |   |
| REVIEW OF OPERATING MINES                       | 14     |
|                                            |   |
| DEVELOPMENT AND EXPLORATION REVIEW              | 20     |
|                                            |   |
| FINANCIAL CONDITION REVIEW                      | 21     |
|                                            |   |
| NON-GAAP FINANCIAL PERFORMANCE MEASURES         | 26     |
|                                            |   |
| ENTERPRISE RISK MANAGEMENT AND RISK FACTORS     | 40     |
|                                            |   |
| CRITICAL JUDGMENTS AND ESTIMATION UNCERTAINTIES | 56     |
|                                            |   |
| ACCOUNTING POLICIES                             | 56     |
|                                            |   |
| CONTROLS AND PROCEDURES                         | 57     |
|                                            |   |
| MINERAL RESERVES AND MINERAL RESOURCES          | 59     |
|                                            |   |

----

----

|                                                             | Three months endedDecember 31 | Year endedDecember 31 |
|------------------------------------------------------------------|-------------------------------|-----------------------|
|                                                             | 2019                          | 2018                  |  2019 | 2018 | 2017 |   |
| CONTINUING OPERATING INFORMATION                                 |                          |                  |   |   |   |   |
| Gold equivalent (“eq.”) (ounces)(3):                 |                          |                  |   |   |   |   |
|    Produced(1)                                    | 101,423                       | 146,901               | 486,141 | 522,602 | 363,981 |   |
|    Sold(1)                                        | 104,446                       | 131,110               | 488,165 | 495,453 | 340,772 |   |
| Gold (ounces):                                                   |                          |                  |   |   |   |   |
|    Produced(1)                                    |  66,856                  |  97,428          |  322,557 |  315,483 |  149,009 |   |
|    Sold(1)                                        |  71,691                  |  84,421          |  331,053 |  298,002 |  140,654 |   |
| Copper (millions of pounds):                                     |                          |                  |   |   |   |   |
|    Produced(1)                                    |  18.3                    |  20.8            |  79.4 |  85.1 | 90.6 |   |
|    Sold(1)                                        |  17.3                    |  19.7            |  76.4 |  81.1 | 84.5 |   |
| Revenue(1)                                                       |                          |                  |   |   |   |   |
|    Gold ($/ounce)                                 |  1,335                   |  1,209           |  1,311 |  1,236 |  1,211 |   |
|    Copper ($/pound)                               |  2.39                    |  2.71            |  2.45 |  2.79 |  2.41 |   |
| Average realized price(1)(2)                                     |                          |                  |   |   |   |   |
|    Gold ($/ounce)                                 |  1,366                   |  1,230           |  1,337 |  1,263 |  1,278 |   |
|    Copper ($/pound)                               | 2.69                          | 2.96                  | 2.71 |  3.06 |  2.66 |   |
| Operating expenses per gold eq. ounce sold ($/ounce) (3)         |  1,007                   | 579                   | 762 | 657 | 582 |   |
| Total cash costs per gold eq. ounce sold ($/ounce)(2)(3)         |  942                     |  581             |  792 |  684 |  669 |   |
| All-in sustaining costs per gold eq. ounce sold ($/ounce) (2)(3) |  1,862                   |  904             |  1,310 |  1,099 |  905 |   |

| 1. | Production is shown on a total contained basis while sales are shown on a net payable basis, including final                  product inventory and smelter payable adjustments,                  where applicable. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The Company uses certain non-GAAP financial performance measures throughout this MD&A. Average realized                  price, total cash costs and all-in sustaining costs per gold eq. ounce sold and total cash costs and all-in sustaining costs on a co-product basis are non-GAAP financial performance measures with no standard meaning under IFRS. For                  further information and a detailed reconciliation, please refer to the “Non-GAAP Financial Performance Measures” section of this MD&A. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Gold eq. ounces include silver ounces and copper ounces produced or sold converted to a gold eq. based on a                  ratio of the average spot market prices for the commodities for each period. For pricing assumptions, please refer to the “Review of Operating Mines” section of this MD&A. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                                         |   |                  Three months endedDecember 31 |    |   |   |   |    |                  Year endedDecember 31 |   |
|------------------------------------------------------------------------------|--------|---------------------------------------------------------------|---------|--------|--------|--------|---------|-------------------------------------------------------|--------|
| (in millions of U.S. dollars, except where noted)                            |   | 2019                                                          |    |   | 2018   |   |    | 2019                                                  |   |   | 2018 |   |   | 2017 |   |
| FINANCIAL INFORMATION FROM CONTINUING OPERATIONS                             |   |                                                          |    |   |   |   |    |                                                  |   |   |   |   |   |   |   |
| Revenue                                                                      |   |                                                          | 139.2   |   |   |   | 157.4   |                                                  |   |   | 630.6 |   |   |   | 604.5 |   |   |   | 388.7 |   |
| Operating margin(1)                                                          |   |                                                          | 34.0    |   |   |   | 81.5    |                                                  |   |   | 258.7 |   |   |   | 279.1 |   |   |   | 190.4 |   |
| Revenue less cost of goods sold                                              |   |                                                          | (30.4   | )      |   |   | 20.8    |                                                  |   |   | 18.1 |   |   |   | 39.2 |   |   |   | 30.3 |   |
| Net earnings (loss)                                                          |   |                                                          | 0.3     |   |   |   | (742.5  | )                                                     |   |   | (73.5 | ) |   |   | (1,085.6 | ) |   |   | (108.0 | ) |
| Adjusted net (loss) earnings(1)                                              |   |                                                          | (28.0   | )      |   |   | 7.9     |                                                  |   |   | (47.2 | ) |   |   | (25.4 | ) |   |   | (21.0 | ) |
| Operating cash flows                                                         |   |                                                          | 47.9    |   |   |   | 57.8    |                                                  |   |   | 263.5 |   |   |   | 193.0 |   |   |   | 197.1 |   |
| Operating cash flows before changes in non-cash operating working capital(1) |   |                                                          | 38.8    |   |   |   | 74.8    |                                                  |   |   | 237.6 |   |   |   | 264.6 |   |   |   | 153.3 |   |
| Capital expenditures (sustaining)(1)                                         |   |                                                          | 90.0    |   |   |   | 30.7    |                                                  |   |   | 217.4 |   |   |   | 174.8 |   |   |   | 43.3 |   |
| Capital expenditures (growth)(1)                                             |   |                                                          | 12.3    |   |   |   | 8.7     |                                                  |   |   | 35.9 |   |   |   | 39.1 |   |   |   | 510.9 |   |
| Total assets                                                                 |   |                                                          | 2,158.5 |   |   |   | 2,169.6 |                                                  |   |   | 2,158.5 |   |   |   | 2,169.6 |   |   |   | 4,017.3 |   |
| Cash and cash equivalents                                                    |   |                                                          | 83.4    |   |   |   | 103.7   |                                                  |   |   | 83.4 |   |   |   | 103.7 |   |   |   | 216.2 |   |
| Long-term debt                                                               |   |                                                          | 714.5   |   |   |   | 780.5   |                                                  |   |   | 714.5 |   |   |   | 780.5 |   |   |   | 1,007.7 |   |
| Non-current liabilities excluding long-term debt                             |   |                                                          | 310.8   |   |   |   | 313.7   |                                                  |   |   | 310.8 |   |   |   | 313.7 |   |   |   | 626.1 |   |
| SHARE DATA                                                                   |   |                                                          |    |   |   |   |    |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss per share from operations:                                              |   |                                                          |    |   |   |   |    |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic ($)                                                                    |   |                                                          | 0.00    |   |   |   | (1.28   | )                                                     |   |   | (0.12 | ) |   |   | (1.88 | ) |   |   | (0.28 | ) |
| Diluted ($)                                                                  |   |                                                          | 0.00    |   |   |   | (1.28   | )                                                     |   |   | (0.12 | ) |   |   | (1.88 | ) |   |   | (0.28 | ) |
| Adjusted net loss per basic share ($)(1)                                     |   |                                                          | (0.04   | )      |   |   | 0.01    |                                                  |   |   | (0.08 | ) |   |   | (0.04 | ) |   |   | (0.04 | ) |
| Share price as at December 31 (TSX – Canadian dollars)                 |   |                                                          | 1.15    |   |   |   | 1.05    |                                                  |   |   | 1.15 |   |   |   | 1.05 |   |   |   | 4.13 |   |
| Weighted average outstanding shares (basic) (millions)                       |   |                                                          | 674.4   |   |   |   | 578.7   |                                                  |   |   | 611.1 |   |   |   | 578.7 |   |   |   | 564.7 |   |

| 1. | The Company uses certain non-GAAP financial performance measures throughout this MD&A. Operating margin,                  adjusted net earnings (loss), adjusted net earnings (loss) per basic share, capital expenditures (sustaining and growth) and operating cash flows before changes in non-cash operating working capital are non-GAAP financial performance                  measures with no standard meaning under IFRS. For further information and a detailed reconciliation, please refer to the “Non-GAAP Financial Performance Measures” section of this MD&A. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Operational Estimates                            |   | Rainy River |                    |   | New Afton |   |                    | 2020 Consolidated Guidance |   |
|--------------------------------------------------|--------|-------------|-------------------------|--------|-----------|--------|-------------------------|----------------------------|--------|
| Gold Produced (ounces)                           |   |        | 240,000 – 260,000 |   |      |   | 73,000 – 83,000   |                       |   |   | 313,000 – 343,000 |   |
| Copper Produced (Mlbs)                           |   |        | -                       |   |      |   | 75 - 85                 |                       |   |   | 75 – 85 |   |
| Gold Eq. Produced (ounces)(1)                    |   |        | 245,000 – 265,000 |   |      |   | 220,000 – 250,000 |                       |   |   | 465,000 – 515,000 |   |
| Operating expense per gold eq. ounce(1)          |   | $           | 875 - $955              |   |      | $      | 550 - $630              |                       |   | $ | 725 - $805 |   |
| Cash Costs per gold eq. ounce (1)                |   | $           | 875 - $955              |   |      | $      | 665 - $745              |                       |   | $ | 775 - $855 |   |
| Corporate G&A per gold eq. ounce(1)          |   |        | -                       |   |      |   | -                       |                       |   | $ | 30 - $40 |   |
| Depreciation and depletion per gold eq. ounce(1) |   | $           | 490 - $570              |   |      | $      | 275 - $355              |                       |   | $ | 390 - $470 |   |
| All-in Sustaining Costs per gold eq. ounce (1)   |   | $           | 1,470 - $1,550          |   |      | $      | 940 - $1,020            |                       |   | $ | 1,260 - $1,340 |   |
| Capital Investment & Exploration Estimates   |   | Rainy River |                    |   | New Afton |   |                    | 2020 Consolidated Guidance |   |
| Sustaining Capital & Sustaining Leases ($M)  |   | $           | 128 - $162              |   |      | $      | 50 - $70                |                       |   | $ | 178 - $232 |   |
| Growth Capital ($M)(2)                           |   | $           | 3 - $9                  |   |      | $      | 85 - $105               |                       |   | $ | 100 - $126 |   |
| Exploration ($M)(3)                              |   | $           | 2 - $6                  |   |      | $      | 5 - $10                 |                       |   | $ | 9 - $18 |   |
| 1. | Gold equivalent ounces includes approximately 420,000 to 445,000 ounces of silver at Rainy River and approximately 330,000 to 340,000 ounces of silver at                New Afton. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | Consolidated growth capital includes ~$12 million for Blackwater.                                                                                                                   |
| 3. | Exploration includes ~$2 million for Blackwater.                                                                                                                                    |

----

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|                                                                                                         |   | Three months ended December 31 |   |   |        |   |   |        |   |   | Year ended December 31 |   |
|---------------------------------------------------------------------------------------------------------|--------|--------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|------------------------|--------|
| (in millions of U.S. dollars, except where noted)                                                       |   | 2019                           |   |   | 2018   |   |   | 2019   |   |   | 2018                   |   |   | 2017 |   |
| FINANCIAL RESULTS                                                                                       |   |                           |   |   |   |   |   |   |   |   |                   |   |   |   |   |
| Revenue                                                                                                 |   |                           | 139.2  |   |   |   | 157.4  |   |   |   | 630.6                  |   |   |   | 604.5 |   |   |   | 388.7 |   |
| Operating expenses                                                                                      |   |                           | 105.2  |   |   |   | 75.9   |   |   |   | 371.9                  |   |   |   | 325.4 |   |   |   | 198.3 |   |
| Depreciation and depletion                                                                              |   |                           | 64.4   |   |   |   | 60.7   |   |   |   | 240.6                  |   |   |   | 239.9 |   |   |   | 160.1 |   |
| Revenue less cost of goods sold                                                                         |   |                           | (30.4  | )      |   |   | 20.8   |   |   |   | 18.1                   |   |   |   | 39.2 |   |   |   | 30.3 |   |
| Corporate administration                                                                                |   |                           | 4.8    |   |   |   | 7.6    |   |   |   | 17.6                   |   |   |   | 23.2 |   |   |   | 23.7 |   |
| Corporate restructuring                                                                                 |   |                           | 1.1    |   |   |   | 1.8    |   |   |   | 1.1                    |   |   |   | 4.1 |   |   |   | 4.2 |   |
| Share-based payment expenses                                                                            |   |                           | (0.1   | )      |   |   | 0.2    |   |   |   | 1.7                    |   |   |   | 0.7 |   |   |   | 5.1 |   |
| Exploration and business development                                                                    |   |                           | 1.3    |   |   |   | 1.5    |   |   |   | 5.6                    |   |   |   | 3.0 |   |   |   | 6.4 |   |
| Asset impairment                                                                                        |   |                           | -      |   |   |   | 671.1  |   |   |   | -                      |   |   |   | 1,054.8 |   |   |   | 268.4 |   |
| Loss from operations                                                                                    |   |                           | (37.5  | )      |   |   | (661.4 | )      |   |   | (7.9                   | )      |   |   | (1,046.6 | ) |   |   | (277.5 | ) |
| Finance income                                                                                          |   |                           | 0.5    |   |   |   | 0.5    |   |   |   | 2.2                    |   |   |   | 1.5 |   |   |   | 1.1 |   |
| Finance costs                                                                                           |   |                           | (14.3  | )      |   |   | (17.1  | )      |   |   | (62.6                  | )      |   |   | (69.0 | ) |   |   | (12.8 | ) |
| Other gains and losses                                                                                  |   |                           |   |   |   |   |   |   |   |   |                   |   |   |   |   |   |   |   |   |   |
| Rainy River underground project costs                                                                   |   |                           | -      |   |   |   | -      |   |   |   | (3.4                   | )      |   |   | - |   |   |   | - |   |
| (Loss) gain on foreign exchange                                                                         |   |                           | (2.4   | )      |   |   | 23.9   |   |   |   | (3.7                   | )      |   |   | 6.6 |   |   |   | 43.8 |   |
| Settlement and (loss) gain on foreign exchange forward contracts                                        |   |                           | (0.5   | )      |   |   | -      |   |   |   | 1.5                    |   |   |   | - |   |   |   | - |   |
| (Loss) gain on disposal of El Morro stream and other assets                                             |   |                           | (0.8   | )      |   |   | 1.1    |   |   |   | (1.2                   | )      |   |   | (0.3 | ) |   |   | 33.3 |   |
| Loss on revaluation of investments                                                                      |   |                           | (0.1   | )      |   |   | -      |   |   |   | -                      |   |   |   | (0.2 | ) |   |   | (0.2 | ) |
| Unrealized gain (loss) on revaluation of gold stream obligation                                         |   |                           | 46.3   |   |   |   | (2.5   | )      |   |   | 20.1                   |   |   |   | 11.7 |   |   |   | (21.8 | ) |
| Settlement and (loss) gain on revaluation of copper price option contracts and copper forward contracts |   |                           | (0.2   | )      |   |   | (2.2   | )      |   |   | (0.7                   | )      |   |   | 4.8 |   |   |   | (4.4 | ) |
| Settlement and gain (loss) on revaluation of gold price option contracts                                |   |                           | 3.5    |   |   |   | (4.8   | )      |   |   | (21.7                  | )      |   |   | (4.8 | ) |   |   | (6.5 | ) |
| Revaluation of CSP’s reclamation and closure cost obligation                                      |   |                           | (0.6   | )      |   |   | (1.0   | )      |   |   | 0.6                    |   |   |   | (1.0 | ) |   |   | - |   |
| Gain on receivable associated with Mesquite sale                                                        |   |                           | -      |   |   |   | -      |   |   |   | 4.0                    |   |   |   | - |   |   |   | - |   |
| Other                                                                                                   |   |                           | (0.2   | )      |   |   | (0.2   | )      |   |   | (1.1                   | )      |   |   | 1.3 |   |   |   | 2.4 |   |
| Loss before taxes                                                                                       |   |                           | (6.3   | )      |   |   | (663.7 | )      |   |   | (73.9                  | )      |   |   | (1,096.0 | ) |   |   | (242.6 | ) |
| Income tax recovery (expense)                                                                           |   |                           | 6.6    |   |   |   | (78.8  | )      |   |   | 0.4                    |   |   |   | 10.4 |   |   |   | 84.6 |   |
| Net income (loss) from continuing operations                                                            |   |                           | 0.3    |   |   |   | (742.5 | )      |   |   | (73.5                  | )      |   |   | (1,085.6 | ) |   |   | (158.0 | ) |
| (Loss) earnings from discontinued operations                                                            |   |                           | -      |   |   |   | (0.7   | )      |   |   | -                      |   |   |   | (154.9 | ) |   |   | 50.0 |   |
| Net income (loss)                                                                                       |   |                           | 0.3    |   |   |   | (743.2 | )      |   |   | (73.5                  | )      |   |   | (1,240.5 | ) |   |   | (108.0 | ) |
| Adjusted net loss from continuing operations (1)                                                        |   |                           | (28.0  | )      |   |   | 7.9    |   |   |   | (47.2                  | )      |   |   | (25.4 | ) |   |   | (21.0 | ) |

| 1. | The Company uses certain non-GAAP financial performance measures throughout this MD&A. For a detailed                  description of each of the non-GAAP measures used in this MD&A and a detailed reconciliation, please refer to the “Non-GAAP Financial Performance Measures” section of this MD&A. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

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|                                                   |   |   |    |
|--------------------------------------------------------|--------|--------|---------|
| (in millions of U.S. dollars, except where noted) |   |   | Q4 2019 |   |   |   | Q32019 |   |   |   | Q22019 |   |   |   | Q12019 |   |   |   | Q42018 |   |   |   | Q32018 |   |   |   | Q22018 |   |   |   | Q12018 |   |   |   | Q4 2017 |   |
| OPERATING INFORMATION(2)                               |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gold production from operations (ounces)(1)            |   |   | 66,856  |   |   |   | 91,087 |   |   |   | 85,216 |   |   |   | 79,398 |   |   |   | 97,428 |   |   |   | 77,533 |   |   |   | 76,751 |   |   |   | 63,711 |   |   |   | 58,070 |   |
| Gold sales from operations (ounces)(1)                 |   |   | 71,691  |   |   |   | 85,867 |   |   |   | 84,184 |   |   |   | 89,312 |   |   |   | 84,421 |   |   |   | 76,653 |   |   |   | 72,774 |   |   |   | 64,154 |   |   |   | 54,170 |   |
| Revenue                                                |   |   | 139.2   |   |   |   | 168.4 |   |   |   | 155.1 |   |   |   | 167.9 |   |   |   | 157.4 |   |   |   | 147.1 |   |   |   | 152.5 |   |   |   | 147.5 |   |   |   | 123.5 |   |
| Net income (loss)                                      |   |   | 0.3     |   |   |   | (24.7 | ) |   |   | (35.7 | ) |   |   | (13.4 | ) |   |   | (742.5 | ) |   |   | (1.6 | ) |   |   | (310.6 | ) |   |   | (30.9 | ) |   |   | (226.9 | ) |
| Per share:                                             |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Basic ($)                            |   |   | 0.00    |   |   |   | (0.04 | ) |   |   | (0.06 | ) |   |   | (0.02 | ) |   |   | (1.28 | ) |   |   | (0.00 | ) |   |   | (0.54 | ) |   |   | (0.05 | )(0.05) |   |   | (0.39 | ) |
|    Diluted ($)                          |   |   | 0.00    |   |   |   | (0.04 | ) |   |   | (0.06 | ) |   |   | (0.02 | ) |   |   | (1.28 | ) |   |   | (0.00 | ) |   |   | (0.54 | ) |   |   | (0.05 | ) |   |   | (0.39 | ) |
|                                                   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| 1. | A detailed discussion of production is included in the “Review of Operating Mines” section of this MD&A. |
|----|--------------------------------------------------------------------------------------------------------------------------|

| 2. | Operating information for all periods presented are from continuing operations. |
|----|---------------------------------------------------------------------------------|

----

----

|                                                         |        | Three months endedDecember 31 |        |        | Year endedDecember 31 |   |
|---------------------------------------------------------|--------|-------------------------------|--------|--------|-----------------------|--------|
| (in millions of U.S. dollars, except where noted)       |   | 2019                          |   |   | 2018                  |   |   | 2019 |   |   | 2018 |   |
| OPERATING INFORMATION                                   |   |                          |   |   |                  |   |   |   |   |   |   |   |
| Ore mined (thousands of tonnes)                         |   |                          | 1,793  |   |                  |   | 2,949 |   |   |   | 6,830 |   |   |   | 12,296 |   |
| Waste mined (thousands of tonnes)                       |   |                          | 10,731 |   |                  |   | 7,310 |   |   |   | 36,387 |   |   |   | 27,267 |   |
| Ore processed (thousands of tonnes)                     |   |                          | 2,072  |   |                  |   | 1,901 |   |   |   | 8,023 |   |   |   | 6,546 |   |
| Ratio of waste-to-ore                                   |   |                          | 5.99   |   |                  |   | 2.48 |   |   |   | 5.33 |   |   |   | 2.22 |   |
|   Average gold grade (grams/tonne)            |   |                          | 0.85   |   |                  |   | 1.42 |   |   |   | 1.08 |   |   |   | 1.25 |   |
| Gold recovery rate (%)                                  |   |                          | 91     |   |                  |   | 89 |   |   |   | 91 |   |   |   | 86 |   |
| Gold eq. (ounces)(1)(3):                                |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
|    Produced                              |   |                          | 51,915 |   |                  |   | 78,074 |   |   |   | 257,051 |   |   |   | 230,349 |   |
|    Sold                                  |   |                          | 57,258 |   |                  |   | 66,880 |   |   |   | 268,718 |   |   |   | 217,771 |   |
| Gold (ounces)(1):                                       |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
|    Produced                              |   |                          | 51,122 |   |                  |   | 77,202 |   |   |   | 253,772 |   |   |   | 227,284 |   |
|    Sold                                  |   |                          | 56,390 |   |                  |   | 66,123 |   |   |   | 265,359 |   |   |   | 214,804 |   |
| Average gold realized price(1)(2) ($/ounce)             |   |                          | 1,366  |   |                  |   | 1,229 |   |   |   | 1,335 |   |   |   | 1,260 |   |
| Operating expenses per gold eq. ounce sold ($/ounce)(3) |   |                          | 1,278  |   |                  |   | 648 |   |   |   | 962 |   |   |   | 826 |   |
| Total cash costs per gold eq. ounce sold (2)(3)         |   |                          | 1,032  |   |                  |   | 648 |   |   |   | 910 |   |   |   | 826 |   |
| All-in sustaining costs per gold eq. sold (2)(3)        |   |                          | 2,429  |   |                  |   | 1,056 |   |   |   | 1,630 |   |   |   | 1,498 |   |
| FINANCIAL INFORMATION                                   |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Revenue                                                 |   |                          | 78.4   |   |                  |   | 82.2 |   |   |   | 358.9 |   |   |   | 274.4 |   |
| Operating margin (2)                                    |   |                          | 5.2    |   |                  |   | 38.9 |   |   |   | 100.5 |   |   |   | 94.5 |   |
| Revenue less cost of goods sold                         |   |                          | (24.2  | )      |                  |   | 18.9 |   |   |   | 6.6 |   |   |   | 16.2 |   |
| Capital expenditures (sustaining capital) (2)           |   |                          | 79.3   |   |                  |   | 25.6 |   |   |   | 179.1 |   |   |   | 142.1 |   |
| Capital expenditures (growth capital) (2)               |   |                          | 0.1    |   |                  |   | 6.1 |   |   |   | 6.8 |   |   |   | 28.5 |   |

| 1. |    Production is shown on a total contained basis while sales are shown on a net payable                  basis, including final product inventory and smelter payable adjustments, where applicable. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The Company uses certain non-GAAP financial performance measures throughout this MD&A.                  Total cash costs and all-in sustaining costs per gold eq ounce sold, average realized price, and operating margin and capital expenditures (sustaining capital, sustaining leases, and growth capital) are non-GAAP financial performance                  measures with no standard meaning under IFRS. For further information and a detailed reconciliation, please refer to the “Non-GAAP Financial Performance Measures” section of this MD&A. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Gold eq. ounces include silver ounces and copper ounces produced or sold converted to a gold                  eq. based on a ratio of the average spot market prices for the commodities for each period. The ratio for Q4 2019 was calculated based on average spot market prices of $1,480 per gold ounce and $17.31 per silver ounce. The ratio for Q4                  2018 was calculated based on average spot market prices of $1,228 per gold ounce and $14.54 per silver ounce. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

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|                                                            |   | Three months endedDecember 31 |        |        | Year endedDecember 31 |   |
|------------------------------------------------------------|--------|-------------------------------|--------|--------|-----------------------|--------|
| (in millions of U.S. dollars, except where noted)          |   | 2019                          |   |   | 2018                  |   |   | 2019 |   |   | 2018 |   |
|  OPERATING INFORMATION                                |   |                          |   |   |                  |   |   |   |   |   |   |   |
| Ore mined (thousands of tonnes)                            |   |                          | 1,266  |   |                  |   | 1,573 |   |   |   | 5,437 |   |   |   | 5,839 |   |
| Ore processed (thousands of tonnes)                        |   |                          | 1,459  |   |                  |   | 1,381 |   |   |   | 5,584 |   |   |   | 5,354 |   |
| Average grade:                                             |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
|    Gold (grams/tonne)                       |   |                          | 0.42   |   |                  |   | 0.51 |   |   |   | 0.47 |   |   |   | 0.53 |   |
|    Copper (%)                               |   |                          | 0.70   |   |                  |   | 0.82 |   |   |   | 0.78 |   |   |   | 0.87 |   |
| Recovery rate (%):                                         |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
|    Gold                                     |   |                          | 79     |   |                  |   | 84 |   |   |   | 82 |   |   |   | 85 |   |
|    Copper                                   |   |                          | 81     |   |                  |   | 83 |   |   |   | 83 |   |   |   | 83 |   |
| Gold eq. (ounces)(1)(4):                                   |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
|    Produced                                 |   |                          | 49,507 |   |                  |   | 67,240 |   |   |   | 229,091 |   |   |   | 279,755 |   |
|    Sold                                     |   |                          | 47,188 |   |                  |   | 63,004 |   |   |   | 219,447 |   |   |   | 265,247 |   |
| Gold (ounces)(1):                                          |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
|    Produced                                 |   |                          | 15,734 |   |                  |   | 18,778 |   |   |   | 68,785 |   |   |   | 77,329 |   |
|    Sold                                     |   |                          | 15,301 |   |                  |   | 17,176 |   |   |   | 65,694 |   |   |   | 72,489 |   |
| Copper (millions of pounds)(1):                            |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
|    Produced                                 |   |                          | 18.3   |   |                  |   | 20.8 |   |   |   | 79.4 |   |   |   | 85.1 |   |
|    Sold                                     |   |                          | 17.3   |   |                  |   | 19.7 |   |   |   | 76.4 |   |   |   | 81.1 |   |
| Revenue                                                    |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
|    Gold ($/ounce)                           |   |                          | 1,218  |   |                  |   | 1,130 |   |   |   | 1,220 |   |   |   | 1,156 |   |
|    Copper ($/pound)                         |   |                          | 2.39   |   |                  |   | 2.71 |   |   |   | 2.45 |   |   |   | 2.79 |   |
| Average realized price (2):                                |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
|    Gold ($/ounce)                           |   |                          | 1,364  |   |                  |   | 1,237 |   |   |   | 1,348 |   |   |   | 1,266 |   |
|    Copper ($/pound)                         |   |                          | 2.68   |   |                  |   | 2.96 |   |   |   | 2.71 |   |   |   | 3.06 |   |
| Operating expenses per gold eq. ounce sold ($/ounce)(4)    |   |                          | 678    |   |                  |   | 388 |   |   |   | 517 |   |   |   | 393 |   |
| Operating expenses per gold ounce sold ($/ounce) (3)       |   |                          | 640    |   |                  |   | 375 |   |   |   | 509 |   |   |   | 384 |   |
| Operating expenses per copper pound sold ($/pound) (3)     |   |                          | 1.26   |   |                  |   | 0.90 |   |   |   | 1.02 |   |   |   | 0.93 |   |
| Total cash costs per gold eq. sold ($/ounce) (2)(4)        |   |                          | 833    |   |                  |   | 499 |   |   |   | 647 |   |   |   | 507 |   |
| All-in sustaining costs per gold eq. sold ($/ounce) (2)(4) |   |                          | 1,076  |   |                  |   | 587 |   |   |   | 829 |   |   |   | 638 |   |
| Total cash costs on a co-product basis (2)                 |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
|    Gold ($/ounce)                           |   |                          | 786    |   |                  |   | 482 |   |   |   | 637 |   |   |   | 495 |   |
|    Copper ($/pound)                         |   |                          | 1.55   |   |                  |   | 1.16 |   |   |   | 1.28 |   |   |   | 1.19 |   |
| All-in sustaining costs on a co-product basis (2)          |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
|    Gold ($/ounce)                           |   |                          | 1016   |   |                  |   | 567 |   |   |   | 816 |   |   |   | 623 |   |
|    Copper ($/pound)                         |   |                          | 2.00   |   |                  |   | 1.36 |   |   |   | 1.64 |   |   |   | 1.50 |   |
|                                                       |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| FINANCIAL INFORMATION:                                     |   |                          |   |   |                  |   |   |   |   |   |   |   |   |   |   |   |
| Revenue                                                    |   |                          | 60.8   |   |                  |   | 73.7 |   |   |   | 271.7 |   |   |   | 314.1 |   |
| Operating margin (2)                                       |   |                          | 28.8   |   |                  |   | 49.2 |   |   |   | 158.2 |   |   |   | 209.8 |   |
| Revenue less cost of goods sold                            |   |                          | (6.2   | )      |                  |   | 9.3 |   |   |   | 11.5 |   |   |   | 51.6 |   |
| Capital expenditures (sustaining capital) (2)              |   |                          | 10.6   |   |                  |   | 5.0 |   |   |   | 37.7 |   |   |   | 32.6 |   |
| Capital expenditures (growth capital) (2)                  |   |                          | 10.5   |   |                  |   | 1.0 |   |   |   | 24.1 |   |   |   | 3.3 |   |

| 1. | Production is shown on a total contained basis while sales are shown on a net payable basis,                  including final product inventory and smelter payable adjustments, where applicable. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The Company uses certain non-GAAP financial performance measures throughout this MD&A.                  Total cash costs and all-in sustaining costs per gold ounce sold, total cash costs and all-in sustaining costs on a co-product basis, average realized price, operating margin, and capital expenditures (sustaining capital, sustaining                  leases, and growth capital) are non-GAAP financial performance measures with no standard meaning under IFRS. For further information and a detailed reconciliation, please refer to the “Non-GAAP Financial Performance Measures” section of                  this MD&A. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Operating expenses are apportioned to each metal produced on a percentage of revenue basis.                  For further information and a detailed reconciliation, please refer to the “Non-GAAP Financial Performance Measures” section of this MD&A. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Gold eq. ounces include silver ounces and copper ounces produced or sold converted to a gold                  eq. based on a ratio of the average spot market prices for the commodities for each period. The ratio for Q4 2019 was calculated based on average spot market prices of $1,480 per gold ounce, $17.31 per silver ounce and $2.67 per copper                  pound. The ratio for Q4 2018 was calculated based on average spot market prices of $1,228 per gold ounce, $14.54 per silver ounce and $2.80 per copper pound. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

----

----

----

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----

|                                                  |   |         As at December 31 |    |   |  As at December 31 |   |
|--------------------------------------------------|--------|-------------------------------------------------------------------|---------|--------|-------------------------|--------|
| (in millions of U.S. dollars)                    |   | 2019                                                              |    |   | 2018                    |   |
| BALANCE SHEET INFORMATION                        |   |                                                              |    |   |                    |   |
| Cash and cash equivalents                        |   |                                                              | 83.4    |   |                    |   | 103.7 |   |
| Other current assets                             |   |                                                              | 145.3   |   |                    |   | 186.7 |   |
| Non-current assets                               |   |                                                              | 1,929.8 |   |                    |   | 1,879.2 |   |
| Total assets                                     |   |                                                              | 2,158.5 |   |                    |   | 2,169.6 |   |
|                                             |   |                                                              |    |   |                    |   |   |   |
| Current liabilities                              |   |                                                              | 171.9   |   |                    |   | 130.9 |   |
| Non-current liabilities excluding long-term debt |   |                                                              | 310.8   |   |                    |   | 313.7 |   |
| Long-term debt                                   |   |                                                              | 714.5   |   |                    |   | 780.5 |   |
| Total liabilities                                |   |                                                              | 1,197.2 |   |                    |   | 1,225.1 |   |
| Total equity                                     |   |                                                              | 961.3   |   |                    |   | 944.5 |   |
| Total liabilities and equity                     |   |                                                              | 2,158.5 |   |                    |   | 2,169.6 |   |

----

----

----

----

|                                                             | Twelve months ended                        December 31 | Twelve months ended                 December 31 |
|------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|
|                                                             | Financial covenant                                                                                                                                                             |  2019                                                                                                                           | 2018 |
| FINANCIAL COVENANTS                                              |                                                                                                                                                                           |                                                                                                                                 |                 |
| Minimum interest coverage ratio (Adjusted EBITDA to interest)    | >3.0 : 1                                                                                                                                                                    | 4.3 : 1                                                                                                                              | 4.5 : 1 |
| Maximum leverage ratio (net debt to Adjusted EBITDA)             | <4.5 : 1                                                                                                                                                                    |  3.1 : 1                                                                                                                        | 2.6 : 1 |
| Maximum secured leverage ratio (secured debt to Adjusted EBITDA) | <2.0 : 1                                                                                                                                                                    | 0.7 : 1                                                                                                                              |  0.4 : 1 |
| Three months endedDecember 31                                                             |   |   | Year endedDecember 31 |        |
|-------------------------------------------------------------------------------------------|--------|--------|-----------------------|--------|
| (in millions of U.S. dollars, except where noted)                                         |   | 2019   |                  |   | 2018 |   |   | 2019 |   |   | 2018 |   |
|  CASH FLOW INFORMATION                                                               |   |   |                  |   |   |   |   |   |   |   |   |   |
| Cash generated from continuing operations                                                 |   |   | 47.9                  |   |   |   | 57.8 |   |   |   | 263.5 |   |   |   | 193.0 |   |
| Investing cash flows used by continuing operations (capital expenditures and other)       |   |   | (99.8                 | )      |   |   | (39.0 | ) |   |   | (249.1 | ) |   |   | (212.7 | ) |
| Cash generated from investing activities (sale of Mesquite, Peak Mines, and other assets) |   |   | 2.8                   |   |   |   | 150.6 |   |   |   | 15.1 |   |   |   | 193.3 |   |
| Cash used in financing activities                                                         |   |   | (46.6                 | )      |   |   | (194.3 | ) |   |   | (50.2 | ) |   |   | (312.7 | ) |
| Effect of exchange rate changes on cash and cash equivalents                              |   |   | 0.3                   |   |   |   | (0.4 | ) |   |   | 0.4 |   |   |   | (0.5 | ) |
| Cash flows related to discontinued operations                                             |   |   | -                     |   |   |   | - |   |   |   | - |   |   |   | 27.2 |   |
| Change in cash and cash equivalents                                                       |   |   | (95.4                 | )      |   |   | (25.3 | ) |   |   | (20.3 | ) |   |   | (112.5 | ) |

----

----

|                                            |   | Three months ended December 31 |   |   | Year ended December 31 |   |
|-------------------------------------------------|--------|--------------------------------|--------|--------|------------------------|--------|
| (in millions of U.S. dollars)                   |   | 2019                           |   |   | 2018                   |   |   | 2019 |   |   | 2018 |   |
| CAPITAL EXPENDITURES BY SITE                    |   |                           |   |   |                   |   |   |   |   |   |   |   |
| Rainy River                                     |   |                           | 79.4   |   |                   |   | 31.7 |   |   |   | 185.9 |   |   |   | 170.6 |   |
| New Afton                                       |   |                           | 21.1   |   |                   |   | 6.0 |   |   |   | 61.8 |   |   |   | 35.9 |   |
| Blackwater                                      |   |                           | 1.7    |   |                   |   | 1.6 |   |   |   | 5.1 |   |   |   | 7.3 |   |
| Other                                           |   |                           | 0.1    |   |                   |   | 0.1 |   |   |   | 0.5 |   |   |   | 0.1 |   |
| Capital expenditures from continuing operations |   |                           | 102.3  |   |                   |   | 39.4 |   |   |   | 253.3 |   |   |   | 213.9 |   |

----

----

----

----

|                                              |               As atDecember 31 |    As atDecember 31 |
|---------------------------------------------------|------------------------------------------------------------------------------------------------------|------------------------------------|
| (in millions of U.S. dollars, except where noted) | < 1 year                                                                                          | 1-3 Years                          | 4-5 Years | After 5 Years | 2019Total | 2018Total |
| CONTRACTUAL OBLIGATIONS                           |                                                                                                 |                               |   |   |   |   |
| Long-term debt                                    |  -                                                                                              |  430.3                        |  - |  300.0 |  730.3 |  800.0 |
| Interest payable on long-term debt                |  44.2                                                                                           |  85.1                         |  38.3 |  7.1 |  174.7 |  242.9 |
| Total lease commitments                           |  9.8                                                                                            |  17.0                         |  8.6 |  - |  35.4 |  19.9 |
| Capital expenditure commitments                   | 72.3                                                                                                 |  0.2                          |  - |  - |  72.5 |  27.2 |
| Reclamation and closure cost obligations          |  12.7                                                                                           |  8.0                          |  6.5 |  109.7 |  136.9 |  116.6 |
| Gold stream obligation                            | 22.0                                                                                                 | 49.9                               | 54.9 | 65.9 |  192.7 |  267.5 |
| Total contractual obligations                     |  161.0                                                                                          |  590.5                        |  108.3 |  482.7 |  1,342.5 |  1,474.1 |

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----

----

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| Three months ended December 31                                                  |
|---------------------------------------------------------------------------------|
| (in millions of U.S. dollars, except where noted)                               |   | 2019 |   |   | 2018 |   |
| CONSOLIDATED OPEX, CASH COST AND AISC FROM CONTINUING OPERATIONS RECONCILIATION |   |   |   |   |   |   |
| Operating expenses                                                              |   |   | 105.2 |   |   |   | 75.9 |   |
| Gold equivalent ounces sold(2)                                                  |   |   | 104,446 |   |   |   | 131,110 |   |
| Operating expenses per gold equivalent ounce sold ($/ounce)                     |   |   | 1,007 |   |   |   | 579 |   |
| Operating expenses                                                              |   |   | 105.2 |   |   |   | 75.9 |   |
| Treatment and refining charges on concentrate sales                             |   |   | 7.3 |   |   |   | 7.0 |   |
| Adjustments(1)                                                                  |   |   | (14.1 | ) |   |   | (6.7 | ) |
| Total cash costs                                                                |   |   | 98.4 |   |   |   | 76.2 |   |
| Gold equivalent ounces sold(2)                                                  |   |   | 104,446 |   |   |   | 131,110 |   |
| Total cash costs per gold equivalent ounce sold ($/ounce)                       |   |   | 942 |   |   |   | 581 |   |
| Sustaining capital expenditures(3)(5)                                           |   |   | 87.6 |   |   |   | 29.4 |   |
| Sustaining exploration - expensed                                               |   |   | - |   |   |   | 1.4 |   |
| Sustaining leases                                                               |   |   | 2.2 |   |   |   | - |   |
| Corporate G&A including share-based compensation(4)                         |   |   | 4.4 |   |   |   | 9.5 |   |
| Reclamation expenses                                                            |   |   | 1.8 |   |   |   | 2.0 |   |
| Total all-in sustaining costs                                                   |   |   | 194.4 |   |   |   | 118.5 |   |
| Gold equivalent ounces sold(2)                                                  |   |   | 104,446 |   |   |   | 131,110 |   |
| All-in sustaining costs per gold equivalent ounce sold ($/ounce)                |   |   | 1,862 |   |   |   | 904 |   |

| 1. | Adjustments in the current period include the stockpile inventory write-down at Rainy River included in operating                  expenses. Adjustments in the prior period include the non-cash heap leach inventory write-down and social closure costs incurred at Cerro San Pedro included in operating expenses.                                                                                                                                                                                                            |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | Gold eq. ounces produced includes silver ounces and copper pounds converted to a gold eq. based on a ratio of the                  average spot market prices for the commodities for each period. The ratio for Q4 2019 was calculated based on average spot market prices of $1,480 per gold ounce, $17.31 per silver ounce and $2.67 per copper pound. The ratio for Q4 2018                  was calculated based on average spot market prices of $1,228 per gold ounce, $14.54 per silver ounce and $2.80 per copper pound. |
| 3. | See “Total Sustaining Capital Expenditures Reconciliation” to reconcile sustaining capital expenditures to mining                  interests per the statement of cash flows.                                                                                                                                                                                                                                                                                                                                         |
| 4. | Includes the sum of corporate administration costs and share-based payment expense per the income statement, net                  of any non-cash depreciation within those figures.                                                                                                                                                                                                                                                                                                                                              |
| 5. | Sustaining capital expenditures are net of proceeds from disposal of assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

----

----

| Year ended December 31                                                          |   |
|---------------------------------------------------------------------------------|--------|
| (in millions of U.S. dollars, except where noted)                               |   | 2019 |   |   | 2018 |   |
| CONSOLIDATED OPEX, CASH COST AND AISC FROM CONTINUING OPERATIONS RECONCILIATION |   |   |   |   |   |   |
| Operating expenses                                                              |   |   | 371.9 |   |   |   | 325.4 |   |
| Gold equivalent ounces sold(2)                                                  |   |   | 488,165 |   |   |   | 495,453 |   |
| Operating expenses per gold equivalent ounce sold ($/ounce)                     |   |   | 762 |   |   |   | 657 |   |
| Operating expenses                                                              |   |   | 371.9 |   |   |   | 325.4 |   |
| Treatment and refining charges on concentrate sales                             |   |   | 28.6 |   |   |   | 30.0 |   |
| Adjustments(1)                                                                  |   |   | (14.1 | ) |   |   | (16.9 | ) |
| Total cash costs                                                                |   |   | 386.4 |   |   |   | 338.5 |   |
| Gold equivalent ounces sold(2)                                                  |   |   | 488,165 |   |   |   | 495,453 |   |
| Total cash costs per gold equivalent ounce sold ($/ounce)                       |   |   | 792 |   |   |   | 684 |   |
| Sustaining capital expenditures(3)(5)                                           |   |   | 214.7 |   |   |   | 173.2 |   |
| Sustaining exploration - expensed                                               |   |   | 0.3 |   |   |   | 2.9 |   |
| Sustaining leases                                                               |   |   | 12.9 |   |   |   | - |   |
| Corporate G&A including share-based compensation(4)                         |   |   | 18.4 |   |   |   | 23.2 |   |
| Reclamation expenses                                                            |   |   | 6.6 |   |   |   | 6.6 |   |
| Total all-in sustaining costs                                                   |   |   | 639.3 |   |   |   | 544.4 |   |
| Gold equivalent ounces sold(2)                                                  |   |   | 488,165 |   |   |   | 495,453 |   |
| All-in sustaining costs per gold equivalent ounce sold ($/ounce)                |   |   | 1,310 |   |   |   | 1,099 |   |

| 1. | Adjustments in the current year include the stockpile inventory write-down at Rainy River included in operating                  expenses. Adjustments in the prior year include the non-cash heap leach inventory write-down and social closure costs incurred at Cerro San Pedro included in operating expenses. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | Gold equivalent ounces includes silver ounces and copper pounds produced converted to a gold equivalent based on                  a ratio of the average spot market prices for the commodities for each period.                                                                                                   |
| 3. | See “Total Sustaining Capital Expenditures Reconciliation” to reconcile sustaining capital expenditures to mining                  interests per the statement of cash flows.                                                                                                                          |
| 4. | Includes the sum of corporate administration costs and share-based payment expense per the income statement, net                  of any non-cash depreciation within those figures.                                                                                                                               |
| 5. | Sustaining capital expenditures are net of proceeds from disposal of assets.                                                                                                                                                                                                                                       |

----

----

| Three months ended December 31                                   |   |
|------------------------------------------------------------------|--------|
| (in millions of U.S. dollars, except where noted)                |   | 2019 |   |   | 2018 |   |
| RAINY RIVER OPEX, CASH COSTS AND AISC RECONCILIATION             |   |   |   |   |   |   |
| Operating expenses                                               |   |   | 73.2 |   |   |   | 43.3 |   |
| Gold Equivalent Ounces sold (1)                                  |   |   | 57,258 |   |   |   | 66,880 |   |
| Operating expenses per unit of gold sold ($/ounce)               |   |   | 1,278 |   |   |   | 648 |   |
| Operating expenses                                               |   |   | 73.2 |   |   |   | 43.3 |   |
| Adjustments(4)                                                   |   |   | (14.1 | ) |   |   | - |   |
| Total cash costs                                                 |   |   | 59.1 |   |   |   | 43.3 |   |
| Gold Equivalent Ounces sold                                      |   |   | 57,258 |   |   |   | 66,880 |   |
| Total cash costs per Gold Equivalent Ounce sold ($/ounce)        |   |   | 1,032 |   |   |   | 648 |   |
| Sustaining capital expenditures(2)(3)                            |   |   | 77.0 |   |   |   | 25.6 |   |
| Sustaining leases                                                |   |   | 2.0 |   |   |   | - |   |
| Sustaining exploration - expensed                                |   |   | - |   |   |   | 0.1 |   |
| Reclamation expenses                                             |   |   | 1.0 |   |   |   | 1.6 |   |
| Total all-in sustaining costs                                    |   |   | 139.1 |   |   |   | 70.6 |   |
| Gold Equivalent Ounces sold (1)                                  |   |   | 57,258 |   |   |   | 66,880 |   |
| All-in sustaining costs per Gold Equivalent Ounce sold ($/ounce) |   |   | 2,429 |   |   |   | 1,056 |   |

| 1. | Gold eq. ounces for Rainy River includes silver ounces produced or sold converted to a gold eq. based on a ratio                  of the average spot market prices for the commodities for each period. The ratio for Q4 2019 was calculated based on average spot market prices of $1,480 per gold ounce, $17.31 per silver ounce and $2.67 per copper pound. The ratio for Q4                  2018 was calculated based on average spot market prices of $1,228 per gold ounce, $14.54 per silver ounce and $2.80 per copper pound. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | See “Total Sustaining Capital Expenditures Reconciliation” to reconcile sustaining capital expenditures to mining                  interests per the statement of cash flows.                                                                                                                                                                                                                                                                                                                                               |
| 3. | Sustaining capital expenditures are net of proceeds from disposal of assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 4. | Adjustments in the current year include the stockpile inventory write-down at Rainy River included in operating                  expenses.                                                                                                                                                                                                                                                                                                                                                                                              |

|                                                             |   | Year ended December 31 |    |
|------------------------------------------------------------------|--------|------------------------|---------|
| (in millions of U.S. dollars, except where noted)                |   | 2019                   |    |   | 2018 |   |
| RAINY RIVER OPEX, CASH COSTS AND AISC RECONCILIATION             |   |                   |    |   |   |   |
| Operating expenses                                               |   |                   | 258.4   |   |   |   | 179.9 |   |
| Gold Equivalent Ounces sold (1)                                  |   |                   | 268,718 |   |   |   | 217,771 |   |
| Operating expenses per unit of gold sold ($/ounce)               |   |                   | 962     |   |   |   | 826 |   |
| Operating expenses                                               |   |                   | 258.4   |   |   |   | 179.9 |   |
| Treatment and refining charges                                   |   |                   | 0.1     |   |   |   |  - |   |
| Adjustments(4)                                                   |   |                   | (14.1   | ) |   |   | - |   |
| Total cash costs                                                 |   |                   | 244.4   |   |   |   | 179.9 |   |
| Gold Equivalent Ounces sold                                      |   |                   | 268,718 |   |   |   | 217,771 |   |
| Total cash costs per Gold Equivalent Ounce sold ($/ounce)        |   |                   | 910     |   |   |   | 826 |   |
| Sustaining capital expenditures(2)(3)                            |   |                   | 176.5   |   |   |   | 141.9 |   |
| Sustaining exploration expense                                   |   |                   | -       |   |   |   | 0.5 |   |
| Sustaining leases                                                |   |                   | 12.2    |   |   |   | - |   |
| Reclamation expenses                                             |   |                   | 4.8     |   |   |   | 4.0 |   |
| Total all-in sustaining costs                                    |   |                   | 437.9   |   |   |   | 326.3 |   |
| Gold Equivalent Ounces sold (1)                                  |   |                   | 268,718 |   |   |   | 217,771 |   |
| All-in sustaining costs per Gold Equivalent Ounce sold ($/ounce) |   |                   | 1,630   |   |   |   | 1,498 |   |

| 1. | Gold eq. ounces for Rainy River includes silver ounces produced converted to a gold equivalent based on a ratio                  of the average spot market prices for the commodities for each period. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | See “Total Sustaining Capital Expenditures Reconciliation” to reconcile sustaining capital expenditures to mining                  interests per the statement of cash flows.               |
| 3. | Sustaining capital expenditures are net of proceeds from disposal of assets.                                                                                                                            |
| 4. | Adjustments in the current year include the stockpile inventory write-down at Rainy River included in operating                  expenses.                                                              |

----

----

| Three months ended December 31                                                |   |
|-------------------------------------------------------------------------------|--------|
| (in millions of U.S. dollars, except where noted)                             |   | 2019 |   |   | 2018 |   |
| NEW AFTON OPEX, CASH COSTS AND AISC RECONCILIATION ON A GOLD EQUIVALENT BASIS |   |   |   |   |   |   |
| Operating expenses                                                            |   |   | 32.0 |   |   |   | 24.5 |   |
| Gold Equivalent Ounces sold (1)                                               |   |   | 47,188 |   |   |   | 63,004 |   |
| Operating expenses per unit of gold sold ($/ounce)                            |   |   | 678 |   |   |   | 388 |   |
| Operating expenses                                                            |   |   | 32.0 |   |   |   | 24.5 |   |
| Treatment and refining charges on concentrate sales                           |   |   | 7.3 |   |   |   | 7.0 |   |
| Total cash costs                                                              |   |   | 39.3 |   |   |   | 31.5 |   |
| Gold Equivalent Ounces sold (1)                                               |   |   | 47,188 |   |   |   | 63,004 |   |
| Total cash costs per Gold Equivalent Ounce sold ($/ounce)                     |   |   | 833 |   |   |   | 499 |   |
| Sustaining capital expenditures(2)                                            |   |   | 10.6 |   |   |   | 5.0 |   |
| Sustaining exploration - expensed                                             |   |   | - |   |   |   | 0.1 |   |
| Sustaining leases                                                             |   |   | 0.1 |   |   |   | - |   |
| Reclamation expenses                                                          |   |   | 0.8 |   |   |   | 0.4 |   |
| Total all-in sustaining costs                                                 |   |   | 50.8 |   |   |   | 37.0 |   |
| Gold Equivalent Ounces sold (1)                                               |   |   | 47,188 |   |   |   | 63,004 |   |
| All-in sustaining costs per Gold Equivalent Ounce sold ($/ounce)              |   |   | 1,076 |   |   |   | 587 |   |

| 1. | Gold eq. ounces for New Afton includes silver ounces and copper pounds produced or sold converted to a gold eq.                  based on a ratio of the average spot market prices for the commodities for each period.  The ratio for Q4 2019 was calculated based on average spot market prices of $1,480 per gold ounce, $17.31 per silver ounce and $2.67 per copper                  pound. The ratio for Q4 2018 was calculated based on average spot market prices of $1,228 per gold ounce, $14.54 per silver ounce and $2.80 per copper pound. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | See “Total Sustaining Capital Expenditures Reconciliation” to reconcile sustaining capital expenditures to mining                  interests per the statement of cash flows.                                                                                                                                                                                                                                                                                                                                                                     |

| Year ended December 31                                                        |   |
|-------------------------------------------------------------------------------|--------|
| (in millions of U.S. dollars, except where noted)                             |   | 2019 |   |   | 2018 |   |
| NEW AFTON OPEX, CASH COSTS AND AISC RECONCILIATION ON A GOLD EQUIVALENT BASIS |   |   |   |   |   |   |
| Operating expenses                                                            |   |   | 113.5 |   |   |   | 104.3 |   |
| Gold Equivalent Ounces sold (1)                                               |   |   | 219,447 |   |   |   | 265,247 |   |
| Operating expenses per unit of gold sold ($/ounce)                            |   |   | 517 |   |   |   | 393 |   |
| Operating expenses                                                            |   |   | 113.5 |   |   |   | 104.3 |   |
| Treatment and refining charges on concentrate sales                           |   |   | 28.5 |   |   |   | 30.0 |   |
| Total cash costs                                                              |   |   | 142.0 |   |   |   | 134.3 |   |
| Gold Equivalent Ounces sold (1)                                               |   |   | 219,447 |   |   |   | 265,247 |   |
| Total cash costs per Gold Equivalent Ounce sold ($/ounce)                     |   |   | 647 |   |   |   | 507 |   |
| Sustaining capital expenditures(2)                                            |   |   | 37.7 |   |   |   | 32.6 |   |
| Sustaining exploration - expensed                                             |   |   | - |   |   |   | 0.4 |   |
| Sustaining leases                                                             |   |   | 0.3 |   |   |   | - |   |
| Reclamation expenses                                                          |   |   | 1.9 |   |   |   | 1.8 |   |
| Total all-in sustaining costs                                                 |   |   | 181.9 |   |   |   | 169.0 |   |
| Gold Equivalent Ounces sold (1)                                               |   |   | 219,447 |   |   |   | 265,247 |   |
| All-in sustaining costs per Gold Equivalent Ounce sold ($/ounce)              |   |   | 829 |   |   |   | 638 |   |

| 1. | Gold equivalent ounces for New Afton includes silver ounces and copper pounds produced converted to a gold                  equivalent based on a ratio of the average spot market prices for the commodities for each period. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | See “Total Sustaining Capital Expenditures Reconciliation” to reconcile sustaining capital expenditures to mining                  interests per the statement of cash flows.                                      |

----

----

| Three months ended December 31, 2019                                     |   |
|--------------------------------------------------------------------------|--------|
| (in millions of U.S. dollars, except where noted)                        |   | Gold |   |   | Copper |   |   | Silver |   |   | Total |   |
| NEW AFTON OPEX, CASH COSTS AND AISC RECONCILIATION ON A CO-PRODUCT BASIS |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses(1)                                                    |   |   | 9.8 |   |   |   | 21.7 |   |   |   | 0.5 |   |   |   | 32.0 |   |
| Units of metal sold (ounces/millions of pounds/millions of ounces)       |   |   | 15,301 |   |   |   | 17.3 |   |   |   | 0.1 |   |   |   |   |   |
| Operating expenses per unit of metal sold ($/ounce or pound)             |   |   | 640 |   |   |   | 1.26 |   |   |   | 7.70 |   |   |   |   |   |
| Operating expenses                                                       |   |   | 9.8 |   |   |   | 21.7 |   |   |   | 0.5 |   |   |   | 32.0 |   |
| Treatment and refining charges on concentrate sales                      |   |   | 2.2 |   |   |   | 5.0 |   |   |   | 0.1 |   |   |   | 7.3 |   |
| Total cash costs                                                         |   |   | 12.0 |   |   |   | 26.7 |   |   |   | 0.6 |   |   |   | 39.3 |   |
| By-product silver and copper sales                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (47.3 | ) |
| Total cash costs net of by-product revenue                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (8.0 | ) |
| Units of metal sold (ounces/millions of pounds/millions of ounces)       |   |   | 15,301 |   |   |   | 17.3 |   |   |   | 0.1 |   |   |   |   |   |
| Total cash costs on a co-product basis(2) ($/ounce or pound)             |   |   | 786 |   |   |   | 1.55 |   |   |   | 9.47 |   |   |   |   |   |
| Total cash costs per gold ounce sold ($/ounce)                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (525 | ) |
| Total co-product cash costs                                              |   |   | 12.0 |   |   |   | 26.7 |   |   |   | 0.6 |   |   |   |   |   |
| Total cash costs net of by-product revenue                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (8.0 | ) |
| Sustaining capital expenditures(3)                                       |   |   | 3.2 |   |   |   | 7.2 |   |   |   | 0.2 |   |   |   | 10.6 |   |
| Sustaining leases                                                        |   |   | - |   |   |   | 0.1 |   |   |   | - |   |   |   | 0.1 |   |
| Reclamation expenses                                                     |   |   | 0.2 |   |   |   | 0.5 |   |   |   | - |   |   |   | 0.7 |   |
| Total co-product all-in sustaining costs                                 |   |   | 15.4 |   |   |   | 34.5 |   |   |   | 0.8 |   |   |   |   |   |
| Total all-in sustaining costs net of by-product revenue                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 3.5 |   |
| All-in sustaining costs on a co-product basis(2) ($/ounce or pound)      |   |   | 1,016 |   |   |   | 2.00 |   |   |   | 12.23 |   |   |   |   |   |
| All-in sustaining costs per gold ounce sold ($/ounce)                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 226 |   |

| 1. | Operating expenses are apportioned to each metal produced on a percentage of revenue basis.                                                                                                                                                     |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | Amounts presented on a co-product basis remove the impact of other metal sales that are produced as a by-product                  of our gold production and apportions the cash costs to each metal produced on a percentage of revenue basis. |
| 3. | See “Total Sustaining Capital Expenditures Reconciliation” to reconcile sustaining capital expenditures to mining                  interests per the statement of cash flows.                                                       |

| Three months ended December 31, 2018                                     |
|--------------------------------------------------------------------------|
| (in millions of U.S. dollars, except where noted)                        |   | Gold |   |   | Copper |   |   | Silver |   |   | Total |   |
| NEW AFTON OPEX, CASH COSTS AND AISC RECONCILIATION ON A CO-PRODUCT BASIS |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses(1)                                                    |   |   | 6.4 |   |   |   | 17.7 |   |   |   | 0.3 |   |   |   | 24.5 |   |
| Units of metal sold (ounces/millions of pounds/millions of ounces)       |   |   | 17,176 |   |   |   | 19.7 |   |   |   | 0.1 |   |   |   |   |   |
| Operating expenses per unit of metal sold ($/ounce or pound)             |   |   | 375 |   |   |   | 0.90 |   |   |   | 4.15 |   |   |   |   |   |
| Operating expenses                                                       |   |   | 6.4 |   |   |   | 17.7 |   |   |   | 0.3 |   |   |   | 24.5 |   |
| Treatment and refining charges on concentrate sales                      |   |   | 1.8 |   |   |   | 5.1 |   |   |   | 0.1 |   |   |   | 7.0 |   |
| Total cash costs                                                         |   |   | 8.2 |   |   |   | 22.8 |   |   |   | 0.4 |   |   |   | 31.5 |   |
| By-product silver and copper sales                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (59.4 | ) |
| Total cash costs net of by-product revenue                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (27.9 | ) |
| Units of metal sold (ounces/millions of pounds/millions of ounces)       |   |   | 17,176 |   |   |   | 19.7 |   |   |   | 0.1 |   |   |   |   |   |
| Total cash costs on a co-product basis(2) ($/ounce or pound)             |   |   | 482 |   |   |   | 1.16 |   |   |   | 5.2 |   |   |   |   |   |
| Total cash costs per gold ounce sold ($/ounce)                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,629 | ) |
| Total co-product cash costs                                              |   |   | 8.3 |   |   |   | 22.8 |   |   |   | 0.4 |   |   |   |   |   |
| Total cash costs net of by-product revenue                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (27.9 | ) |
| Sustaining capital expenditures(3)                                       |   |   | 1.3 |   |   |   | 3.7 |   |   |   | 0.1 |   |   |   | 5.1 |   |
| Sustaining exploration expense                                           |   |   | - |   |   |   | 0.1 |   |   |   | - |   |   |   | 0.1 |   |
| Reclamation expenses                                                     |   |   | 0.1 |   |   |   | 0.3 |   |   |   | - |   |   |   | 0.4 |   |
| Total co-product all-in sustaining costs                                 |   |   | 9.7 |   |   |   | 26.9 |   |   |   | 0.5 |   |   |   |   |   |
| Total all-in sustaining costs net of by-product revenue                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (22.4 | ) |
| All-in sustaining costs on a co-product basis(2) ($/ounce or pound)      |   |   | 567 |   |   |   | 1.36 |   |   |   | 6.12 |   |   |   |   |   |
| All-in sustaining costs per gold ounce sold ($/ounce)                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,306 | ) |

| 1. | Operating expenses are apportioned to each metal produced on a percentage of revenue basis. |
|----|---------------------------------------------------------------------------------------------|

| 2. | Amounts presented on a co-product basis remove the impact of other metal sales that are                  produced as a by-product of our gold production and apportions the cash costs to each metal produced on a percentage of revenue basis. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | See “Total Sustaining Capital Expenditures Reconciliation” to reconcile sustaining capital                  expenditures to mining interests per the statement of cash flows. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Year ended December 31, 2019                                             |   |
|--------------------------------------------------------------------------|--------|
| (in millions of U.S. dollars, except where noted)                        |   | Gold |   |   | Copper |   |   | Silver |   |   | Total |   |
| NEW AFTON OPEX, CASH COSTS AND AISC RECONCILIATION ON A CO-PRODUCT BASIS |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses(1)                                                    |   |   | 33.5 |   |   |   | 78.3 |   |   |   | 1.8 |   |   |   | 113.5 |   |
| Units of metal sold (ounces/millions of pounds/millions of ounces)       |   |   | 65,694 |   |   |   | 76.4 |   |   |   | 0.3 |   |   |   |   |   |
| Operating expenses per unit of metal sold ($/ounce or pound)             |   |   | 509 |   |   |   | 1.02 |   |   |   | 6.27 |   |   |   |   |   |
| Operating expenses                                                       |   |   | 33.5 |   |   |   | 78.3 |   |   |   | 1.8 |   |   |   | 113.5 |   |
| Treatment and refining charges on concentrate sales                      |   |   | 8.4 |   |   |   | 19.6 |   |   |   | 0.4 |   |   |   | 28.5 |   |
| Total cash costs                                                         |   |   | 41.9 |   |   |   | 97.9 |   |   |   | 2.2 |   |   |   | 142.0 |   |
| By-product silver and copper sales                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (211.8 | ) |
| Total cash costs net of by-product revenue                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (69.9 | ) |
| Units of metal sold (ounces/millions of pounds/millions of ounces)       |   |   | 65,694 |   |   |   | 76.4 |   |   |   | 0.3 |   |   |   |   |   |
| Total cash costs on a co-product basis(2) ($/ounce or pound)             |   |   | 637 |   |   |   | 1.28 |   |   |   | 7.84 |   |   |   |   |   |
| Total cash costs per gold ounce sold ($/ounce)                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,063 | ) |
| Total co-product cash costs                                              |   |   | 41.9 |   |   |   | 97.9 |   |   |   | 2.2 |   |   |   |   |   |
| Total cash costs net of by-product revenue                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (69.9 | ) |
| Sustaining capital expenditures(3)                                       |   |   | 11.1 |   |   |   | 26.0 |   |   |   | 0.6 |   |   |   | 37.7 |   |
| Sustaining leases                                                        |   |   | 0.1 |   |   |   | 0.2 |   |   |   | - |   |   |   | 0.3 |   |
| Reclamation expenses                                                     |   |   | 0.6 |   |   |   | 1.3 |   |   |   | - |   |   |   | 1.9 |   |
| Total co-product all-in sustaining costs                                 |   |   | 53.6 |   |   |   | 125.4 |   |   |   | 2.8 |   |   |   |   |   |
| Total all-in sustaining costs net of by-product revenue                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (30.0 | ) |
| All-in sustaining costs on a co-product basis(2) ($/ounce or pound)      |   |   | 816 |   |   |   | 1.64 |   |   |   | 10.04 |   |   |   |   |   |
| All-in sustaining costs per gold ounce sold ($/ounce)                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (456 | ) |

| 1. | Operating expenses are apportioned to each metal produced on a percentage of revenue basis. |
|----|---------------------------------------------------------------------------------------------|

| 2. | Amounts presented on a co-product basis remove the impact of other metal sales that are                  produced as a by-product of our gold production and apportions the cash costs to each metal produced on a percentage of revenue basis. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | See “Total Sustaining Capital Expenditures Reconciliation” to reconcile sustaining capital                  expenditures to mining interests per the statement of cash flow. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Year ended December 31, 2018                                             |   |
|--------------------------------------------------------------------------|--------|
| (in millions of U.S. dollars, except where noted)                        |   | Gold |   |   | Copper |   |   | Silver |   |   | Total |   |
| NEW AFTON OPEX, CASH COSTS AND AISC RECONCILIATION ON A CO-PRODUCT BASIS |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses(1)                                                    |   |   | 27.8 |   |   |   | 75.1 |   |   |   | 1.4 |   |   |   | 104.3 |   |
| Units of metal sold (ounces/millions of pounds/millions of ounces)       |   |   | 72,489 |   |   |   | 81.1 |   |   |   | 0.3 |   |   |   |   |   |
| Operating expenses per unit of metal sold ($/ounce or pound)             |   |   | 384 |   |   |   | 0.93 |   |   |   | 4.53 |   |   |   |   |   |
| Operating expenses                                                       |   |   | 27.8 |   |   |   | 75.1 |   |   |   | 1.4 |   |   |   | (104.3 | ) |
| Treatment and refining charges on concentrate sales                      |   |   | 8.0 |   |   |   | 21.6 |   |   |   | 0.4 |   |   |   | 30.0 |   |
| Total cash costs                                                         |   |   | 35.8 |   |   |   | 96.7 |   |   |   | 1.8 |   |   |   | 134.3 |   |
| By-product silver and copper sales                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (252.2 | ) |
| Total cash costs net of by-product revenue                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (117.9 | ) |
| Units of metal sold (ounces/millions of pounds/millions of ounces)       |   |   | 72,489 |   |   |   | 81.1 |   |   |   | 0.3 |   |   |   |   |   |
| Total cash costs on a co-product basis(2) ($/ounce or pound)             |   |   | 495 |   |   |   | 1.19 |   |   |   | 5.84 |   |   |   |   |   |
| Total cash costs per gold ounce sold ($/ounce)                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,626 | ) |
| Total co-product cash costs                                              |   |   | 35.8 |   |   |   | 96.7 |   |   |   | 1.8 |   |   |   |   |   |
| Total cash costs net of by-product revenue                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (117.9 | ) |
| Sustaining capital expenditures(3)                                       |   |   | 8.7 |   |   |   | 23.5 |   |   |   | 0.4 |   |   |   | 32.6 |   |
| Sustaining exploration expense                                           |   |   | 0.1 |   |   |   | 0.3 |   |   |   | - |   |   |   | 0.4 |   |
| Reclamation expenses                                                     |   |   | 0.5 |   |   |   | 1.3 |   |   |   | - |   |   |   | 1.8 |   |
| Total co-product all-in sustaining costs                                 |   |   | 45.1 |   |   |   | 121.8 |   |   |   | 2.2 |   |   |   |   |   |
| Total all-in sustaining costs net of by-product revenue                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (83.1 | ) |
| All-in sustaining costs on a co-product basis(2) ($/ounce or pound)      |   |   | 623 |   |   |   | 1.50 |   |   |   | 7.35 |   |   |   |   |   |
| All-in sustaining costs per gold ounce sold ($/ounce)                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,147 | ) |

| 1. |  Operating expenses are apportioned to each metal produced on a percentage of revenue basis. |
|----|---------------------------------------------------------------------------------------------------|

| 2. | Amounts presented on a co-product basis remove the impact of other metal sales that are                  produced as a by-product of our gold production and apportions the cash costs to each metal produced on a percentage of revenue basis. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | See “Total Sustaining Capital Expenditures Reconciliation” to reconcile sustaining capital                  expenditures to mining interests per the statement of cash flows. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                              |   | Three months ended December 31 |   |   | Year ended December 31 |   |
|---------------------------------------------------|--------|--------------------------------|--------|--------|------------------------|--------|
| (in millions of U.S. dollars, except where noted) |   | 2019                           |   |   | 2018                   |   |   | 2019 |   |   | 2018 |   |
| TOTAL SUSTAINING CAPITAL EXPENDITURES             |   |                           |   |   |                   |   |   |   |   |   |   |   |
| Mining interests per statement of cash flows      |   |                           | 102.3  |   |                   |   | 39.4 |   |   |   | 253.3 |   |   |   | 213.9 |   |
| New Afton growth capital expenditures(1)          |   |                           | (10.5  | )      |                   |   | (1.0 | ) |   |   | (24.1 | ) |   |   | (3.3 | ) |
| Rainy River growth capital expenditures(1)        |   |                           | (0.1   | )      |                   |   | (6.1 | ) |   |   | (6.8 | ) |   |   | (28.5 | ) |
| Blackwater growth capital expenditures            |   |                           | (1.7   | )      |                   |   | (1.6 | ) |   |   | (5.1 | ) |   |   | (7.3 | ) |
| Sustaining capital expenditures                   |   |                           | 90.0   |   |                   |   | 30.7 |   |   |   | 217.4 |   |   |   | 174.8 |   |

| 1. | Growth capital expenditures at New Afton in the current period and prior-year period relate to project advancement for the C-zone. Growth capital expenditures at Rainy River in the current period is                        primarily the purchase of underground infrastructure and in the prior-year period related to the payment of working capital for project development (pre-commercial production). |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ● | Impairment losses; |
|---------|--------------------|

| ● | Inventory write-downs; |
|---------|------------------------|

| ● | Items included in “Other gains and losses” as per Note 5 of the Company’s consolidated financial statements; and |
|---------|------------------------------------------------------------------------------------------------------------------------------------|

| ● | Certain non-recurring items. |
|---------|------------------------------|

| Three months ended December 31                              |   |   | Year ended December 31 |   |
|-------------------------------------------------------------|--------|--------|------------------------|--------|
| (in millions of U.S. dollars, except where noted)           |   | 2019   |                   |   | 2018 |   |   | 2019 |   |   | 2018 |   |   | 2017 |   |
| ADJUSTED NET LOSS FROM CONTINUING OPERATIONS RECONCILIATION |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss before taxes                                           |   |   | (6.3                   | )      |   |   | (663.7 | ) |   |   | (73.9 | ) |   |   | (1,096.0 | ) |   |   | (242.6 | ) |
| Other losses (gains)(1)                                     |   |   | (45.0                  | )      |   |   | (14.3 | ) |   |   | 5.6 |   |   |   | (18.1 | ) |   |   | (46.6 | ) |
| Loss (gain) on debt modification                            |   |   | 0.6                    |   |   |   | - |   |   |   | 1.2 |   |   |   | - |   |   |   | (3.3 | ) |
| Asset impairment                                            |   |   | -                      |   |   |   | 671.1 |   |   |   | - |   |   |   | 1,054.8 |   |   |   | 268.4 |   |
| Inventory write-down                                        |   |   | 19.8                   |   |   |   | 6.4 |   |   |   | 19.8 |   |   |   | 16.9 |   |   |   | - |   |
| Corporate restructuring                                     |   |   | 1.1                    |   |   |   | 1.8 |   |   |   | 1.1 |   |   |   | 4.1 |   |   |   | 4.2 |   |
| Adjusted net loss before taxes                              |   |   | (29.8                  | )      |   |   | 1.3 |   |   |   | (46.2 | ) |   |   | (38.3 | ) |   |   | (19.9 | ) |
| Income tax recovery (expense)                               |   |   | 6.6                    |   |   |   | (78.8 | ) |   |   | 0.4 |   |   |   | 10.4 |   |   |   | 84.6 |   |
| Income tax adjustments                                      |   |   | (4.8                   | )      |   |   | 85.4 |   |   |   | (1.4 | ) |   |   | 2.5 |   |   |   | (85.7 | ) |
| Adjusted income tax (expense) recovery                      |   |   | 1.8                    |   |   |   | 6.6 |   |   |   | (1.0 | ) |   |   | 12.9 |   |   |   | (1.1 | ) |
| Adjusted net (loss) earnings                                |   |   | (28.0                  | )      |   |   | 7.9 |   |   |   | (47.2 | ) |   |   | (25.4 | ) |   |   | (21.0 | ) |
| Adjusted (loss) earnings per share (basic and diluted)      |   |   | (0.04                  | )      |   |   | 0.01 |   |   |   | (0.08 | ) |   |   | (0.04 | ) |   |   | (0.04 | ) |

| 1. | Please refer to Note 5 of the Company’s consolidated financial statements for a detailed breakdown of other gains                  and losses. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                     |   | Three months ended December 31 |   |   |   |   |   | Year ended December 31 |   |
|-------------------------------------------------------------------------------------|--------|--------------------------------|--------|--------|--------|--------|--------|------------------------|--------|
| (in millions of U.S. dollars)                                                       |   | 2019                           |   |   | 2018   |   |   | 2019                   |   |   | 2018 |   |   | 2017 |   |
| CASH RECONCILIATION FROM CONTINUING OPERATIONS                                      |   |                           |   |   |   |   |   |                   |   |   |   |   |   |   |   |
| Cash generated from operations                                                      |   |                           | 47.9   |   |   |   | 57.8   |                   |   |   | 263.5 |   |   |   | 193.0 |   |   |   | 197.1 |   |
| Add back (deduct): Change in non-cash operating working capital                     |   |                           | (9.1   | )      |   |   | 17.0   |                   |   |   | (25.9 | ) |   |   | 71.6 |   |   |   | (43.8 | ) |
| Cash generated from operations before changes in non-cash operating working capital |   |                           | 38.8   |   |   |   | 74.8   |                   |   |   | 237.6 |   |   |   | 264.6 |   |   |   | 153.3 |   |

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|                          |   | Three months ended December 31 |   |   | Year ended December 31 |   |
|-------------------------------|--------|--------------------------------|--------|--------|------------------------|--------|
| (in millions of U.S. dollars) |   | 2019                           |   |   | 2018                   |   |   | 2019 |   |   | 2018 |   |
| TOTAL OPERATING MARGIN        |   |                           |   |   |                   |   |   |   |   |   |   |   |
| Revenue                       |   |                           | 139.2  |   |                   |   | 157.4 157.4 |   |   |   | 630.6 |   |   |   | 604.5 |   |
| Less: Operating expenses      |   |                           | 105.2  |   |                   |   | 75.9 |   |   |   | 371.9 |   |   |   | 325.4 |   |
| Total operating margin        |   |                           | 34.0   |   |                   |   | 81.5 |   |   |   | 258.7 |   |   |   | 279.1 |   |
|                          |   | Three months ended December 31 |   |   |   Year ended December 31 |   |
|-------------------------------|--------|--------------------------------|--------|--------|-------------------------------|--------|
| (in millions of U.S. dollars) |   | 2019                           |   |   | 2018                          |   |   | 2019 |   |   | 2018 |   |
| RAINY RIVER OPERATING MARGIN  |   |                           |   |   |                          |   |   |   |   |   |   |   |
| Revenue                       |   |                           | 78.4   |   |                          |   | 82.2 |   |   |   | 358.9 |   |   |   | 274.4 |   |
| Less: Operating expenses      |   |                           | 73.2   |   |                          |   | 43.3 |   |   |   | 258.4 |   |   |   | 179.9 |   |
| Rainy River operating margin  |   |                           | 5.2    |   |                          |   | 38.9 |   |   |   | 100.5 |   |   |   | 94.5 |   |
|                          |   | Three months ended December 31 |   |   | Year ended December 31 |   |
|-------------------------------|--------|--------------------------------|--------|--------|------------------------|--------|
| (in millions of U.S. dollars) |   | 2019                           |   |   | 2018                   |   |   | 2019 |   |   | 2018 |   |
| NEW AFTON OPERATING MARGIN    |   |                           |   |   |                   |   |   |   |   |   |   |   |
| Revenue                       |   |                           | 60.8   |   |                   |   | 73.7 |   |   |   | 271.7 |   |   |   | 314.1 |   |
| Less: Operating expenses      |   |                           | 32.0   |   |                   |   | 24.5 |   |   |   | 113.5 |   |   |   | 104.3 |   |
| New Afton operating margin    |   |                           | 28.8   |   |                   |   | 49.2 |   |   |   | 158.2 |   |   |   | 209.8 |   |

----

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|                                                       |   | Three months ended December 31 |   |   | Year ended December 31 |   |
|------------------------------------------------------------|--------|--------------------------------|--------|--------|------------------------|--------|
| (in millions of U.S. dollars, except where noted)          |   | 2019                           |   |   | 2018                   |   |   | 2019 |   |   | 2018 |   |
| TOTAL AVERAGE REALIZED PRICE FROM CONTINUING OPERATIONS    |   |                           |   |   |                   |   |   |   |   |   |   |   |
| Revenue from gold sales                                    |   |                           | 95.8   |   |                   |   | 101.9 |   |   |   | 434.4 |   |   |   | 368.2 |   |
| Treatment and refining charges on gold concentrate sales   |   |                           | 2.1    |   |                   |   | 1.8 |   |   |   | 8.3 |   |   |   | 8.0 |   |
| Gross revenue from gold sales                              |   |                           | 97.9   |   |                   |   | 103.7 |   |   |   | 442.7 |   |   |   | 376.2 |   |
| Gold ounces sold                                           |   |                           | 71,691 |   |                   |   | 84,421 |   |   |   | 331,053 |   |   |   | 298,002 |   |
| Total average realized price per gold ounce sold ($/ounce) |   |                           | 1,366  |   |                   |   | 1,230 |   |   |   | 1,337 |   |   |   | 1,263 |   |
|                                                             |   | Three months ended December 31 |   |   | Year ended December 31 |   |
|------------------------------------------------------------------|--------|--------------------------------|--------|--------|------------------------|--------|
| (in millions of U.S. dollars, except where noted)                |   | 2019                           |   |   | 2018                   |   |   | 2019 |   |   | 2018 |   |
| RAINY RIVER AVERAGE REALIZED PRICE                               |   |                           |   |   |                   |   |   |   |   |   |   |   |
| Revenue from gold sales                                          |   |                           | 77.1   |   |                   |   | 81.2 |   |   |   | 354.4 |   |   |   | 270.6 |   |
| Gold ounces sold                                                 |   |                           | 56,390 |   |                   |   | 66,123 |   |   |   | 265,359 |   |   |   | 214,804 |   |
| Rainy River average realized price per gold ounce sold ($/ounce) |   |                           | 1,366  |   |                   |   | 1,229 |   |   |   | 1,335 |   |   |   | 1,260 |   |
|                                                           |   | Three months ended December 31 |   |   | Year ended December 31 |   |
|----------------------------------------------------------------|--------|--------------------------------|--------|--------|------------------------|--------|
| (in millions of U.S. dollars, except where noted)              |   | 2019                           |   |   | 2018                   |   |   | 2019 |   |   | 2018 |   |
| NEW AFTON AVERAGE REALIZED PRICE                               |   |                           |   |   |                   |   |   |   |   |   |   |   |
| Revenue from gold sales                                        |   |                           | 18.7   |   |                   |   | 19.3 |   |   |   | 80.2 |   |   |   | 83.8 |   |
| Treatment and refining charges on gold concentrate sales       |   |                           | 2.1    |   |                   |   | 1.8 |   |   |   | 8.3 |   |   |   | 8.0 |   |
| Gross revenue from gold sales                                  |   |                           | 20.8   |   |                   |   | 21.1 |   |   |   | 88.5 |   |   |   | 91.8 |   |
| Gold ounces sold                                               |   |                           | 15,301 |   |                   |   | 17,176 |   |   |   | 65,694 |   |   |   | 72,489 |   |
| New Afton average realized price per gold ounce sold ($/ounce) |   |                           | 1,364  |   |                   |   | 1,237 |   |   |   | 1,348 |   |   |   | 1,266 |   |

----

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|                                               | Year ended December 31 |
|----------------------------------------------------|------------------------|
| (in millions of U.S. dollars)                      |                   |   |  2019 | 2018 |
| CREDIT RISK EXPOSURE                               |                   |   |   |   |
| Cash and cash equivalents                          |                   |   |  83.4 |  103.7 |
| Trade and other receivables                        |                   |   |  23.7 |  35.9 |
| Total financial instrument exposure to credit risk |                   |   |  107.1 |  139.6 |

----

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|                              |       |       |       | As at December 31 |
|-----------------------------------|------------|------------|------------|-------------------|
| (in millions of U.S. dollars)     | 0-30 days  | 31-60 days | 61-90 days | 91-120 days       | Over 120 days | 2019 Total | 2018 Total |
| AGING TRADE AND OTHER RECEIVABLES |       |       |       |              |   |   |
| Rainy River                       |  4.5  |  -    |  -    |  -           |  1.0 | 5.5 |  8.8 |
| New Afton                         |  3.4  |  -    |  -    |  2.9         |  - | 6.3 |  8.3 |
| Cerro San Pedro                   |  0.5  |  0.1  |  0.1  |  0.1         |  0.6 | 1.4 |  5.1 |
| Blackwater                        |  -    |  -    |  -    |  -           |  0.3 | 0.3 |  0.3 |
| Corporate                         |  10.2 | -          | -          | -                 | - | 10.2 |  13.4 |
| Total trade and other receivables |  18.6 |  0.1  |  0.1  |  3.0         |  1.9 | 23.7 |  35.9 |
|                               |        |        | As at December 31 |
|------------------------------------|-------------|-------------|-------------------|
| (in millions of U.S. dollars)      | < 1 year | 1-3 years   | 4-5 years         | After                5 years | 2019Total | 2018Total |   |
| DEBT COMMITMENTS                   |        |        |              |   |   |   |   |
| Trade and other payables           |  150.0 | -           | -                 | - | 150.0 |  112.6 |   |
| Long-term debt                     | -           | 430.3       |  -           |  300.0 | 730.3 |  800.0 |   |
| Interest payable on long-term debt |  44.2  |  85.1  |  38.3        |  7.1 | 174.7 |  242.9 |   |
| Gold stream obligation             |  22.0  |  49.9  |  54.9        |  65.9 | 192.7 |  267.5 |   |
| Total debt commitments             |  216.2 |  565.3 |  93.2        |  373.0 | 1,247.7 |  1,423.0 |   |

----

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|                                     |   | As at December 31, 2019 |   |
|------------------------------------------|--------|-------------------------|--------|
| (in millions of U.S. dollars)            |   | CAD                     |   |   | MXN |   |
| EXPOSURE TO CURRENCY RISK                |   |                    |   |   |   |   |
| Cash and cash equivalents                |   |                    | 11.0   |   |   |   | 0.3 |   |
| Trade and other receivables              |   |                    | 7.0    |   |   |   | 0.9 |   |
| Income tax (payable) receivable          |   |                    | (0.3   | ) |   |   | 4.6 |   |
| Trade and other payables                 |   |                    | (86.8  | ) |   |   | (13.5 | ) |
| Deferred tax liability                   |   |                    | (48.3  | ) |   |   | - |   |
| Reclamation and closure cost obligations |   |                    | (93.3  | ) |   |   | (1.4 | ) |
| Share units                              |   |                    | (1.9   | ) |   |   | - |   |
| Total exposure to currency risk          |   |                    | 212.6  |   |   |   | (9.1 | ) |
|                                               |   | As at December 31, 2018 |   |
|----------------------------------------------------|--------|-------------------------|--------|
| (in millions of U.S. dollars)                      |   | CAD                     |   |   | MXN |   |
| EXPOSURE TO CURRENCY RISK                          |   |                    |   |   |   |   |
| Cash and cash equivalents                          |   |                    | 12.9   |   |   |   | 0.6 |   |
| Trade and other receivables                        |   |                    | 9.9    |   |   |   | 4.9 |   |
| Income tax receivable                              |   |                    | -      |   |   |   | 4.6 |   |
| Trade and other payables                           |   |                    | (105.0 | ) |   |   | (14.1 | ) |
| Deferred tax liability                             |   |                    | (54.5  | ) |   |   | - |   |
| Reclamation and closure cost obligations           |   |                    | (72.6  | ) |   |   | (13.5 | ) |
| Performance share units and restricted share units |   |                    | (0.5   | ) |   |   | - |   |
| Total exposure to currency risk                    |   |                    | 209.8  |   |   |   | (17.5 | ) |

----

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|                                           | Year ended December 31 |
|------------------------------------------------|------------------------|
| (in millions of U.S. dollars)                  |                   |   |  2019 | 2018 |
| IMPACT OF 10% CHANGE IN FOREIGN EXCHANGE RATES |                   |   |   |   |
| Canadian dollar                                |                   |   | 21.3 | 21.0 |
| Mexican peso                                   |                   |   | 0.9 |  1.8 |

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|                                     | Year ended December 31, 2019 | Year ended December 31, 2018 |
|------------------------------------------|------------------------------|------------------------------|
| (in millions of U.S. dollars)            |  Net Earnings           | Other ComprehensiveIncome    | Net Earnings | Other ComprehensiveIncome |
| IMPACT OF 10% CHANGE IN COMMODITY PRICES |                         |                         |   |   |
| Gold price                               |  19.0                   | -                            |  37.6 | - |
| Copper price                             |  20.7                   | -                            |  6.5 | - |
| Fuel and electricity price               |  7.0                    | -                            |  5.5 |  - |

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|                                            |   |                       |    |   | Metal grade             |   |   | Contained metal           |   |
|-------------------------------------------------|--------|----------------------------|---------|--------|-------------------------|--------|--------|---------------------------|--------|
|                                            |   | Tonnes                000s |    |   | Gold                g/t |   |   | Silver                g/t |   |   | Copper                % |   |   | Gold                Koz |   |   | Silver                Koz |   |   | Copper                Mlbs |   |
| RAINY RIVER                                     |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Pit Mineral Reserves                       |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Direct processing                               |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proven                                          |   |                       | 15,700  |   |                    |   | 1.21   |                      |   |   | 2.4 |   |   |   | - |   |   |   | 612 |   |   |   | 1,187 |   |   |   | - |   |
| Probable                                        |   |                       | 30,675  |   |                    |   | 1.15   |                      |   |   | 2.5 |   |   |   | - |   |   |   | 1,136 |   |   |   | 2,416 |   |   |   | - |   |
| Open Pit P&P (direct proc.)                 |   |                       | 46,375  |   |                    |   | 1.17   |                      |   |   | 2.4 |   |   |   | - |   |   |   | 1,748 |   |   |   | 3,602 |   |   |   | - |   |
| Low grade                                       |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Proven                  |   |                       | 5,702   |   |                    |   | 0.35   |                      |   |   | 1.9 |   |   |   | - |   |   |   | 65 |   |   |   | 341 |   |   |   | - |   |
| Probable                                        |   |                       | 15,470  |   |                    |   | 0.35   |                      |   |   | 2.2 |   |   |   | - |   |   |   | 172 |   |   |   | 1,076 |   |   |   | - |   |
| Open Pit P&P (low grade)                    |   |                       | 21,172  |   |                    |   | 0.35   |                      |   |   | 2.1 |   |   |   | - |   |   |   | 237 |   |   |   | 1,417 |   |   |   | - |   |
| Stockpile                                       |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Proven                  |   |                       | 5,928   |   |                    |   | 0.53   |                      |   |   | 1.1 |   |   |   | - |   |   |   | 102 |   |   |   | 211 |   |   |   | - |   |
| Probable                                        |   |                       | -       |   |                    |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Open Pit P&P (stockpile)                    |   |                       | 5,928   |   |                    |   | 0.53   |                      |   |   | 1.1 |   |   |   | - |   |   |   | 102 |   |   |   | 211 |   |   |   | - |   |
| Open Pit Total Mineral Reserves                 |   |                       | 73,476  |   |                    |   | 0.88   |                      |   |   | 2.2 |   |   |   | - |   |   |   | 2,087 |   |   |   | 5,231 |   |   |   | - |   |
| Underground                                     |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Proven                  |   |                       | -       |   |                    |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Probable                                        |   |                       | 4,096   |   |                    |   | 4.17   |                      |   |   | 7.8 |   |   |   | - |   |   |   | 549 |   |   |   | 1,034 |   |   |   | - |   |
| Underground P&P (direct    proc.) |   |                       | 4,096   |   |                    |   | 4.17   |                      |   |   | 7.8 |   |   |   | - |   |   |   | 549 |   |   |   | 1,034 |   |   |   | - |   |
| Combined Direct proc. & Low grade           |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Proven                  |   |                       | 27,331  |   |                    |   | 0.88   |                      |   |   | 2.0 |   |   |   | - |   |   |   | 779 |   |   |   | 1,740 |   |   |   | - |   |
| Probable                                        |   |                       | 50,240  |   |                    |   | 1.15   |                      |   |   | 2.8 |   |   |   | - |   |   |   | 1,857 |   |   |   | 4,526 |   |   |   | - |   |
| Total Rainy River Mineral Reserves              |   |                       | 77,572  |   |                    |   | 1.06   |                      |   |   | 2.5 |   |   |   | - |   |   |   | 2,636 |   |   |   | 6,265 |   |   |   | - |   |
| NEW AFTON                                       |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| A&B Zones                                   |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proven                                          |   |                       | -       |   |                    |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Probable                                        |   |                       | 20,213  |   |                    |   | 0.55   |                      |   |   | 1.9 |   |   |   | 0.73 |   |   |   | 357 |   |   |   | 1,234 |   |   |   | 323 |   |
| C Zone                                          |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proven                                          |   |                       | -       |   |                    |   | -      |                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Probable                                        |   |                       | 27,088  |   |                    |   | 0.74   |                      |   |   | 1.8 |   |   |   | 0.80 |   |   |   | 648 |   |   |   | 1,610 |   |   |   | 478 |   |
| Total New Afton Mineral Reserves                |   |                       | 47,302  |   |                    |   | 0.66   |                      |   |   | 1.9 |   |   |   | 0.77 |   |   |   | 1,005 |   |   |   | 2,844 |   |   |   | 802 |   |
| BLACKWATER                                      |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Direct processing Reserves                      |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proven                                          |   |                       | 124,500 |   |                    |   | 0.95   |                      |   |   | 5.5 |   |   |   | - |   |   |   | 3,790 |   |   |   | 22,100 |   |   |   | - |   |
| Probable                                        |   |                       | 169,700 |   |                    |   | 0.68   |                      |   |   | 4.1 |   |   |   | - |   |   |   | 3,730 |   |   |   | 22,300 |   |   |   | - |   |
| P&P (direct processing)                     |   |                       | 294,300 |   |                    |   | 0.79   |                      |   |   | 4.7 |   |   |   | - |   |   |   | 7,510 |   |   |   | 44,400 |   |   |   | - |   |
| Low grade Reserves                              |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proven                                          |   |                       | 20,100  |   |                    |   | 0.50   |                      |   |   | 3.6 |   |   |   | - |   |   |   | 330 |   |   |   | 2,300 |   |   |   | - |   |
| Probable                                        |   |                       | 30,100  |   |                    |   | 0.34   |                      |   |   | 14.6 |   |   |   | - |   |   |   | 330 |   |   |   | 14,100 |   |   |   | - |   |
| P&P (low grade)                             |   |                       | 50,200  |   |                    |   | 0.40   |                      |   |   | 10.2 |   |   |   | - |   |   |   | 650 |   |   |   | 16,400 |   |   |   | - |   |
| Combined Direct proc. & Low grade           |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proven                                          |   |                       | 144,600 |   |                    |   | 0.88   |                      |   |   | 5.3 |   |   |   | - |   |   |   | 4,110 |   |   |   | 24,400 |   |   |   | - |   |
| Probable                                        |   |                       | 199,800 |   |                    |   | 0.63   |                      |   |   | 5.7 |   |   |   | - |   |   |   | 4,050 |   |   |   | 36,400 |   |   |   | - |   |
| Total Blackwater Mineral Reserves               |   |                       | 344,400 |   |                    |   | 0.74   |                      |   |   | 5.5 |   |   |   | - |   |   |   | 8,170 |   |   |   | 60,800 |   |   |   | - |   |
| TOTAL PROVEN & PROBABLE MINERAL RESERVES    |   |                       |    |   |                    |   |   |                      |   |   |   |   |   |   |   | 11,811 |   |   |   | 69,909 |   |   |   | 802 |   |

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| Measured and Indicated Mineral ResourcesMineral Resource estimates as at December 31, 2019 are presented in the following tables:MEASURED & INDICATED MINERAL RESOURCES (Exclusive of Mineral Reserves) |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                        |   |   |   |   | Metal grade |   |   | Contained metal |   |
|                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                        |   | Tonnes                000s |   |   | Gold                g/t |   |   | Silver                g/t |   |   | Copper                % |   |   | Gold                Koz |   |   | Silver                Koz |   |   | Copper                Mlbs |   |
| RAINY RIVER                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| High and Medium grade Mineral Resources                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Pit                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                                                                                                                                                                                                    |   |   | 695 |   |   |   | 1.46 |   |   |   | 2.9 |   |   |   | - |   |   |   | 33 |   |   |   | 64 |   |   |   | - |   |
| Indicated                                                                                                                                                                                                   |   |   | 4,813 |   |   |   | 1.18 |   |   |   | 3.4 |   |   |   | - |   |   |   | 182 |   |   |   | 531 |   |   |   | - |   |
| Open Pit M&I (High and med. grade)                                                                                                                                                                      |   |   | 5,508 |   |   |   | 1.21 |   |   |   | 3.4 |   |   |   | - |   |   |   | 214 |   |   |   | 596 |   |   |   | - |   |
| Underground                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                                                                                                                                                                                                    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Indicated                                                                                                                                                                                                   |   |   | 14,866 |   |   |   | 3.49 |   |   |   | 9.1 |   |   |   | - |   |   |   | 1,669 |   |   |   | 4,331 |   |   |   | - |   |
| Underground M&I                                                                                                                                                                                         |   |   | 14,866 |   |   |   | 3.49 |   |   |   | 9.1 |   |   |   | - |   |   |   | 1,669 |   |   |   | 4,331 |   |   |   | - |   |
| Low grade Mineral Resources                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Pit                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                                                                                                                                                                                                    |   |   | 293 |   |   |   | 0.34 |   |   |   | 1.9 |   |   |   | - |   |   |   | 3 |   |   |   | 18 |   |   |   | - |   |
| Indicated                                                                                                                                                                                                   |   |   | 2,460 |   |   |   | 0.34 |   |   |   | 2.2 |   |   |   | - |   |   |   | 27 |   |   |   | 175 |   |   |   | - |   |
| Open Pit M&I (High, medium and low grade)                                                                                                                                                               |   |   | 2,753 |   |   |   | 0.34 |   |   |   | 2.2 |   |   |   | - |   |   |   | 30 |   |   |   | 193 |   |   |   | - |   |
| Combined M&I                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                                                                                                                                                                                                    |   |   | 988 |   |   |   | 1.13 |   |   |   | 2.6 |   |   |   | - |   |   |   | 36 |   |   |   | 82 |   |   |   | - |   |
| Indicated                                                                                                                                                                                                   |   |   | 22,139 |   |   |   | 2.64 |   |   |   | 7.1 |   |   |   | - |   |   |   | 1,878 |   |   |   | 5,037 |   |   |   | - |   |
| Total Rainy River M&I                                                                                                                                                                                   |   |   | 23,127 |   |   |   | 2.57 |   |   |   | 6.9 |   |   |   | - |   |   |   | 1,914 |   |   |   | 5,120 |   |   |   | - |   |
| NEW AFTON                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| A&B Zones                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                                                                                                                                                                                                    |   |   | 17,013 |   |   |   | 0.63 |   |   |   | 1.7 |   |   |   | 0.83 |   |   |   | 346 |   |   |   | 940 |   |   |   | 312 |   |
| Indicated                                                                                                                                                                                                   |   |   | 9,759 |   |   |   | 0.44 |   |   |   | 2.6 |   |   |   | 0.71 |   |   |   | 138 |   |   |   | 825 |   |   |   | 154 |   |
| A&B Zone M&I                                                                                                                                                                                        |   |   | 26,773 |   |   |   | 0.56 |   |   |   | 2.1 |   |   |   | 0.79 |   |   |   | 484 |   |   |   | 1,765 |   |   |   | 466 |   |
| C-zone                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                                                                                                                                                                                                    |   |   | 6,116 |   |   |   | 0.78 |   |   |   | 2.0 |   |   |   | 0.94 |   |   |   | 154 |   |   |   | 401 |   |   |   | 126 |   |
| Indicated                                                                                                                                                                                                   |   |   | 12,727 |   |   |   | 0.71 |   |   |   | 2.1 |   |   |   | 0.83 |   |   |   | 292 |   |   |   | 852 |   |   |   | 233 |   |
| C-zone M&I                                                                                                                                                                                              |   |   | 18,843 |   |   |   | 0.74 |   |   |   | 2.1 |   |   |   | 0.86 |   |   |   | 446 |   |   |   | 1,254 |   |   |   | 359 |   |
| HW Lens                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                                                                                                                                                                                                    |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Indicated                                                                                                                                                                                                   |   |   | 11,362 |   |   |   | 0.51 |   |   |   | 2.0 |   |   |   | 0.44 |   |   |   | 187 |   |   |   | 738 |   |   |   | 109 |   |
| HW Lens M&I                                                                                                                                                                                             |   |   | 11,362 |   |   |   | 0.51 |   |   |   | 2.0 |   |   |   | 0.44 |   |   |   | 187 |   |   |   | 738 |   |   |   | 109 |   |
| Combined M&I                                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                                                                                                                                                                                                    |   |   | 23,154 |   |   |   | 0.67 |   |   |   | 1.8 |   |   |   | 0.86 |   |   |   | 500 |   |   |   | 1,345 |   |   |   | 438 |   |
| Indicated                                                                                                                                                                                                   |   |   | 33,854 |   |   |   | 0.57 |   |   |   | 2.2 |   |   |   | 0.66 |   |   |   | 617 |   |   |   | 2,409 |   |   |   | 495 |   |
| Total New Afton M&I                                                                                                                                                                                     |   |   | 57,008 |   |   |   | 0.61 |   |   |   | 2.1 |   |   |   | 0.74 |   |   |   | 1,118 |   |   |   | 3,754 |   |   |   | 933 |   |
| BLACKWATER                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Direct processing Mineral Resources                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                                                                                                                                                                                                    |   |   | 288 |   |   |   | 1.39 |   |   |   | 6.6 |   |   |   | - |   |   |   | 13 |   |   |   | 61 |   |   |   | - |   |
| Indicated                                                                                                                                                                                                   |   |   | 45,440 |   |   |   | 0.84 |   |   |   | 4.7 |   |   |   | - |   |   |   | 1,227 |   |   |   | 6,866 |   |   |   | - |   |
| M&I (direct proc.)                                                                                                                                                                                      |   |   | 45,728 |   |   |   | 0.84 |   |   |   | 4.7 |   |   |   | - |   |   |   | 1,240 |   |   |   | 6,927 |   |   |   | - |   |
| Low grade Mineral Resources                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Measured                                                                                                                                                                                                    |   |   | 11 |   |   |   | 0.29 |   |   |   | 7.4 |   |   |   | - |   |   |   | - |   |   |   | 3 |   |   |   | - |   |
| Indicated                                                                                                                                                                                                   |   |   | 15,831 |   |   |   | 0.32 |   |   |   | 3.9 |   |   |   | - |   |   |   | 162 |   |   |   | 1,985 |   |   |   | - |   |
| M&I (low grade)                                                                                                                                                                                         |   |   | 15,842 |   |   |   | 0.32 |   |   |   | 3.9 |   |   |   | - |   |   |   | 162 |   |   |   | 1,988 |   |   |   | - |   |
| Total Blackwater M&I                                                                                                                                                                                    |   |   | 61,570 |   |   |   | 0.71 |   |   |   | 4.5 |   |   |   | - |   |   |   | 1,402 |   |   |   | 8,915 |   |   |   | - |   |
| TOTAL M&I MINERAL RESOURCES                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4,434 |   |   |   | 17,788 |   |   |   | 933 |   |

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| INFERRED MINERAL RESOURCES       |   |
|----------------------------------|--------|
|                             |   |   |   |   | Metal grade |   |   | Contained metal |   |
|                             |   | Tonnes                000s |   |   | Gold                g/t |   |   | Silver                g/t |   |   | Copper                % |   |   | Gold                Koz |   |   | Silver                Koz |   |   | Copper                Mlbs |   |
| RAINY RIVER                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| High and Medium grade Resources  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Pit                         |   |   | 2,015 |   |   |   | 0.61 |   |   |   | 1.8 |   |   |   | - |   |   |   | 39 |   |   |   | 114 |   |   |   | - |   |
| Underground                      |   |   | 1,297 |   |   |   | 3.76 |   |   |   | 3.5 |   |   |   | - |   |   |   | 157 |   |   |   | 146 |   |   |   | - |   |
| Total Direct Processing          |   |   | 3,312 |   |   |   | 1.84 |   |   |   | 2.4 |   |   |   | - |   |   |   | 196 |   |   |   | 260 |   |   |   | - |   |
| Low grade Resources              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Open Pit                         |   |   | 167 |   |   |   | 0.35 |   |   |   | 1.4 |   |   |   | - |   |   |   | 2 |   |   |   | 8 |   |   |   | - |   |
| Rainy River Inferred             |   |   | 3,479 |   |   |   | 1.77 |   |   |   | 2.4 |   |   |   | - |   |   |   | 198 |   |   |   | 268 |   |   |   | - |   |
| NEW AFTON                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| A&B Zones                    |   |   | 6,367 |   |   |   | 0.34 |   |   |   | 1.3 |   |   |   | 0.35 |   |   |   | 70 |   |   |   | 272 |   |   |   | 49 |   |
| C-zone                           |   |   | 7,650 |   |   |   | 0.41 |   |   |   | 1.3 |   |   |   | 0.47 |   |   |   | 101 |   |   |   | 316 |   |   |   | 71 |   |
| HW Lens                          |   |   | 3 |   |   |   | 0.49 |   |   |   | 0.6 |   |   |   | 0.19 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| New Afton Inferred               |   |   | 14,022 |   |   |   | 0.38 |   |   |   | 1.3 |   |   |   | 0.42 |   |   |   | 172 |   |   |   | 589 |   |   |   | 121 |   |
| BLACKWATER                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Direct processing                |   |   | 13,933 |   |   |   | 0.76 |   |   |   | 4.0 |   |   |   | - |   |   |   | 341 |   |   |   | 1,792 |   |   |   | - |   |
| Low grade Resources              |   |   | 4,225 |   |   |   | 0.32 |   |   |   | 3.5 |   |   |   | - |   |   |   | 44 |   |   |   | 475 |   |   |   | - |   |
| Blackwater Inferred              |   |   | 18,158 |   |   |   | 0.66 |   |   |   | 3.9 |   |   |   | - |   |   |   | 385 |   |   |   | 2,267 |   |   |   | - |   |
| TOTAL INFERRED MINERAL RESOURCES |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 754 |   |   |   | 3,124 |   |   |   | 121 |   |

| 1. | New Gold’s Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM Standards (2014), which are                  incorporated by reference in NI 43-101. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | All Mineral Reserve and Mineral Resource estimates for New Gold’s properties and projects are effective as at December 31, 2019. |
|----|----------------------------------------------------------------------------------------------------------------------------------------|

| 3. | New Gold’s year-end 2019 Mineral Reserves and Mineral Resources have been estimated based on the following metal prices and foreign exchange (FX) rate                  criteria: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|              | Gold$/ounce | Silver$/ounce | Copper$/pound | FXCAD:USD |
|-------------------|-------------|---------------|---------------|-----------|
| Mineral Reserves  | $1,275      | $17.00        | $3.00         | $1.30     |
| Mineral Resources | $1,375      | $19.00        | $3.25         | $1.30     |

| 4. | Cut-offs for the Company’s Mineral Reserves and Mineral Resources are outlined in the following table: |
|----|--------------------------------------------------------------------------------------------------------------|

| Mineral Property | Mineral ReservesLower cut-off         | Mineral ResourcesLower Cut-off |
|------------------|---------------------------------------|--------------------------------|
| Rainy River      | O/P direct processing:                | 0.46 – 0.49 g/t AuEq     | 0.44 – 0.45 g/t AuEq |
|             | O/P low grade material:               | 0.30 g/t AuEq                  | 0.30 g/t AuEq |
|             | U/G direct processing:                | 2.20 g/t AuEq                  | 2.00 g/t AuEq |
| New Afton        | Main Zone – B1 & B2 Blocks: | USD$ 21.00/t                   | All Resources:  0.40% CuEq |
|             | B3 Block & C-zone:                | USD$ 24.00/t                   |
| Blackwater       | O/P direct processing:                | 0.26 – 0.38 g/t AuEq     | All Resources:  0.40 g/t AuEq |
|             | O/P low grade material:               | 0.32 g/t AuEq                  |

| 5. | New Gold reports its measured and indicated mineral resources exclusive of Mineral Reserves. Measured and indicated Mineral Resources that are not Mineral                  Reserves do not have demonstrated economic viability. Inferred Mineral Resources have a greater amount of uncertainty as to their existence and technical feasibility, do not have demonstrated economic viability, and are likewise exclusive                  of Mineral Reserves.  Numbers may not add due to rounding. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 6. | Mineral Resources are classified as measured, indicated and inferred based on relative levels of confidence in their estimation and on technical and                  economic parameters consistent with the methods considered to be most suitable to their potential commercial extraction. The designators ‘open pit’ and ‘underground’ may be used to indicate the envisioned mining method for different                  portions of a resource. Similarly, the designators ‘direct processing’ and ‘lower grade material’ may be applied to differentiate material envisioned to be mined and processed directly from material to be mined and stored separately for                  future processing. Mineral Reserves and Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other risks and relevant issues. Additional details regarding mineral                  reserve and mineral resource estimation, classification, reporting parameters, key assumptions and associated risks for each of New Gold’s material properties are provided in the respective NI 43-101 Technical Reports, which will be                  available on the Company’s SEDAR profile available at www.sedar.com within 45 days of the release to the market. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | The preparation of New Gold's consolidated statement and estimation of Mineral Reserves has been completed under the oversight and review of Mr. Andrew                  Croal, Director of Technical Services for the Company. Mr. Croal is a Professional Engineer and member of the Association of Professional Engineers Ontario. Preparation of New Gold’s consolidated statement and estimation of Mineral                  Resources has been completed under the oversight and review of Mr. Michele Della Libera, Director, Exploration for the Company. Mr. Della Libera is a Professional Geoscientist and member of the Association of Professional Geoscientists of                  Ontario and of the Engineers and Geoscientists of British Columbia. Mr. Croal and Mr. Della Libera are "Qualified Persons" as defined by NI 43-101. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Please refer to the Company’s press release dated February 13, 2020 with respect to the updated life of mine results for the Rainy River and New Afton                  mines for further disclosure required by NI 43-101. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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