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| 1  | EXECUTIVE SUMMARY                                              |
|----|----------------------------------------------------------------|
| 2  | FINANCIAL AND OPERATING HIGHLIGHTS                             |
| 3  |                                                           | Financial highlights |
| 4  |                                                           | Operating highlights |
| 5  |                                                           | Development and exploration highlights |
| 5  |                                                           | Corporate developments |
| 6  | OUTLOOK FOR 2013                                               |
| 8  | BUSINESS OVERVIEW AND STRATEGY                                 |
| 9  |                                                           | New Gold’s business |
| 9  |                                                           | New Gold’s strategy |
| 11 |                                                           | Key performance drivers |
| 13 |                                                           | Economic outlook |
| 14 | CORPORATE SOCIAL RESPONSIBILITY                                |
| 15 | FINANCIAL AND OPERATING RESULTS                                |
| 15 |                                                           | Summary of annual financial and operating results |
| 18 |                                                           | Summary of quarterly financial and operating results |
| 22 |                                                           | Review of operating mines |
| 30 | DEVELOPMENT AND EXPLORATION REVIEW                             |
| 32 | MINERAL RESERVES AND RESOURCES UPDATE                          |
| 33 | FINANCIAL CONDITION REVIEW                                     |
| 33 |                                                           | Balance sheet review |
| 35 |                                                           | Liquidity and cash flow |
| 36 |                                                           | Commitments |
| 36 |                                                           | Contingencies |
| 36 |                                                           | Contractual obligations |
| 37 |                                                           | Related party transactions |
| 37 |                                                           | Off-balance sheet arrangements |
| 37 |                                                           | Subsequent events |
| 37 |                                                           | Outstanding shares |
| 37 | NON-GAAP FINANCIAL PERFORMANCE MEASURES                        |
| 40 | ENTERPRISE RISK MANAGEMENT                                     |
| 40 |                                                           | General risks |
| 40 |                                                           | Financial risk management |
| 44 | CRITICAL ACCOUNTING POLICIES, ESTIMATES AND ACCOUNTING CHANGES |
| 48 | CONTROLS AND PROCEDURES                                        |
| 49 | CAUTIONARY NOTES                                               |

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| 1. | We use certain non-GAAP financial performance measures throughout our MD&A. For a detailed description of each of the non-GAAP measures used in this MD&A, please see the discussion under “Non-GAAP Financial Performance Measures” of this MD&A. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Three months ended December 31                               | For the years ended December 31 |
|--------------------------------------------------------------|---------------------------------|
| (in millions of U.S. dollars, except where noted)            | 2012                            | 2011 | 2012 | 2011 | 2010 |
| Operating information:                                       |                            |   |   |   |   |
| Gold (ounces):                                               |                            |   |   |   |   |
|    Produced (1)                               |  112,883                   |  100,671 |  411,892 |  387,155 | 382,911 |
|    Sold (1)                                   |  109,766                   |  99,612 |  395,535 |  391,890 | 369,077 |
| Silver (ounces):                                             |                            |   |   |   |   |
|    Produced (1)                               |  401,276                   |  453,024 |  1,938,506 |  1,989,333 | 2,188,235 |
|    Sold (1)                                   |  419,998                   |  440,024 |  1,926,137 |  2,007,801 | 2,143,721 |
| Copper (thousands of pounds):                                |                            |   |   |   |   |
|    Produced (1)                               |  20,920                    |  3,297 |  42,820 |  12,715 | 15,340 |
|    Sold (1)                                   |  19,758                    |  2,917 |  35,613 |  15,316 | 14,050 |
| Average realized price (2):                                  |                            |   |   |   |   |
|    Gold ($/ounce)                             |  1,578                     |  1,549 |  1,551 |  1,460 | 1,194 |
|    Silver ($/ounce)                           |  32.46                     |  31.26 |  30.78 |  35.15 | 21.40 |
|    Copper ($/pound)                           |  3.52                      |  3.56 |  3.56 |  3.78 | 3.48 |
| Total cash costs per gold ounce sold (2) (3)                 |  254                       |  553 |  421 |  446 | 418 |
| Average realized margin (2) ($/ounce)                        |  1,324                     |  996 |  1,130 |  1,014 | 776 |
| Measured and Indicated Resources (4) as at December 31       |                            |   |   |   |   |
|    Gold (thousands of ounces)                 | 21,403                          | 18,797 | 21,403 | 18,797 | 13,060 |
|    Silver (thousands of ounces)               | 131,847                         | 115,268 | 131,847 | 115,268 | 83,514 |
|    Copper (millions of pounds)                | 4,061                           | 3,946 | 4,061 | 3,946 | 3,538 |
|                                                         |                            |   |   |   |   |
| Financial Information:                                       |                            |   |   |   |   |
| Revenues                                                     |  250.9                     |  177.3 |  791.3 |  695.9 | 530.5 |
| Earnings from mine operations                                |  99.2                      |  74.9 |  330.6 |  315.2 | 204.3 |
| Net earnings from continuing operations                      |  123.9                     |  35.0 |  199.0 |  179.0 | 57.3 |
| Net earnings                                                 |  123.9                     |  35.0 |  199.0 |  179.0 | 47.5 |
| Adjusted net earnings (2)                                    |  49.7                      |  42.2 |  183.5 |  187.8 | 115.7 |
| Cash generated from operations                               |  131.1                     |  87.1 |  336.4 |  327.9 | 228.4 |
| Net cash generated from continuing operations                |  106.2                     |  65.8 |  235.8 |  229.5 | 186.5 |
| Capital expenditures                                         |  118.0                     |  158.5 |  516.0 |  413.6 | 134.1 |
| Total assets                                                 |  4,283.7                   |  3,368.7 |  4,283.7 |  3,368.7 | 2,429.2 |
| Cash and cash equivalents                                    |  687.8                     |  309.4 |  687.8 |  309.4 | 490.8 |
| Long-term debt                                          |  847.8                     |  251.7 |  847.8 |  251.7 | 229.9 |
| Share Data:                                                  |                            |   |   |   |   |
| Earnings per share from continuing operations:               |                            |   |   |   |   |
|    Basic                                      |  0.26                      |  0.08 |  0.43 |  0.42 | 0.15 |
|    Diluted                                    |  0.26                      |  0.07 |  0.42 |  0.40 | 0.15 |
| Adjusted net earnings per basic share (2)                    |  0.11                      |  0.09 |  0.40 |  0.44 | 0.30 |
| Share price as at December 31 (TSX – Canadian dollars) | 11.01                           | 10.28 | 11.01 | 10. 28 | 9.68 |
| Weighted average outstanding shares (basic) (millions)       |  468                       |  452 |  463 |  430 | 391 |

| 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. Additionally, in the current year, 3,039 ounces of gold and 2.7 million pounds of copper which were produced by New Afton in its pre-production period were applied to the capital cost of the project and are therefore not reflected in ounces and pounds sold.                                                                                                                                                                                                                                                                                                                                 |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | We use certain non-GAAP financial performance measures throughout our MD&A. Total cash costs per gold ounce sold, average realized price, average realized margin, operating margin, adjusted net earnings, adjusted net earnings per share and cash generated from operations, excluding working capital changes and income taxes paid, 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. | The calculation of total cash costs per gold ounce sold is net of by-product silver and copper revenues. If silver and copper revenues were treated as co-products, co-product total cash costs for the three months ended December 31, 2012 would be $680 per ounce of gold (2011 - $684), $13.50 per ounce of silver (2011 - $13.86); and $1.62 per pound of copper (2011 - $1.90). For the year ended December 31, 2012, co-product cash costs would be $679 per ounce of gold (2011 - $628), $13.36 per ounce of silver (2011 - $14.99); and $1.72 per pound of copper (2011 - $1.90). The 2011 comparative figures have been adjusted to correspond to the current presentation.                                                                                               |
| 4. | Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For a breakdown of Reserves and Resources by category and additional information relating to Reserves and Resources and related key assumptions and parameters, see our Mineral Reserve and Resource Statement in our news release “New Gold 2012 Operational Results Extend History of Delivering on Guidance and 2013 Outlook Provides Gold Production Growth at Significantly Lower Costs”, filed on and dated February 5, 2013 on www.sedar.com. The scientific and technical information in this MD&A has been reviewed and approved by Mark Petersen, a Qualified Person under National Instrument 43-101 and an employee of the Company. |

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| 2. | We use certain non-GAAP financial performance measures throughout our MD&A. For a detailed description of each of the non-GAAP measures used in this MD&A, please see the discussion under “Non-GAAP Financial Performance Measures” of this MD&A. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 1.   | The 2010 comparative cash costs per ounce have been adjusted to be consistent with the 2012 and 2011 methodology which capitalizes property, plant and equipment components in accordance with IFRS. The 2009 comparative cash costs per ounce figures have been prepared in accordance with Canadian Generally Accepted Accounting Principles (“CGAAP”). |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|            | Gold                  | Silver               | Copper               | Total cash costs    |
|-----------------|-----------------------|----------------------|----------------------|---------------------|
|            | (thousands of ounces) | (millions of ounces) | (millions of pounds) | (per ounce)         |
| Mesquite        | 130 - 140             | -                    | -                    | $830 - $850         |
| Cerro San Pedro | 140 - 150             | 1.4 - 1.6            | -                    | $375 - $395         |
| Peak Mines      | 95 - 105              |  -              | 12 - 14              | $670 - $690         |
| New Afton       | 75 - 85               | -                    | 66 - 74              | $(1,410) - $(1,390) |
| Total           | 440-480               | 1.4 - 1.6            | 78 - 88              | $265 - $285         |

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| 1. | Represents New Gold’s attributable share of Reserves and Resources. |
|----|---------------------------------------------------------------------------|

| 2. | Proven and Probable Reserves and Measured, Indicated and Inferred Resources above are calculated as at December 31, 2012 in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For a breakdown of Reserves and Resources by category and additional information relating to Reserves and Resources and related key assumptions and parameters, see our Mineral Reserve and Resource Statement in our news release “New Gold 2012 Operational Results Extend History of Delivering on Guidance and 2013 Outlook Provides Gold Production Growth at Significantly Lower Costs”, filed on and dated February 5, 2013 on www.sedar.com. The scientific and technical information in this MD&A has been reviewed and approved by Mark Petersen, a Qualified Person under National Instrument 43-101 and an employee of the Company. |   |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

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| Operational execution |
|-----------------------|

| Maintaining a strong financial position |
|-----------------------------------------|

| Enhancing value |
|-----------------|

| Disciplined growth |
|--------------------|

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| 3. | We use certain non-GAAP financial performance measures throughout our MD&A. For a detailed description of each of the non-GAAP measures used in this MD&A, please see the discussion under “Non-GAAP Financial Performance Measures” of this MD&A. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Experienced management team with a proven industry track record |
|-----------------------------------------------------------------|

| Leading mid-tier producer with track record of delivering on expectations |
|---------------------------------------------------------------------------|

| Geographically diverse operations in favourable jurisdictions |
|---------------------------------------------------------------|

| Pipeline of world-class development projects |
|----------------------------------------------|

| Strong financial performance with a solid balance sheet |
|---------------------------------------------------------|

| Commitment to corporate social responsibility |
|-----------------------------------------------|

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| (in millions of U.S. dollars, except per share amounts and where noted) |          |         |         |         |         |         |         |          |          |
|-------------------------------------------------------------------------|---------------|--------------|--------------|--------------|--------------|--------------|--------------|---------------|---------------|
| Q4 2012                                                                 | Q3 2012       | Q2 2012      | Q1 2012      | Q4 2011      | Q3 2011      | Q2 2011      | Q1 2011      | Q4 2010       |
| Gold sales (ounces)                                                     |  109,766 |  95,166 |  96,928 |  93,676 |  99,612 |  93,028 |  95,039 |  104,211 |  116,964 |
|                                                                    |          |         |         |         |         |         |         |          |          |
| Revenues                                                                |  250.9   |  195.5  |  176.1  |  168.8  |  177.6  |  175.5  |  171.6  |  171.2   |  189.4   |
|                                                                    |          |         |         |         |         |         |         |          |          |
| Net earnings (loss) from continuing operations                          |  123.9   |  17.8   |  23.7   |  33.5   |  35.0   |  40.7   |  78.6   |  24.7    |  25.6    |
| Per share:                                                              |          |         |         |         |         |         |         |          |          |
|    Basic                                                 |  0.26    |  0.04   |  0.05   |  0.07   |  0.08   |  0.09   |  0.19   |  0.06    |  0.07    |
|    Diluted                                               |  0.26    |  0.03   |  0.05   |  0.07   |  0.07   |  0.09   |  0.16   |  0.06    |  0.06    |
|                                                                    |          |         |         |         |         |         |         |          |          |
| Net earnings (loss)                                                     |  123.9   |  17.8   |  23.7   |  33.5   |  35.0   |  40.7   |  78.6   |  24.7    |  25.6    |
| Per share:                                                              |          |         |         |         |         |         |         |          |          |
|    Basic                                                 |  0.26    |  0.04   |  0.05   |  0.07   |  0.08   |  0.09   |  0.19   |  0.06    |  0.07    |
|    Diluted                                               |  0.26    |  0.03   |  0.05   |  0.07   |  0.07   |  0.09   |  0.16   |  0.06    |  0.06    |
|                                                                    |          |         |         |         |         |         |         |          |          |
| Adjusted net earnings                                                   |  49.7    |  42.6   |  45.8   |  44.2   |  42.2   |  49.5   |  49.8   |  47.9    |  57.0    |
| Per share:                                                              |          |         |         |         |         |         |         |          |          |
|    Basic                                                 |  0.11    |  0.09   |  0.10   |  0.10   |  0.09   |  0.11   |  0.12   |  0.12    |  0.15    |
|    Diluted                                               |  0.11    |  0.09   |  0.10   |  0.09   |  0.09   |  0.11   |  0.12   |  0.12    |  0.14    |

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| Three months ended December 31                    |          | Year ended December 31 |
|---------------------------------------------------|---------------|------------------------|
| (in millions of U.S. dollars, except where noted) | 2012          | 2011                   | 2012 | 2011 | 2010 |
| Operating information(1):                         |          |                   |   |   |   |
| Ore mined (thousands of tonnes)                   |  532     |  -                |  813 |  - |  - |
| Ore processed (thousands of tonnes)               |  1,077   |  -                |  1,970 |  - |  - |
| Average grade:                                    |          |                   |   |   |   |
|    Gold (grams/tonne)              |  0.77    |  -                |  0.73 |  - |  - |
|    Copper (%)                      |  0.84    |  -                |  0.79 |  - |  - |
| Recovery rate (%):                                |          |                   |   |   |   |
|    Gold                            |  83.9    |  -                |  80.1 |  - |  - |
|    Copper                          |  84.9    |  -                |  83.5 |  - |  - |
| Gold (ounces)                                     |          |                   |   |   |   |
|    Produced (2)                    |  22,793  |  -                |  36,807 |  - |  - |
|    Sold (2)                        |  23,126  |  -                |  29,735 |  - |  - |
| Copper (thousands of pounds)                      |          |                   |   |   |   |
|    Produced (2)                    |  17,335  |  -                |  28,459 |  - |  - |
|    Sold (2)                        |  16,781  |  -                |  22,623 |  - |  - |
| Average realized price (3):                       |          |                   |   |   |   |
|    Gold ($/ounce)                  |  1,653   |  -                |  1,681 |  - |  - |
|    Copper ($/pound)                |  3.53    |  -                |  3.58 |  - |  - |
| Total cash costs per gold ounce sold (3)(4)       |  (1,067) |  -                |  (1,043) |  - |  - |
|                                              |          |                   |   |   |   |
| Financial Information (1):                        |          |                   |   |   |   |
| Revenues                                          |  95.3    |  -                |  127.3 |  - |  - |
| Earnings from mine operations                     |  37.6    |  -                |  46.0 |  - |  - |
| Capital expenditures (5)                          |  48.6    |  108.5            |  302.0 |  290.6 | 85.9 |

|  1. |   | There are no comparatives for 2011 and 2010 as New Afton reached commercial production on July 31, 2012. |
|----------|--------|----------------------------------------------------------------------------------------------------------|

|  2. |   | 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. |
|----------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  3. |   | We use certain non-GAAP financial performance measures throughout our MD&A. Total cash costs per gold ounce sold, average realized price, average realized margin, adjusted net earnings, adjusted net earnings per share and cash generated from operations, excluding working capital changes and income taxes paid 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. |
|----------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  4. |   | The calculation of total cash costs per ounce of gold is net of by-product copper revenue. If copper revenues were treated as a co-product, the average total cash costs at New Afton for the three months ended December 31, 2012 would be $601 per ounce of gold and $1.28 per pound of copper. For the year ended December 31, 2012, the total cash costs would be $656 per ounce of gold and $1.40 per pound of copper. |
|----------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  5. |   | Net of proceeds received from sale of pre-commercial production inventory of $14.5 million for the full year 2012 and $6.9 million for the fourth quarter of 2012. |
|----------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Three months ended December 31                    |          | Year ended  December 31 |
|---------------------------------------------------|---------------|-----------------------------------|
| (in millions of U.S. dollars, except where noted) | 2012          | 2011                              | 2012 | 2011 | 2010 |
| Operating information:                            |          |                              |   |   |   |
| Ore mined (thousands of tonnes)                   |  4,889   |  4,435                       |  16,531 |  16,763 | 10,790 |
| Waste mined (thousands of tonnes)                 |  2,244   |  4,449                       |  14,374 |  16,513 | 16,580 |
| Ratio of waste to ore                             |  0.46    |  1.00                        |  0.87 |  0.99 | 1.54 |
| Ore to leach pad (thousands of tonnes)            |  4,889   |  4,435                       |  16,531 |  16,763 | 10,790 |
| Average grade:                                    |          |                              |   |   |   |
|    Gold (grams/tonne)              |  0.37    |  0.43                        |  0.47 |  0.48 | 0.62 |
|    Silver (grams/tonne)            |  12.82   |  25.38                       |  21.43 |  24.24 | 37.84 |
| Gold (ounces)                                     |          |                              |   |   |   |
|    Produced (1)(2)                 |  32,143  |  34,145                      |  137,555 |  143,747 | 118,708 |
|    Sold (1)                        |  31,193  |  33,284                      |  134,040 |  142,985 | 114,713 |
| Silver (ounces)                                   |          |                              |   |   |   |
|    Produced (1)(2)                 |  401,276 |  453,024                     |  1,938,506 |  1,989,333 | 2,188,235 |
|    Sold (1)                        |  419,998 |  440,024                     |  1,926,137 |  2,007,801 | 2,143,721 |
| Average realized price (3):                       |          |                              |   |   |   |
|    Gold ($/ounce)                  |  1,711   |  1,673                       |  1,664 |  1,564 | 1,262 |
|    Silver ($/ounce)                |  32.46   |  31.26                       |  30.78 |  35.15 | 21.40 |
| Total cash costs per gold ounce sold (3)(4)       |  320     |  253                         |  232 |  115 | 230 |
|                                              |          |                              |   |   |   |
| Financial Information:                            |          |                              |   |   |   |
| Revenues                                          |  66.9    |  69.5                        |  282.2 |  294.2 | 190.5 |
| Earnings from mine operations                     |  35.7    |  37.6                        |  158.2 |  172.7 | 83.6 |
| Capital expenditures                              |  3.6     |  1.8                         |  11.4 |  7.4 | 9.7 |

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

|  2. |   | Tonnes of ore processed each period does not necessarily correspond to ounces produced during the period, as there is a time delay between placing tonnes on the leach pad and pouring ounces of gold. |
|----------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  3. |   | We use certain non-GAAP financial performance measures throughout our MD&A. Total cash costs per gold ounce sold, average realized price, average realized margin, operating margin, adjusted net earnings, adjusted net earnings per share and cash generated from operations, excluding working capital changes and income taxes paid, 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 Performance Measures” section of this MD&A. |
|----------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. |   | The calculation of total cash costs per ounce of gold is net of by-product silver revenue. If the silver revenues were treated as a co-product, the average total cash costs at Cerro San Pedro for the three months ended December 31, 2012, would be $603 per ounce of gold (2011 - $534) and $11.44 per ounce of silver (2011 - $9.98). For the year ended December 31, 2012, average total cash costs would be $533 per ounce of gold (2011 - $463) and $9.86 per ounce of silver (2011 - $10.40). |
|----|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Three months ended December 31                    |         | Year ended December 31 |
|---------------------------------------------------|--------------|------------------------|
| (in millions of U.S. dollars, except where noted) | 2012         | 2011                   | 2012 | 2011 | 2010 |
| Operating information:                            |         |                   |   |   |   |
| Ore mined (thousands of tonnes)                   |  3,221  |  3,870            |  14,503 |  11,733 | 11,327 |
| Waste mined (thousands of tonnes)                 |  8,075  |  5,350            |  31,164 |  34,240 | 35,990 |
| Ratio of waste to ore                             |  2.51   |  1.38             |  2.15 |  2.92 | 3.18 |
| Ore to leach pad (thousands of tonnes)            |  3,221  |  3,870            |  14,503 |  11,733 | 11,327 |
| Average grade:                                    |         |                   |   |   |   |
|    Gold (grams/tonne)              |  0.40   |  0.50             |  0.46 |  0.57 | 0.62 |
| Gold (ounces)                                     |         |                   |   |   |   |
|    Produced (1) (2)                |  29,162 |  43,630           |  142,008 |  158,004 | 169,023 |
|    Sold (1)                        |  29,708 |  43,717           |  142,491 |  161,214 | 169,571 |
| Average realized price (3):                       |         |                   |   |   |   |
|    Gold ($/ounce) (4)              |  1,287  |  1,398            |  1,338 |  1,297 | 1,117 |
| Total cash costs per gold ounce sold (3)          |  787    |  691              |  690 |  645 | 575 |
|                                              |         |                   |   |   |   |
| Financial Information:                            |         |                   |   |   |   |
| Revenues                                          |  38.3   |  61.1             |  190.7 |  209.1 | 189.4 |
| Earnings from mine operations                     |  9.3    |  22.0             |  67.6 |  79.7 | 61.1 |
| Capital expenditures                              |  4.1    |  9.3              |  10.9 |  18.5 | 9.0 |

|  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. |   | Tonnes of ore processed each period does not necessarily correspond to ounces produced during the period, as there is a time delay between placing tonnes on the leach pad and pouring ounces of gold. |
|----------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  3. |   | We use certain non-GAAP financial performance measures throughout our MD&A. Total cash costs per gold ounce sold, average realized price, average realized margin, operating margin, adjusted net earnings, adjusted net earnings per share and cash generated from operations, excluding working capital changes and income taxes paid, 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. |
|----------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  4. |   | Average realized price per gold ounce for Mesquite includes realized gains and losses from gold hedge settlements. |
|----------|--------|--------------------------------------------------------------------------------------------------------------------|

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| Three months ended December 31                    |         | Year ended December 31 |
|---------------------------------------------------|--------------|------------------------|
| (in millions of U.S. dollars, except where noted) | 2012         | 2011                   | 2012 | 2011 | 2010 |
| Operating information:                            |         |                   |   |   |   |
| Ore mined (thousands of tonnes)                   |  205    |  191              |  786 |  755 | 740 |
| Ore processed (thousands of tonnes)               |  209    |  215              |  778 |  783 | 775 |
| Average grade:                                    |         |                   |   |   |   |
|    Gold (grams/tonne)              |  4.59   |  4.12             |  4.18 |  3.94 | 4.23 |
|    Copper (%)                      |  0.85   |  0.92             |  0.97 |  0.93 | 1.01 |
| Recovery rate (%):                                |         |                   |   |   |   |
|    Gold                            |  93.3   |  90.8             |  91.3 |  88.8 | 90.4 |
|    Copper                          |  91.5   |  85.1             |  86.0 |  82.0 | 88.8 |
| Gold (ounces)                                     |         |                   |   |   |   |
|    Produced (1)                    |  28,785 |  22,896           |  95,522 |  85,404 | 95,180 |
|    Sold (1)                        |  25,739 |  22,611           |  89,269 |  87,691 | 84,793 |
| Copper (thousands of pounds)                      |         |                   |   |   |   |
|    Produced (1)                    |  3,585  |  3,297            |  14,361 |  12,715 | 15,340 |
|    Sold (1)                        |  2,977  |  2,917            |  12,990 |  15,316 | 14,050 |
| Average realized price (2):                       |         |                   |   |   |   |
|    Gold ($/ounce)                  |  1,687  |  1,656            |  1,677 |  1,591 | 1,257 |
|    Copper ($/pound)                |  3.47   |  3.56             |  3.51 |  3.78 | 3.48 |
| Total cash costs per gold ounce sold (2)(3)       |  743    |  726              |  764 |  618 | 361 |
|                                              |         |                   |   |   |   |
| Financial Information:                            |         |                   |   |   |   |
| Revenues                                          |  50.4   |  47.0             |  191.1 |  192.6 | 150.6 |
| Earnings from mine operations                     |  16.6   |  15.6             |  58.8 |  62.8 | 59.6 |
| Capital expenditures                              |  13.1   |  15.1             |  46.8 |  50.3 | 29.1 |

|  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. |   | We use certain non-GAAP financial performance measures throughout our MD&A. Total cash costs per gold ounce sold, average realized price, average realized margin, adjusted net earnings, adjusted net earnings per share and cash generated from operations, excluding working capital changes and income taxes paid 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. |   | The calculation of total cash costs per ounce of gold is net of by-product copper revenue. If copper revenues were treated as a co-product, the average total cash costs at Peak Mines for the three months ended December 31, 2012  would be $906 per ounce of gold (2011 - $915) and $2.16 per pound of copper (2011 - $2.24). For the year ended December 31, 2012, the total cash costs would be $967 per ounce of gold (2011 - $894) and $2.21 per pound of copper (2011 - $2.31). The 2011 comparative figures have been adjusted to correspond to the current presentation. |
|----------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  · | Conventional truck and shovel open pit mine with 60,000 tonne per day ("tpd") whole ore leach process plant |   |
|--------------|-------------------------------------------------------------------------------------------------------------|--------|

|  · | Start of production targeted for 2017 |   |
|--------------|---------------------------------------|--------|

|  · | Development capital costs of $1.8 billion inclusive of 24 percent, or $346 million, contingency |   |
|--------------|-------------------------------------------------------------------------------------------------|--------|

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|  · | Initiation of provincial and federal environmental process and completion of environmental baseline work |   |
|--------------|----------------------------------------------------------------------------------------------------------|--------|

|  · | Signing of two exploration agreements with First Nations and subsequent approval of multi-year area based exploration permit |   |
|--------------|------------------------------------------------------------------------------------------------------------------------------|--------|

|  · | Opening of regional office and sample preparation lab in Vanderhoof, British Columbia |   |
|--------------|---------------------------------------------------------------------------------------|--------|

|  · | Confirmed point of access for connection to British Columbia hydro power |   |
|--------------|--------------------------------------------------------------------------|--------|

|  · | First quarter 2014 - Commence detailed engineering and procurement of long lead items |   |
|--------------|---------------------------------------------------------------------------------------|--------|

|  · | Second half of 2014 - Receipt of Provincial and Federal Environmental Assessment approvals |   |
|--------------|--------------------------------------------------------------------------------------------|--------|

|  · | First half of 2015 - Receipt of construction-related approvals |   |
|--------------|----------------------------------------------------------------|--------|

|  · | Early 2015 - Commence construction activities |   |
|--------------|-----------------------------------------------|--------|

|  · | 2017 - Begin production |
|--------------|-------------------------|

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|  · | Goldcorp carries New Gold's full 30 percent share of the project's capital costs. The development capital costs, on a 100 percent basis, were most recently estimated at the end of 2011 at $3.9 billion |   |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|  · | After the start of production, New Gold retains 20 percent of its 30 percent of cash flow with the remaining 80 percent going towards the carried funding and accumulated interest |   |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|  · | The interest rate on the carried funding has been fixed at 4.58% |   |
|--------------|------------------------------------------------------------------|--------|

|  · | Goldcorp is obligated to pay New Gold a penalty payment of $1.5 million per month should Goldcorp not start construction within 60 days of the receipt of requisite permits and approvals |   |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

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| (1) | Proven and Probable Reserves and Measured, Indicated and Inferred Resources are calculated as at December 31, 2012 and were in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For a breakdown of Reserves and Resources by category and additional information relating to Reserves and Resources and related key assumptions and parameters, see our Mineral Reserve and Resource Statement in our news release “New Gold 2012 Operational Results Extend History of Delivering on Guidance and 2013 Outlook Provides Gold Production Growth at Significantly Lower Costs”, filed on and dated February 5, 2013 on www.sedar.com. The scientific and technical information in this MD&A has reviewed and approved by Mark Petersen, a Qualified Person under National Instrument 43-101 and an employee of the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The 2009 figure excludes the Measured and Indicated gold Resources from Amapari Mine, which the Company sold in April 2010. |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

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|                                              |   | December 31   | December 31   |
|---------------------------------------------------|--------|---------------|---------------|
| (in millions of U.S. dollars, except where noted) |   | 2012          | 2011          |
| Cash and cash equivalents                         |   |  687.8   |  309.4   |
| Deferred tax assets                               |   |  194.1   |  156.2   |
| Other assets                                      |   |  3,401.8 |  2,903.1 |
| Total assets                                      |   |  4,283.7 |  3,368.7 |
|                                              |   |          |          |
| Derivative liabilities                            |   |  110.5   |  141.6   |
| Reclamation and closure cost obligations          |   |  68.5    |  50.7    |
| Long-term debt                                    |   |  847.8   |  251.7   |
| Deferred tax liabilities                          |   |  322.9   |  294.3   |
| Other liabilities                                 |   |  257.5   |  348.0   |
| Total liabilities                                 |   |  1,607.2 |  1,086.3 |
|                                              |   |          |          |
| Total equity                                      |   |  2,676.5 |  2,282.4 |

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|                                                                         |               | December 31   | December 31   |
|-----------------------------------------------------------------------------------|--------------------|---------------|---------------|
|                                                                              | Financial covenant | 2012          | 2011          |
| Minimum tangible net worth ($1.38 billion + 25% of positive quarterly net income) | > $1.46 billion | $3.05 billion | $2.66 billion |
| Minimum interest coverage ratio (EBITDA to interest)                              | > 4.0 : 1       | 13.2 : 1      | 17.5 : 1      |
| Maximum leverage ratio (debt to EBITDA)                                           | < 3.0 : 1       | 2.0 : 1       | 0.5 : 1       |

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| Payments due by period                   |
|------------------------------------------|
| (in millions of U.S. dollars)            | Less than 1 year | 2 - 3 years | 4 - 5 years | After 5 years | Total |
| Long-term debt                           |  - |  - |  - |  800.0 |  800.0 |
| Interest payable on long-term debt       |  52.3 |  104.5 |  104.5 |  208.8 |  470.1 |
| Operating leases and other commitments   |  103.4 |  31.1 |  0.9 |  0.8 |  136.2 |
| Reclamation and closure cost obligations |  3.3 |  3.1 |  5.9 |  79.8 |  92.1 |
| Total contractual obligations            |  159.0 |  138.7 |  111.3 |  1,089.4 |  1,498.4 |

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|                                                |  Three months ended December 31 | Year endedDecember 31 |
|-----------------------------------------------------|--------------------------------------|-----------------------|
| (in millions of U.S. dollars, except where noted)   | 2012                                 | 2011                  | 2012 | 2011 |
| Operating expenses from continuing operations       |  105.2                          |  78.6            |  344.3 |  303.8 |
| Treatment and refining charges on concentrate sales |  7.7                            |  1.9             |  12.9 |  9.0 |
| By-product copper and silver sales                  |  (85.3)                         |  (25.2)          |  (190.9) |  (132.6) |
| Non-cash adjustments                                |  0.3                            |  (0.2)           |  0.3 |  (5.5) |
| Total cash costs                                    |  27.9                           |  55.1            |  166.6 |  174.7 |
| Ounces of gold sold                                 |  109,766                        |  99,612          |  395,535 |  391,890 |
| Total cash costs per ounce of gold sold             |  254                            |  553             |  421 |  446 |

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|                                                        |  Three months ended December 31 | Year endedDecember 31 |
|-------------------------------------------------------------|--------------------------------------|-----------------------|
| (in millions of U.S. dollars, except where noted)           | 2012                                 | 2011                  | 2012 | 2011 |
| Net earnings before taxes                                   |  137.8                          |  57.1            |  278.8 |  258.4 |
| Loss on redemption of Senior Secured Notes                  |  -                              |  -               |  31.8 |  - |
| Gain on fair value through profit and loss financial assets |  -                              |  -               |  - |  (1.3) |
| Ineffectiveness on hedging instruments                      |  1.3                            |  2.4             |  2.9 |  6.6 |
| Realized and unrealized gain on non-hedged derivatives      |  (70.2)                         |  (11.1)          |  (61.1) |  7.3 |
| Loss (gain) on foreign exchange                             |  (3.4)                          |  12.9            |  1.3 |  (7.1) |
| Loss on disposal of assets                                  |  2.0                            |  0.3             |  3.3 |  0.5 |
| Other                                                       |  0.7                            |  (0.2)           |  1.9 |  1.9 |
| Adjusted net earnings before tax                            |  68.2                           |  61.4            |  258.9 |  266.3 |
|                                                        |                                 |                  |   |   |
| Income tax expense                                          |  (13.9)                         |  (22.1)          |  (79.8) |  (79.4) |
| Income tax adjustments                                      |  (4.6)                          |  2.9             |  4.4 |  0.9 |
| Adjusted income tax expense                                 |  (18.5)                         |  (19.2)          |  (75.4) |  (78.5) |
|                                                        |                                 |                  |   |   |
| Adjusted net earnings                                       |  49.7                           |  42.2            |  183.5 |  187.8 |
| Adjusted earnings per share (basic)                         |  0.11                           |  0.09            |  0.40 |  0.44 |
| Adjusted effective tax rate                                 | 27%                                  | 31%                   | 29% | 29% |

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|                                                                                    |  Three months ended December 31 | Year endedDecember 31 |
|-----------------------------------------------------------------------------------------|--------------------------------------|-----------------------|
| (in millions of U.S. dollars, except where noted)                                       | 2012                                 | 2011                  | 2012 | 2011 |
| Net cash generated from operations                                                      |  106.2                          |  65.8            |  235.8 |  229.5 |
| Add back: Change in non-cash operating working capital                                  |  (3.1)                          |  (2.5)           |  44.8 |  12.5 |
| Add back: Income taxes paid                                                             |  24.9                           |  21.3            |  100.6 |  98.4 |
| Cash generated from operations, excluding working capital changes and income taxes paid |  128.0                          |  84.6            |  381.2 |  340.4 |

|                                              |  Three months ended December 31 | Year endedDecember 31 |
|---------------------------------------------------|--------------------------------------|-----------------------|
| (in millions of U.S. dollars, except where noted) | 2012                                 | 2011                  | 2012 | 2011 |
| Revenues                                          |  250.9                          |  177.3           |  791.3 |  695.9 |
| Less: Operating expenses                          |  (105.2)                        |  (78.6)          |  (344.3) |  (303.8) |
| Operating margin                                  |  145.7                          |  98.7            |  447.0 |  392.1 |

|                                              |  Three months ended December 31 | Year endedDecember 31 |
|---------------------------------------------------|--------------------------------------|-----------------------|
| (in millions of U.S. dollars, except where noted) | 2012                                 | 2011                  | 2012 | 2011 |
| Revenues from gold sales                          | 173.2                                | 154.3                 | 613.3 | 572.3 |
| Ounces of gold sold                               |  109,766                        |  99,612          |  395,535 |  391,890 |
| Average realized price per ounce of gold sold     |  1,578                          |  1,549           |  1,551 |  1,460 |
| Less: Cash costs per ounce of gold sold           |  (254)                          |  (553)           |  (421) |  (446) |
| Average realized margin per ounce of gold sold    |  1,324                          |  996             |  1,130 |  1,014 |

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|                                          | As at December 31, 2012                 |
|-----------------------------------------------|-----------------------------------------|
| (in millions of U.S. dollars)                 | Loans and receivables at amortized cost | Designated as Fair Value Through Profit & Loss | Available for sale at fair value | Financial liabilities at amortized cost | Total |
| Financial assets                              |                                    |   |   |   |   |
|    Cash and cash equivalents   |  687.8                             | - | - | - | 687.8 |
|    Trade and other receivables |  46.9                              | - | - | - | 46.9 |
|    Investments                 | -                                       | - |  1.0 | - | 1.0 |
| Financial liabilities                         |                                    |   |   |   |   |
|    Trade and other payables    | -                                       | - | - |  120.7 | 120.7 |
|    Long-term debt              | -                                       | - | - |  847.8 | 847.8 |
|    Gold contracts              | -                                       |  110.5 | - | - | 110.5 |
|    Copper swap contracts       | -                                       | 0.9 | - | - | 0.9 |
|    Warrants                    | -                                       | 80.3 | - | - | 80.3 |
|    Share award units           | -                                       | 4.0 | - | - | 4.0 |

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|                                          | As at December 31, 2011                 |
|-----------------------------------------------|-----------------------------------------|
| (in millions of U.S. dollars)                 | Loans and receivables at amortized cost | Designated as Fair Value Through Profit & Loss | Available for sale at fair value | Financial liabilities at amortized cost | Total |
| Financial assets                              |                                    |   |   |   |   |
|    Cash and cash equivalents   | 309.4                                   | - | - | - | 309.4 |
|    Trade and other receivables | 37.6                                    | - | - | - | 37.6 |
|    Investments                 | -                                       | - | 1.8 | - | 1.8 |
|    Prepayment option           | -                                       | 18.8 | - | - | 18.8 |
|    Reclamation deposits        | 10.0                                    | - | - | - | 10.0 |
| Financial liabilities                         |                                    |   |   |   |   |
|    Trade and other payables    | -                                       | - | - | 100.3 | 100.3 |
|    Long-term debt              | -                                       | - | - | 251.7 | 251.7 |
|    Gold contracts              | -                                       | 141.6 | - | - | 141.6 |
|    Warrants                    | -                                       | 143.6 | - | - | 143.6 |
|    Conversion option           | -                                       | 24.0 | - | - | 24.0 |
|    Share award units           | -                                       | 5.3 | - | - | 5.3 |

|                                               | December 31 | December 31 |
|----------------------------------------------------|-------------|-------------|
| (in millions of U.S. dollars)                      | 2012        | 2011        |
| Cash and cash equivalents                          |  687.8 | 309.4       |
| Trade receivables                                  |  46.9  | 37.6        |
| Reclamation deposits                               |  -     | 10.0        |
| Total financial instruments subject to credit risk |  734.7 | 357.0       |

|                          |       |      |      |       |         | December 31 | December 31 |
|-------------------------------|------------|-----------|-----------|------------|--------------|-------------|-------------|
| (in millions of U.S. dollars) | 0-30days   | 31-60days | 61-90days | 91-120days | Over 120days | 2012Total   | 2011Total   |
| Mesquite                      |  0.9  |  -   |  -   |  -    |  -      |  0.9   | 0.4         |
| Cerro San Pedro               |  2.6  |  -   |  0.3 |  -    |  1.8    |  4.7   | 4.7         |
| Peak Mines                    |  5.5  |  -   |  -   |  -    |  -      |  5.5   | 5.6         |
| New Afton                     |  1.8  |  3.6 |  4.8 |  11.3 |  -      |  21.5  | 16.2        |
| Blackwater                    |  0.6  |  0.9 |  2.0 |  3.0  |  6.6    |  13.1  | 6.8         |
| Corporate                     |  1.2  |  -   |  -   |  -    |  -      |  1.2   | 3.9         |
| Total trade receivables       |  12.6 |  4.5 |  7.1 |  14.3 |  8.4    |  46.9  | 37.6        |

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|                               |            |        |        |          | December 31   | December 31 |
|------------------------------------|-----------------|-------------|-------------|---------------|---------------|-------------|
| (in millions of U.S. dollars)      | Less than1 year | 2-3         | 4-5years    | After 5years  | 2012Total     | 2011Total   |
|  years                        |
| Trade and other payables           |  114.2     |  6.5   |  -     |  -       |  120.7   | 100.4       |
| Long-term debt                     |  -         |  -     |  -     |  800.0   |  800.0   | 238.0       |
| Interest payable on long-term debt |  52.3      |  104.5 |  104.5 |  208.8   |  470.1   | 107.9       |
| Gold contracts                     |  58.0      |  58.7  |  -     |  -       |  116.7   | 154.5       |
| Copper swap contracts              |  0.9       |  -     |  -     |  -       |  0.9     | -           |
| Total trade receivables            |  225.4     |  169.7 |  104.5 |  1,008.8 |  1,508.4 | 600.8       |

| As at December 31, 2012                  |
|------------------------------------------|
| (in millions of U.S. dollars)            | Canadian dollar | Australian dollar | Mexican peso | Chilean peso |
| Cash and cash equivalents                |  19.6 |  10.2 |  0.3 |  - |
| Trade and other receivables              |  35.9 |  2.1 |  4.7 |  - |
| Trade and other payables                 |  (70.8) |  (18.4) |  (16.3) |  - |
| Reclamation and closure cost obligations |  (17.9) |  (21.4) |  (18.4) |  - |
| Warrants                                 |  (80.3) |  - |  - |  - |
| Share award units                        |  (4.0) |  - |  - |  - |
| Gross balance exposure                   |  (117.5) |  (27.5) |  (29.7) |  - |

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| As December 31, 2011                     |
|------------------------------------------|
| (in millions of U.S. dollars)            | Canadian dollar | Australian dollar | Mexican peso | Chilean peso |
| Cash and cash equivalents                | 75.3 | 20.8 | 2.3 |  - |
| Trade and other receivables              | 27.0 | 1.2 | 4.7 | - |
| Prepayment option                        | 18.8 | - | - | - |
| Trade and other payables                 | (46.5) | (22.3) | (33.9) | - |
| Reclamation and closure cost obligations | (8.6) | (17.1) | (15.8) | - |
| Warrants                                 | (143.6) | - | - | - |
| Conversion option on convertible debt    | (24.0) | - | - | - |
| Share award units                        | (5.3) | - | - | - |
| Long-term debt                           | (221.5) | - |   | - |
| Gross balance exposure                   | (328.4) | (17.4) | (42.7) | - |

|                            | December 31  | December 31 |
|---------------------------------|--------------|-------------|
| (in millions of U.S. dollars)   | 2012         | 2011        |
| Canadian dollar                 |  (11.8) | (32.8)      |
| Australian dollar               |  (2.7)  | (1.7)       |
| Mexican peso                    |  (2.9)  | (4.3)       |
| Chilean peso                    |  -      | -           |
| Total translation risk exposure |  (17.4) | (38.8)      |

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| Year ended December 31                |
|---------------------------------------|
|                                  | 2012 | 2012 | 2011 | 2011 |
| (in millions of U.S. dollars)         | Net earnings | Other Comprehensive Income | Net earnings | Other Comprehensive Income |
| Gold price                            |  61.3 | 21.1 | 57.2 |  28.4 |
| Silver price                          |  12.7 | - |  5.8 | - |
| Copper price                          |  5.9 | - |  7.1 | - |
| Fuel price                            |  6.1 | - |  4.9 | - |
| Warrants                              |  8.0 | - |  14.4 | - |
| Conversion option on convertible debt |  - | - |  4.4 | - |
| Share aware units                     |  0.4 | - |  0.5 | - |
| Total price risk exposure             |  94.4 | 21.1 |  94.3 |  28.4 |

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