UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of April 2022.
Commission File Number 001-31722
 
 image_02a.jpg
New Gold Inc.
 
Suite 3320 – 181 Bay Street
Toronto, Ontario M5J 2T3
Canada
(Address of principal executive office)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
Form 20-F ☐ Form 40-F ☒
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
 
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
 
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
 
 
 




DOCUMENTS FILED AS PART OF THIS FORM 6-K
 
 
Exhibit Description
99.1 
99.2
99.3
99.4
99.5
99.6
99.7
99.8
99.9
99.10
99.11
99.12
99.13



SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
   NEW GOLD INC.
    
  By:/s/ Sean Keating
 
Date: April 5, 2022  
Sean Keating
Vice President, General Counsel and Corporate Secretary


ngdraim106-ni43x101xmast
Val-d’Or Head Office 560, 3e Avenue Val-d’Or (Québec) J9P 1S4 Québec Office 725, boulevard Lebourgneuf Suite 310-12 Québec (Québec) G2J 0C4 Montréal Office 859, boulevard Jean-Paul-Vincent Suite 201 Longueuil (Québec) J4G 1R3 Téléphone : 819-874-0447 Sans frais : 866-749-8140 Courriel: info@innovexplo.com Site Web: www.innovexplo.com NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada New Gold, Rainy River Mine Project Location 5967 Highway 11/71 PO Box 5, Emo (Ontario) P0W 1E0 Prepared by: Éric Lecomte, P.Eng. Andrew Croal, P.Eng. Michele Della Libera, P.Geo InnovExplo Inc. Val-d’Or (Québec) New Gold Inc. Toronto (Ontario) Effective Date: March 28th 2022 Signature Date: March 31st 2022 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 ii TABLE OF CONTENTS Abbreviations & Acronyms ..................................................................................................... 27 1 Summary ........................................................................................................................... 35 1.1 Introduction .................................................................................................................................. 36 1.2 Property description and location ................................................................................................ 39 1.3 Geology ....................................................................................................................................... 39 1.4 Mineralization............................................................................................................................... 40 1.5 Data verification ........................................................................................................................... 40 1.6 Mineral processing and metallurgical testwork ............................................................................ 40 1.7 Mineral Resources Estimate ........................................................................................................ 42 1.8 Mineral Reserve Estimate ........................................................................................................... 44 1.9 Mining Methods ........................................................................................................................... 46 1.9.1 Open Pit ............................................................................................................................... 46 1.9.2 Underground ........................................................................................................................ 47 1.10 Recovery Methods ....................................................................................................................... 48 1.11 Project Infrastructure ................................................................................................................... 50 1.12 Market Studies ............................................................................................................................. 50 1.13 Environment and Permitting ........................................................................................................ 51 1.13.1 Permitting and authorizations .............................................................................................. 51 1.13.2 Closure plans ....................................................................................................................... 51 1.14 Capital and Operating Costs ....................................................................................................... 51 1.14.1 Open Pit Capital Costs ........................................................................................................ 52 1.14.2 Underground Capital Costs ................................................................................................. 52 1.15 Process Capital Costs ................................................................................................................. 52 1.16 Tailings Management Area and Infrastructure Capital Costs ...................................................... 53 1.16.1 Operating cost ..................................................................................................................... 53 1.17 Economic Analysis ...................................................................................................................... 53 2 Introduction ...................................................................................................................... 54 2.1 Sources of information ................................................................................................................. 57 3 Reliance on other experts ................................................................................................ 58 4 Property description and location................................................................................... 59 4.1 Property location .......................................................................................................................... 59 4.2 Land tenure.................................................................................................................................. 60 4.2.1 General ................................................................................................................................ 60 4.2.2 Patented Lands.................................................................................................................... 61 4.2.3 Unpatented claims ............................................................................................................... 67 4.2.4 Surface rights ....................................................................................................................... 83 4.3 Royalty and streaming agreements ............................................................................................. 83 4.4 Environmental, permits, and other factors ................................................................................... 83 5 Accessibility, climate, local resources, infrastructure, and physiography .................. 84 5.1 Location and accessibility ............................................................................................................ 84 5.2 Infrastructure and local resources ............................................................................................... 85 5.3 Climate and physiography ........................................................................................................... 85 5.4 Surface rights............................................................................................................................... 86 6 History ............................................................................................................................... 87 6.1 Prior owners................................................................................................................................. 87 6.2 Exploration history ....................................................................................................................... 88 6.3 Historical Mineral Resource estimates ........................................................................................ 93 6.4 Past production ............................................................................................................................ 93 7 Geological setting and mineralization ............................................................................ 94 7.1 Regional geology ......................................................................................................................... 94 7.2 Property geology ......................................................................................................................... 97 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 iii 7.3 Local geology............................................................................................................................... 99 7.3.1 Lower mafic volcanic succession ........................................................................................ 99 7.3.2 Pyritic sediment succession ................................................................................................ 99 7.3.3 Intermediate fragmental volcanic succession ...................................................................... 99 7.3.4 Massive lava flows ............................................................................................................... 99 7.3.5 Upper diverse mafic volcanic succession .......................................................................... 100 7.3.6 Pinewood sediment succession ........................................................................................ 100 7.3.7 Upper felsic succession ..................................................................................................... 100 7.3.8 Intrusions ........................................................................................................................... 100 7.4 Structural geology ...................................................................................................................... 103 7.4.1 D1 deformation – recumbent folding and thrusting ........................................................... 103 7.4.2 D2 deformation – ESE-WNW folding and thrusting ........................................................... 103 7.4.3 D3 deformation – NE and NW kink folding ........................................................................ 103 7.4.4 D4 deformation – late-stage faulting.................................................................................. 103 7.4.5 D5 deformation – NW trending mafic dykes ...................................................................... 104 7.4.6 Timing of mineralization ..................................................................................................... 104 7.5 Deposit geology and mineralization .......................................................................................... 107 7.5.1 ODM/17 Zone .................................................................................................................... 108 7.5.2 433 Zone ............................................................................................................................ 110 7.5.3 Footwall Silver Zone .......................................................................................................... 111 7.5.4 HS Zones ........................................................................................................................... 111 7.5.5 The Western Zone ............................................................................................................. 112 7.5.6 The CAP Zone ................................................................................................................... 112 7.5.7 Intrepid Zone ...................................................................................................................... 113 7.5.8 34 Zone .............................................................................................................................. 114 8 Deposit types .................................................................................................................. 115 9 Exploration ..................................................................................................................... 118 9.1 Mobile Metal Ion (MMI) sampling programs .............................................................................. 118 9.2 Relogging programs .................................................................................................................. 118 9.3 Short-wavelength infrared (SWIR) alteration study ................................................................... 119 9.4 Hyperspectral alteration study ................................................................................................... 120 9.5 MSc research............................................................................................................................. 121 9.6 Unmanned aerial vehicle (UAV) magnetic survey ..................................................................... 121 9.7 Rock chip sampling program ..................................................................................................... 122 10 Drilling ............................................................................................................................. 123 10.1 Collar surveying ......................................................................................................................... 126 10.2 Downhole surveying .................................................................................................................. 126 10.3 Core processing and logging ..................................................................................................... 126 10.4 Sampling .................................................................................................................................... 127 10.5 Sample recovery ........................................................................................................................ 127 10.6 Representative sections ............................................................................................................ 128 10.7 Conclusion ................................................................................................................................. 130 11 Sample preparation, analyses, and security ................................................................ 131 11.1 Introduction ................................................................................................................................ 131 11.2 Sampling methods ..................................................................................................................... 131 11.2.1 Nuinsco Resources Ltd. (1994 – 2004) ............................................................................. 131 11.2.2 Rainy River Resources Ltd. (2005 – 2013) ....................................................................... 131 11.2.3 New Gold Inc. (2013 – 2017) ............................................................................................. 132 11.2.4 Bayfield Ventures Corp. (2010 – 2014) ............................................................................. 132 11.3 Sample preparation and analysis .............................................................................................. 132 11.3.1 Nuinsco Resources Ltd. (1994 – 2004) ............................................................................. 133 11.3.2 Rainy River Resources Ltd. (2005 – 2013) ....................................................................... 133 11.3.3 New Gold (2013 – 2017) ................................................................................................... 136 11.3.4 Bayfield Ventures Corp. (2010 – 2014) ............................................................................. 136 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 iv 11.4 Metallurgical testing ................................................................................................................... 139 11.5 Density measurements .............................................................................................................. 140 11.6 Chain of custody and security ................................................................................................... 140 11.7 QA/QC overview ........................................................................................................................ 140 11.7.1 Certified reference materials ............................................................................................. 142 11.7.2 Blank samples ................................................................................................................... 159 11.7.3 Duplicate samples ............................................................................................................. 162 11.7.4 Umpire samples ................................................................................................................. 166 11.8 Conclusions ............................................................................................................................... 167 12 Data verification ............................................................................................................. 169 12.1 Site verification .......................................................................................................................... 169 12.2 Drillhole and assay verification .................................................................................................. 169 12.3 Reconciliation ............................................................................................................................ 170 12.4 Conclusion ................................................................................................................................. 171 13 Mineral processing and metallurgical testing .............................................................. 172 13.1 Metallurgical testwork pre plant start-up .................................................................................... 172 13.1.1 Introduction ........................................................................................................................ 172 13.1.2 Metallurgical testwork supporting the PEA ........................................................................ 172 13.1.3 Metallurgical testwork supporting the feasibility study....................................................... 173 13.1.4 Sample selection and compositing .................................................................................... 173 13.1.5 Sample characterization .................................................................................................... 179 13.1.6 Mineralogy ......................................................................................................................... 181 13.1.7 Comminution testwork ....................................................................................................... 182 13.1.8 Grinding circuit design ....................................................................................................... 187 13.1.9 Gravity recoverable gold testwork ..................................................................................... 189 13.1.10 Cyanide leaching testwork ................................................................................................. 192 13.1.11 Diagnostic leach testwork .................................................................................................. 205 13.1.12 Cyanide destruction testwork ............................................................................................ 208 13.1.13 Carbon-in-pulp modelling .................................................................................................. 210 13.1.14 Sedimentation testwork ..................................................................................................... 211 13.1.15 Slurry rheology testwork .................................................................................................... 211 13.1.16 Summary and findings from metallurgical testwork program ............................................ 211 13.2 Metallurgical testwork post plant start-up .................................................................................. 212 13.2.1 Introduction ........................................................................................................................ 212 13.2.2 Acid wash testwork ............................................................................................................ 213 13.2.3 Flocculant screening testwork ........................................................................................... 214 13.2.4 Leach optimization testwork .............................................................................................. 214 13.2.5 CIP modeling testwork ....................................................................................................... 219 13.3 Grade-recovery predictive formulas for gold recovery and silver recovery ............................... 220 14 Mineral Resource estimates .......................................................................................... 222 14.1 Introduction ................................................................................................................................ 222 14.2 Mineral Resource estimation procedures .................................................................................. 223 14.2.1 Geological interpretation and 3D solids ............................................................................. 225 14.3 Exploratory data analysis .......................................................................................................... 233 14.3.1 Assays ............................................................................................................................... 233 14.4 Drill sample composites ............................................................................................................. 237 14.5 Grade capping ........................................................................................................................... 238 14.6 Bulk density ............................................................................................................................... 243 14.7 Block model parameters ............................................................................................................ 244 14.7.1 Variography ....................................................................................................................... 245 14.7.2 Interpolation parameters .................................................................................................... 249 14.8 New Gold block model validation .............................................................................................. 255 14.9 AMC block model validation ...................................................................................................... 256 14.9.1 Drillholes ............................................................................................................................ 257

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 v 14.9.2 Mineralized domains .......................................................................................................... 257 14.9.3 Lithology domains .............................................................................................................. 257 14.9.4 Main Zone model validation ............................................................................................... 258 14.9.5 Intrepid model validation .................................................................................................... 261 14.10 Mineral Resource classification ................................................................................................. 263 14.10.1 Cut-off grade ...................................................................................................................... 265 14.11 Mineral Resource reporting ....................................................................................................... 265 14.12 Comparison to previous Mineral Resource estimate................................................................. 268 15 Mineral Reserve estimates ............................................................................................ 270 15.1 Introduction ................................................................................................................................ 270 15.2 Open pit Mineral Reserve estimates ......................................................................................... 271 15.2.1 Material type classification ................................................................................................. 271 15.2.2 Open pit resource mine planning block model .................................................................. 272 15.2.3 Open pit metallurgical recoveries ...................................................................................... 273 15.2.4 Open pit COG .................................................................................................................... 275 15.2.5 Open pit optimization ......................................................................................................... 277 15.2.6 Reserve pit design ............................................................................................................. 278 15.3 Underground Mineral Reserve Estimates ................................................................................. 280 15.3.1 Estimation procedure ......................................................................................................... 280 15.3.2 Underground COG............................................................................................................. 280 15.3.3 Dilution Factor Calculation ................................................................................................. 281 15.3.4 Mining Losses .................................................................................................................... 282 15.3.5 Cut-off Grade (COG) ......................................................................................................... 282 15.4 Open pit and underground Mineral Reserve estimates ............................................................. 283 15.5 Comparison with previous Mineral Reserve estimates ............................................................. 285 15.6 Conversion of Mineral Resources to Mineral Reserves ............................................................ 286 15.7 Factors that may affect the Mineral Reserves ........................................................................... 287 16 Mining methods .............................................................................................................. 288 16.1 Introduction ................................................................................................................................ 288 16.2 Open pit mining ......................................................................................................................... 288 16.2.1 Production to end 2021 ..................................................................................................... 288 16.2.2 Hydrologic considerations ................................................................................................. 289 16.2.3 Open pit geotechnical considerations – overburden ......................................................... 290 16.2.4 Open pit geotechnical considerations – hard rock ............................................................ 292 16.2.5 Open pit mine design ......................................................................................................... 299 16.2.6 Mining method ................................................................................................................... 303 16.2.7 Mine planning .................................................................................................................... 304 16.2.8 Equipment requirements ................................................................................................... 305 16.3 Underground Mining .................................................................................................................. 306 16.3.1 Geotechnical Consideration .............................................................................................. 308 16.3.2 Ground control ................................................................................................................... 314 16.3.3 Hydrogeology ..................................................................................................................... 316 16.3.4 Mine Design ....................................................................................................................... 317 16.3.5 Stope design ...................................................................................................................... 319 16.3.6 Main infrastructure ............................................................................................................. 323 16.3.7 Emergency egress ............................................................................................................. 330 16.3.8 Mining methods ................................................................................................................. 330 16.3.9 Mine services ..................................................................................................................... 347 16.3.10 Ventilation .......................................................................................................................... 350 16.3.11 Underground mine equipment selection and fleet requirement ........................................ 359 16.3.12 Mine personnel .................................................................................................................. 362 16.4 Mine-to-Mill Schedule – All Sources .......................................................................................... 369 17 Recovery methods ......................................................................................................... 371 17.1 Process description ................................................................................................................... 371 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 vi 17.1.1 Ore delivery from the mine ................................................................................................ 375 17.1.2 Primary Crushing ............................................................................................................... 375 17.1.3 Coarse ore stockpile and reclaim system .......................................................................... 375 17.1.4 Primary grinding – SAG mill .............................................................................................. 375 17.1.5 Secondary grinding – ball mill ............................................................................................ 376 17.1.6 Gravity concentration ......................................................................................................... 376 17.1.7 Intensive cyanide leaching of gravity concentrate ............................................................. 377 17.1.8 Thickening ......................................................................................................................... 377 17.1.9 Process water .................................................................................................................... 377 17.1.10 Leaching and carbon in pulp ............................................................................................. 378 17.1.11 Carbon desorption and regeneration ................................................................................. 379 17.1.12 Carbon reactivation ........................................................................................................... 379 17.1.13 Electrowinning ................................................................................................................... 379 17.1.14 Cyanide destruction ........................................................................................................... 380 17.1.15 Tailings and reclaim water system .................................................................................... 380 17.1.16 Reagents ........................................................................................................................... 381 17.1.17 Auxiliary systems ............................................................................................................... 383 17.1.18 Process control .................................................................................................................. 383 17.1.19 Plant specific energy ......................................................................................................... 383 17.1.20 Mineral processing plant performance and production statistics ...................................... 385 17.2 Plant debottlenecking and expansion projects .......................................................................... 386 17.2.1 Crushed ore stockpile ........................................................................................................ 386 17.3 Reducing throughput of the Rainy River process plant ............................................................. 389 17.3.1 Phase 1 .............................................................................................................................. 389 17.3.2 Phase 2 .............................................................................................................................. 390 17.4 Phase 1 Equipment Sizing ........................................................................................................ 390 17.4.1 Options .............................................................................................................................. 390 17.4.2 Phase 1 Recommendations .............................................................................................. 392 17.5 Phase 2 Equipement Sizing ...................................................................................................... 392 17.5.1 Description Option 2a and 2b ............................................................................................ 392 17.6 Description Option 3 .................................................................................................................. 392 17.7 Conclusion and recommendations ............................................................................................ 393 18 Project infrastructure ..................................................................................................... 395 18.1 Primary access roads ................................................................................................................ 397 18.2 Mine haul roads ......................................................................................................................... 397 18.3 Principal mine & maintenance operation facilities ..................................................................... 397 18.3.1 Truck shop ......................................................................................................................... 397 18.3.2 Truck wash bay.................................................................................................................. 398 18.3.3 Fuel bays ........................................................................................................................... 398 18.3.4 Explosive magazine and emulsion plant ........................................................................... 398 18.4 Warehousing and storage ......................................................................................................... 398 18.4.1 Warehouse ........................................................................................................................ 398 18.4.2 Lubricant storage building ................................................................................................. 398 18.4.3 Hydrocarbon storage building ............................................................................................ 398 18.5 Principal offices and buildings ................................................................................................... 399 18.5.1 Security office and medical clinic ....................................................................................... 399 18.5.2 Main administration building .............................................................................................. 399 18.5.3 Mine dry ............................................................................................................................. 399 18.5.4 Mill office and dry ............................................................................................................... 399 18.5.5 Parking area ...................................................................................................................... 399 18.5.6 Assay lab ........................................................................................................................... 399 18.5.7 Camp ................................................................................................................................. 400 18.5.8 Ceremonial roundhouse .................................................................................................... 400 18.6 Electric power and communications .......................................................................................... 400 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 vii 18.6.1 Emergency power .............................................................................................................. 401 18.6.2 Communication .................................................................................................................. 401 18.7 Tailings Management Area ........................................................................................................ 401 18.7.1 Background ........................................................................................................................ 401 18.7.2 TMA Design ....................................................................................................................... 405 18.7.3 Foundation Characterization and Geotechnical Parameters ............................................ 406 18.7.4 Ultimate Footprint .............................................................................................................. 408 18.7.5 Construction Material Quantities ....................................................................................... 410 18.8 Integrated water treatment train ................................................................................................ 415 18.9 Mine rock and overburden stockpiles ........................................................................................ 415 18.9.1 East Mine Rock Stockpile .................................................................................................. 416 18.9.2 West Mine Rock Stockpile ................................................................................................. 419 19 Metal prices .................................................................................................................... 421 19.1 Markets ...................................................................................................................................... 422 19.2 Contracts ................................................................................................................................... 423 19.2.1 Gold price option contracts ................................................................................................ 423 19.2.2 Metal streaming contracts ................................................................................................. 423 19.2.3 Other contracts .................................................................................................................. 423 20 Environmental studies, permitting, and social or community impact ........................ 425 20.1 Introduction ................................................................................................................................ 425 20.2 Environmental Studies ............................................................................................................... 425 20.2.1 Meteorology and Air Quality .............................................................................................. 425 20.2.2 Acoustics ........................................................................................................................... 426 20.2.3 Geochemistry ..................................................................................................................... 426 20.2.4 Hydrogeology ..................................................................................................................... 426 20.2.5 Surface Water .................................................................................................................... 426 20.2.6 Groundwater Monitoring .................................................................................................... 427 20.2.7 Aquatic Resources............................................................................................................. 427 20.2.8 Vegetation Studies ............................................................................................................ 428 20.2.9 Wildlife ............................................................................................................................... 428 20.2.10 Species at Risk and Critical Habitat .................................................................................. 428 20.2.11 Traditional Knowledge and Traditional Land Use (social license) ..................................... 429 20.2.12 Cultural Heritage ................................................................................................................ 429 20.2.13 Overall Environmental Sensitivities ................................................................................... 430 20.3 Project Permitting ...................................................................................................................... 430 20.4 Social or Community Requirements .......................................................................................... 431 20.5 Mine Closure.............................................................................................................................. 432 21 Capital and operating costs........................................................................................... 433 21.1 Capital Costs ............................................................................................................................. 433 21.1.1 Open Pit Capital Costs ...................................................................................................... 435 21.1.2 Underground Capital Costs ............................................................................................... 435 21.1.3 Process Capital Costs ....................................................................................................... 436 21.1.4 Tailings Management Area and Infrastructure Capital Costs ............................................ 437 21.2 Operating Cost .......................................................................................................................... 437 21.2.1 Summary ........................................................................................................................... 438 22 Economic analysis ......................................................................................................... 440 23 Adjacent properties ........................................................................................................ 441 24 Other relevant data and information ............................................................................. 442 25 Interpretation and Conclusion ....................................................................................... 443 25.1 Introduction ................................................................................................................................ 443 25.2 Geology ..................................................................................................................................... 443 25.2.1 Quality Assurance/Quality Control..................................................................................... 443 25.2.2 Data verification and Mineral Resources ........................................................................... 443 25.3 Mining and Mineral Reserves .................................................................................................... 444 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 viii 25.3.1 Open pit mining and Mineral Reserves ............................................................................. 444 25.3.2 Underground mining and Mineral Reserves ...................................................................... 446 25.4 Process and metallurgy ............................................................................................................. 446 25.5 Infrastructure.............................................................................................................................. 447 25.6 Environmental, Social, Community, and Reclamation / Closure ............................................... 448 25.6.1 Environmental studies ....................................................................................................... 448 25.6.2 Social or community requirements .................................................................................... 449 25.6.3 Mine closure ...................................................................................................................... 449 25.7 Risks and Mitigation .................................................................................................................. 450 25.8 Opportunities and Benefits ........................................................................................................ 453 26 Recommendations ......................................................................................................... 455 26.1 Overall ....................................................................................................................................... 455 26.1.1 Bench by bench study ....................................................................................................... 455 26.1.2 New block model (Interpretation of UG Mine) ................................................................... 455 26.1.3 Third portal in west lobe .................................................................................................... 456 26.1.4 Geotechnical detailed assessment .................................................................................... 456 26.1.5 Ventilation network optimization ........................................................................................ 456 26.1.6 Feasibility for in-pit waste passes ...................................................................................... 456 26.1.7 Open pit and underground transition optimization ............................................................. 457 26.1.8 Delineation Drilling to support UG operations planning..................................................... 457 26.1.9 Reverse Circulation Drilling to support OP operations planning ....................................... 457 27 References ...................................................................................................................... 458

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 ix LIST OF FIGURES Figure 4.1 – Site location ........................................................................................................... 59 Figure 4.2 – Tenure map ........................................................................................................... 60 Figure 5.1– Location and access to the Rainy River Mine site ................................................... 84 Figure 6.1 –Claim map showing location of acquired Bayfield ground ....................................... 88 Figure 7.1 – Superior Province geological map ......................................................................... 96 Figure 7.2 – Significant gold deposits in north-western ON ....................................................... 97 Figure 7.3 – Bedrock geology of the Rainy River Mine .............................................................. 98 Figure 7.4 – Stratigraphic column ............................................................................................ 102 Figure 7.5 – Sulphide mineralization deformed by folding in drill core from Rainy River ........... 105 Figure 7.6 – Structural control over the plunge of gold mineralization at Rainy River ............... 106 Figure 7.7 – Rainy River – mineralized zones ......................................................................... 108 Figure 7.8 – ODM/17 Zone gold mineralization ....................................................................... 109 Figure 7.9 – ODM/17 high grade gold mineralization ............................................................... 110 Figure 7.10 – 433 Zone high-grade gold mineralization ........................................................... 111 Figure 7.11 – Higher-grade gold mineralization within the CAP Zone ...................................... 113 Figure 8.1 – Potential formation of the Rainy River deposit ..................................................... 117 Figure 9.1 – SWIR top of hole survey sample locations ........................................................... 119 Figure 9.2 – Corescan hyperspectral alteration study drillhole locations .................................. 120 Figure 9.3 – 2017-2018 UAV magnetic survey areas .............................................................. 121 Figure 10.1 – Rainy River Deposit Drillhole location map ........................................................ 124 Figure 10.2 – NE Trend Drillhole location map ........................................................................ 125 Figure 10.3 – Vertical section through the Western Zone ........................................................ 128 Figure 10.4 – Vertical section through the main zones (including ODM/17 Zone) .................... 129 Figure 10.5 – Vertical section through the Intrepid Zone .......................................................... 130 Figure 11.1 – Gold CRM CDN-GS-P4A ................................................................................... 155 Figure 11.2 – Gold CRM G310-6 ............................................................................................. 155 Figure 11.3 – Gold CRM CDN-GS-1H ..................................................................................... 156 Figure 11.4 – Gold CRM Si54 .................................................................................................. 156 Figure 11.5 – Coarse blank performance chart, Accurassay (2006 – 2011) ............................. 161 Figure 11.6 – Coarse blank and coarse marble performance chart, ALS (2005 – 2006, 2011 – 2017) .................................................................................................... 161 Figure 11.7 – Rainy River field duplicate RPD and scatter plot ................................................ 164 Figure 11.8 – Rainy River coarse duplicate RPD and scatter plot ............................................ 165 Figure 11.9 – Rainy River pulp duplicate RPD and scatter plot ................................................ 165 Figure 11.10 – Rainy River Umpire data RPD and scatter plot – New Gold data ..................... 167 Figure 13.1 – Plan view of drillhole and sample locations in the Intrepid Zone ........................ 175 Figure 13.2 – Location of Intrepid Zone samples (cross-section looking west) ........................ 176 Figure 13.3 – Sample locations for cyanide leaching variability testwork ................................. 176 Figure 13.4 – Sample locations for comminution variability testwork ....................................... 177 Figure 13.5 – Sample locations for variability comminution testwork ....................................... 178 Figure 13.6 – Sample locations for variability leaching testwork .............................................. 179 Figure 13.7 – Gold Gravity Recovery vs. Head Grade ............................................................. 191 Figure 13.8 – Solver Gravity Recovery vs. Head Grade .......................................................... 191 Figure 13.9 – Gravity tailings leach residue gold grade versus grind size ................................ 197 Figure 13.10 – Cost and revenue analysis by grind size .......................................................... 198 Figure 13.11 – Impact of gold recovery by NaCN concentration .............................................. 200 Figure 13.12 – Boxplot of Intrepid Zone gold and silver cyanide leaching kinetics ................... 203 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 x Figure 13.13 – Diagnostic leach test gold deportments on cyanide leach tails samples........... 206 Figure 13.14 – Diagnostic leach test gold deportments on ore samples .................................. 207 Figure 13.15 – CIP isotherms used for modelling .................................................................... 210 Figure 13.16 – Carbon activity vs time for acid wash tests ...................................................... 213 Figure 13.17 – Gold Leach Kinetic (Effect of Grind Tests) – 433 MGO .................................... 216 Figure 13.18 – Gold Leach Kinetic (Effect of Grind Tests) – LGO ............................................ 217 Figure 13.19 – Gold Leach Kinetic (Effect of Grind Tests) – MGO HS ..................................... 218 Figure 13.20 – Gold Leach Kinetic (Effect of Grind Tests) – HGO ODM .................................. 219 Figure 14.1 – Surface plan showing lithological model of the Rainy River Gold Project ........... 226 Figure 14.2 – Plan view of Main Zone mineralization domains ................................................ 227 Figure 14.3 – Isometric view of Main Zone mineralization domains ......................................... 228 Figure 14.4 – Plan view of Intrepid Zone high-grade domain ................................................... 232 Figure 14.5 – Histogram of sample lengths at Rainy River ...................................................... 238 Figure 14.6 – Graphical comparison of gold statistics for the Main Zone domains ................... 255 Figure 14.7 – Gold histogram of blocks and composites within the ODM/17 Zone ................... 256 Figure 14.8 – Vertical section with block model and composites of zones 433 and HS ........... 259 Figure 14.9 – Swath plots of gold grades for ODM/17 Zone .................................................... 261 Figure 14.10 – Vertical section showing gold in block model and drillholes at the Intrepid Zone ........................................................................................................................... 262 Figure 14.11 – Swath plots of gold grades for Intrepid Zone .................................................... 263 Figure 14.12 – Vertical section showing block model classification ......................................... 265 Figure 14.13 – Mineral Resource reporting criteria .................................................................. 266 Figure 15.1 – Open pit optimization results at incremental gold metal price............................. 278 Figure 15.2 – Open pit final limit design ................................................................................... 279 Figure 16.1 – Overburden slope design sector layout plan ...................................................... 291 Figure 16.2 – Geotechnical drillholes and televiewer surveys completed between 2006 and 2020 ................................................................................................................................................ 293 Figure 16.3 – Pit scale 3D foliation model ............................................................................... 295 Figure 16.4 – Litho-structural design domains ......................................................................... 296 Figure 16.5 – Open pit Phase 3 ............................................................................................... 301 Figure 16.6 – Open pit Phase 4 ............................................................................................... 302 Figure 16.7 – Overview of the Rainy River Project .................................................................. 318 Figure 16.8 – Isometric View of the UG Main Zones (Below Pit) and Intrepid Zone ................. 322 Figure 16.9 – Main Ramp & Service Bay (Level UG 350) ........................................................ 324 Figure 16.10 – Main Ramp Evolution for the UG Main Zones (Q2 2023 to Q3 2024) ............... 328 Figure 16.11 – Typical Level (ODM Main - Level UG 600) ....................................................... 329 Figure 16.12 – Mining Methods (UG Main Zones) ................................................................... 331 Figure 16.13 – Production Centres (UG Main Zones) .............................................................. 332 Figure 16.14 – Production Centres (Intrepid Zone) .................................................................. 333 Figure 16.15 – Mining Method – Longitudinal Long-Hole Retreat ............................................ 334 Figure 16.16 – Mining Cycle – Longitudinal Long-Hole Retreat ............................................... 335 Figure 16.17 – Mining Method – Transverse Long-Hole .......................................................... 336 Figure 16.18 – Mining Cycle – Transverse Long-Hole ............................................................. 337 Figure 16.19 – Drill and Blast - Longitudinal and Plan View ..................................................... 338 Figure 16.20 – Drill and Blast - Typical Section ....................................................................... 339 Figure 16.21 – Cemented Rockfill (CRF) Overview ................................................................. 342 Figure 16.22 – Truck Simulation (Number of Trucks based on Destination) ............................ 347 Figure 16.23 – Typical electrical Distribution per Zones........................................................... 348 Figure 16.24 – Overview of Pumping Network ......................................................................... 349 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xi Figure 16.25 – Pre-production Ventilation Arrangement towards East Ventilation Raise ......... 353 Figure 16.26 – Pre-production Ventilation Arrangement towards West Ventilation Raise ........ 354 Figure 16.27 – Longitudinal View of the Ventilation System (Production Phase 1) .................. 355 Figure 16.28 – Longitudinal View of the Ventilation System (Production Phase 2) .................. 356 Figure 16.29 – Typical Auxiliary Ventilation Arrangement for a Level when the air is taken from the Ramp ...................................................................................................................................... 357 Figure 16.30 – Typical Auxiliary Ventilation Arrangement for a Level when the air is taken from the Internal Raise .......................................................................................................................... 358 Figure 16.31 – Ventilation Network Overview (Intrepid) ........................................................... 359 Figure 17.1 – Ore processed ................................................................................................... 371 Figure 17.2 – General processing area and buildings site layout ............................................. 372 Figure 17.3 – Site flowsheet .................................................................................................... 374 Figure 17.4 – Mill energy usage from January 2020 to December 2021 .................................. 384 Figure 17.5 – H21241-PFD-002 Rev-A, Crushing and Grinding Option-2 ................................ 394 Figure 18.1 – General site plan ............................................................................................... 395 Figure 18.2 – Detailed site plan ............................................................................................... 396 Figure 18.3 – 2021 TMA General Arrangement (Base Imagery) (BGC, March 14, 2022) ........ 403 Figure 18.4 – 2021 TMA General Arrangement (Base Topography) (BGC, March 14, 2022) .. 404 Figure 18.5 – EMRS typical cross sections .............................................................................. 417 Figure 18.6 – EMRS ground improvement layout plan............................................................. 418 Figure 18.7 – WMRS plan view ............................................................................................... 419 Figure 19.1 – LBMA PM Fix gold price (daily) .......................................................................... 421 Figure 19.2 – LBMA silver price (daily) .................................................................................... 422 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xii LIST OF TABLES Table 1.1 – Production Schedule Overview ............................................................................... 35 Table 1.2 – List of QPs .............................................................................................................. 37 Table 1.3 – Mineral Resources as of 31 December 2021 .......................................................... 43 Table 1.4 – Rainy River Mineral Reserves Estimates ................................................................ 45 Table 2.1 – List of QPs .............................................................................................................. 55 Table 2.2 – Exchange rates ....................................................................................................... 57 Table 4.1 – Summary of Patented Lands – Project Lands only .................................................. 61 Table 4.2 – Summary of Patented Lands – Infrastructure Lands only ........................................ 64 Table 4.3 – Summary of Patented Lands – Regional Lands only ............................................... 65 Table 4.4 – Summary of unpatented land claims ....................................................................... 68 Table 6.1 – Summary of Nuinsco exploration activities .............................................................. 89 Table 6.2 – Summary of RRR exploration activities ................................................................... 91 Table 7.1 – Rainy River mineralization style ............................................................................ 107 Table 9.1 – Summary of New Gold exploration activities at Rainy River .................................. 118 Table 10.1 – Summary of diamond drilling at Rainy River ....................................................... 123 Table 11.1 – Preparation facilities and analytical laboratories.................................................. 133 Table 11.2 – Summary of sample preparation methods........................................................... 137 Table 11.3 – Summary of analytical methods for gold ............................................................. 138 Table 11.4 – Summary of analytical methods for silver ............................................................ 139 Table 11.5 – Rainy River QA/QC 2005 – 2017 ........................................................................ 141 Table 11.6 – Rainy River QA/QC 2005 – 2017 insertion rates ................................................. 141 Table 11.7 – Unique gold CRMs used in each year ................................................................. 143 Table 11.8 – Unique silver CRMs used in each year ............................................................... 144 Table 11.9 – Timeline of Gold CRM analyses by year, lab, and company (2005 – 2017) ........ 145 Table 11.10 – Silver CRM analyses by year, lab, and company (2010 – 2017) ....................... 149 Table 11.11 – CRMs selected for control charts ...................................................................... 150 Table 11.12 – Rainy River gold CRM results (2005 – 2017) .................................................... 151 Table 11.13 – Rainy River silver CRM results ......................................................................... 154 Table 11.14 – Rainy River blanks ............................................................................................ 160 Table 11.15 – Rainy River duplicate analyses ......................................................................... 163 Table 12.1 – Drillholes inspected on site ................................................................................. 169 Table 12.2 – Reconciliation for GC model to DOM .................................................................. 170 Table 12.3 – Reconciliation for resource model to DOM .......................................................... 170 Table 12.4 – Reconciliation for GC model and resource model ............................................... 170 Table 13.1 – Master composite sample proportions ................................................................ 173 Table 13.2 – Percentages by zone for testwork composites and design criteria ...................... 174 Table 13.3 – Head analyses for the composite and variability samples ................................... 180 Table 13.4 – Crusher work index (CWi) test results ................................................................. 182 Table 13.5 – Results of BWi and ModBWi tests....................................................................... 184 Table 13.6 – Bond abrasion index test results ......................................................................... 185 Table 13.7 – Results of JK DW tests and corresponding SMC Test® ...................................... 186 Table 13.8 – SMC A x b values and corresponding MIA values ................................................ 187 Table 13.9 – SAG mill and ball mill simulation results .............................................................. 188 Table 13.10 – GRG test results ............................................................................................... 190 Table 13.11 – Gold results of leaching tests on gravity tailings ................................................ 193 Table 13.12 – Silver results of leaching tests on gravity tailings .............................................. 194 Table 13.13 – Initial Pit and RLOM gravity tailings leach test results for gold .......................... 196

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xiii Table 13.14 – Initial Pit and RLOM gravity tailings leach test results for silver ......................... 196 Table 13.15 – Effect of cyanide concentration on gold recovery .............................................. 199 Table 13.16 – Effect of pre-aeration on leach gold recovery .................................................... 201 Table 13.17 – Effect of oxygen, air, and leach nitrate on leach gold test results ...................... 202 Table 13.18 – Averaged variability leach test gold and silver recoveries ................................. 204 Table 13.19 – Cyanide destruction test results ........................................................................ 209 Table 13.20 – Results of supplier sedimentation testwork ....................................................... 211 Table 13.21 – Results of supplier sedimentation testwork ....................................................... 215 Table 14.1 – Mineral Resource estimates at Rainy River ........................................................ 222 Table 14.2 – Mineral Resources as of 31 December 2021 ...................................................... 223 Table 14.3 – Summary of Mineral Resource database ............................................................ 225 Table 14.4 – Mineralization and lithology domain codes .......................................................... 233 Table 14.5 – Statistical summary of gold assay data ............................................................... 234 Table 14.6 – Statistical summary of silver assay data ............................................................. 235 Table 14.7 – Summary of gold and silver capping thresholds .................................................. 239 Table 14.8 – Statistical summary of gold composites .............................................................. 240 Table 14.9 - Statistical summary of silver composites ............................................................. 242 Table 14.10 – Statistical summary of specific gravity ............................................................... 243 Table 14.11 – Block model parameters ................................................................................... 245 Table 14.12 – Block model parameters for the combined model ............................................. 245 Table 14.13 – Main Zone gold variogram models .................................................................... 247 Table 14.14 – Main Zone gold and silver search orientation and ranges ................................. 250 Table 14.15 – Block model interpolation parameters ............................................................... 252 Table 14.16 – Main Zone default bulk density values .............................................................. 253 Table 14.17 – Intrepid Zone gold and silver search orientation and ranges ............................. 254 Table 14.18 – Comparison of average composite and block gold and silver grades by domain ................................................................................................................................................ 260 Table 14.19 – Classification criteria for Measured Mineral Resources ..................................... 264 Table 14.20 – Mineral Resources as of 31 December 2021 .................................................... 267 Table 14.21 – Comparison of 2021 and 2020 Mineral Resources ........................................... 268 Table 15.1 – Summary of Rainy River Mineral Reserves – effective December 31, 2021 ........ 270 Table 15.2 – Material classification .......................................................................................... 271 Table 15.3 – Reconciliation January – December 2021 ........................................................... 272 Table 15.4 – Open pit COG calculation parameters ................................................................ 275 Table 15.5 – Cut-off grade parameters for the underground zones ......................................... 281 Table 15.6 – Mineral Reserve Estimates – Effective December 31, 2021 ................................ 283 Table 15.7 – Comparison with previous Mineral Reserve estimate – open pit ......................... 285 Table 15.8 – Comparison with previous Mineral Reserve estimates - Underground ................ 286 Table 15.9 – Mineral Resource to Mineral Reserve conversion ratios for contained gold ........ 287 Table 16.1 – Open pit mine production to end-2021 ................................................................ 289 Table 16.2 – Mill production to end-2021 ................................................................................. 289 Table 16.3 – Summary of design geometries .......................................................................... 292 Table 16.4 – Overview of stability assessment approach and software ................................... 294 Table 16.5 – Summary of rock slope recommendations .......................................................... 297 Table 16.6 – Open pit mine production schedule ..................................................................... 305 Table 16.7 – Peak principal open pit mining equipment requirements ..................................... 306 Table 16.8 – Summary of underground rock mass classification ............................................. 310 Table 16.9 – Summary of underground intact rock properties and derived strength parameters ................................................................................................................................................ 311 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xiv Table 16.10 – Summary of UCS test results from the stoping domains ................................... 312 Table 16.11 – Design limits for a stable open stope ................................................................ 313 Table 16.12 – Ground Support Requirements for Lateral Development ................................... 315 Table 16.13 – Packer-Test Hydraulic Conductivity Values ....................................................... 316 Table 16.14 – DSO Parameters for Underground Mining (UG Main zZones) ........................... 320 Table 16.15 – Key Design Parameters (UG Main Zones) ........................................................ 320 Table 16.16 – DSO Parameters for Underground Mining (Intrepid Zone) ................................ 321 Table 16.17 – Key Design Parameters (Intrepid Zone) ............................................................ 321 Table 16.18 – Mine Design Parameters (UG Main Zones) ...................................................... 326 Table 16.19 – Mine Design Pillars ........................................................................................... 326 Table 16.20 – Mine Design Parameters (Intrepid Zone) .......................................................... 326 Table 16.21 – Mining Methods – Longitudinal Stoping Summary ............................................ 333 Table 16.22 – Mining Methods – Transverse Stoping Summary .............................................. 335 Table 16.23 – Mining Methods – Drilling Ratio and Re-Drill ..................................................... 338 Table 16.24 – Backfill Schedule for UG Main and Intrepid Zones ............................................ 341 Table 16.25 – Underground Schedule Summary ..................................................................... 344 Table 16.26 – Underground Summary per Zone...................................................................... 345 Table 16.27 – Fresh Air Requirement Ventilation Rate per Diesel-powered Equipment........... 351 Table 16.28 – Equipment Distribution for UG Main (Owner) .................................................... 360 Table 16.29 – Equipment Distribution for UG Main (Contractor) .............................................. 361 Table 16.30 – Equipment Distribution for Intrepid Zone ........................................................... 362 Table 16.31 – Mine Personnel - UG Main Zones - Operations and Services ........................... 363 Table 16.32 – Mine Personnel - UG Main Zones - Supervision & Maintenance ....................... 364 Table 16.33 – Mine Personnel – UG Main Zones – Technical Services ................................... 366 Table 16.34 – Mine Personnel – Intrepid Zone – Technical Services ....................................... 367 Table 16.35 – Mine Personnel – UG Main Zones – Contractors .............................................. 368 Table 16.36 – Mine Personnel – Intrepid Zone – Operations Contractor ................................. 369 Table 16.37 – Mine Personnel – Intrepid Zone – Maintenance Contractor ............................... 369 Table 16.38 – Mine-to-Mill Schedule ....................................................................................... 370 Table 16.39 – Mill Feed by Source .......................................................................................... 370 Table 17.1 – Air compressors .................................................................................................. 383 Table 17.2 – Rainy River processing plant operating parameters ............................................ 387 Table 17.3 – Options for Phase 1 ............................................................................................ 389 Table 17.4 – Advantages/Disadvantages ................................................................................ 390 Table 17.5 – Phase 1a Comminution - (Options) ..................................................................... 391 Table 18.1 – TMA dam raise schedule .................................................................................... 405 Table 18.2 – Summary of geotechnical Design Zones ............................................................. 407 Table 18.3 – Summary of TMA Dams Life of Mine Quantities – All Dams ............................... 412 Table 18.4 – NAG Rockfill Supply and Requirements for TMA Construction ........................... 414 Table 18.5 – Capacities of Waste Storage Facilities ................................................................ 416 Table 20.1 – Species at risk .................................................................................................... 429 Table 20.2 – Permit list ............................................................................................................ 431 Table 21.1 – Capital Costs Summary ...................................................................................... 434 Table 21.2 – Open Pit Capital Costs........................................................................................ 435 Table 21.3 – Underground Capital Costs ................................................................................. 436 Table 21.4 – Process Capital Costs......................................................................................... 437 Table 21.5 – Tailings Management Area and Infrastructure Capital Costs............................... 437 Table 21.6 – Estimated Unit Operating Costs .......................................................................... 438 Table 21.7 – LOM Average ..................................................................................................... 438 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xv Table 21.8 – LOM Production & Operating Costs .................................................................... 439 Table 26.1 – Recommended Tasks ......................................................................................... 455 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xvi

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xvii NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xix CERTIFICATE OF AUTHOR – Charles Gagnon, P.Eng I, Charles Gagnon, (profession ing) do hereby certify that: 1. I am currently Owner and President with CGM with an office located at 1155, avenue des Érables, Québec. QC, G1R 2N4. 2. This certificate applies to the report entitled NI 43-101 Technical Report for the Rainy River Mine, Ontario Canada (the “Technical Report”) with an effective date of March 28th, 2022 and a signature date of March 31st, 2022. The Technical Report was prepared for New Gold company. 3. I have graduated from Laval University with a B.Sc. in Mining Engineering in 2002, and from University Laval, Québec, Canada with a M.Sc. in 2005. 4. I am a Professional Engineer registered with the Ordre des ingénieurs du Québec, (OIQ Licence: 130730). 5. I have practiced my profession continuously in the mining industry since my graduation from university. I have been involved in mining operations, teaching (Mining engineering department, Laval University, Québec city), engineering and financial evaluations for 17 years, including (Eleonore (Goldcorp), Perseverance (Xstrata-Zinc), Bracemac-Mcleod (Glenncore)). 6. I have read the definition of a qualified person (“QP”) set out in Regulation 43-101/National Instrument 43-101 (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a QP for the purposes of NI 43-101. 7. I have not visited the site property that is the subject of this report 8. I have participated in the preparation of the Technical Report and am responsible for the supervision or creation of the following sections and sub-sections: 16.3.8 and part of items 21 for capital and operating cost related to ventilation only. 9. I am independent of the issuer applying all the tests in section 1.5 of NI 43-101. 10. I have not had prior involvement with the property that is the subject of the Technical Report. 11. I have read NI 43-101 and the items of the Technical Report for which I am responsible have been prepared in compliance with that instrument. 12. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xx

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xxi NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xxii NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xxiii NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xxiv CERTIFICATE OF QUALIFIED PERSON – Justin Taylor, P.Eng I, Justin Taylor, P.Eng, do hereby certify that: 1. I am a Founder, Director, Senior Project Manager and Engineer with Halyard Inc. for the last 9 years, with a business address at 212 King St W #501, Toronto, ON M5H 1K5 Canada. 2. This certificate applies to the report entitled 'NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada' {the "Technical Report") with an effective date of March 28th ,2022 and a signature date of March 31st, 2022. The Technical Report was prepared for New Gold company. 3. I am a graduate of the University of Pretoria in South Africa with degrees in Mechanical Engineering and Maintenance Engineering and a diploma in business administration. I obtained my undergraduate degree in 1999. 4. I am a member in good standing of the Professional Engineers of Ontario (membership number: 100140330). 5. I have practiced my profession in the mining industry continuously since graduation. My relevant experience includes over 20 years of engineering in project development specifically pertaining to minerals processing, materials handling and project management in the mining, processing and technical industries. Half of this experience is relevant to the Canadian environment whereas the balance is international. 6. I have read the definition of “qualified person” set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and certify that by virtue of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43-101. 7. I am independent of the issuer, New Gold Inc., as defined in Section 1.5 of NI 43-101. 8. I am responsible for Section 17 and part of Section 21 and accept professional responsibility for those sections of the Technical Report. 9. Whilst I have not personally visited the Rainy River Mine site, key members of my team under my supervision who undertook significant work on this study visited the site on the 25th of May 2021. 10. I have not had prior involvement with the property that is the subject of the Technical Report. 11. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the portions of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the portions of the Technical Report for which I am responsible not misleading. 12. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in accordance with NI 43-101 and Form 43-101F1. Signed this 31st day of March 2022 Toronto, Ontario, Canada.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xxv CERTIFICATE OF AUTHOR – Mohammad Taghimohammadi I, Mohammad Taghimohammadi, P.Eng., M.Sc., do hereby certify that: 1. I am Manager – Processing with New Gold Inc., 181 Bay Street, Suite 3320, Toronto, Ontario, M5J 2T3. 2. This certificate applies to the report entitled “NI 43-101 Technical Report for the Rainy 3. River Mine, Ontario, Canada”) with an effective date of March 28th, 2022 and a signature date of March 30th, 2022. The Technical Report was prepared for New Gold Inc. 4. I graduated with a Bachelor's degree in Mining Engineering from Imam Khomeini International University (Qazvin, Iran) in 2004. I am a graduate of Amirkabir University of Technology (Tehran, Iran) in 2006 with a Master's degree in Mineral Processing. 5. I am registered as a Professional Engineer in the province of Ontario (PEO #100167579). 6. I have worked as a mineral processing engineer for a total of eighteen (18) years since graduating from university. My relevant experience for the purpose of the Technical Report is: • My position as Manager – Processing with New Gold Inc. • My position as Senior Plant Process Engineer with Rosebel Gold Mines, Suriname. • My position as Process Engineer with SGS Canada Inc. • My Position as Mineral Processing Engineer with Kahanroba Co., Iran. 7. I have read the definition of a qualified person (“QP”) set out in Regulation 43-101/National Instrument 43-101 (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a QP for the purposes of NI 43-101. 8. I have visited the Rainy River Mine multiple times since 2020, most recently in March 2022. 9. I am responsible for Sections 13 and 17. 10. I am not independent of the issuer applying all the tests in section 1.5 of NI 43-101. 11. I had prior involvement with the property that is the subject of the Technical Report as an employee of New Gold Inc. since 2020. 12. I have read NI 43-101 and the items of the Technical Report for which I am responsible have been prepared in compliance with that instrument. 13. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. Signed this 30th day of March 2022 in Toronto, Ontario, Canada. Mohammad Taghimohammadi, (P.Eng., M.Sc.) (PEO #100167579) New Gold Inc. Mohammad.Taghimohammadi@newgold.com NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 xxvi NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 27 ABBREVIATIONS & ACRONYMS Abbreviations & Acronyms Description $ United States dollar % Percentage ° Degree °C Degrees Celsius 𝝁 Poisson’s ratio µm Micrometre 𝝈𝒕 Tensile strength 𝜑 Friction angle 2D Two-dimensional 3D Three-dimensional A Rock stress factor; Amps AA Atomic absorption AAS Atomic absorption spectroscopy Accurassay Accurassay Laboratories Ltd. Actlabs Activation Laboratories Ltd. AEM Airborne electromagnetics AES Atomic emission spectroscopy Ag Silver ALS ALS Chemex AMC AMC Mining Consultants (Canada) Ltd. ANFO Ammonium nitrate fuel oil AR Aqua regia Au Gold AuEq Gold equivalent Avg Average B Joint orientation factor BAW Beach above water BBMWi Bond ball mill work index BBW Beach below water BC British Columbia BCR Biochemical Reactor BFA Bench face angle BRE Brenna Formation BWi Bond work index C Gravity adjustment factor c Cohesion C$ Canadian dollar Capex Capital expenditure CaO Calcium oxide NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 28 Abbreviations & Acronyms Description CCIC Caracle Creek International Consulting Inc. CDA Canadian Dam Association CFM Cubic feet per minute CIM Canadian Institute of Mining, Metallurgy and Petroleum CIP Carbon-in-pulp cm Centimetre CMS Cavity Monitoring Survey CNTOTAL Total cyanide concentration CNWAD Weak acid dissociable cyanide COG Cut-off grade Contango Contango Strategies Ltd. CRF Cemented rockfill CRM Certified reference material CSA Canadian Securities Administrators CSD Critical solids density CV Coefficient of variation Cu Copper CuSO4 Copper sulphate CWi Crusher work index d Day DCS Distributed control system DDH Diamond drillhole DGPS Differential global positioning system DOM Declared ore mined doré Doré bar DPO Direct processing ore DWT Drop weight tests E Young’s modulus; East EA Environmental assessment EGL Effective grinding length ELOS Equivalent linear overbreak / sloughing EM Electromagnetics EMRS East mine rock stockpile EMS Environmental management system EOC East outcrop; end of construction EOM End-of-mine ESA Endangered Species Act; effective stress analysis ESE East-south-east F80 80% passing feed size FE Finite element

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 29 Abbreviations & Acronyms Description Fe Iron FEL Front-end loader FLS Felsic metasediments FLSmidth FLSmidth Minerals Ltd. FOS Factor of safety FOSmin Minimum factor of safety FTE Full-time equivalent FW Footwall g Gram G&A General and Administrative g/cm3 Gram per cubic metre g/L Gram per litre g/t Grams per tonne Ga Billion year; gauge (with respect to wire diameter) GC model Grade control model Golder Golder Associates Ltd. GPa Gigapascal GPS Global positioning system GRG Gravity recoverable gold GSI Geological strength index GU General usage H High h Hour H2O Water ha Hectare HDPE High-density polyethylene Hg Mercury HGO High-grade ore hp Horsepower HPGR High-pressure grinding rolls HR Hydraulic radius Hudbay Hudson’s Bay Exploration and Development Co Ltd HW Hangingwall ICP Inductively coupled plasma ID2 Inverse distance squared ID3 Inverse distance cubed IMV Intermediate Metavolcanics INCO International Nickel Corporation of Canada Ltd. IP Induced polarization IRR Internal rate of return NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 30 Abbreviations & Acronyms Description ISO International Organization for Standardization JK DW JK drop weight tests Kk value Hydraulic conductivity kg Kilogram kg/h Kilogram per hour kg/t Kilogram per tonne km Kilometre koz Thousand ounces kPa Kilopascal kt Thousand tonnes kV Kilovolt kVA Kilovolt-ampere kW Kilowatt kWh Kilowatt-hour kWh/t Kilowatt-hour per tonne L Litre; Level L/s Litre per second lab Laboratory LBMA London Bullion Market Association LDL Lower detection limit LE Limit equilibrium LGO Low-grade ore LGOS Low-grade ore stockpile LHD Load-haul-dump LHOS Longhole open stoping LiDAR Light detection and ranging LLHOS Longitudinal longhole open stoping LOM Life-of-mine LRIA Lakes and Rivers Improvement Act M Million m Metre m/h Metre per hour m/d Metre per day m2 Metre squared m3 Cubic metre m3/h Cubic metre per hour m3/min Cubic metre per minute m3/t Cubic metre per tonne MAG Magnetic masl Metre above sea level NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 31 Abbreviations & Acronyms Description Max Maximum MECP Ministry of Environment, Conservation and Parks MENDM Ministry of Energy, Northern Development and Mines Metso Metso Minerals Canada Ltd. Mg Magnesium mg/L Milligram per litre MGO Medium-grade ore 𝒎𝒊 Material constant for the intact rock in Hoek Brown criterion Min Minimum Mingold Resources Mingold Resources Inc. Minnow Minnow Environmental Inc. MLAS Mining Lands Administration System MLC Mine load centre mm Millimetre Mm3 Million cubic metres MMI Mobile metal ion MMV Mafic metavolcanics MNDM Ministry of Northern Development and Mines MNRF Ministry of Natural Resources and Forestry ModBWi Modified bond work index MPa Megapascal MR Mineral rights MSO Mineable Shape Optimizer Mt Million tonnes MVA Mega volt amperes MW Megawatt N North N’ Modified stability number NaCN Sodium cyanide NAD North American Datum NAG Non-acid generating NaOH Sodium hydroxide Nc Critical speed NE North-east New Gold New Gold Inc. NI 43-101 National Instrument 43-101 NN Nearest neighbour NNE North-north-east NPI Net profit interest NPV Net present value NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 32 Abbreviations & Acronyms Description NRMS North Rock Mining Solutions Inc. NSR Net smelter return Nuinsco Nuinsco Resources Ltd. NW North-west OA Open area OGS Ontario Geological Survey OK Ordinary kriging OMC Orway Mineral Consultants Canada Ltd ON Ontario OP Open pit OREAS Ore Research and Exploration oz Troy ounce OZ Ore zone P&P Proven and probable P80 80% passing product size PAG Potentially acid generating Pb Lead PEA Preliminary Economic Assessment pH pH is a measure of hydrogen ion concentration; a measure of the acidity or alkalinity of a solution PIN Property identification number pop. Population ppb Parts per billion PPM Pore pressure model ppm Parts per million Property Rainy River Property PRV Pressure reducing valve psi Pound per square inch PWP Porewater pressure Q Tunneling quality index Q’ Modified Q with stress reduction factor = 1 QA/QC Quality assurance / quality control QP Qualified Person as defined by NI 43-101 Quadra Quadra Chemicals Ltd. RC Reverse circulation Report Technical Report RF Rockfill RL Reduced level or relative level RLOM Remaining life-of-mine RMR Rock mass rating

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 33 Abbreviations & Acronyms Description Royal RGLD Gold AG Royal Gold Royal Gold Inc. RPD Relative paired difference rpm Revolutions per minute RQD Rock quality designation RRGB Rainy River Greenstone Belt RRR Rainy River Resources Ltd. S Sulfur; South SAG Semi-autogenous grinding SC Support class SEDAR System for Electronic Document Analysis and Retrieval SGS SGS Canada Minerals Services Lakefield Laboratory in Lakefield, Ontario SK Saskatchewan SNF SNF Canada Ltd. SO2 Sulfur dioxide SR Surface rights SRF Stress reduction factor SRK SRK Consulting (Canada) Inc. Stdv Standard deviation Su Undrained strength SWIR Short-wavelength infrared t Tonne T80 80% transfer size of ore as it passes from the SAG mill to the ball mill t/m3 Tonne per cubic metre ta Value describing particle size distribution of the product in the JK drop weight test Te Tellurium TK Traditional knowledge TLU Traditional land use TMA Tailings management area tonne Tonne = 1,000 kg tpd Tonnes per day tph Tonnes per hour tpoh Tonnes per operating hour TSL TSL Laboratories Inc. UAV Unmanned aerial vehicle UCS (𝝈𝒄) Unconfined; uniaxial compressive strength UG Underground URF Uncemented rockfill US$ United States dollar NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 34 Abbreviations & Acronyms Description USA Undrained strength analysis UTEM University of Toronto electromagnetic system UTM Universal Transverse Mercator V Volt v/v Volume of solute / volume of solution (L/L) VF Vortex finders VFD Variable frequency drive VLGO Very low-grade ore VMS Volcanogenic massive sulphide VTEM Versatile time domain electromagnetic VWP Vibrating wire piezometer W Wide; West w/v Weight in grams of solute / milliliters of solute (g/ml) w/w Weight of solute / weight of solution (gram/gram) WML Whitemouth Lake Formation WMP Water management pond WMRS West mine rock stockpile WNW West-north-west WST Whiteshell Till Formation WTP Water treatment plant Wood Wood PLC WYL Wylie Formation Zn Zinc NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 35 1 SUMMARY New Gold Inc. (NG) commissioned Innovexplo Engineering Canada Inc. (Innovexplo) to update the previous NI 43-101. The main goal was to improve processing, production, cash flow and economics. Introducing the UG Main Zones (extension of the Open Pit with an underground production of 4,500tpd). This Technical Report (Report) on the Rainy River Property (Property) has been prepared to a standard which is in accordance with the requirements of National Instrument 43- 101, Standards of Disclosure for Mineral Projects (NI 43-101), of the Canadian Securities Administrators (CSA) for lodgment on CSA’s System for Electronic Document Analysis and Retrieval (SEDAR). The Technical Report will demonstrate the economical value of the extension of the actual Rainy River Open Pit through underground mining in the UG Main Zones. This NI 43-101 reflects the conversion of underground Mineral Resources to Mineral Reserves in this area. Table 1.1 presents an overview of the mine schedule production, contained metals and indicated recovery (open pit, stockpile and UG included): Table 1.1 – Production Schedule Overview Year Processed Ore Contained Metal Tonnes Gold (g/t) Gold (oz) Gold (Recovery %) Silver (g/t) Silver (oz) Silver (Recovery %) 2022 9,463,416 0.97 294,761 88.8% 2.4 726,742 57.9% 2023 9,855,000 0.97 306,749 88.4% 3.0 954,765 57.7% 2024 9,855,000 1.10 348,195 89.0% 2.9 922,174 57.4% 2025 9,855,000 1.14 360,803 89.1% 3.0 949,478 58.0% 2026 9,855,000 1.15 363,408 88.9% 3.0 946,209 57.5% 2027 9,855,000 1.15 365,232 88.9% 3.2 1,005,945 57.3% 2028 7,000,652 1.31 295,582 88.9% 3.6 802,173 58.0% 2029 1,643,071 3.10 163,874 94.9% 6.4 335,833 59.7% 2030 1,625,515 3.45 180,075 95.2% 4.3 223,783 58.6% 2031 1,212,232 3.07 119,611 94.9% 4.0 155,068 58.0% Total 70,219,886 1.24 2,798,288 89.3% 3.1 7,022,169 57.7% NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 36 1.1 Introduction This NI 43-101 Technical Report (Report) on the Rainy River Property (Property) located in north-western Ontario (ON) in Canada has been prepared by Innovexplo Mining Consultants (Canada) headquartered in Val-d’Or on behalf of New Gold Inc. (New Gold) headquartered in Toronto, Canada. It has been prepared to a standard which is in accordance with part of the requirements of National Instrument 43-101, Standards of Disclosure for Mineral Projects (NI 43-101), of the Canadian Securities Administrators (CSA) for lodgment on CSA’s System for Electronic Document Analysis and Retrieval (SEDAR). This Report is an update to the report dated 12 March 2020 and filed on SEDAR on 27 March 2020, titled “New Gold Inc. Technical Report on the Rainy River Mine, Ontario, Canada”. New Gold is an international mid-tier gold mining company with Canadian operations in Ontario (ON) and British Columbia (BC) and a mine in Mexico. New Gold owns 100% of the two Canadian operations, Rainy River and New Afton. The Cerro San Pedro Mine in Mexico is under reclamation and is also 100% owned by New Gold. New Gold is listed on both the TSX as “NGD” and NYSE as “NGD”.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 37 This Report was done by several QP according to their own field of expertise. Find in Table 1.2 the list of all QPs. Table 1.2 – List of QPs Qualified Persons responsible for the preparation and signing of this Technical Report* Qualified Person Position Employer Independent of New Gold Date of site visit Professional designation Items of report QP Mr E. Lecomte Senior Mining Engineer InnovExplo No 15 March 2022 P.Eng. (Qc) Items, 1, 2, 3, 15, 16, 21 22, 24, 27 QP Mr A. Croal Director Technical Services New Gold Inc. No NA P.Eng. (ON) Parts of Items 1, 18 Infrastructure, 5, 19, and 21 QP Mr F. McCann General Manager / Principal Mining Engineer AMC Mining Consultants (Canada) Ltd. Yes Various, last visit 13-15 Jan 2020 P.Eng. (ON) Parts of Items15 and 16 pertaining to open pit Mineral Reserves and mine planning aspects and related disclosure in Sections 1, 25, 26, and 27. QP Mr M. Della Libera Director Exploration New Gold Inc. No Various, last Jan 25-27, 2022 P.Geo. (ON) Items 4 to 10, part of Item 11, Item 23 QP Ms D. Nussipakynova Principal Geologist AMC Mining Consultants (Canada) Ltd. Yes 11 Apr 2018 P.Geo. (BC) Items 12 and 14, and related disclosure in Items 1,11, 25 ,26 and 27 QP Mr K. Bocking Principal Golder Associates Ltd. Yes Various, last visit 20 Oct 2020 P.Eng. (ON) Part of Items 16 and 18 (Soft rock aspects of OP and waste storage areas.) QP Mr E. Saunders Senior Consultant, Mining Rock Mechanics SRK Consulting (Canada) Inc. Yes Various, last visit 3-5 Feb 2020 P.Eng. (ON) Item 16 geomechanics. (Hard rock aspects of OP) QP Mr A. Zerwer Principal Geotechnical Engineer BGC Engineering Inc. Yes Various, last visit 15-18 Nov 2021 P.Eng. (ON) Part ofItem 18 tailings dam NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 38 Qualified Persons responsible for the preparation and signing of this Technical Report* Qualified Person Position Employer Independent of New Gold Date of site visit Professional designation Items of report QP Mr M. Taghimohamm adi Senior Processing Engineer New Gold Inc. No NA P.Eng. (ON) Items 13 and 17 QP Mr S. Yirdaw Senior Environmental Engineer New Gold Inc., Rainy River Mine No NA P.Eng. (ON) Item 20 Environment QP Mr J. Taylor President Halyard Inc No 27-May-21 P.Eng. (ON) 17 small scale processing plant QP Mr C. Gagnon Principal Ventilation Engineer CGMexpert No NA P.Eng. (Qc) Part of 16 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 39 1.2 Property description and location The Property comprises a portfolio of 209 patented mining rights, surface rights (SR), and Crown Lease properties. The Project Lands covering the mine area comprise 121 separate properties of which New Gold has the rights to the Surface and Minerals, with this area covering approximately 6,141 hectares (ha). There are also 1,157 unpatented claims and the total area covers approximately 36,657 ha. All unpatented claims are in good standing. The mine is in the townships of Fleming, Mather, Menary, Patullo, Potts, Richardson, Senn, Sifton, and Tait. The Property is located approximately 50 kilometres (km) to the north-west of Fort Frances, the nearest large town, in north-western ON. The property is centred in Richardson Township which is part of Chapple Township. Access from Thunder Bay through Fort Frances is approximately 415 km along Highway 11 to Emo, and then north on Highway 71, turning west on Korpi Road. Alternative access from Winnipeg is by driving east to Kenora via Hwy 1 / Hwy 17 and then south on Highway 71 and turning west on Korpi Road, for 369 km. These access roads are sealed allowing year-round access. 1.3 Geology The Property is located within the 2.7 billion years (Ga) old Neoarchean Rainy River Greenstone Belt (RRGB). The RRGB forms part of the Wabigoon sub-province within the larger Superior Province. The Wabigoon sub-province is a 900 km long, east-west trending composite volcanic and plutonic terrane comprising distinct eastern and western domains separated by rocks of Mesoarchean age. The western Wabigoon domain is predominantly composed of mafic volcanic rocks intruded by tonalite-granodiorite intrusions. The volcanic rocks, which were largely deposited between approximately 2.74 Ga and 2.72 Ga, range from tholeiitic to calc- alkaline in composition, and are interpreted to represent oceanic crust and volcanic arcs, respectively. These are succeeded by approximately 2.71 Ga to 2.70 Ga volcano- sedimentary sequences and by locally deposited, unconformable, immature clastic sedimentary sequences. The volcanic rocks have been intruded by a wide variety of plutonic rocks including synvolcanic tonalite-diorite-granodiorite batholiths, younger granodiorite batholiths, monzodiorite intrusions and monzogranite batholiths and plutons. The intrusions were emplaced over a large time span between approximately 2.74 Ga and 2.66 Ga. The Rainy River deposit occurs within a sequence of felsic to intermediate, calc-alkaline metavolcanic rocks which is bounded to both the north and south by a lower mafic volcanic sequence. This mafic sequence is intruded by the trondhjemitic Sabaskong batholith to the north. Felsic to intermediate rocks are intruded to the east of the deposit by the Black Hawk monzonitic stock. The Property encompasses an approximately 30 km long, north-east trending portion of the RRGB. In this area, the RRGB is bounded to the north-west by the Sabaskong NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 40 Batholith, to the east by the Rainy Lake Batholithic Complex and to the south by the Quetico fault. In the north-east portion of the Property the RRGB is contiguous with the Kakagi-Rowan Lakes Greenstone Belt. The intermediate dacitic rocks host most of the Rainy River gold mineralization. Structural analysis suggests that the current geometry and plunge of the gold mineralization at Rainy River is the result of high strain deforming features associated with gold mineralization and rotating the ore plunge parallel to the stretching direction. 1.4 Mineralization Four main styles of mineralization have been identified on the Rainy River Mine: • Moderately to strongly deformed, auriferous sulphide and quartz-sulphide stringers and veins in felsic quartz-phyric rocks (ODM/17 Zone, 433 Zone HS Zone, Western Zone). • Deformed quartz-ankerite-pyrite shear veins in mafic volcanic rocks (CAP Zone). • Deformed sulphide-bearing quartz veinlets in dacitic tuffs / breccias hosting enriched silver grades (Intrepid Zone). • Copper-nickel-platinum group metals mineralization hosted in a mafic- ultramafic intrusion (34 Zone). • The formation of the Rainy River deposit has been attributed to known auriferous volcanogenic massive sulphide (VMS) systems with a primary synvolcanic source and possibly a secondary syntectonic mineralization event. 1.5 Data verification Data verification was carried out under the supervision of the QP, with 5.6% of the samples being verified in the database. This verification included comparing 1,360 of the 24,227 assays for the drilling conducted from 2015 to 2017. No errors were identified. Reconciliation of the resource block model to grade control and ex-mine material is carried out monthly and has been reviewed for 2021. There is difficulty reconciling to the mill figures due to large moving stockpiles, but the results appear satisfactory. In the opinion of the QP, the database is fit-for-purpose and the geological data provided by New Gold for the purposes of Mineral Resource estimation was collected in line with industry best standards as defined in the CIM Exploration Best Practice Guidelines and CIM Mineral Resource and Mineral Reserve Best Practice Guidelines. As such, the data are suitable for use in the estimation of Mineral Resources. 1.6 Mineral processing and metallurgical testwork The original metallurgical testwork programs on Rainy River samples were used to support the design and engineering of the Rainy River process plant.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 41 Post plant start-up metallurgical testwork has been conducted since the start-up of the Rainy River process plant, including: • Acid wash testwork – Carbon activity tests were completed on carbon samples that had been acid washed and carbon samples that were not. The testwork demonstrated that there was no significant difference in carbon activity between the two sample types. • Flocculant screening testwork - Settling rates in the pre-leach thickener are a plant bottleneck. Several flocculant screening testwork programs have been completed to attempt to rectify these issues. These programs identified that, during winter periods, the cold solution reduces flocculant dissolution rates. Predictive formulas were developed for estimating plant gold recovery and silver recovery. The formulas for the Non-CAP Zone gold recovery were updated in 2019. The CAP Zone and Intrepid Zone gold recovery formulas have not been modified. Silver recovery predictive formulas were updated from metallurgical programs (Kenny 2016). The resultant average orebody predicted metal recoveries are 89% for gold and 57% for silver. Note that the process plant has regularly been able to achieve gold recoveries that have exceeded the original design criteria. It is QP’s opinion that the metallurgical test programs for the Rainy River deposit were comprehensive and have included the major ore types and taken the mine plan into consideration when developing the composite samples. The types of tests performed were appropriate and provided sufficient information for preparing the designs for the process plant. New Gold engaged Halyard to investigate the implications of significantly reducing the throughput of their Rainy River (RR) process plant and quantify a range of possible scenarios. The current plant capacity is rated at approximately 25 to 27 ktpd and the investigation considered the impacts of reconfiguring it to operate at 4 to 5 ktpd. This would accommodate ore from underground mining only when the ore from the open pit and waste ore stockpiles is depleted. To address this scenario and arrive at an optimum “fit-for-purpose” solution, Halyard split the project into two phases: • Phase 1 - Project definition and consideration of all alternatives, covering mainly comminution but also the downstream plant. • Phase 2 – Cost estimation of the selected option to PFS level. Phase 1 evaluated six possible options. Options 2a and b, as well as 3 were carried through to Phase 2 for further evaluation. The final recommended option is 2b, which involves minimal changes in that the existing SAG and ball mill are turned down and operated for six months per year, during the warmer months. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 42 1.7 Mineral Resources Estimate The Mineral Resource estimates for the Rainy River Mine are based on two block models. These are for the open pit and UG underground Main Zones and underground Intrepid Zones. The Main Zone was modelled and estimated by Mr Mauro Bassotti (formerly of New Gold), and the estimate for the Intrepid Zone by Ms Dorota El-Rassi (formerly of SRK). Ms Dinara Nussipakynova, P.Geo., of AMC, has reviewed the methodologies and data used to prepare the Mineral Resource estimates and is satisfied that they comply with reasonable industry practice. Ms Nussipakynova takes responsibility for these estimates. A summary of Mineral Resources at the Property as of 31 December 2021 is presented in Table 1.3. Mineral Resources stated here are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Definitions for Mineral Resource categories used in this report are consistent with those defined by CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). The parameters and modifying factors that apply are listed in the footnotes. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 43 Table 1.3 – Mineral Resources as of 31 December 2021 Category Tonnes & grade Contained metal Tonnes Gold Silver Gold Silver (t x ‘000) (g/t) (g/t) (K oz) (K oz) Direct processing Mineral Resources Open pit Measured 570 1.61 3.0 30 55 Indicated 3,131 1.48 3.2 149 325 Sub-total open pit M + I 3,701 1.50 3.2 179 380 Inferred 481 0.98 2.5 15 38 Underground Measured - - - - - Indicated 14,014 2.99 7.6 1,348 3,422 Sub-total underground M + I 14,014 2.99 7.6 1,348 3,422 Inferred 1,593 3.30 2.7 169 141 Low grade Mineral Resources Open pit Measured 192 0.34 2.0 2 12 Indicated 1,268 0.34 1.9 14 80 Sub-total open pit M + I 1,460 0.34 2.0 16 92 Inferred 404 0.35 1.3 5 17 Total Mineral Resources Measured 762 1.29 2.7 32 67 Indicated 18,413 2.55 6.5 1,511 3,827 Total M + I Mineral Resources 19,175 2.50 6.3 1,543 3,894 Total Inferred Mineral Resources 2,478 2.37 2.5 189 196 Notes:  CIM Definition Standards (2014).  The Mineral Resources are stated exclusive of Mineral Reserves.  Mineral Resources were estimated using a long-term gold price of US$1,500 per troy oz and a long-term silver price of US$21 per troy oz. The exchange rate used was C$1.25: US$1 (C$1 = US$0.80).  Direct processing open pit Mineral Resources are reported at a gold equivalent (AuEq) cut-off grade of 0.45 g/t for the CAP Zone and 0.44 g/t for the Non-CAP Zone. Low grade open pit Mineral Resources are reported at a gold equivalent cut-off of 0.30 g/t.  Gold equivalency for open pit was calculated as AuEq (g/t) = Au (g/t) + [(Ag (g/t) * 21 * 60)/ (1,500 * 90)].  Open pit assumptions include: a. Average gold and silver recoveries of 90% and 60%, respectively. b. Open pit Mineral Resources were constrained by a conceptual pit shell and exclude underground Mineral Reserves within the pit shell. c. Inferred open pit Mineral Resources include Inferred material from within the Mineral Reserve open pit.  Direct processing underground Mineral Resources are reported at a gold equivalent cut-off grade of 1.70 g/t.  Gold equivalency for underground was calculated as AuEq = Au (g/t) + [(Ag (g/t) * 21 * 60)/ (1,500 * 95)].  Underground assumptions include: • Average gold and silver recoveries of 95% and 60%, respectively. • Underground Mineral Resources are excluded above 175 m RL except for the Intrepid Zone. • Underground Mineral Resources were restricted by a vetting process that excluded clusters of blocks distal to the MSO Mineral Reserve shapes. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 44  The Qualified Person for the Mineral Resource estimate is Ms D. Nussipakynova, P.Geo., of AMC Mining Consultants (Canada) Ltd.  Totals may not add exactly due to rounding.  Tonnes and grades are in metric units.  All costs in US$ unless stated otherwise  Effective date of Mineral Resources is 31 December 2021. Mineral Resources were reported from combined open pit and underground models that were based on a block model completed in 2017 using Maptek’s Vulcan software, and the estimate of the Intrepid Zone is based on a block model completed in 2015 using GEMS software. Interpolation of gold and silver grades for all models was completed using ordinary kriging (OK). Bulk density values were interpolated in the Main Zone using inverse distance squared (ID2) and were assigned to the Intrepid Zone based on rock type. The QP is not aware of any environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other similar factors that could materially affect the stated Mineral Resource estimates. 1.8 Mineral Reserve Estimate The Mineral Reserve estimates conform to CIM Definition Standards (2014) and only include Measured and Indicated Mineral Resources and do not include any inferred mineral resources. Mineral reserves are the estimated tonnage and grade of ore that is considered economically viable for extraction. The open pit Mineral Reserves have been prepared by New Gold under the guidance of Mr Francis J. McCann, P.Eng., a mining engineer employed by AMC. Mr McCann is independent of New Gold and takes QP responsibility as defined in NI 43-101 for the open pit Mineral Reserve estimate. The underground Mineral Reserves have been prepared by InnovExplo under the guidance of Mr Éric Lecomte, P.Eng., a mining engineer employed by InnovExplo. Mr Lecomte is independent of New Gold and takes QP responsibility as defined in NI 43-101 for the underground Mineral Reserve estimate. A summary of the Mineral Reserve estimates at Rainy River is presented in Table 1.4.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 45 Table 1.4 – Rainy River Mineral Reserves Estimates Category Tonnes & grade Contained metal Tonnes (000s) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Total Mineral Reserves Open pit (including stockpile) Proven 26,276 0.72 2.2 605 1,837 Probable 31,288 0.95 2.1 953 2,101 Sub-total open pit 57,563 0.84 2.1 1,558 3,938 Underground Proven - - - - - Probable 12,657 3.05 7.6 1,241 3,084 Sub-total underground 12,657 3.05 7.6 1,241 3,084 Total Proven 26,276 0.72 2.2 605 1,837 Probable 43,944 1.55 3.7 2,194 5,185 Total Mineral Reserves 70,220 1.24 3.1 2,799 7,022 Notes:  CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) were used for reporting of Mineral Reserves.  Mineral Reserves are estimated using a long-term gold price of US$1,400 per troy oz and a long-term silver price of US$19 per troy oz. The exchange rate used was 1:1.25 US$:C$.  Direct processing open pit Mineral Reserves are estimated at an AuEq COG of 0.49 g/t for the CAP Zone and 0.46 g/t for Non-CAP Zones. Low grade open pit Mineral Reserves were estimated at an AuEq cut-off of 0.30 g/t. Gold equivalency was estimated as AuEq (g/t) = Au (g/t) + [(Ag (g/t) * 19 * 60)/ (1,400 * 90)].  Open pit assumptions include: • COGs applied to a regularized 10 m x 10 m x 10 m mine planning block model, which was generated from re blocking the original resource model. Modifying factors representing a potential dilution of 3.3 m and ore loss of 0.2 m were applied, including a factor of 0.89 applied against the gold grade in the East Lobe. • Metal recoveries are variable dependent on metal head grade. At Mineral Reserve COG, the gold recoveries are as follows: a. DPO CAP zone gold = 73.9% Non-CAP zone gold: ODM=83.7%, 433=92.0%, HS=85.4% b. LGO CAP zone gold = 73.1% Non-CAP zone gold: ODM=78.5%, 433=91.3%, HS=81.2% c. Average gold and silver recoveries of 90% and 60%, respectively, have been used for the gold equivalency calculation.  Underground Mineral Reserves for UG Main are estimated at an AuEq COG of 1.74 g/t for Phase 1, AuEq COG of 2.25 g/t for Phase 2, and 0.83 g/t for development. Underground Mineral Reserves for Intrepid are estimated at an AuEq COG of 1.93 g/t.  Underground assumptions include: • In UGMain Zones and Intrepid, the hanging wall (HW) and footwall (FW) dilution of 0.6 m and 0.3 m, respectively, with total unplanned dilution of 14% approximately. a. Average mining recovery estimated as 95% for UG Main Zones and Intrepid. b. Average gold and silver mill recovery of 95% and 60%, respectively, for UG Main Zones and Intrepid • Cut-off value of CDN$84.24/t, CDN$75.69/t & CDN$98.05/t (Intrepid, UG Main Phase 1 & Phase 2, respectively), inclusive of costs for mining, processing, General and Administrative (G&A), refining & transport and royalties. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 46  The qualified persons responsible for this item of the technical report are not aware of any mining, metallurgical, infrastructure, permitting or other relevant factors that could materially affect the mineral reserve estimates.  Effective date of Mineral Reserves is 31 December 2021.  Totals may not add exactly due to rounding. 1.9 Mining Methods 1.9.1 Open Pit The open pit mine is a conventional truck and shovel mining operation, with a fleet of 220 t payload haul trucks combined with diesel-powered hydraulic excavators and large front- end loaders (FELs) as primary loading units. The open pit operates at a peak mining rate of 153,000 tpd of ore and waste and has an overall strip ratio of 2.32:1 (waste:ore). The open pit design is based on overburden slope recommendations from Golder Associates Ltd. (Golder), and hard rock slope recommendations from SRK. The overburden slope ranges between 3:1 and 8:1 (horizontal:vertical) while the hard rock slope is designed at inter-ramp angles ranging from 37° to 54° with 25 m wide geotechnical berms left every 120 m in height unless the slope was otherwise interrupted by a similar acting feature (i.e. haulage ramp). Currently, there are recommendations to perform blast trials to evaluate potential back- break and bench-scale rock hazards through the IMV prior to excavation in the southwest design sectors. Based on these trials there may be requirements to modify the design recommendations to improve performance and safety around the planned Phase 4 southwest ramps. The mine plan is executed to take advantage of the installed mine fleet productive capacity, allowing an elevated cut-off grade (COG) policy to be adapted, whereby higher grade, direct processing ores (DPOs) are preferentially sent to the mill for processing while lower grade ores (LGOs) are sent to stockpile for deferred processing. As it is not always possible to separate the DPO from the LGO in the field resulting in a blending of the material types, the current mine plan includes an increased proportion of LGO stockpiles being rehandled and blended with DPO on an annual basis, to better reflect operational experience.This results in an open pit mine life extending to Q1-2025 with stockpile rehandling occurring in parallel with the underground operations through to Q4- 2028 to fulfill available process plant capacity prior to the mill capacity being modified to only manage underground ore sources. Waste from the open pit is identified as either overburden (including glacial tills and clays), non acid generating waste (NAG) or potentially acid generating waste (PAG). Waste is stored at three locations: the East Mine rock stockpile (EMRS), the West Mine rock stockpile (WMRS) and the In-Pit rock stockpile (IPRS). NAG requirements for the tailings management area (TMA) construction are capable of being fulfilled from in-pit mine production. However, NAG quantities being extracted from the mine after 2023 will be significantly reduced and it is recommended that New Gold review mitigating strategies to ensure sufficient quantities are available when required, should the NAG material not present itself as identified in the mine planning resource NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 47 model or should the expected recovery rate be less than anticipated. No future mining of the east outcrop (EOC) for NAG construction rock is included in the current mining schedule. No further additional nor replacement open pit mine principal equipment fleet is considered for purchase during the remaining LOM plan. 1.9.2 Underground The Underground Operations (UG Main Zones & Intrepid Zone) are designed as a mechanized ramp accessed mines that will use longitudinal long hole open stope techniques to exploit these underground Mineral Reserves. The location, size, shape, orientation (dip), and physical properties of the mineral deposit generally determine the selection of the appropriate mining method. Level spacing is set at 25m. This has been evaluated as the best alternative between 20m and 30m level spacing to maximize profitability, while minimizing drill & blast challenges (mainly excessive deviation and dilution). Mine development in the Underground Operations zones will employ numerous production fronts to maximize productivity and flexibility to reach the targeted 4,500 t/d rate. Two main long-hole mining methods will be employed: longitudinal retreat and transverse. The transverse stoping is only present in ODM Main zone, the widest zone of the mine, where stope’s width exceeds 20.0m. The Underground Resources consider the following items: • Average gold and silver recoveries of 95% and 60%, respectively. • Underground Mineral Resources are excluded above 175 m RL except for the Intrepid Zone. • Effective date of Mineral Resources is December 31, 2021. • Underground Mineral Resources were restricted by a vetting process that excluded clusters of blocks distal to the MSO Mineral Reserve shapes. The Underground Reserves consider the following items: • In UG Main Zones and Intrepid, the hanging wall (HW) and footwall (FW) dilution of 0.6 m and 0.3 m, respectively, with total unplanned dilution of 14% approximately. • Average mining recovery estimated as 95% for UG Main Zones and Intrepid. • Average gold and silver mill recovery of 95% and 60%, respectively, for UG Main Zones and Intrepid • Cut-off value of CDN$84.24/t, CDN$75.69/t & CDN$98.05/t (Intrepid, UG Main Phase 1 & Phase 2, respectively), inclusive of costs for mining, processing, General and Administrative (G&A), refining & transport and royalties. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 48 The qualified persons responsible for this item of the technical report are not aware of any mining, metallurgical, infrastructure, permitting or other relevant factors that could materially affect the mineral reserve estimates. All costs in US$ unless stated otherwise 1.10 Recovery Methods The results from the SGS testwork program formed the basis for the Mineral Reserve estimate and updated Feasibility Study. The chosen process flowsheet was gravity separation followed by whole ore leaching. This flowsheet was preferred over the flowsheet with flotation and concentrate leaching. This was due to higher recoveries, lower cyanide consumptions, and the energy costs associated with fine grinding the flotation concentrate. The grinding testwork indicated significant variation in ore hardness in the ODM Zone. The testwork demonstrated that the Intrepid Zone ore can be treated using the same flowsheet as the Main Pit ores. The high silver values will increase the load on the CIP and elution circuits if the Intrepid Zone ore is not blended with Main Pit ore. The CAP Zone material will be placed in the low-grade stockpile and treated toward the end of the mine life, due to the low recoveries the CAP Zone material produced in the testwork program. When the CAP Zone material is processed, it will be blended with other ore types. In later years of the mine life, the CAP Zone ore will report directly to the process plant. AMEC selected the data for input into engineering design criteria. Vendors selected the data for sizing of major equipment such as the crushers and grinding mills. During the testwork program, a cost versus revenue study was conducted to identify the optimum grind size P80 for the plant process design criteria. This study was based on the testwork data. A grind size P80 of 75 µm was chosen, as the cost study demonstrated it was the most economically viable grind size. Despite this, Rainy River’s current process philosophy is to target a process throughput rather than a grind size, so the plant typically operates at a grind size P80 of 90 µm to 110 µm (dependent on throughput). Rainy River determined that it is more economically beneficial to operate at higher throughputs and lower gold recoveries (through coarser grinds) over lower throughputs and higher gold recoveries (through finer grinds). It is the QP’s opinion that the metallurgical test programs for the Rainy River deposit were comprehensive and have taken into consideration the major ore types and the mine plan when developing the composite samples for testing. The types of tests performed were appropriate and provided sufficient information for preparing the designs for the process plant. Grade-recovery predictive formulas were developed for plant gold recovery and silver recovery. The purpose of these predictive formulas was to forecast gold and silver recovery in Rainy River LOM and financial models.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 49 The deposit was divided into three zones to develop the grade-recovery formulas: non- CAP Zone ore, Intrepid Zone ore, and CAP Zone ore. The predictive gold recovery formulas are as follows: The gold recovery formula for the CAP Zone was based on the model from the 2018 NI 43-101 report. To date, CAP Zone ore has not been processed. A new gold recovery formula for Non-CAP Zone was developed in October 2020. A multi- linear regression has been utilized to better represent gold recovery. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 50 1.11 Project Infrastructure Regarding general infrastructure, primary access roads, mine haul roads, truck shop, truck wash bay, fuel bays, explosive magazine and emulsion plant, warehousing, lubricant and fuel storage, principal buildings, assay lab, camp, ceremonial roundhouse, emergency power arrangements and communications facilities are all in place and appropriate to support ongoing mining operations. The TMA and related water management structures are well described in Item 18. Tailing’s deposition in TMA Cell 1 commenced in November 2017 with placement into TMA Cell 2 beginning in May 2018. Generally, the tailings deposition strategy is to establish tailings beaches upstream of the perimeter dams (i.e., TMA North Dam, TMA West Dam [Dams 4 and 5], and TMA South Dam), while maintaining a pond around the fixed reclaim located at TMA Cell 2. Since 2017, the dams have been constructed sequentially every year. The TMA is designed to provide sufficient containment for the projected tailings storage requirements and operational pond volume. The Enmvironmental Design Flood (EDF) is to be stored below the TMA emergency spillway invert level (also referred as the EDF Level or EDFL) and the TMA emergency spillway is designed to pass Inflow Design Flood (IDF). By 2025 the TMA is projected to have reached a crest elevation of 379.1m. The material quantities required for construction are well known, available, sufficient and the site teams are experienced in ongoing dam construction. TMA construction costs are well known and well managed. Construction costs for subsequent TMA storage to accommodate UG mined tonnage have been included in the Rainy River capital cost model and the UG cut-off grade calculations. 1.12 Market Studies Project economics have been assessed using the following metal prices: • Gold price = $1,400/oz • Silver price = $19/oz According to the London Bullion Market Association (LBMA), the average daily PM Fix gold price for 2021 was $1,799 per troy ounce. The three-year and five-year rolling average prices through the end of December 2021 are $1,651. and $1,496 per troy ounce, respectively. According to LBMA, the average daily silver price for 2021 was $25.14 per troy ounce. The three year and five-year rolling average prices through the end of December 2021 are $20.71 and $18.98 per troy ounce, respectively. Gold and silver markets are mature global markets with reputable refiners located throughout the world. Gold output from the Rainy River Mine operation is in the form of doré containing approximately 40% gold and 60% silver on average. Silver credits are received from the Refiner. The doré is shipped to either Asahi Refining Canada Ltd. in Brampton, ON or to the Royal Canadian Mint in Ottawa, ON. Transportation of the doré to either refinery is contracted out by the respective refineries. Responsibility for the doré changes hands at the gold room gate upon signed acceptance by the Refiner or its Transport Provider. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 51 The mill at Rainy River is expected to produce an annual average of 296 k oz gold and 520 k oz silver over the period 2022 – 2028 and an annual average of 150 k oz of gold and 145 k oz of silver over the period 2029 to the end of the life of mine, for a total annual average of 252 k oz gold and 407 k oz of silver. 1.13 Environment and Permitting 1.13.1 Permitting and authorizations New Gold is committed to complying with various permits, licenses, authorizations, approvals, and assessments to avoid and / or mitigate environmental impacts associated with the Rainy River Mine activities. The mine has received all the permits and authorizations needed to construct major infrastructure and operate. Active permits and authorizations are listed in Table 20.2 in Item 20 of the report. 1.13.2 Closure plans The Rainy River Closure Plan, dated 22 January 2015, was filed by the ENDM on 23 February 2015. A Comprehensive Closure Plan Amendment was prepared in support of the Rainy River Project transition to early production. It was submitted to the ENDM in October of 2017 for comments. Further Comprehensive Closure Plan Amendment comments were received from MENDM, MNRF, and MECP on 21 August 2018. In December 2019, New Gold continued the consultation process and submitted responses to a second round of comments received from government agencies. Once provided, it was filed by ENDM. The Closure Plan has included consultation with agencies, the Aboriginal Community(s) and the public. These consultations will continue through to closure and beyond. The cost estimate for implementing project closure in the Environmental Assessment (EA) was estimated to be $118M, and assumed third party implementation costs, no resale or scrap values, and that all materials will be treated as waste. The current financial assurance obligation / commitment is $104M based on current disturbance as of 31 December 2021. 1.14 Capital and Operating Costs Capital and Operating costs for the Open Pit have been estimated by New Gold throughout their 2022 Budget and LOM planning process. Underground Capital and Operating cost were evaluated by Innovexplo. Total LOM capital costs are estimated to total $718M as summarized in Table 21.1 of the report. This excludes $104M in funds identified for progressive and final closure. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 52 1.14.1 Open Pit Capital Costs Capital costs have been estimated based on existing work contracts, manufacturer / provider quotes or recent actual construction / installation costs. Where none of the preceding were available, budgetary estimates were made by New Gold based on experience. Total LOM capital costs are estimated to total $193M as summarized in Table 21.2 of Item 21.4 of the report. This excludes $104M in funds identified for progressive and final closure. Principal open pit capital costs include, but are not limited to the following principal items: • Principal parts and component repairs and replacements that are contemplated for sustaining capital including: engines, wheel motors, large compressors, buckets, under-carriages, etc. • Mobile maintenance capital for new and / or replacement equipment including, but not limited to a replacement water truck, drill automation systems, dewatering pumps, etc. • Capitalized / deferred stripping costs associated with the extraction of 43 Mt of waste. • Overburden costs to profile current and future excavated slopes in overburden to the required design criteria. The capital cost estimate is considered to be appropriate for the open pit operation. 1.14.2 Underground Capital Costs The underground LOM capital cost is estimated to total CDN$391M, inclusive of contingency, with CDN$65M in project capital and CDN$326M in sustaining capital, as summarized in Table 21.3. The development cost and initial infrastructure costs for each zone is classified as project capital (non-sustaining) For simplification. Once stoping production is realized, all infrastructure cost and continued development is, thereafter, classified as sustaining capex. 1.15 Process Capital Costs The process capital costs are estimated to total USD$1.3M in 2028, and relate to capital investment required to down-size the mill facility

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 53 1.16 Tailings Management Area and Infrastructure Capital Costs Principal Tailings Management Area and Infrastructure capital costs include, but are not limited to the following principal items: • TMA represents the expansion of the current tailings facility to accommodate the tailings generated from the processing of an additional 70 Mt of ore in the current mine plan via annual tailings dam raises. The capital cost estimate is appropriate for process functions. 1.16.1 Operating cost Operating costs have been estimated using first principal estimates, where applicable, based upon the annual mine production schedule, equipment availability, utilization, and equipment productivities. Principal reagent costs and contractor rates utilized have been based on current contract prices and agreements where available. A summary of the estimated LOM operating costs is shown in Table 21.6, plus the LOM average, are shown in Table 21.7 in Item 21. 1.17 Economic Analysis Under NI 43-101 rules, producing issuers may exclude the information required in Item 22 – Economic Analysis on properties currently in production, unless the Technical Report includes a material expansion of current production. InnovExplo notes that New Gold is a producing issuer, the Rainy River Mine is currently in production, and a material expansion is not being planned. InnovExplo has performed an economic analysis of the Mine using the estimates presented in this report and confirms that the outcome is a positive cash flow that supports the statement of Mineral Reserves. The QPs have relied, in respect of legal and tenure aspects, upon the source listed below. To the extent permitted under NI 43-101, the QPs disclaim responsibility for the relevant item of the Report. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 54 2 INTRODUCTION The Technical Report will demonstrate the economic of the extension of the actual Rainy River Open Pit through an underground operation (UG Main Zones) and the satellite underground Intrepid deposit. This NI 43-101 is done according to Standard of Disclosure for Mineral Projects.This Technical Report (Report) on the Rainy River Property (Property) located in north-western Ontario (ON) in Canada has been prepared by InnovExplo Mining Consultants (Canada) headquartered in Val-d’Or, Canada on behalf of New Gold Inc. (New Gold) headquartered in Toronto, Canada. It has been prepared to a standard which is in accordance with the requirements of National Instrument 43 101, Standards of Disclosure for Mineral Projects (NI 43-101), of the Canadian Securities Administrators (CSA) for lodgment on CSA’s System for Electronic Document Analysis and Retrieval (SEDAR). This Report is an update to the report dated 12 March 2020 and filed on SEDAR on 27 March 2020, titled “New Gold Inc. Technical Report on the Rainy River Mine, Ontario, Canada”. The QP for the underground mineral reserve estimates of Rainy River and Intrepid zones is Mr. Éric Lecomte, P.Eng. (InnovExplo). The names and details of all the persons who prepared, or who have assisted the Qualified Persons (QPs) in the preparation of this Report, are listed in Table 2.1. This updated NI 43-101 Technical Report for New Gold Rainy River Operation is effective dated March 28, 2022. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 55 Table 2.1 – List of QPs Qualified Persons responsible for the preparation and signing of this Technical Report* Qualified Person Position Employer Independent of New Gold Date of site visit Professional designation Items of report QP Mr E. Lecomte Senior Mining Engineer InnovExplo No 15 March 2022 P.Eng. (Qc) Items, 1, 2, 3, 15, 16, 21 22, 24, 27 QP Mr A. Croal Director Technical Services New Gold Inc. No NA P.Eng. (ON) Parts of Items 1, 18 Infrastructure, 19, 5, and 21 QP Mr F. McCann General Manager / Principal Mining Engineer AMC Mining Consultants (Canada) Ltd. Yes Various, last visit 13-15 Jan 2020 P.Eng. (ON) Parts of Items15 and 16 pertaining to open pit Mineral Reserves and mine planning aspects and related disclosure in Sections 1, 25, 26, and 27. QP Mr M. Della Libera Director Exploration New Gold Inc. No Various, last Jan 25-27, 2022 P.Geo. (ON) Items 4 to 10, part of Item 11, Item 23 QP Ms D. Nussipakynova Principal Geologist AMC Mining Consultants (Canada) Ltd. Yes 11 Apr 2018 P.Geo. (BC) Items 12 and 14, and related disclosure in Items 1,11, 25 ,26 and 27 QP Mr K. Bocking Principal Golder Associates Ltd. Yes Various, last visit 20 Oct 2020 P.Eng. (ON) Part of Items 16 and 18 (Soft rock aspects of OP and waste storage areas.) QP Mr E. Saunders Senior Consultant, Mining Rock Mechanics SRK Consulting (Canada) Inc. Yes Various, last visit 3-5 Feb 2020 P.Eng. (ON) Item 16 geomechanics. (Hard rock aspects of OP) QP Mr A. Zerwer Principal Geotechnical Engineer BGC Engineering Inc. Yes Various, last visit 15-18 Nov 2021 P.Eng. (ON) Part ofItem 18 tailings dam NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 56 Qualified Persons responsible for the preparation and signing of this Technical Report* Qualified Person Position Employer Independent of New Gold Date of site visit Professional designation Items of report QP Mr M. Taghimohamm adi Senior Processing Engineer New Gold Inc. No NA P.Eng. (ON) Items 13 and 17 QP Mr S. Yirdaw Senior Environmental Engineer New Gold Inc., Rainy River Mine No NA P.Eng. (ON) Item 20 Environment QP Mr J. Taylor President Halyard Inc No 27-May-21 P.Eng. (ON) 17 small scale processing plant QP Mr C. Gagnon Principal Ventilation Engineer CGMexpert No NA P.Eng. (Qc) Part of 16 Note: QP responsibility for ‘part’ items are governed by their respective areas of expertise.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 57 An inspection of the property was carried out by all the QPs at dates shown in Table 2.1. These inspections included review of representative drill core, data collection facilities, mine site, including open pit area, waste rock storage stockpiles, processing plant, general plant site area and tailings management area (TMA). In addition, inspections were carried out by Mr K. Bocking, Golder, Mr E. Saunders, SRK and Mr A. Zerwer BGC specifically on soft rock geotechnical issues, hard rock geotechnical issues, and tailings, respectively. Mr S. Yirdaw of New Gold, QP for Item 20 works at site and hence makes frequent inspections. Units of measurement used throughout this report are metric, unless otherwise stated. Currency used throughout this report is US$, unless otherwise stated. Where applicable, conversion factors used are as shown in Table 2.2. Table 2.2 – Exchange rates Currency code Currency name Exchange rate US$ United States Dollar US$1.00 = C$1.25 This report has an effective date of March 31, 2022. 2.1 Sources of information Key sources of information supplied include the diamond drill-hole database, block models, metallurgical test work reports, and other information provided by New Gold. A full reference list is included at the end of the report. A further source of information is the report titled “New Gold Inc. Technical Report on the Rainy River Mine, Ontario, Canada”, dated 12 March 2020, (2020 New Gold NI 43-101 Report). Other reference material has been the 2022 Budget of the Rainy River Mine, prepared in 2021 by NG. Parties who have supplied some information that was used for the development of this report include AMC Mining Consultants (Canada) Ltd. (AMC), BGC Engineering Inc. (BGC), Golder Associates Ltd. (Golder), SRK Consulting (Canada) Inc. (SRK), Orway Mineral Consultants Canada Limited (OMC), Halyard Inc, ASDR Consulting, Hydroresource, Machine Roger, C-Mac Mining, CGMexpert, and Howden Inc… Just to name a few. Acknowledgement InnovExplo Inc would like to acknowledge all the QPs for their contributions into this report and special dedication of Andrew Croal of New Gold to keep everyone on track. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 58 3 RELIANCE ON OTHER EXPERTS The QPs have relied, in respect of legal and tenure aspects, upon the source listed below. To the extent permitted under NI 43-101, the QPs disclaim responsibility for the relevant Item of the Report.Portion of Report to which disclaimer applies: The following disclosure is made in respect of this Expert: • Ontario Ministry of Energy, Northern Development and Mines (MENDM) – Mining Lands Administration System (MLAS). Report, opinion, or statement relied upon: • MLAS database, data retrieved on 17 February 2022. Extent of reliance: • Full reliance. Portion of Report to which disclaimer applies: • Item 4.2 Land Tenure. The QPs have relied, in respect of taxation and royalty aspects, upon the work of the issuer's Expert listed below. To the extent permitted under NI 43-101, the QPs disclaim responsibility for the relevant Item of the Report: The following disclosure is made in respect of this Expert: • New Gold. Report, opinion, or statement relied upon: • Information on taxation and royalty aspects. Extent of reliance: • Full reliance. Portion of Report to which disclaimer applies: • Item 22 Economic Analysis. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 59 4 PROPERTY DESCRIPTION AND LOCATION 4.1 Property location The Property is located at Latitude 48° 50’ North and Longitude 94° 01’ West in ON, Canada. It is situated in the Township of Chapple, District of Rainy River, in north-western ON, approximately 50 km north-west of Fort Frances, and 415 km west of Thunder Bay. A location map for the Mine is presented in Introduction. The project survey control is based on the Universal Transverse Mercator (UTM) coordinate system. It is based on the Zone 15 North projection, using the North American Datum 1983 (NAD 83). The UTM coordinates place the Rainy River Mine at 5,409,500N and 425,500E at a nominal elevation of 360 metres above sea level (masl). Source: New Gold January 2020. Figure 4.1 – Site location NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 60 4.2 Land tenure 4.2.1 General The Property comprises a portfolio of 209 patented mining rights, surface rights (SR), and Crown Lease properties. The Rainy River Project Lands (mine area) comprise 121 separate properties of which New Gold has the rights to the Surface and Minerals, and this area covers approximately 6,141 hectares (ha). Infrastructure Lands cover a further area of 2,800 ha, six of which overlap Project Lands, and Regional Lands cover 3,697 ha. New Gold’s total land package covers an aggregate area of approximately 36,657 ha. The Property is located in the Townships of Fleming, Mather, Menary, Patullo, Potts, Richardson, Senn, Sifton, and Tait. A land tenure map is shown in Figure 4.2. A list of the patented claims is presented in Table 4.1 (Project Lands), Table 4.2 (Infrastructure Lands), and Table 4.3 (Regional Lands). A list of unpatented claims cells and their expiry dates is presented in Table 4.4. Source: New Gold January 2022. Figure 4.2 – Tenure map

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 61 4.2.2 Patented Lands All Patented Lands for surface and mineral rights (MR) are held in the name of New Gold. Patented lands do not have assessment work obligations but require both municipal realty and provincial mining taxes being maintained. The patented lands consist of patented mining rights, SR, and Crown Lease properties. Crown Lease properties are unpatented mining claims which have been brought to lease for which the Patents have been issued and registered at the Land Registry office. These properties are now identified by Property Identification Numbers (PINs) which are shown in the following tables: Table 4.1, Table 4.2, and Table 4.3. Patented lands consist of Project, Infrastructure and Regional lands as shown in Figure 4.2. The Rainy River Project Lands as shown in Figure 4.2 are listed in Table 1.1 Under tenure type, SR stands for surface rights and MR for mineral rights. These are owned unless they are shown as leased. A lease number in the Tenure type column indicates that the PIN is a Crown Lease. Table 4.1 – Summary of Patented Lands – Project Lands only PIN Tenure type Area (ha) PIN Tenure type Area (ha) 56042-0112 01: NG SR and MR 64.46 56042-0065 01: NG SR and MR 32.45 56042-0037 01: NG SR and MR 32.38 56042-0157/0156 01: NG SR and MR 64.42 56042-0119 01: NG SR and MR 82.69 56042-0051 01: NG SR and MR 31.81 56042-0055 01: NG SR and MR 64.48 56042-0145 01: NG SR and MR 32.08 56042-0123 01: NG SR and MR 63.39 56042-0151/0150 01: NG SR and MR 63.33 56042-0113/0102 01: NG SR and MR 32.28 56042-0033 01: NG SR and MR 64.17 56042-0134 01: NG SR and MR 31.71 56042-0058 01: NG SR and MR 32.26 56042-0215 01: NG SR and MR 0.09 56042-0005 01: NG SR and MR 63.11 56042-0011/0098 01: NG SR and MR 63.00 56042-0006 01: NG SR and MR 1.17 56042-0208 01: NG SR and MR 42.48 56042-0002 01: NG SR and MR 64.31 56035-0066 01: NG SR and MR 65.99 56035-0178 01: NG SR and MR 64.36 56042-0034 01: NG SR and MR 62.63 56042-0061/0100 01: NG SR and MR 62.87 56042-0024 01: NG SR and MR 31.87 56042-0027 01: NG SR and MR 63.92 56042-0109 01: NG SR and MR 63.83 56042-0114 01: NG SR and MR 63.24 56042-0012 01: NG SR and MR 64.92 56042-0043 01: NG SR and MR 32.41 56035-0098 01: NG SR and MR 64.12 56042-0056 01: NG SR and MR 31.89 56042-0069 01: NG SR and MR 32.17 56042-0101/0128 01: NG SR and MR 64.25 56042-0078 01: NG SR and MR 33.47 56042-0153/0152 01: NG SR and MR 32.24 56042-0104/0139 01: NG SR and MR 32.65 56042-0124 01: NG SR and MR 63.27 56042-0107 01: NG SR and MR 32.72 56042-0063 01: NG SR and MR 33.29 56042-0206 01: NG SR 0206 63.12 56042-0212 01: NG SR and MR 81.00 56042-0117 01: NG SR and MR 63.39 56042-0133 01: NG SR and MR 64.39 56042-0220 01: NG SR and MR 0.47 56042-0009 01: NG SR and MR 63.09 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 62 PIN Tenure type Area (ha) PIN Tenure type Area (ha) 56042-0064 01: NG SR and MR 65.91 56042-0050 01: NG SR and MR 64.05 56042-0154/0155 01: NG SR and MR 32.86 56042-0059 01: NG SR and MR 31.27 56035-0176 01: NG SR and MR 64.95 56042-0048 01: NG SR and MR 31.88 56042-0026 01: NG SR and MR 40.49 56042-0028 01: NG SR and MR 63.49 56042-0067 01: NG SR and MR 32.23 56042-0022 01: NG SR and MR 64.53 56042-0042 01: NG SR and MR 32.35 56042-0090 01: NG SR and MR 0.18 56042-0129 01: NG SR and MR 33.74 56042-0091 01: NG SR and MR 0.33 56042-0081 01: NG SR and MR 0.00 56042-0224 01: NG SR and MR 6.61 56042-0044 01: NG SR and MR 31.42 56042-0089 01: NG SR and MR 3.27 56042-0116 01: NG SR and MR 59.96 56042-0092 01: NG SR and MR 0.36 56042-0029 01: NG SR and MR 82.90 56042-0086 01: NG SR and MR 0.33 56042-0007 01: NG SR and MR 0.95 56042-0085 01: NG SR and MR 0.27 56042-0036 01: NG SR and MR 64.72 56042-0221 01: NG SR and MR 3.16 56042-0053 01: NG SR and MR 32.38 56041-0240 01: NG SR and MR 2.73 56042-0025 01: NG SR and MR 31.83 56041-0268 01: NG SR and MR 0.05 56042-0052 01: NG SR and MR 32.44 56042-0222 01: NG SR and MR 2.69 56042-0206 01: NG SR and MR 63.96 56042-0217 01: NG SR and MR 2.56 56042-0016 01: NG SR and MR 64.97 56042-0214 01: NG SR and MR 1.28 56035-0194 01: NG SR and MR 64.93 56042-0084 01: NG SR and MR 0.07 56042-0219 01: NG SR and MR 0.02 56042-0093 02: SR only, MR is PIN 56042-0233 10.24 56042-0088 01: NG SR and MR 1.11 56035-0074 12: NG SR (No MR Option) 64.44 56036-0084 01: NG SR and MR 72.59 56042-0082/0141 15: NG SR, MR Leased 32.32 56042-0077 01: NG SR and MR 31.30 56042-0141 15: NG SR, MR Leased 62.81 56042-0213 01: NG SR and MR 0.14 56042-0140 15: NG SR, MR Leased 63.29 56042-0062 01: NG SR and MR 32.42 56042-0140 15: NG SR, MR Leased 31.64 56042-0131 01: NG SR and MR 65.44 56042-0142 15: NG SR, MR Leased 63.60 56042-0038 01: NG SR and MR 31.94 56042-0140 15: NG SR, MR Leased 64.10 56042-0047 01: NG SR and MR 65.49 56042-0141 15: NG SR, MR Leased 31.90 56035-0090 01: NG SR and MR 63.57 56035-0255 21: NG SR and MR Lease #109578 63.95 56042-0060 01: NG SR and MR 64.02 56042-0194 21: NG SR and MR Lease # 109426 129.8 1 56042-0121 01: NG SR and MR 63.91 56042-0195 21: NG SR and MR Lease #109427 198.7 7 56042-0076 01: NG SR and MR 40.98 56042-0203 21: NG SR and MR Lease # 109587 454.0 5 56042-0081 01: NG SR and MR 64.67 56042-0204 21: NG SR and MR Lease # 109587 193.7 8 56042-0106 01: NG SR and MR 30.34 56042-0223 21: NG SR and MR 54.88 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 63 PIN Tenure type Area (ha) PIN Tenure type Area (ha) Lease # 109626 56042-0008 01: NG SR and MR 64.33 56042-0192 21: NG SR and MR Lease #109424 236.0 1 56042-0021 01: NG SR and MR 64.91 56042-0202 21: NG SR and MR Lease #109588 97.39 56042-0018 01: NG SR and MR 64.64 56042-0046 01: NG SR and MR 62.73 56042-0068 01: NG SR and MR 1.75 Total hectares: 6,141.36 The Infrastructure Lands as shown in Reliance on other experts are listed in Land tenure. Under tenure type, SR stands for surface rights and MR for mineral rights. These are owned unless they are shown as leased. Note there is an overlap of Infrastructure and Project lands. Land tenure excludes those Infrastructure lands on Project Lands. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 64 Table 4.2 – Summary of Patented Lands – Infrastructure Lands only PIN Tenure type Area (ha) 56035-0256 21: NG SR and MR Lease 260.52 56035-0036/0249/0248 01: NG SR and MR 33.42 56035-0168/0247/0246 01: NG SR and MR 18.39 56035-0015 13: NG Easement 3.23 56035-0195 01: NG SR and MR 64.92 56042-0205 21: NG SR and MR Lease 121.63 56034-0003 21: NG SR and MR Lease 389.10 56032-0285 21: NG SR and MR Lease 252.26 56035-0253 21: NG SR and MR Lease 199.93 56035-0254 21: NG SR and MR Lease 277.21 56034-0002 21: NG SR and MR Lease 498.77 56046-0159 01: NG SR and MR 66.51 56046-0175 01: NG SR and MR 31.71 56046-0135 01: NG SR and MR 65.82 56046-0128/0028 12: NG SR (No MR Option) 32.55 56046-0178 01: NG SR and MR 65.00 Total hectares: 2,380.99 (note including the overlaps the total is 2,800.22 ha) The Regional Lands as shown in Figure 4.2 are listed in Table 4.3, and consist of buffer zones, purchased properties, or others such as habitat protection. Under tenure type, SR stands for surface rights and MR for mineral rights. These are owned unless they are shown as leased. A lease number indicates that the PIN is a Crown Lease., and consist of buffer zones, purchased properties, or others such as habitat protection. Under tenure type, SR stands for surface rights and MR for mineral rights. These are owned unless they are shown as leased. A lease number indicates that the PIN is a Crown Lease.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 65 Table 4.3 – Summary of Patented Lands – Regional Lands only PIN Tenure type Area (ha) PIN Tenure type Area (ha) 56044-0077 18: SAR Habitat Compensation Land 31.59 56041-0215 01: NG SR and MR 10.09 56041- 0152/0257 01: NG SR and MR 55.89 56041-0159 01: NG SR and MR 64.73 56044-0041 18: SAR Habitat Compensation Land 63.21 56041-0160 01: NG SR and MR 62.70 56045-0039 22: NG MR, SR Option 65.48 56041-0152 01: NG SR and MR 6.45 56044-0067 18: SAR Habitat Compensation Land 61.57 56045-0027 01: NG SR and MR 65.60 56035-0089 02: NG MR (No SR) 9.04 56044-0118 18: SAR Habitat Compensation Land 64.05 56044-0037 18: SAR Habitat Compensation Land 31.75 56035-0009 01: NG SR and MR 64.69 56045-0134 01: NG SR and MR 64.35 56045-0103 18: SAR Habitat Compensation Land 33.29 56041-0138 22: NG MR, SR Option 64.22 56044-0007 18: SAR Habitat Compensation Land 32.62 56045-0086 18: SAR Habitat Compensation Land 31.77 56032-0281 22: NG MR, SR Option 4.18 56044-0071 18: SAR Habitat Compensation Land 65.03 56041-0002 01: NG SR and MR 3.31 56045-0023 01: NG SR and MR 0.05 56044-0068 18: SAR Habitat Compensation Land 63.28 56044-0059 18: SAR Habitat Compensation Land 32.12 56045-0003 01: NG SR and MR 65.68 56041-0233 21: NG SR and MR Lease #109555 63.20 56044-0016 18: SAR Habitat Compensation Land 32.70 56041-0164 01: NG SR and MR 59.59 56044-0003 18: SAR Habitat Compensation Land 64.77 56044-0063 18: SAR Habitat Compensation Land 32.72 56044-0105 18: SAR Habitat Compensation Land 56.57 56041-0023 22: NG MR, SR Option 16.53 56041-0030 01: NG SR and MR 65.52 56041-0002 01: NG SR and MR 28.27 56041-0234 21: NG SR and MR Lease # 109564 214.77 56045-0024 01: NG SR and MR 64.22 56041-0220 MR only 02: NG MR (No SR) 53.79 56041-0140 22: NG MR, SR Option 70.29 56045-0138 01: NG SR and MR 65.16 56044-0054 18: SAR Habitat Compensation Land 31.19 56044-0008 18: SAR Habitat Compensation Land 64.01 56044-0055 18: SAR Habitat Compensation Land 31.82 56041-0239 21: NG SR and MR Lease # 109608 222.58 56041-0279 01: NG SR and MR 0.23 56041-0162 01: NG SR and MR 64.09 56041-0158 22: NG MR, SR Option 31.16 56045-0099 18: SAR Habitat Compensation Land 129.35 56045-0022 01: NG SR and MR 0.56 56044-0111 18: SAR Habitat Compensation Land 32.61 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 66 PIN Tenure type Area (ha) PIN Tenure type Area (ha) 56041-0117 22: NG MR, SR Option 64.76 56045-0188 MR only 02: NG MR (No SR) 63.64 56044-0020 18: SAR Habitat Compensation Land 63.98 56044-0078 18: SAR Habitat Compensation Land 32.50 56044-0017 18: SAR Habitat Compensation Land 63.05 56044-0030 18: SAR Habitat Compensation Land 31.81 56044-0052 18: SAR Habitat Compensation Land 32.97 56045-0014 18: SAR Habitat Compensation Land 63.72 56044-0047 18: SAR Habitat Compensation Land 64.27 56036-0077 01: NG SR and MR 76.02 56044-0014 18: SAR Habitat Compensation Land 64.44 56035-0042 01: NG SR and MR 64.80 56035-0187 01: NG SR and MR 32.03 56045-0012 01: NG SR and MR 30.47 56041-0278 01: NG SR and MR 0.59 56041-0163 MR only 22: NG MR (No SR) 68.35 56041-0281 01: NG SR and MR 0.28 56044-0006 18: SAR Habitat Compensation Land 65.69 56036-0118 SR only 12: NG SR (No MR Option) 78.42 56044-0103 18: SAR Habitat Compensation Land 62.13 56041-0235 21: NG SR and MR Lease # 109589 29.04 56045-0052 18: SAR Habitat Compensation Land 31.95 Total hectares: 3,697.37 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 67 4.2.3 Unpatented claims These claims, which are a mix of staked and paper staked claims, are valid for either a one- or two-year period, and these are shown in Reliance on other experts in purple. There is a total of 1,157 such claims and these are all owned 100% by New Gold. They cover a total area of 24,437 ha. The individual claims are termed Single Cell Mining Claims or Boundary Cell Mining Claims and are all recorded as active. These have been retrieved from the MLAS of the MENDM. All unpatented land claims are in good standing and assessment work credits are sufficient to maintain that standing for several years. These are listed in The Rainy River Project Lands as shown in Figure 4.2 are listed in Table 1.1 Under tenure type, SR stands for surface rights and MR for mineral rights. These are owned unless they are shown as leased. A lease number in the Tenure type column indicates that the PIN is a Crown Lease. . NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 68 Table 4.4 – Summary of unpatented land claims Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 181753 10 Apr 2018 2022-05-04 227102 10 Apr 2018 2022-05-04 118036 10 Apr 2018 2022-05-08 181752 10 Apr 2018 2022-05-04 231544 10 Apr 2018 2022-05-06 280269 10 Apr 2018 2022-05-15 168930 10 Apr 2018 2022-05-04 177676 10 Apr 2018 2022-05-06 204138 10 Apr 2018 2022-05-15 160280 10 Apr 2018 2022-05-04 158851 10 Apr 2018 2022-05-06 329434 10 Apr 2018 2022-05-15 121146 10 Apr 2018 2022-05-04 282246 10 Apr 2018 2022-05-06 270246 10 Apr 2018 2022-05-15 117789 10 Apr 2018 2022-05-04 269637 10 Apr 2018 2022-05-06 179729 10 Apr 2018 2022-05-15 101300 10 Apr 2018 2022-05-04 232992 10 Apr 2018 2022-05-06 121761 10 Apr 2018 2022-05-15 345286 10 Apr 2018 2022-05-04 166290 10 Apr 2018 2022-05-06 164234 10 Apr 2018 2022-05-16 170892 10 Apr 2018 2022-05-04 121145 10 Apr 2018 2022-05-06 145463 10 Apr 2018 2022-05-16 102699 10 Apr 2018 2022-05-04 101513 10 Apr 2018 2022-05-06 312710 10 Apr 2018 2022-05-16 265596 10 Apr 2018 2022-05-04 326883 10 Apr 2018 2022-05-06 279658 10 Apr 2018 2022-05-16 320943 10 Apr 2018 2022-05-04 314683 10 Apr 2018 2022-05-06 278142 10 Apr 2018 2022-05-16 284411 10 Apr 2018 2022-05-04 314682 10 Apr 2018 2022-05-06 230923 10 Apr 2018 2022-05-16 272327 10 Apr 2018 2022-05-04 280270 10 Apr 2018 2022-05-06 212121 10 Apr 2018 2022-05-16 264859 10 Apr 2018 2022-05-04 224260 10 Apr 2018 2022-05-06 203524 10 Apr 2018 2022-05-16 235669 10 Apr 2018 2022-05-04 212762 10 Apr 2018 2022-05-06 158210 10 Apr 2018 2022-05-16 217126 10 Apr 2018 2022-05-04 177678 10 Apr 2018 2022-05-06 128932 10 Apr 2018 2022-05-16 217126 10 Apr 2018 2022-05-04 177677 10 Apr 2018 2022-05-06 101958 10 Apr 2018 2022-05-16 168931 10 Apr 2018 2022-05-04 158853 10 Apr 2018 2022-05-06 197525 10 Apr 2018 2022-05-17 345288 10 Apr 2018 2022-05-04 158852 10 Apr 2018 2022-05-06 283586 10 Apr 2018 2022-05-17 345287 10 Apr 2018 2022-05-04 129578 10 Apr 2018 2022-05-06 270962 10 Apr 2018 2022-05-17 322396 10 Apr 2018 2022-05-04 102052 10 Apr 2018 2022-05-06 180430 10 Apr 2018 2022-05-17 274261 10 Apr 2018 2022-05-04 102051 10 Apr 2018 2022-05-06 180481 10 Apr 2018 2022-05-17 266294 10 Apr 2018 2022-05-04 218487 10 Apr 2018 2022-05-08 284268 10 Apr 2018 2022-05-17 266293 10 Apr 2018 2022-05-04 170310 10 Apr 2018 2022-05-08 235003 10 Apr 2018 2022-05-17 208343 10 Apr 2018 2022-05-04 344589 10 Apr 2018 2022-05-08 208264 10 Apr 2018 2022-05-25

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 69 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 328822 10 Apr 2018 2022-05-04 225841 10 Apr 2018 2022-05-08 183126 10 Apr 2018 2022-05-25 214227 10 Apr 2018 2022-05-04 125080 10 Apr 2018 2022-05-08 173075 10 Apr 2018 2022-05-25 195555 10 Apr 2018 2022-05-04 322309 10 Apr 2018 2022-05-08 173074 10 Apr 2018 2022-05-25 195554 10 Apr 2018 2022-05-04 226439 10 Apr 2018 2022-05-08 173073 10 Apr 2018 2022-05-25 344062 10 Apr 2018 2022-05-04 218488 10 Apr 2018 2022-05-08 125184 10 Apr 2018 2022-05-25 344061 10 Apr 2018 2022-05-04 218486 10 Apr 2018 2022-05-08 118151 10 Apr 2018 2022-05-25 344060 10 Apr 2018 2022-05-04 188556 10 Apr 2018 2022-05-08 102920 10 Apr 2018 2022-05-25 292441 10 Apr 2018 2022-05-04 188555 10 Apr 2018 2022-05-08 322974 10 Apr 2018 2022-05-25 285639 10 Apr 2018 2022-05-04 153667 10 Apr 2018 2022-05-08 286409 10 Apr 2018 2022-05-25 273556 10 Apr 2018 2022-05-04 118152 10 Apr 2018 2022-05-08 219163 10 Apr 2018 2022-05-25 207637 10 Apr 2018 2022-05-04 102833 10 Apr 2018 2022-05-08 170973 10 Apr 2018 2022-05-25 207636 10 Apr 2018 2022-05-04 102832 10 Apr 2018 2022-05-08 345289 10 Apr 2018 2022-05-25 182485 10 Apr 2018 2022-05-04 344590 10 Apr 2018 2022-05-08 286348 10 Apr 2018 2022-05-25 182484 10 Apr 2018 2022-05-04 321704 10 Apr 2018 2022-05-08 274262 10 Apr 2018 2022-05-25 182483 10 Apr 2018 2022-05-04 285662 10 Apr 2018 2022-05-08 266295 10 Apr 2018 2022-05-25 125058 10 Apr 2018 2022-05-04 273575 10 Apr 2018 2022-05-08 153747 10 Apr 2018 2022-05-25 125057 10 Apr 2018 2022-05-04 265628 10 Apr 2018 2022-05-08 153666 10 Apr 2018 2022-05-25 118014 10 Apr 2018 2022-05-04 225840 10 Apr 2018 2022-05-08 125783 10 Apr 2018 2022-05-25 118013 10 Apr 2018 2022-05-04 207661 10 Apr 2018 2022-05-08 125782 10 Apr 2018 2022-05-25 118012 10 Apr 2018 2022-05-04 118038 10 Apr 2018 2022-05-08 345359 10 Apr 2018 2022-05-25 118011 10 Apr 2018 2022-05-04 118037 10 Apr 2018 2022-05-08 345358 10 Apr 2018 2022-05-25 345341 10 Apr 2018 2022-05-25 344690 10 Apr 2018 2022-06-02 207632 10 Apr 2018 2022-06-02 322973 10 Apr 2018 2022-05-25 344591 10 Apr 2018 2022-06-02 169683 10 Apr 2018 2022-06-02 293738 10 Apr 2018 2022-05-25 285638 10 Apr 2018 2022-06-02 153046 10 Apr 2018 2022-06-02 293725 10 Apr 2018 2022-05-25 226440 10 Apr 2018 2022-06-02 153045 10 Apr 2018 2022-06-02 266845 10 Apr 2018 2022-05-25 225813 10 Apr 2018 2022-06-02 153044 10 Apr 2018 2022-06-02 266844 10 Apr 2018 2022-05-25 218374 10 Apr 2018 2022-06-02 118006 10 Apr 2018 2022-06-02 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 70 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 208397 10 Apr 2018 2022-05-25 170311 10 Apr 2018 2022-06-02 344689 10 Apr 2018 2022-06-02 206907 10 Apr 2018 2022-05-25 169682 10 Apr 2018 2022-06-02 273672 10 Apr 2018 2022-06-02 189210 10 Apr 2018 2022-05-25 153071 10 Apr 2018 2022-06-02 218490 10 Apr 2018 2022-06-02 126365 10 Apr 2018 2022-05-25 118153 10 Apr 2018 2022-06-02 208265 10 Apr 2018 2022-06-02 323602 10 Apr 2018 2022-05-25 292436 10 Apr 2018 2022-06-02 153668 10 Apr 2018 2022-06-02 287087 10 Apr 2018 2022-05-25 225814 10 Apr 2018 2022-06-02 118154 10 Apr 2018 2022-06-02 275006 10 Apr 2018 2022-05-25 182478 10 Apr 2018 2022-06-02 335470 10 Apr 2018 2022-06-02 267551 10 Apr 2018 2022-05-25 153047 10 Apr 2018 2022-06-02 335469 10 Apr 2018 2022-06-02 267530 10 Apr 2018 2022-05-25 293062 10 Apr 2018 2022-06-02 323643 10 Apr 2018 2022-06-02 227795 10 Apr 2018 2022-05-25 285763 10 Apr 2018 2022-06-02 294435 10 Apr 2018 2022-06-02 220352 10 Apr 2018 2022-05-25 273673 10 Apr 2018 2022-06-02 294434 10 Apr 2018 2022-06-02 208924 10 Apr 2018 2022-05-25 273671 10 Apr 2018 2022-06-02 275555 10 Apr 2018 2022-06-02 173856 10 Apr 2018 2022-05-25 266213 10 Apr 2018 2022-06-02 275554 10 Apr 2018 2022-06-02 173855 10 Apr 2018 2022-05-25 208266 10 Apr 2018 2022-06-02 171658 10 Apr 2018 2022-06-02 127049 10 Apr 2018 2022-05-25 344639 10 Apr 2018 2022-06-02 155023 10 Apr 2018 2022-06-02 127048 10 Apr 2018 2022-05-25 322256 10 Apr 2018 2022-06-02 127082 10 Apr 2018 2022-06-02 126526 10 Apr 2018 2022-05-25 285714 10 Apr 2018 2022-06-02 127081 10 Apr 2018 2022-06-02 126525 10 Apr 2018 2022-05-25 265672 10 Apr 2018 2022-06-02 103211 10 Apr 2018 2022-06-02 117295 10 Apr 2018 2022-05-25 207726 10 Apr 2018 2022-06-02 294501 10 Apr 2018 2022-06-02 344640 10 Apr 2018 2022-06-02 207725 10 Apr 2018 2022-06-02 267648 10 Apr 2018 2022-06-02 344059 10 Apr 2018 2022-06-02 207724 10 Apr 2018 2022-06-02 228399 10 Apr 2018 2022-06-02 322255 10 Apr 2018 2022-06-02 102777 10 Apr 2018 2022-06-02 220428 10 Apr 2018 2022-06-02 322254 10 Apr 2018 2022-06-02 344058 10 Apr 2018 2022-06-02 314099 10 Apr 2018 2022-06-13 285713 10 Apr 2018 2022-06-02 225815 10 Apr 2018 2022-06-02 174210 10 Apr 2018 2022-06-13 273622 10 Apr 2018 2022-06-02 218378 10 Apr 2018 2022-06-02 140174 10 Apr 2018 2022-06-13 226405 10 Apr 2018 2022-06-02 169687 10 Apr 2018 2022-06-02 107516 10 Apr 2018 2022-06-13 207723 10 Apr 2018 2022-06-02 169686 10 Apr 2018 2022-06-02 238958 10 Apr 2018 2022-06-13 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 71 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 188505 10 Apr 2018 2022-06-02 335449 10 Apr 2018 2022-06-02 202511 10 Apr 2018 2022-06-13 188504 10 Apr 2018 2022-06-02 335448 10 Apr 2018 2022-06-02 157834 10 Apr 2018 2022-06-13 125129 10 Apr 2018 2022-06-02 208940 10 Apr 2018 2022-06-02 137682 10 Apr 2018 2022-06-13 125128 10 Apr 2018 2022-06-02 189905 10 Apr 2018 2022-06-02 110923 10 Apr 2018 2022-06-13 265595 10 Apr 2018 2022-06-02 293140 10 Apr 2018 2022-06-02 341221 10 Apr 2018 2022-06-21 218377 10 Apr 2018 2022-06-02 274237 10 Apr 2018 2022-06-02 341220 10 Apr 2018 2022-06-21 218376 10 Apr 2018 2022-06-02 189140 10 Apr 2018 2022-06-02 289658 10 Apr 2018 2022-06-21 207635 10 Apr 2018 2022-06-02 125748 10 Apr 2018 2022-06-02 282274 10 Apr 2018 2022-06-21 182482 10 Apr 2018 2022-06-02 125747 10 Apr 2018 2022-06-02 282272 10 Apr 2018 2022-06-21 169688 10 Apr 2018 2022-06-02 102900 10 Apr 2018 2022-06-02 270177 10 Apr 2018 2022-06-21 293061 10 Apr 2018 2022-06-02 292435 10 Apr 2018 2022-06-02 262219 10 Apr 2018 2022-06-21 266212 10 Apr 2018 2022-06-02 273553 10 Apr 2018 2022-06-02 233020 10 Apr 2018 2022-06-21 208263 10 Apr 2018 2022-06-02 265591 10 Apr 2018 2022-06-02 233019 10 Apr 2018 2022-06-21 183125 10 Apr 2018 2022-06-02 265590 10 Apr 2018 2022-06-02 215013 10 Apr 2018 2022-06-21 154331 10 Apr 2018 2022-06-02 265589 10 Apr 2018 2022-06-02 179673 10 Apr 2018 2022-06-21 166325 10 Apr 2018 2022-06-21 273555 10 Apr 2018 2022-07-11 293063 10 Apr 2018 2022-07-11 121678 10 Apr 2018 2022-06-21 266214 10 Apr 2018 2022-07-11 273676 10 Apr 2018 2022-07-11 121677 10 Apr 2018 2022-06-21 218491 10 Apr 2018 2022-07-11 273675 10 Apr 2018 2022-07-11 292359 10 Apr 2018 2022-06-21 170312 10 Apr 2018 2022-07-11 273674 10 Apr 2018 2022-07-11 328857 10 Apr 2018 2022-06-21 153049 10 Apr 2018 2022-07-11 266215 10 Apr 2018 2022-07-11 328856 10 Apr 2018 2022-06-21 344057 10 Apr 2018 2022-07-11 208269 10 Apr 2018 2022-07-11 282273 10 Apr 2018 2022-06-21 292439 10 Apr 2018 2022-07-11 208268 10 Apr 2018 2022-07-11 215012 10 Apr 2018 2022-06-21 207634 10 Apr 2018 2022-07-11 208267 10 Apr 2018 2022-07-11 214255 10 Apr 2018 2022-06-21 188419 10 Apr 2018 2022-07-11 125187 10 Apr 2018 2022-07-11 214254 10 Apr 2018 2022-06-21 182481 10 Apr 2018 2022-07-11 125186 10 Apr 2018 2022-07-11 179672 10 Apr 2018 2022-06-21 102698 10 Apr 2018 2022-07-11 125185 10 Apr 2018 2022-07-11 116871 10 Apr 2018 2022-06-21 265594 10 Apr 2018 2022-07-11 118156 10 Apr 2018 2022-07-11 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 72 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 328221 10 Apr 2018 2022-06-26 335422 10 Apr 2018 2022-07-11 118155 10 Apr 2018 2022-07-11 194969 10 Apr 2018 2022-06-26 335421 10 Apr 2018 2022-07-11 102834 10 Apr 2018 2022-07-11 230295 10 Apr 2018 2022-06-26 267529 10 Apr 2018 2022-07-11 321680 10 Apr 2018 2022-07-11 181707 10 Apr 2018 2022-06-26 227781 10 Apr 2018 2022-07-11 292440 10 Apr 2018 2022-07-11 167652 10 Apr 2018 2022-06-26 227780 10 Apr 2018 2022-07-11 292438 10 Apr 2018 2022-07-11 314077 10 Apr 2018 2022-06-26 189890 10 Apr 2018 2022-07-11 273554 10 Apr 2018 2022-07-11 277487 10 Apr 2018 2022-06-26 171613 10 Apr 2018 2022-07-11 218375 10 Apr 2018 2022-07-11 223522 10 Apr 2018 2022-06-26 154991 10 Apr 2018 2022-07-11 207633 10 Apr 2018 2022-07-11 203385 10 Apr 2018 2022-06-26 154990 10 Apr 2018 2022-07-11 182480 10 Apr 2018 2022-07-11 117119 10 Apr 2018 2022-06-26 117294 10 Apr 2018 2022-07-11 153048 10 Apr 2018 2022-07-11 100482 10 Apr 2018 2022-06-26 117293 10 Apr 2018 2022-07-11 125056 10 Apr 2018 2022-07-11 261588 10 Apr 2018 2022-06-26 103175 10 Apr 2018 2022-07-11 118010 10 Apr 2018 2022-07-11 194970 10 Apr 2018 2022-06-26 345266 10 Apr 2018 2022-07-11 118009 10 Apr 2018 2022-07-11 314076 10 Apr 2018 2022-06-26 345265 10 Apr 2018 2022-07-11 118008 10 Apr 2018 2022-07-11 223521 10 Apr 2018 2022-06-26 293143 10 Apr 2018 2022-07-11 102697 10 Apr 2018 2022-07-11 291689 10 Apr 2018 2022-06-26 274241 10 Apr 2018 2022-07-11 292442 10 Apr 2018 2022-07-11 168893 10 Apr 2018 2022-06-26 226516 10 Apr 2018 2022-07-11 265597 10 Apr 2018 2022-07-11 117749 10 Apr 2018 2022-06-26 219074 10 Apr 2018 2022-07-11 182487 10 Apr 2018 2022-07-11 101262 10 Apr 2018 2022-06-26 208328 10 Apr 2018 2022-07-11 296316 10 Apr 2018 2022-07-16 326809 10 Apr 2018 2022-06-30 208327 10 Apr 2018 2022-07-11 258930 10 Apr 2018 2022-07-16 312775 10 Apr 2018 2022-06-30 208326 10 Apr 2018 2022-07-11 230274 10 Apr 2018 2022-07-16 278201 10 Apr 2018 2022-06-30 189142 10 Apr 2018 2022-07-11 222990 10 Apr 2018 2022-07-16 177619 10 Apr 2018 2022-06-30 183181 10 Apr 2018 2022-07-11 222989 10 Apr 2018 2022-07-16 164298 10 Apr 2018 2022-06-30 170374 10 Apr 2018 2022-07-11 203360 10 Apr 2018 2022-07-16 116008 10 Apr 2018 2022-06-30 153722 10 Apr 2018 2022-07-11 143453 10 Apr 2018 2022-07-16 294396 10 Apr 2018 2022-07-11 125751 10 Apr 2018 2022-07-11 128259 10 Apr 2018 2022-07-16 274240 10 Apr 2018 2022-07-11 125750 10 Apr 2018 2022-07-11 174458 10 Apr 2018 2022-08-04

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 73 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 226517 10 Apr 2018 2022-07-11 125749 10 Apr 2018 2022-07-11 170225 10 Apr 2018 2022-08-04 189141 10 Apr 2018 2022-07-11 102901 10 Apr 2018 2022-07-11 102723 10 Apr 2018 2022-08-04 183182 10 Apr 2018 2022-07-11 335471 10 Apr 2018 2022-07-11 273576 10 Apr 2018 2022-08-04 173841 10 Apr 2018 2022-07-11 323644 10 Apr 2018 2022-07-11 218396 10 Apr 2018 2022-08-04 154992 10 Apr 2018 2022-07-11 275556 10 Apr 2018 2022-07-11 335401 10 Apr 2018 2022-08-04 125752 10 Apr 2018 2022-07-11 227829 10 Apr 2018 2022-07-11 292456 10 Apr 2018 2022-08-04 265593 10 Apr 2018 2022-07-11 173878 10 Apr 2018 2022-07-11 273574 10 Apr 2018 2022-08-04 169685 10 Apr 2018 2022-07-11 127083 10 Apr 2018 2022-07-11 117397 10 Apr 2018 2022-08-04 118007 10 Apr 2018 2022-07-11 322310 10 Apr 2018 2022-07-11 323074 10 Apr 2018 2022-08-04 266993 10 Apr 2018 2022-08-04 232195 10 Apr 2018 2022-10-15 214904 10 Apr 2018 2022-10-26 266992 10 Apr 2018 2022-08-04 224909 10 Apr 2018 2022-10-15 196266 10 Apr 2018 2022-10-26 266991 10 Apr 2018 2022-08-04 213495 10 Apr 2018 2022-10-15 166967 10 Apr 2018 2022-10-26 154963 10 Apr 2018 2022-08-04 194851 10 Apr 2018 2022-10-15 290298 10 Apr 2018 2022-10-26 265629 10 Apr 2018 2022-08-04 194225 10 Apr 2018 2022-10-15 290297 10 Apr 2018 2022-10-26 218398 10 Apr 2018 2022-08-04 178349 10 Apr 2018 2022-10-15 289633 10 Apr 2018 2022-10-26 218397 10 Apr 2018 2022-08-04 178324 10 Apr 2018 2022-10-15 233682 10 Apr 2018 2022-10-26 170226 10 Apr 2018 2022-08-04 165576 10 Apr 2018 2022-10-15 180312 10 Apr 2018 2022-10-26 125083 10 Apr 2018 2022-08-04 165575 10 Apr 2018 2022-10-15 101682 10 Apr 2018 2022-10-26 125082 10 Apr 2018 2022-08-04 165574 10 Apr 2018 2022-10-15 289635 10 Apr 2018 2022-10-26 612706 14 Sept 2020 2022-09-14 159487 10 Apr 2018 2022-10-15 282256 10 Apr 2018 2022-10-26 326783 10 Apr 2018 2022-09-25 159471 10 Apr 2018 2022-10-15 216309 10 Apr 2018 2022-10-26 312756 10 Apr 2018 2022-09-25 120317 10 Apr 2018 2022-10-15 214999 10 Apr 2018 2022-10-26 312755 10 Apr 2018 2022-09-25 120316 10 Apr 2018 2022-10-15 160805 10 Apr 2018 2022-10-26 296992 10 Apr 2018 2022-09-25 116551 10 Apr 2018 2022-10-15 100995 10 Apr 2018 2022-10-26 230963 10 Apr 2018 2022-09-25 341350 10 Apr 2018 2022-10-26 289632 10 Apr 2018 2022-10-26 204064 10 Apr 2018 2022-09-25 329514 10 Apr 2018 2022-10-26 262194 10 Apr 2018 2022-10-26 206991 10 Apr 2018 2022-10-13 282921 10 Apr 2018 2022-10-26 116852 10 Apr 2018 2022-10-26 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 74 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 173749 10 Apr 2018 2022-10-13 282920 10 Apr 2018 2022-10-26 101520 10 Apr 2018 2022-10-26 103072 10 Apr 2018 2022-10-13 166941 10 Apr 2018 2022-10-26 233659 10 Apr 2018 2022-10-26 103071 10 Apr 2018 2022-10-13 342630 10 Apr 2018 2022-10-26 180310 10 Apr 2018 2022-10-26 278093 10 Apr 2018 2022-10-15 330208 10 Apr 2018 2022-10-26 179795 10 Apr 2018 2022-10-26 230883 10 Apr 2018 2022-10-15 291018 10 Apr 2018 2022-10-26 101680 10 Apr 2018 2022-10-26 224179 10 Apr 2018 2022-10-15 271578 10 Apr 2018 2022-10-26 341351 10 Apr 2018 2022-10-26 101917 10 Apr 2018 2022-10-15 197549 10 Apr 2018 2022-10-26 282922 10 Apr 2018 2022-10-26 314797 10 Apr 2018 2022-10-15 167638 10 Apr 2018 2022-10-26 270315 10 Apr 2018 2022-10-26 298203 10 Apr 2018 2022-10-15 151631 10 Apr 2018 2022-10-26 262865 10 Apr 2018 2022-10-26 214127 10 Apr 2018 2022-10-15 341932 10 Apr 2018 2022-10-26 262864 10 Apr 2018 2022-10-26 101425 10 Apr 2018 2022-10-15 329597 10 Apr 2018 2022-10-26 233656 10 Apr 2018 2022-10-26 100839 10 Apr 2018 2022-10-15 329538 10 Apr 2018 2022-10-26 233655 10 Apr 2018 2022-10-26 230884 10 Apr 2018 2022-10-15 291076 10 Apr 2018 2022-10-26 215633 10 Apr 2018 2022-10-26 164191 10 Apr 2018 2022-10-15 234246 10 Apr 2018 2022-10-26 215632 10 Apr 2018 2022-10-26 289621 10 Apr 2018 2022-10-15 205627 10 Apr 2018 2022-10-26 196213 10 Apr 2018 2022-10-26 282249 10 Apr 2018 2022-10-15 180368 10 Apr 2018 2022-10-26 166942 10 Apr 2018 2022-10-26 282248 10 Apr 2018 2022-10-15 328860 10 Apr 2018 2022-10-26 160948 10 Apr 2018 2022-10-26 281017 10 Apr 2018 2022-10-15 282276 10 Apr 2018 2022-10-26 160947 10 Apr 2018 2022-10-26 232297 10 Apr 2018 2022-10-15 215015 10 Apr 2018 2022-10-26 160946 10 Apr 2018 2022-10-26 214229 10 Apr 2018 2022-10-15 214258 10 Apr 2018 2022-10-26 101678 10 Apr 2018 2022-10-26 214228 10 Apr 2018 2022-10-15 214257 10 Apr 2018 2022-10-26 342631 10 Apr 2018 2022-10-26 213491 10 Apr 2018 2022-10-15 179674 10 Apr 2018 2022-10-26 283695 10 Apr 2018 2022-10-26 194849 10 Apr 2018 2022-10-15 160828 10 Apr 2018 2022-10-26 283694 10 Apr 2018 2022-10-26 159581 10 Apr 2018 2022-10-15 121684 10 Apr 2018 2022-10-26 205583 10 Apr 2018 2022-10-26 327520 10 Apr 2018 2022-10-15 101550 10 Apr 2018 2022-10-26 197630 10 Apr 2018 2022-10-26 314799 10 Apr 2018 2022-10-15 270343 10 Apr 2018 2022-10-26 168222 10 Apr 2018 2022-10-26 314798 10 Apr 2018 2022-10-15 161485 10 Apr 2018 2022-10-26 151632 10 Apr 2018 2022-10-26 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 75 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 298224 10 Apr 2018 2022-10-15 161483 10 Apr 2018 2022-10-26 101087 10 Apr 2018 2022-10-26 281019 10 Apr 2018 2022-10-15 270894 10 Apr 2018 2022-10-26 330834 10 Apr 2018 2022-10-26 280893 10 Apr 2018 2022-10-15 215657 10 Apr 2018 2022-10-26 330833 10 Apr 2018 2022-10-26 291075 10 Apr 2018 2022-10-26 262196 10 Apr 2018 2022-10-26 115963 10 Apr 2018 2022-11-27 271660 10 Apr 2018 2022-10-26 262195 10 Apr 2018 2022-10-26 326764 10 Apr 2018 2022-11-27 271659 10 Apr 2018 2022-10-26 214998 10 Apr 2018 2022-10-26 312744 10 Apr 2018 2022-11-27 271658 10 Apr 2018 2022-10-26 179653 10 Apr 2018 2022-10-26 312743 10 Apr 2018 2022-11-27 205628 10 Apr 2018 2022-10-26 179652 10 Apr 2018 2022-10-26 296979 10 Apr 2018 2022-11-27 151686 10 Apr 2018 2022-10-26 166299 10 Apr 2018 2022-10-26 279679 10 Apr 2018 2022-11-27 341224 10 Apr 2018 2022-10-26 160807 10 Apr 2018 2022-10-26 278171 10 Apr 2018 2022-11-27 328862 10 Apr 2018 2022-10-26 160806 10 Apr 2018 2022-10-26 223675 10 Apr 2018 2022-11-27 328861 10 Apr 2018 2022-10-26 116853 10 Apr 2018 2022-10-26 212147 10 Apr 2018 2022-11-27 262220 10 Apr 2018 2022-10-26 101522 10 Apr 2018 2022-10-26 164259 10 Apr 2018 2022-11-27 214259 10 Apr 2018 2022-10-26 101521 10 Apr 2018 2022-10-26 128962 10 Apr 2018 2022-11-27 180367 10 Apr 2018 2022-10-26 329519 10 Apr 2018 2022-10-26 128961 10 Apr 2018 2022-11-27 121685 10 Apr 2018 2022-10-26 270319 10 Apr 2018 2022-10-26 115964 10 Apr 2018 2022-11-27 116873 10 Apr 2018 2022-10-26 262866 10 Apr 2018 2022-10-26 281565 10 Apr 2018 2022-11-27 341911 10 Apr 2018 2022-10-26 233660 10 Apr 2018 2022-10-26 178957 10 Apr 2018 2022-11-27 341888 10 Apr 2018 2022-10-26 180311 10 Apr 2018 2022-10-26 535473 10 Apr 2018 2022-11-28 329540 10 Apr 2018 2022-10-26 160950 10 Apr 2018 2022-10-26 535472 10 Apr 2018 2022-11-28 290300 10 Apr 2018 2022-10-26 160949 10 Apr 2018 2022-10-26 310722 10 Apr 2018 2022-12-02 282955 10 Apr 2018 2022-10-26 101681 10 Apr 2018 2022-10-26 286903 10 Apr 2018 2022-12-02 262891 10 Apr 2018 2022-10-26 272960 10 Apr 2018 2022-10-26 274758 10 Apr 2018 2022-12-02 215659 10 Apr 2018 2022-10-26 225726 10 Apr 2018 2022-10-26 274757 10 Apr 2018 2022-12-02 214932 10 Apr 2018 2022-10-26 182368 10 Apr 2018 2022-10-26 171439 10 Apr 2018 2022-12-02 196253 10 Apr 2018 2022-10-26 169580 10 Apr 2018 2022-10-26 154885 10 Apr 2018 2022-12-02 196234 10 Apr 2018 2022-10-26 169579 10 Apr 2018 2022-10-26 125605 10 Apr 2018 2022-12-02 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 76 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 180333 10 Apr 2018 2022-10-26 169578 10 Apr 2018 2022-10-26 125604 10 Apr 2018 2022-12-02 180332 10 Apr 2018 2022-10-26 124451 10 Apr 2018 2022-10-26 115763 10 Apr 2018 2022-12-02 166968 10 Apr 2018 2022-10-26 117904 10 Apr 2018 2022-10-26 314674 10 Apr 2018 2022-12-19 161502 10 Apr 2018 2022-10-26 117903 10 Apr 2018 2022-10-26 314657 10 Apr 2018 2022-12-19 161484 10 Apr 2018 2022-10-26 102588 10 Apr 2018 2022-10-26 268216 10 Apr 2018 2022-12-19 329596 10 Apr 2018 2022-10-26 539565 10 Apr 2018 2022-10-26 204136 10 Apr 2018 2022-12-19 329595 10 Apr 2018 2022-10-26 323479 10 Apr 2018 2022-10-27 177653 10 Apr 2018 2022-12-19 234244 10 Apr 2018 2022-10-26 323478 10 Apr 2018 2022-10-27 177652 10 Apr 2018 2022-12-19 215714 10 Apr 2018 2022-10-26 274789 10 Apr 2018 2022-10-27 177651 10 Apr 2018 2022-12-19 116219 10 Apr 2018 2022-10-26 274788 10 Apr 2018 2022-10-27 164854 10 Apr 2018 2022-12-19 116218 10 Apr 2018 2022-10-26 227627 10 Apr 2018 2022-10-27 164832 10 Apr 2018 2022-12-19 233681 10 Apr 2018 2022-10-26 227626 10 Apr 2018 2022-10-27 116058 10 Apr 2018 2022-12-19 215658 10 Apr 2018 2022-10-26 227625 10 Apr 2018 2022-10-27 340573 10 Apr 2018 2022-12-19 180331 10 Apr 2018 2022-10-26 171464 10 Apr 2018 2022-10-27 298930 10 Apr 2018 2022-12-19 122359 10 Apr 2018 2022-10-26 125635 10 Apr 2018 2022-10-27 281645 10 Apr 2018 2022-12-19 122358 10 Apr 2018 2022-10-26 115792 10 Apr 2018 2022-10-27 269556 10 Apr 2018 2022-12-19 285018 10 Apr 2018 2022-10-26 115791 10 Apr 2018 2022-10-27 194959 10 Apr 2018 2022-12-19 272961 10 Apr 2018 2022-10-26 100496 10 Apr 2018 2022-10-27 179030 10 Apr 2018 2022-12-19 217764 10 Apr 2018 2022-10-26 262844 10 Apr 2018 2022-11-22 166206 10 Apr 2018 2022-12-19 117907 10 Apr 2018 2022-10-26 326881 10 Apr 2018 2022-11-22 121027 10 Apr 2018 2022-12-19 328831 10 Apr 2018 2022-10-26 314677 10 Apr 2018 2022-11-22 538594 8 Jan 2019 2023-01-08 289634 10 Apr 2018 2022-10-26 314676 10 Apr 2018 2022-11-22 538593 8 Jan 2019 2023-01-08 282257 10 Apr 2018 2022-10-26 268221 10 Apr 2018 2022-11-22 538592 8 Jan 2019 2023-01-08 282255 10 Apr 2018 2022-10-26 158847 10 Apr 2018 2022-11-22 538591 8 Jan 2019 2023-01-08 269648 10 Apr 2018 2022-10-26 123757 10 Apr 2018 2023-01-28 341909 10 Apr 2018 2023-02-13 538590 8 Jan 2019 2023-01-08 123756 10 Apr 2018 2023-01-28 262907 10 Apr 2018 2023-02-13 538589 8 Jan 2019 2023-01-08 123755 10 Apr 2018 2023-01-28 215686 10 Apr 2018 2023-02-13

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 77 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 538588 8 Jan 2019 2023-01-08 342573 10 Apr 2018 2023-01-28 204882 10 Apr 2018 2023-02-13 538587 8 Jan 2019 2023-01-08 342572 10 Apr 2018 2023-01-28 284970 10 Apr 2018 2023-02-13 538586 8 Jan 2019 2023-01-08 271013 10 Apr 2018 2023-01-28 270878 10 Apr 2018 2023-02-13 538585 8 Jan 2019 2023-01-08 167653 10 Apr 2018 2023-01-28 264921 10 Apr 2018 2023-02-13 538584 8 Jan 2019 2023-01-08 330207 10 Apr 2018 2023-01-28 215690 10 Apr 2018 2023-02-13 538583 8 Jan 2019 2023-01-08 330189 10 Apr 2018 2023-01-28 161506 10 Apr 2018 2023-02-13 538582 8 Jan 2019 2023-01-08 263551 10 Apr 2018 2023-01-28 122386 10 Apr 2018 2023-02-13 538581 8 Jan 2019 2023-01-08 263550 10 Apr 2018 2023-01-28 329576 10 Apr 2018 2023-02-13 538580 8 Jan 2019 2023-01-08 205008 10 Apr 2018 2023-01-28 290325 10 Apr 2018 2023-02-13 538579 8 Jan 2019 2023-01-08 205007 10 Apr 2018 2023-01-28 166990 10 Apr 2018 2023-02-13 538578 8 Jan 2019 2023-01-08 205006 10 Apr 2018 2023-01-28 330231 10 Apr 2018 2023-02-13 538577 8 Jan 2019 2023-01-08 180471 10 Apr 2018 2023-01-28 204968 10 Apr 2018 2023-02-13 538576 8 Jan 2019 2023-01-08 180470 10 Apr 2018 2023-01-28 161581 10 Apr 2018 2023-02-13 145402 10 Apr 2018 2023-01-09 337118 10 Apr 2018 2023-01-28 101040 10 Apr 2018 2023-02-13 296857 10 Apr 2018 2023-01-11 337117 10 Apr 2018 2023-01-28 215784 10 Apr 2018 2023-02-13 285689 10 Apr 2018 2023-01-11 249632 10 Apr 2018 2023-01-28 204969 10 Apr 2018 2023-02-13 226386 10 Apr 2018 2023-01-11 241632 10 Apr 2018 2023-01-28 342008 10 Apr 2018 2023-02-13 207699 10 Apr 2018 2023-01-11 241631 10 Apr 2018 2023-01-28 330170 10 Apr 2018 2023-02-13 207698 10 Apr 2018 2023-01-11 212246 10 Apr 2018 2023-01-28 283587 10 Apr 2018 2023-02-13 188484 10 Apr 2018 2023-01-11 146947 10 Apr 2018 2023-01-28 215787 10 Apr 2018 2023-02-13 188483 10 Apr 2018 2023-01-11 130237 10 Apr 2018 2023-01-28 215786 10 Apr 2018 2023-02-13 125113 10 Apr 2018 2023-01-11 130236 10 Apr 2018 2023-01-28 341910 10 Apr 2018 2023-02-13 102758 10 Apr 2018 2023-01-11 297524 10 Apr 2018 2023-01-28 329563 10 Apr 2018 2023-02-13 279029 10 Apr 2018 2023-01-11 230984 10 Apr 2018 2023-01-28 270872 10 Apr 2018 2023-02-13 277502 10 Apr 2018 2023-01-11 230983 10 Apr 2018 2023-01-28 270871 10 Apr 2018 2023-02-13 230302 10 Apr 2018 2023-01-11 212192 10 Apr 2018 2023-01-28 262908 10 Apr 2018 2023-02-13 230301 10 Apr 2018 2023-01-11 212191 10 Apr 2018 2023-01-28 234219 10 Apr 2018 2023-02-13 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 78 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 157580 10 Apr 2018 2023-01-11 204092 10 Apr 2018 2023-01-28 215685 10 Apr 2018 2023-02-13 117133 10 Apr 2018 2023-01-11 164297 10 Apr 2018 2023-01-28 215684 10 Apr 2018 2023-02-13 100490 10 Apr 2018 2023-01-11 158783 10 Apr 2018 2023-01-28 204884 10 Apr 2018 2023-02-13 100489 10 Apr 2018 2023-01-11 102013 10 Apr 2018 2023-01-28 204883 10 Apr 2018 2023-02-13 342571 10 Apr 2018 2023-01-28 329433 10 Apr 2018 2023-01-28 161501 10 Apr 2018 2023-02-13 330940 10 Apr 2018 2023-01-28 270244 10 Apr 2018 2023-01-28 116204 10 Apr 2018 2023-02-13 330217 10 Apr 2018 2023-01-28 233589 10 Apr 2018 2023-01-28 343974 10 Apr 2018 2023-02-13 234372 10 Apr 2018 2023-01-28 233588 10 Apr 2018 2023-01-28 292360 10 Apr 2018 2023-02-13 217070 10 Apr 2018 2023-01-28 215065 10 Apr 2018 2023-01-28 272956 10 Apr 2018 2023-02-13 217069 10 Apr 2018 2023-01-28 121759 10 Apr 2018 2023-01-28 264986 10 Apr 2018 2023-02-13 101019 10 Apr 2018 2023-01-28 121758 10 Apr 2018 2023-01-28 206368 10 Apr 2018 2023-02-13 263558 10 Apr 2018 2023-01-28 228398 10 Apr 2018 2023-01-28 206367 10 Apr 2018 2023-02-13 180479 10 Apr 2018 2023-01-28 209063 10 Apr 2018 2023-01-28 329575 10 Apr 2018 2023-02-13 326808 10 Apr 2018 2023-01-28 190572 10 Apr 2018 2023-01-28 329574 10 Apr 2018 2023-02-13 158782 10 Apr 2018 2023-01-28 172298 10 Apr 2018 2023-01-28 270879 10 Apr 2018 2023-02-13 264293 10 Apr 2018 2023-01-28 117466 10 Apr 2018 2023-01-28 270877 10 Apr 2018 2023-02-13 168873 10 Apr 2018 2023-01-28 117465 10 Apr 2018 2023-01-28 270876 10 Apr 2018 2023-02-13 152272 10 Apr 2018 2023-01-28 117464 10 Apr 2018 2023-01-28 262915 10 Apr 2018 2023-02-13 234225 10 Apr 2018 2023-02-13 156137 10 Apr 2018 2023-03-01 282386 10 Apr 2018 2023-11-22 180352 10 Apr 2018 2023-02-13 144034 10 Apr 2018 2023-03-01 233559 10 Apr 2018 2023-11-22 166989 10 Apr 2018 2023-02-13 114878 10 Apr 2018 2023-03-01 225616 10 Apr 2018 2023-11-22 166988 10 Apr 2018 2023-02-13 314078 10 Apr 2018 2023-03-01 280268 10 Apr 2018 2023-11-22 161505 10 Apr 2018 2023-02-13 211476 10 Apr 2018 2023-03-01 268219 10 Apr 2018 2023-11-22 122388 10 Apr 2018 2023-02-13 203387 10 Apr 2018 2023-03-01 177672 10 Apr 2018 2023-11-22 122387 10 Apr 2018 2023-02-13 288873 10 Apr 2018 2023-03-03 297585 10 Apr 2018 2023-11-22 342583 10 Apr 2018 2023-02-13 268220 10 Apr 2018 2023-03-03 268218 10 Apr 2018 2023-11-22 290980 10 Apr 2018 2023-02-13 212758 10 Apr 2018 2023-03-03 268217 10 Apr 2018 2023-11-22 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 79 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 263585 10 Apr 2018 2023-02-13 202707 10 Apr 2018 2023-03-03 260197 10 Apr 2018 2023-11-22 234900 10 Apr 2018 2023-02-13 126238 10 Apr 2018 2023-03-03 224258 10 Apr 2018 2023-11-22 216369 10 Apr 2018 2023-02-13 287549 10 Apr 2018 2023-03-03 212757 10 Apr 2018 2023-11-22 197596 10 Apr 2018 2023-02-13 213515 10 Apr 2018 2023-03-03 326768 10 Apr 2018 2023-11-22 168190 10 Apr 2018 2023-02-13 313383 10 Apr 2018 2023-03-03 326767 10 Apr 2018 2023-11-22 151591 10 Apr 2018 2023-02-13 295630 10 Apr 2018 2023-03-03 296982 10 Apr 2018 2023-11-22 343919 10 Apr 2018 2023-02-13 229585 10 Apr 2018 2023-03-03 278173 10 Apr 2018 2023-11-22 321009 10 Apr 2018 2023-02-13 229584 10 Apr 2018 2023-03-03 224178 10 Apr 2018 2023-11-22 272901 10 Apr 2018 2023-02-13 202708 10 Apr 2018 2023-03-03 204051 10 Apr 2018 2023-11-22 264922 10 Apr 2018 2023-02-13 144783 10 Apr 2018 2023-03-03 158238 10 Apr 2018 2023-11-22 217694 10 Apr 2018 2023-02-13 296983 10 Apr 2018 2023-03-03 128963 10 Apr 2018 2023-11-22 169012 10 Apr 2018 2023-02-13 279682 10 Apr 2018 2023-03-03 115966 10 Apr 2018 2023-11-22 263505 10 Apr 2018 2023-02-13 278174 10 Apr 2018 2023-03-03 101980 10 Apr 2018 2023-11-22 234316 10 Apr 2018 2023-02-13 128964 10 Apr 2018 2023-03-03 326138 10 Apr 2018 2023-11-22 215785 10 Apr 2018 2023-02-13 294288 10 Apr 2018 2023-03-03 279040 10 Apr 2018 2023-11-22 204970 10 Apr 2018 2023-02-13 287550 10 Apr 2018 2023-03-03 277516 10 Apr 2018 2023-11-22 197526 10 Apr 2018 2023-02-13 209412 10 Apr 2018 2023-03-03 277515 10 Apr 2018 2023-11-22 180429 10 Apr 2018 2023-02-13 142755 10 Apr 2018 2023-03-03 277514 10 Apr 2018 2023-11-22 161583 10 Apr 2018 2023-02-13 116846 10 Apr 2018 2023-03-03 223549 10 Apr 2018 2023-11-22 161582 10 Apr 2018 2023-02-13 339966 10 Apr 2018 2023-03-03 223548 10 Apr 2018 2023-11-22 122483 10 Apr 2018 2023-02-13 159596 10 Apr 2018 2023-03-03 203410 10 Apr 2018 2023-11-22 101818 10 Apr 2018 2023-02-13 120435 10 Apr 2018 2023-03-03 203409 10 Apr 2018 2023-11-22 277533 10 Apr 2018 2023-02-20 120434 10 Apr 2018 2023-03-03 203408 10 Apr 2018 2023-11-22 223567 10 Apr 2018 2023-02-20 290446 10 Apr 2018 2023-03-13 163622 10 Apr 2018 2023-11-22 296873 10 Apr 2018 2023-02-20 283635 10 Apr 2018 2023-03-13 117150 10 Apr 2018 2023-11-22 163633 10 Apr 2018 2023-02-20 167651 10 Apr 2018 2023-03-13 282949 10 Apr 2018 2023-11-22 117167 10 Apr 2018 2023-02-20 161642 10 Apr 2018 2023-03-13 233680 10 Apr 2018 2023-11-22 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 80 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 117166 10 Apr 2018 2023-02-20 259586 10 Apr 2018 2023-05-16 214929 10 Apr 2018 2023-11-22 277475 10 Apr 2018 2023-03-01 120457 10 Apr 2018 2023-11-22 166964 10 Apr 2018 2023-11-22 128264 10 Apr 2018 2023-03-01 102048 10 Apr 2018 2023-11-22 161478 10 Apr 2018 2023-11-22 294897 10 Apr 2018 2023-03-01 312747 10 Apr 2018 2023-11-22 161477 10 Apr 2018 2023-11-22 314106 10 Apr 2018 2023-03-01 224177 10 Apr 2018 2023-11-22 101701 10 Apr 2018 2023-11-22 211513 10 Apr 2018 2023-03-01 158239 10 Apr 2018 2023-11-22 341325 10 Apr 2018 2023-11-22 101846 10 Apr 2018 2023-03-01 326139 10 Apr 2018 2023-11-22 282387 10 Apr 2018 2023-11-22 294896 10 Apr 2018 2023-03-01 145347 10 Apr 2018 2023-11-22 270293 10 Apr 2018 2023-11-22 288151 10 Apr 2018 2023-03-01 279549 10 Apr 2018 2023-11-22 270292 10 Apr 2018 2023-11-22 276047 10 Apr 2018 2023-03-01 223550 10 Apr 2018 2023-11-22 196185 10 Apr 2018 2023-11-22 257542 10 Apr 2018 2023-03-01 145346 10 Apr 2018 2023-11-22 179766 10 Apr 2018 2023-11-22 162157 10 Apr 2018 2023-03-01 128307 10 Apr 2018 2023-11-22 101647 10 Apr 2018 2023-11-22 101646 10 Apr 2018 2023-11-22 200785 10 Apr 2018 2023-12-02 118243 10 Apr 2018 2023-12-02 340574 10 Apr 2018 2023-11-22 196214 10 Apr 2018 2023-12-02 118242 10 Apr 2018 2023-12-02 328213 10 Apr 2018 2023-11-22 180313 10 Apr 2018 2023-12-02 335764 10 Apr 2018 2023-12-02 298931 10 Apr 2018 2023-11-22 171526 10 Apr 2018 2023-12-02 335763 10 Apr 2018 2023-12-02 281647 10 Apr 2018 2023-11-22 116173 10 Apr 2018 2023-12-02 248334 10 Apr 2018 2023-12-02 281646 10 Apr 2018 2023-11-22 100559 10 Apr 2018 2023-12-02 248333 10 Apr 2018 2023-12-02 232905 10 Apr 2018 2023-11-22 274846 10 Apr 2018 2023-12-02 240838 10 Apr 2018 2023-12-02 225617 10 Apr 2018 2023-11-22 267413 10 Apr 2018 2023-12-02 229466 10 Apr 2018 2023-12-02 194960 10 Apr 2018 2023-11-22 220896 10 Apr 2018 2023-12-02 192182 10 Apr 2018 2023-12-02 160185 10 Apr 2018 2023-11-22 200786 10 Apr 2018 2023-12-02 145634 10 Apr 2018 2023-12-02 116749 10 Apr 2018 2023-11-22 142699 10 Apr 2018 2023-12-02 128132 10 Apr 2018 2023-12-02 116748 10 Apr 2018 2023-11-22 341356 10 Apr 2018 2023-12-02 277522 10 Apr 2018 2024-01-26 101427 10 Apr 2018 2023-11-22 341354 10 Apr 2018 2023-12-02 259488 10 Apr 2018 2024-01-26 101426 10 Apr 2018 2023-11-22 329522 10 Apr 2018 2023-12-02 203420 10 Apr 2018 2024-01-26 320908 10 Apr 2018 2023-11-22 329521 10 Apr 2018 2023-12-02 117159 10 Apr 2018 2024-01-26

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 81 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 284377 10 Apr 2018 2023-11-22 329520 10 Apr 2018 2023-12-02 343305 10 Apr 2018 2024-01-26 284376 10 Apr 2018 2023-11-22 270341 10 Apr 2018 2023-12-02 270336 10 Apr 2018 2024-01-26 181717 10 Apr 2018 2023-11-22 270320 10 Apr 2018 2023-12-02 122352 10 Apr 2018 2024-01-26 123787 10 Apr 2018 2023-11-22 262867 10 Apr 2018 2023-12-02 217094 10 Apr 2018 2024-01-26 117757 10 Apr 2018 2023-11-22 233661 10 Apr 2018 2023-12-02 206230 10 Apr 2018 2024-01-26 101271 10 Apr 2018 2023-11-22 214926 10 Apr 2018 2023-12-02 326142 10 Apr 2018 2024-01-26 259592 10 Apr 2018 2023-11-27 214905 10 Apr 2018 2023-12-02 314101 10 Apr 2018 2024-01-26 158217 10 Apr 2018 2023-11-27 166947 10 Apr 2018 2023-12-02 314100 10 Apr 2018 2024-01-26 158216 10 Apr 2018 2023-11-27 166946 10 Apr 2018 2023-12-02 296866 10 Apr 2018 2024-01-26 115945 10 Apr 2018 2023-11-27 166945 10 Apr 2018 2023-12-02 279552 10 Apr 2018 2024-01-26 230947 10 Apr 2018 2023-11-27 122333 10 Apr 2018 2023-12-02 277523 10 Apr 2018 2024-01-26 230946 10 Apr 2018 2023-11-27 116192 10 Apr 2018 2023-12-02 223559 10 Apr 2018 2024-01-26 223676 10 Apr 2018 2023-11-27 323538 10 Apr 2018 2023-12-02 211499 10 Apr 2018 2024-01-26 340688 10 Apr 2018 2023-11-27 274845 10 Apr 2018 2023-12-02 203419 10 Apr 2018 2024-01-26 282247 10 Apr 2018 2023-11-27 274844 10 Apr 2018 2023-12-02 163627 10 Apr 2018 2024-01-26 269638 10 Apr 2018 2023-11-27 227684 10 Apr 2018 2023-12-02 157596 10 Apr 2018 2024-01-26 232993 10 Apr 2018 2023-11-27 208823 10 Apr 2018 2023-12-02 145358 10 Apr 2018 2024-01-26 214990 10 Apr 2018 2023-11-27 171529 10 Apr 2018 2023-12-02 128314 10 Apr 2018 2024-01-26 214989 10 Apr 2018 2023-11-27 171528 10 Apr 2018 2023-12-02 117160 10 Apr 2018 2024-01-26 214226 10 Apr 2018 2023-11-27 171527 10 Apr 2018 2023-12-02 117158 10 Apr 2018 2024-01-26 179644 10 Apr 2018 2023-11-27 100560 10 Apr 2018 2023-12-02 320899 10 Apr 2018 2024-01-26 343290 10 Apr 2018 2023-11-27 345304 10 Apr 2018 2023-12-02 282940 10 Apr 2018 2024-01-26 205708 10 Apr 2018 2023-11-27 345303 10 Apr 2018 2023-12-02 270335 10 Apr 2018 2024-01-26 198301 10 Apr 2018 2023-11-27 345302 10 Apr 2018 2023-12-02 284378 10 Apr 2018 2024-01-26 181696 10 Apr 2018 2023-11-27 322915 10 Apr 2018 2023-12-02 217093 10 Apr 2018 2024-01-26 152280 10 Apr 2018 2023-11-27 286365 10 Apr 2018 2023-12-02 344935 10 Apr 2018 2024-01-26 123767 10 Apr 2018 2023-11-27 274275 10 Apr 2018 2023-12-02 306216 10 Apr 2018 2024-01-26 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 82 Tenure number Issue date Anniversary Tenure number Issue Date Anniversary Tenure number Issue Date Anniversary 314675 10 Apr 2018 2023-12-02 274274 10 Apr 2018 2023-12-02 294051 10 Apr 2018 2024-01-26 227685 10 Apr 2018 2023-12-02 227057 10 Apr 2018 2023-12-02 286030 10 Apr 2018 2024-01-26 177670 10 Apr 2018 2023-12-02 227056 10 Apr 2018 2023-12-02 227400 10 Apr 2018 2024-01-26 341355 10 Apr 2018 2023-12-02 173093 10 Apr 2018 2023-12-02 218105 10 Apr 2018 2024-01-26 294224 10 Apr 2018 2023-12-02 170905 10 Apr 2018 2023-12-02 138229 10 Apr 2018 2024-01-26 274843 10 Apr 2018 2023-12-02 125802 10 Apr 2018 2023-12-02 108292 10 Apr 2018 2024-01-26 204068 10 Apr 2018 2024-04-19 312759 10 Apr 2018 2024-04-19 296996 10 Apr 2018 2024-04-19 212190 10 Apr 2018 2024-04-19 204069 10 Apr 2018 2024-04-19 158251 10 Apr 2018 2024-04-19 158250 10 Apr 2018 2024-04-19 101996 10 Apr 2018 2024-04-19 101995 10 Apr 2018 2024-04-19 Total hectares: 24,437 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 83 4.2.4 Surface rights The SR are covered by the Patented Lands as listed in Table 4.1 to Table 4.3 and labeled by SR in the Tenure Type column. These constitute sufficient area for current operations. 4.3 Royalty and streaming agreements Royal Gold Inc. (Royal Gold) through its wholly owned subsidiary RGLD Gold AG (Royal) entered a $175 million (M) Purchase and Sale Agreement with New Gold in July 2015. The agreement provides Royal with a percentage of the gold and silver production from the Rainy River Mine. New Gold will deliver to Royal: • 6.5% of the gold produced at Rainy River until 230,000 ounces have been delivered, and 3.25% thereafter. • 60% of the silver produced at Rainy River until 3.1 million ounces have been delivered, and 30% thereafter. Royal will pay New Gold 25% of the spot price per ounce of gold or silver. Further details of the streaming agreement are discussed in Item 19.3.2. A portion of the Rainy River mineral lands are covered by either a 2% Net Smelter Return (NSR) royalty or a 10% net profits interest royalty. In addition, New Gold has agreed to financial participation in the Mine in the form of royalties in favor of certain First Nations. 4.4 Environmental, permits, and other factors The QP is not aware of any environmental liabilities on the Property and New Gold has obtained all required permits to conduct the proposed work on the Property. The QP is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform the proposed work program on the Property. This item is more fully covered in Item 20. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 84 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY 5.1 Location and accessibility The Rainy River Mine which is in the centre of the Property is located approximately 50 km to the north-west of Fort Frances, the nearest large town in north-western ON. The Property is centred in Richardson Township which is part of Chapple Township. Air access by regular scheduled flights is either through Thunder Bay or if coming from the west through Winnipeg. Figure 5.1 is an inset of Figure 4.1 and shows the location and access in more detail. Source: New Gold 2019. Figure 5.1– Location and access to the Rainy River Mine site

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 85 Access from Thunder Bay through Fort Frances is approximately 415 km along Highway 11 to Emo, and then north on Highway 71, turning west on Korpi Road. Alternative access from Winnipeg is by driving east to Kenora via Hwy 1 / Hwy 17 and then south on Highway 71 and turning west on Korpi Road, a distance of 369 km. These access roads are sealed allowing year-round access. See Introduction for all these routes. The Canadian National Railway is located 21 km to the south and runs east-west, immediately north of the Minnesota border. The nearby towns and villages of Fort Frances, Emo, and Rainy River are located along this railway line. 5.2 Infrastructure and local resources There are three small towns within immediate driving distance of the Rainy River Mine: Emo (population (pop.) 1,333, 34 km by road), Rainy River (pop. 807, 79 km by road), and Fort Frances (pop. 7,420, 68 km by road). Note population figures are from the 2016 census, and data sourced from www12.statcan.gc.ca. Hydroelectricity is produced north of Kenora at various locations, as well as west and east of Thunder Bay. There is a ready supply of water in the area from lakes and rivers. Ground water is also likely to be in plenteous supply, given the abundance of standing water and rivers within the region. The major primary drainage system in the area includes Rainy Lake, which lies to the south-east and is drained by the Rainy River which flows west along the Minnesota border to Lake of the Woods, which in turn feeds into the Lake Winnipeg watershed. Infrastructure is more fully addressed in Item 18. 5.3 Climate and physiography The climate is typically continental, with extremes in temperatures ranging from +35°C to -40°C, from summer to winter. Annual rainfall in the region averages approximately 60 centimetres (cm), with heaviest rains expected from June to August, when an average of approximately 30 cm of rain is recorded. An average of 150 cm snowfall is recorded annually in the region. The Property ranges over an elevation from 340 masl to 400 masl and is divided into two physiographical regions. These regions are separated by a distinct north-west to south-east divider, locally termed the Rainy Lake / Lake of the Woods Moraine, which traverses the countryside immediately to the north of Richardson Township. To the north and east of this moraine, there is a substantial amount of bedrock exposure and topographic relief can be up to 90 metres (m). This relief contrast is controlled by the geology of the granitic batholiths, which have eroded more deeply than the adjacent supracrustal rocks of the Canadian Shield. The area has been subjected to the Whiteshell glacial event from the Labradorean ice centre to the north-east. The region to the south and west of the moraine is comprised of lowlands. Topographic relief in this region is minimal, glacial overburden is typically 20 m to 40 m thick, drainage NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 86 is poor, and outcrop is limited to less than one percent of the surface area. This area has been exposed to successive glaciations from the north-east and west. Where covered, the bedrock is immediately overlain by Labradorean till, which in turn is overlain by thick, glaciolacustrine silts and clays of Glacial Lake Agassiz and easterly transported clay and carbonate-rich Keewatin till. Some poorly drained areas are also covered by a thick peat layer. Vegetation in the area is categorized within the north-eastern hardwood region immediately adjacent to the southern margin of the boreal forest. 5.4 Surface rights New Gold owns the land containing the entire current surface infrastructure associated with the Rainy River Mine. With the exception of some additional small properties which have to be purchased due to the expansion of the tailings dam footprint this is sufficient to allow the future operation of the mine without further land acquisition, see Item 4. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 87 6 HISTORY The following Item has been modified from the 2014 BBA Technical Report which in turn references documentation of exploration in north-western ON that is archived in the Ministry of Northern Development and Mines (MNDM) offices at Kenora. 6.1 Prior owners Exploration in the general area of the location of the Rainy River Mine began in 1967. Various companies and government organizations were active in and around the region from 1967 to 1989. These included Noranda Inc, Ontario Division of Mines, Ministry of Natural Resources, International Nickel Corporation of Canada Ltd. (INCO), Hudson’s Bay Exploration and Development Co Ltd (Hudbay), the Ontario Geological Survey (OGS), and Mingold Resources Inc. (Mingold Resources). Nuinsco Resources Ltd. (Nuinsco) held the claims to the Rainy River area from 1990 to 2004. Nuinsco was acquired by Rainy River Resources Ltd. (RRR) who continued exploration from 2005 to 2013 when New Gold completed a takeover of RRR on 15 October 2013. In addition, in January 2015, New Gold acquired a 100% interest in three mineral properties located within the Rainy River area through the acquisition of Bayfield Ventures Corp. (Bayfield). These properties include the Burns Block claim located immediately east of the current open pit and in which the Intrepid deposit is located. To facilitate the understanding in other Items, Figure 6.1 shows the land acquired during the Bayfield acquisition. Bayfield explored this ground from 2010 to 2014. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 88 Source: New Gold January 2022. Figure 6.1 –Claim map showing location of acquired Bayfield ground 6.2 Exploration history Following the noting of anomalous copper in the region, Noranda registered claims in 1967 and performed geophysics. In 1971, the Ontario Division of Mines, Ministry of Natural Resources continued exploration works through the mapping of the north-central part of the Rainy River Greenstone Belt (RRGB). This was followed up by INCO, who undertook ground geophysics, and drilled two holes (results unknown). In 1972, Hudbay undertook airborne and ground geophysics, which was followed up in 1973 with 54 drillholes in the vicinity of the current Rainy River Mine. There was insufficient encouragement to continue and exploration was curtailed. In 1988, the OGS produced a regional geological map (Map P.3140) of the area based on the interpretation of aeromagnetic data and geological mapping carried out by Johns in 1988. This mapping was supported by an OGS rota-sonic drilling program on a 3 km drill grid completed between 1987 and 1988. The OGS program resulted in the discovery of a “gold grains-in-till” anomaly in Richardson Township.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 89 Mingold Resources followed up on this anomaly in 1988 and staked 85 claims and optioned patented lands in Richardson Township and some neighbouring townships. Mingold Resources’ use of various sampling methodologies on the till, including reverse circulation (RC) drilling, gave inconclusive results. The Property was acquired by Nuinsco in 1990 and it began exploring in 1993. Nuinsco’s exploration activities from 1993 to 2004 are summarized in Prior owners. Exploration successes of note include the discovery of 17 Zone in 1994, 34 Zone in 1995, and 433 Zone in 1997. Table 6.1 – Summary of Nuinsco exploration activities Year Activity Company 1993 Rota-sonic drilling Midwest Drilling IP and magnetometer survey Val d'Or Géophysique Landsat linear study DOZ Consulting Group Reconnaissance mapping and sampling Nuinsco Resources 1994 Rota-sonic drilling Midwest Drilling Reverse circulation drilling Bradley Bros. - Overburden Drilling Diamond drilling Ultra Mobile Diamond Drilling Grid mapping and sampling Nuinsco Resources Soil Sampling / Enzyme Leach Nuinsco Resources 1995 Reverse circulation drilling Bradley Bros. - Overburden Drilling Diamond drilling Ultra Mobile Diamond Drilling IP survey JVX Geophysics Trenching and stripping, mapping Nuinsco Resources Soil Sampling / Enzyme Leach Nuinsco Resources 1996 Reverse circulation drilling Bradley Bros. - Overburden Drilling Diamond drilling Ultra Mobile Diamond Drilling Diamond drilling Bradley Brothers Diamond Drilling UTEM survey Lamontagne Geophysics Surface pulse EM survey Crone Geophysics and JVX Geophysics Borehole pulse EM survey Crone Geophysics / JVX Geophysics IP and magnetic survey JVX Geophysics Outcrop stripping Nuinsco Resources 1997 Reverse circulation drilling Bradley Bros. - Overburden Drilling Diamond drilling Ultra Mobile Diamond Drilling Diamond drilling Bradley Brothers Diamond Drilling Airborne EM and Magnetic survey Geoterrex-Dighem Surface and Borehole pulse EM survey Crone Geophysics IP survey Quantec IP Local detailed mapping and outcrop stripping Nuinsco Resources 1998 Surface pulse EM survey Crone Geophysics NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 90 Year Activity Company Diamond drilling Ultra Mobile Diamond Drilling. Reverse circulation drilling Bradley Bros. - Overburden Drilling Line cutting / magnetometer survey Mtec Geophysics Inc. Diamond drilling Ultra Mobile Diamond Drilling 1999 Diamond drilling Ultra Mobile Diamond Drilling Diamond drilling Bradley Brothers Diamond Drilling 2000 Airborne EM and Magnetic Survey Aeroquest Limited 2000 / 2001 Geochemical compilation Franklin Geoscience and Nuinsco Personnel 2001 / 2002 Magnetotelluric geophysical survey Phoenix Geophysics 2001 Mapping / prospecting Nuinsco Resources 2001 / 2002 Diamond drilling Diamond Drilling, Bradley Brothers 2004 Diamond drilling Unknown Note: IP = induced polarization; EM = electromagnetics, UTEM = University of Toronto electromagnetic system. Source: Modified after Mackie et al. 2003. Upon acquisition of the Property from Nuinsco in June 2005, RRR relogged key sections of the drill core and input available data into an Excel database. In excess of 100 RC holes were completed to better define the gold-in-till and gold-in-bedrock anomalies. Several exploration and infill drilling campaigns were undertaken from 2005 to 2013 by RRR, the details of which are included in Item 10. The Intrepid Zone was covered by a mobile metal ion (MMI) soil survey in 2013. This survey was conducted by RRR. The test grid over the Intrepid Zone showed a weak to moderate gold anomaly which did not match with the surface projection of the Intrepid Zone mineralization. A summary of exploration activities by RRR, including commissioned studies and excluding drilling, is provided in Table 6.2. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 91 Table 6.2 – Summary of RRR exploration activities Year Activity Company 2005 Re-Log 21 DDH, structure & geology of Caldera Model L.D. Ayres Summary of structural observations G. Zhang Petrography and mineralogy R.P. Taylor Structure and geology of Richardson Township H. Paulsen 2006 Report of re-logging of Nuinsco DDH core L.D. Ayres VTEM airborne geophysical survey Geotech Limited U-Pb Zircon age dating Geospec Consultants Limited Petrographic and mineralogical report E. Schandl Structure and geology review K. H. Paulsen 3D borehole pulse EM survey Crone Geophysics and Exploration 2007 IP Survey of 9 holes, 3D conductivity inversion JVX Limited Models line cutting Archer Exploration Inc. Ground gravity and EM survey Abitibi Geophysics 2008 Titan 24 survey Quantec Geoscience Airborne magnetic gradiometer survey Fugro Airborne Surveys, Corp. Regional geophysical interpretation J. Siddorn – SRK Socio-economic scoping study draft report Klohn, Crippen and Berger Ltd. Preliminary pit slope design and waste management assessment Klohn, Crippen and Berger Ltd. 2009 Age dating of lithologies University of Toronto Geochronology Lab Surficial drainage project K. Smart Associates Limited Socio-environmental baseline assessment, acid leach test Klohn Crippen Berger Ltd. LiDAR survey LiDAR Services International 2010 Preliminary metallurgical testing and metallurgical testwork SGS Canada Inc. Environmental baseline studies, DD-4 geotechnical DDH (1,405 m) Klohn Crippen Berger Ltd Review of pit slope design, structural study SRK Memorandum of understanding with Fort Francis Chiefs Secretariat Rainy River Resources Ltd. M.Sc Thesis on Richardson Deposit J. Wartman - University of Minnesota Pre-Feasibility open pit slope design Klohn Crippen Berger New core logging facility C. Hercun, True-line Construction Line cutting geophysical Grid 33 km Archer Exploration Inc. Titan survey 33 km Quantec Geoscience Application for Advanced Exploration Permit G. Macdonald, K. Stanfield 2011 88 km high-sensitivity potassium magnetometer ground survey RDF Consulting Environmental baseline gap analysis AMEC Earth and Environmental NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 92 Year Activity Company First quarter QA/QC report Analytical Solutions Ltd. Fugro AEM survey Fugro Airborne Surveys Corp. Report on ground gravity surveys, report on borehole surveys Eastern Geophysics, Gerard Lambert 2012 Mobile metal ion soil surveys - various Rainy River Resources Ltd. Report on 34 zone & Pinewood Ni, Cu & PGE mineralization Revelation Geoscience Ltd. Intrepid specific gravity data ALS Chemex Laboratory 2013 Soil gas hydrocarbon orientation survey Rainy River Resources Ltd. Mobile metal ion soil survey – Intrepid Rainy River Resources Ltd. Note: VTEM = versatile time domain electromagnetic; LiDAR = light detection and ranging; AEM = airborne electromagnetics, DDH = diamond drillhole.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 93 6.3 Historical Mineral Resource estimates Numerous Mineral Resource estimates were prepared for the Rainy River Mine from 2003 to 2015. Authors of these reports include Mackie et al. in 2003, Caracle Creek International Consulting Inc. (CCIC) in 2008, SRK in 2009, 2010, 2011, and 2012, BBA and collaborators in 2014 (Feasibility Study). These Mineral Resource estimates are documented in previous technical reports prepared for the Property which are available on SEDAR. The current Mineral Resource estimate contained in Item 14 of this Report supersedes all previous estimates. 6.4 Past production There is no historical production from the Property. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 94 7 GEOLOGICAL SETTING AND MINERALIZATION 7.1 Regional geology The Property is located within the 2.7 billion years (Ga) old Neoarchean Rainy RRGB. The RRGB forms part of the Wabigoon sub-province within the larger Superior Province – the core of the Canadian Shield of North America. The Wabigoon sub-province is located in the western portion of the Superior Province as shown in Figure 7.1. It is a 900 km long, east-west trending composite volcanic and plutonic terrane comprising distinct eastern and western domains separated by rocks of Mesoarchean age (Percival et al. 2006). The western Wabigoon domain is predominantly composed of mafic volcanic rocks intruded by tonalite-granodiorite intrusions. The volcanic rocks, which were largely deposited between approximately 2.74 Ga and 2.72 Ga, range from tholeiitic to calc- alkaline in composition, and are interpreted to represent oceanic crust and volcanic arcs, respectfully (Percival et al. 2006). This basal sequence is overlain by approximately 2.71 Ga to 2.70 Ga volcano-sedimentary sequences and by locally deposited, unconformable, immature clastic sedimentary sequences. Volcanic rocks have been intruded by a wide variety of plutonic rocks including syn- volcanic tonalite-diorite-granodiorite batholiths, younger granodiorite batholiths, sanukitoid monzodiorite intrusions and monzogranite batholiths and plutons. The intrusions were emplaced over a large time span from approximately 2.74 Ga to 2.66 Ga (Percival et al. 2006). In the region east of the town of Fort Frances, the Wabigoon sub-province is bounded to the south by the late Archean, dextral Seine River‒Rainy Lake and Quetico faults. The Quetico Fault splays off the sub-province boundary and strikes west through the western Wabigoon domain just south of the Rainy River Mine. The regional metamorphic grade of the Archean rocks is greenschist to lower-middle amphibolite facies. Locally, adjacent to the intruding batholiths, upper amphibolite mineral assemblages are recognized. Significant metallic mineral deposits hosted in the western Wabigoon domain include the Cameron Lake gold deposit hosted in the adjacent Kakagi–Rowan Lakes Greenstone Belt, the Hammond Reef gold deposit 190 km to the east of the Rainy River Mine, and the Sturgeon Lake volcanogenic massive sulphide (VMS) deposits 250 km to the north- east of the Rainy River Mine. These deposits are shown in relationship to the Rainy River deposit in Figure 7.2. Three phases of the Quaternary Wisconsinan glaciation are recorded in the Rainy River area (Barnett 1992). The Archean basement rocks, and locally preserved Mesozoic sediments are overlain by till deposited from the Labrador Sector of the Laurentide Ice Sheet derived from the Archean basement of the Canadian Shield to the north-east. In the Rainy River area, this till has been found to contain highly anomalous concentrations of gold grains, auriferous pyrite, and copper-zinc sulphides. As the Labradorean ice sheet NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 95 retreated, a thick, electrically conductive, barren glaciolacustrine clay and silt horizon originating from glacial Lake Agassiz was deposited. The Keewatin Sector of the Laurentide Ice Sheet then advanced over the area and deposited an argillaceous till of western provenance on top of the clay and silt horizon. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 96 Figure 7.1 – Superior Province geological map

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 97 Source: Pelletier 2016 (modified after Blackburn et. al. 1991). Figure 7.2 – Significant gold deposits in north-western ON 7.2 Property geology The Property encompasses an approximately 30 km long, north-east trending portion of the RRGB. In this area, the RRGB is bounded to the north-west by the Sabaskong Batholith, to the east by the Rainy Lake Batholithic Complex and to the south by the Quetico fault. In the north-east portion of the Property the RRGB is contiguous with the Kakagi-Rowan Lakes Greenstone Belt. The bedrock geology has been inferred from regional field mapping of limited rock exposures, extensive RC and diamond core drilling, OGS rota-sonic drilling, and airborne geophysics. Portions of the Property have been covered by the Labradorean and Keewatin ice sheets. A bedrock geological interpretation produced by RRR for the area surrounding Rainy River is shown in Figure 7.3. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 98 Source: New Gold January 2021. Figure 7.3 – Bedrock geology of the Rainy River Mine NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 99 7.3 Local geology The Rainy River deposit occurs within a sequence of felsic to intermediate, calc-alkaline metavolcanic rocks which is bounded to both the north and south by a lower mafic volcanic sequence. This mafic sequence is intruded by the trondhjemitic Sabaskong batholith to the north. Felsic to intermediate rocks are intruded to the east of the deposit by the Black Hawk monzonitic stock. In the deposit area all rock units strike approximately east west and dip to the south, subparallel to the main foliation recognized in the area. A summary of rock units in the area surrounding the Rainy River deposit are described below from oldest to youngest. Figure 7.4 shows a schematic stratigraphic column. 7.3.1 Lower mafic volcanic succession The lower mafic volcanic succession comprises high-iron and high-magnesium basaltic rocks which occur as coarse-grained massive lava flows, massive and pillow flows, and flow breccias. Subordinate dacitic tuff and intrusive quartz-feldspar porphyry dikes and sills are commonly noted interbedded or intruding respectively throughout the mafic volcanic rock. 7.3.2 Pyritic sediment succession Conformably overlying the lower mafic volcanic succession are a series of pyrite-bearing siliceous to chloritic wacke units, interpreted to be derived from intermediate to mafic volcanic sediments. These horizons are increasingly interbedded with homogenous and nondescript to quartz-eye dacite tuff horizons as the upper contact is approached. These tuff horizons likely represent onset of the lateral equivalent of subsequent intermediate volcanism. 7.3.3 Intermediate fragmental volcanic succession Overlying the pyritic sediment horizon is a complex succession of intermediate rocks. In the Richardson Township, these volcaniclastic rocks are composed of fine-grained “quartz-eye” dacite and fine-grained ash horizons with subordinate interbedded coarse- grained lapilli tuff and localized sedimentary and exhalative horizons. A high proportion of what appear to be coarse volcaniclastic rocks may in fact be massive flows or tuffs overprinted by strong, anastomosing foliation and sericite alteration. Geochemically these intermediate rocks have been interpreted as calc-alkaline dacite with subordinate rhyolite and andesite. Some blocks of tuff breccia have been observed juxtaposed against the Black Hawk Stock which intrudes and notably alters the volcaniclastic rocks to the east. The rocks of the intermediate fragmental volcanic succession dip 50° to 70° to the south in the Richardson area and are the principal host of the mineralization in the ODM/17, 433, Western, and HS Zones. These zones are discussed in Item 7.5. 7.3.4 Massive lava flows Immediately overlying the intermediate fragmental volcanic rocks are a series of intermediate to mafic volcanic massive lava flows, ranging from fine-grained porphyritic NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 100 quartz dacite, to massive magnetite-bearing mafic volcanic rocks, with localized pillowed mafic flows. These units are notably homogenous, and the intermediate volcanic units often show a diagnostic deformed, sericitic net-textured compression fracture pattern. Upper and lower contacts display a centimetre scale shear fabric at the margins. 7.3.5 Upper diverse mafic volcanic succession The upper diverse mafic volcanic succession is composed of a series of mafic tuffs, massive to glomeroporphyritic mafic flows, localized pillowed flows, interflow sediment and hyaloclastite, and minor subordinate intermediate volcanic tuffs. The rocks of the upper diverse mafic volcanics are the principal host of the CAP Zone mineralization. This zone is discussed in Item 7.5. 7.3.6 Pinewood sediment succession The Pinewood sedimentary rock package is composed of predominantly clastic intermediate derived wacke and argillite. The sequence conformably overlies the upper diverse mafic volcanic rocks, and the contact is typically marked by a pyritic metal-bearing graphitic horizon. The upper contact of the succession is interbedded with the upper felsic succession. 7.3.7 Upper felsic succession The upper felsic succession overlies the intermediate succession along the southern boundary of Richardson Township. The upper felsic succession is a few hundred meters thick and has been traced for 4 km westwards from the Black Hawk Stock. It has been interpreted as a quartz-phyric rhyolite. 7.3.8 Intrusions 7.3.8.1 Intermediate-felsic porphyritic intrusive rock Swarms of porphyritic intermediate to felsic dikes cut through the lower mafic volcanic succession. They range in thickness up to several tens of meters. It has been suggested that these dikes may have been the conduits that fed the overlying intermediate succession hosting the mineralization. They have been variably interpreted and often described as dacitic tuffs due to their similar composition and appearance to units noted within the overlying intermediate succession. Historically, these complex and strongly deformed units have been denoted as the Georgeson / Feeder Porphyries. 7.3.8.2 Ultramafic-mafic intrusion Thin zones of ultramafic to mafic intrusions have been noted in drill core. They form dikes or sills intruding the volcanic stratigraphy at different times. Their sulphide content is typically below 2%. The main lithological units include dunite, pyroxenite, pyroxene- gabbro, and gabbro. The lowermost units contain significant sulphide mineralization enriched in copper, nickel, gold, and platinum group metals. The 34 Zone is hosted in a

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 101 late-stage mafic-ultramafic intrusion which cross cuts the ODM/17 Zone. This zone is discussed in Item 7.5. 7.3.8.3 Black Hawk stock This quartz monzonitic to granodioritic stock consists of two phases and represents a topographic high to the east. The early phase forms the rim of the stock, and is a weakly foliated, notably magnetic, massive to pegmatitic quartz monzonite with minor subordinate granodiorite. The late phase consists of equigranular coarse-grained granodiorite and forms the central core of the stock. Associated magnetic aplitic to pegmatitic dikes, compositionally similar to the early phase, intrude the surrounding metavolcanic rocks. 7.3.8.4 Proterozoic diabase dike A north-west striking, steeply dipping diabase dike cross-cuts the ODM/17 Zone and extends across the entire Property area. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 102 Figure 7.4 – Stratigraphic column NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 103 7.4 Structural geology The volcano-sedimentary sequences of the Rainy River area and regional greenstone belt have been affected by at least five main deformation episodes (D1 to D5) as described in Rankin (2013). 7.4.1 D1 deformation – recumbent folding and thrusting The earliest deformation event (D1) resulted in the development of large-scale recumbent folds (F1) with north-south trending, sub-horizontal fold axes, an associated, variable intensity, axial planar S1 foliation defined by sericite and chlorite and development of L1 mineral lineation. Folding was also accompanied by localized T1 thrusts. Pre-D1 mineralized veins are strongly folded and commonly transposed into the S1 foliation. 7.4.2 D2 deformation – ESE-WNW folding and thrusting The second deformation event (D2) resulted in east-southeast trending upright to overturned shallow plunging folds (F2) of variable intensity, and refolded S1 fabrics and L1 lineations with variable dips and plunges across the belt. A weak S2 axial-planar foliation is locally visible in both drill core and outcrop. F2 fold axes are typically sub horizontal to shallowly plunging. F2 folding was possibly accompanied by T2 thrust to high-angle reverse faults, partitioning subdomains with varying D2 strain. The Rainy River auriferous zones lie within a moderate to steeply dipping F2 limb with S0/S1 trending 110/55 (average) and L1 exhibiting a steep south-southwestern plunge (~down-dip). Steeply plunging ore-shoots within the mineralized zones probably represent localized F1 fold hinges, forming thickened zones of early veins. Termination of ore shoots down-plunge may locally be due to refolding of F1 about local F2 folds at an oblique angle. 7.4.3 D3 deformation – NE and NW kink folding The observed D3 deformation resulted in broad-scale kink folds in the greenstone belt. These trend north-northwest to north-east (with some conjugate kink geometry evident). F3 folds are associated with subvertical S3 spaced fracture cleavages and occasionally manifest as small-scale faults. A consistent sinistral displacement along these structures may be due to progressive rotation of the compressive stress direction from D3 to D4. Small-scale F3 kinks are common within the layered sequences in outcrop and drill core. Very localized remobilization of quartz-sulphide (as veinlets) into the kink axial planes may have produced small zones of enriched mineralization. F3 fold axes typically plunge steeply, occurring where folds are steeply dipping (S0/S1 fabrics). Emplacement of north trending granitoid stocks east of the Rainy River Mine are interpreted to have occurred along F3 kink axes (possible reactivated basement faults). 7.4.4 D4 deformation – late-stage faulting D4 deformation is represented by a late-stage north-northwest to south-southeast to north-south compressive episode causing broad warping of all pre-existing fabrics, NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 104 including F3 mega-kink axial planes. D4 is interpreted to have also caused both flat-lying breccia bodies with late-stage kaolin-sericite alteration in the Intrepid area (sub horizontal tension gash structures), and a weak east-southeast trending foliation in the Black Hawk granitoid stock. 7.4.5 D5 deformation – NW trending mafic dykes The final deformation event, D5, is represented by late stage (Proterozoic) emplacement of north-west trending mafic dykes; evidence of a northeast-southwest extension. 7.4.6 Timing of mineralization SRK structural analyses (Siddorn 2007; Hrabi and Vos 2010) have noted that the gold mineralization is strongly overprinted by subsequent deformation. Key observations in core and outcrop include: • Auriferous mineralization is aligned along the regional foliation. • Fold axes of auriferous quartz veins and sulphide stringers are rotated subparallel to the stretching lineation. • Fold axes, boudin necks, and stretching lineation are subparallel to the plunge of the gold mineralization. • Early sulphide mineralization is deformed by folding (Figure 7.5). • Later quartz-sulphide veins are variably deformed and overlap in time with the main regional deformation. These observations strongly suggest that the current geometry and plunge of the gold mineralization at Rainy River is the result of high strain deforming features associated with gold mineralization and rotating the ore plunge parallel to the stretching direction. Figure 7.6 illustrates the structural controls on the plunge of mineralization.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 105 Source: SRK 2011. Figure 7.5 – Sulphide mineralization deformed by folding in drill core from Rainy River NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 106 Source: New Gold from SRK 2011. Figure 7.6 – Structural control over the plunge of gold mineralization at Rainy River NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 107 7.5 Deposit geology and mineralization The Rainy River deposit comprises eight distinct zones of gold and silver mineralization as shown in Figure 7.7. These eight zones include four different styles of mineralization as shown in Table 7.1. Table 7.1 – Rainy River mineralization style Zone Mineralization style Rock type ODM/17 Zone, 433 Zone, HS Zone, Western Zone Moderately to strongly deformed, sulphide and quartz-sulphide stringers and veins with Au mineralization Felsic quartz-phyric rocks CAP Zone Deformed quartz-ankerite-pyrite shear veins with Au mineralization Mafic volcanic rocks Intrepid Zone, Footwall Silver Zone Deformed sulphide-bearing quartz veinlets with high grade silver Dacitic tuffs and breccias 34 Zone Copper-nickel-platinum group mineralization Mafic- ultramafic intrusion The bulk of the gold mineralization at Rainy River is contained in sulphide and quartz- sulphide stringers and veins hosted by felsic quartz-phyric rocks. Additional detail on mineralized zones that are part of the Mineral Resources is provided in Item 14. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 108 Source: New Gold 2019. Figure 7.7 – Rainy River – mineralized zones 7.5.1 ODM/17 Zone The ODM/17 Zone is a series of east-west trending, south dipping lenticular sheets hosted within calc-alkaline dacites of the intermediate fragmental volcanic succession. The zone is cut by numerous NNE trending faults. The ODM/17 Zone has presently been defined over a strike extent of 1,600 m and to depths of 975 m. The true width of the zone is approximately 200 m. High grade lenses plunge south-west (aligned with the L2 stretching lineation). Mineralization in the ODM/17 Zone is open below the modelled depth. Three styles of gold mineralization are observed in the ODM/17 Zone. Low grade intervals are characterized by tightly folded pyrite stringer veins and disseminated pyrite in sericite-quartz-chlorite altered host rocks. Moderate-grade intervals are characterized by tightly folded and foliation parallel pyrite-sphalerite and pyrite stringer veins, commonly associated with stronger silica and weak garnet alteration. Examples are shown in Figure 7.8. High grade gold mineralization is associated with deformed quartz-pyrite-gold veinlets that overprint other mineralization styles. An example is shown in Figure 7.9.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 109 Note: Deformed pyrite-sphalerite veins and stringers parallel to, or obliquely to foliation in quartz- sericite- chlorite altered rocks (Borehole NR0651 at downhole interval, as indicated). Source: New Gold 2018. Figure 7.8 – ODM/17 Zone gold mineralization NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 110 Note: Deformed quartz-pyrite vein with visible gold emplaced along boudin neck (Borehole NR0651 at 251.1 m; 195.5 g/t gold over 1 m core length interval). Source: New Gold 2018. Figure 7.9 – ODM/17 high grade gold mineralization 7.5.2 433 Zone The 433 Zone is located approximately 500 m north of the ODM/17 Zone and hosted within strongly sericitized calc alkaline dacite rocks and lesser tholeiitic basalts. The 433 Zone comprises a cigar-shaped lens which plunges steeply south-west. This zone has a strike length of 325 m, a vertical distance of approximately 820 m, and a true width of up to 125 m. Gold mineralization is similar in style to the ODM/17 Zone but with a number of minor differences: The 433 Zone is dominated by chlorite alteration of quartz-phyric host rocks as opposed to sericite in the ODM/17 Zone. Chlorite-pyrite altered heterolithic conglomerates occur within the 433 Zone. Chalcopyrite and chlorite are associated with high-grade quartz-pyrite-gold veinlets as shown in Figure 7.10. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 111 Note: Deformed quartz-pyrite-chalcopyrite-chlorite-gold veins cross-cutting foliation and disseminated pyrite in quartz-sericite altered quartz-phyric rock (Borehole NR07-218 at 305.2 m; 4,159 g/t gold over 1 m core length interval). Source: SRK 2011. Figure 7.10 – 433 Zone high-grade gold mineralization 7.5.3 Footwall Silver Zone The Footwall Silver Zone occurs in altered dacitic tuffs and tuff breccias immediately adjacent to a high strain zone at the northern contact of the ODM/17 Zone. This zone plunges to the south-west in similar orientation to the ODM/17 Zone. It is hosted by centimetre scale sulphide-bearing quartz veinlets with common millimetre scale fracture filling to dendritic native silver inclusions. Sulphides contained within these veinlets, in order of frequency, comprise pyrite, sphalerite, chalcopyrite, and galena. Localized spessartine garnets have been noted. The presence of isoclinal folding of the veinlets suggest mineralization occurred prior to or synchronous with deformation. The zone is considered to genetically related to the ODM/17 Zone. The zone is composed of numerous lenses that range from 5 to 30 m wide, have strike lengths between 5 to 50 m and plunge extents between 300 and 600 m. 7.5.4 HS Zones Several subsidiary zones of gold mineralization occur between the ODM/17 Zone and 433 Zone. The HS Zones comprise a series of small, discontinuous south-west plunging, flattened shoots of mineralization. Discontinuous, irregular low-grade gold mineralization is associated with chlorite-pyrite replacement of matrix in flattened, albitized, heterolithic pebble conglomerates. The zone has a strike length of 200 m and extends to a vertical distance of approximately 700 m. The full extent of the HS Zone has not been defined by drilling to date. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 112 7.5.5 The Western Zone The Western Zone occurs near surface approximately 500 m north-west of the western extent of the ODM/17 Zone. It is composed of stockwork of discrete centimetre scale anastomosing, folded to linear quartz and quartz-carbonate veinlets. The Western Zone is hosted predominantly within strongly deformed intermediate volcanic fragmental units (analogous to those that host the ODM/17 Zone) and mafic volcanic flows in the immediate footwall (FW) and hangingwall (HW). The stratigraphy hosting the Western Zone shows a much higher degree of deformation than to the east and, combined with intense sericitic alteration and foliation, is often described as a pervasive shear fabric, or approaching mylonitic texture. The veinlets are variably mineralized, with inclusions (in the order of frequency) of pyrite, anemic sphalerite, chalcopyrite, galena, native silver, electrum, and native gold. The Western Zone comprises a series of discontinuous 5 to 10 m wide zones of mineralization which strike approximately south-east and dip south-west at approximately 50°. Individual zones encompass a strike length of between 50 and 500 m. Collectively these zones occur over an area of approximately 500 x 1,200 m. They have been defined to down-dip depths of approximately 60 to 500 m. 7.5.6 The CAP Zone The CAP Zone is located approximately 200 m to the south of the ODM/17 Zone in both tholeiitic basalts and calc-alkaline dacite of the upper diverse mafic volcanic succession. The CAP Zone has been defined over a strike length of 400 m, up to 120 m wide and with a down-dip extent of 750 m. Mineralization in the CAP Zone is open below the modelled depth. Higher-grade gold mineralization is associated with deformed quartz-ankerite-pyrite shear and extensional veins hosted by quartz-ankerite-pyrite altered mafic volcanic rocks. Examples are shown in Figure 7.11. Relative to ODM/17 and 433 Zones, the CAP Zone has a higher pyrite-chalcopyrite content.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 113 Note: Borehole NR10-474 from 188.0 to 234.0 m. Source: SRK 2011. Figure 7.11 – Higher-grade gold mineralization within the CAP Zone 7.5.7 Intrepid Zone The Intrepid Zone is located approximately 800 m east of the ODM/17 Zone within dacitic tuffs and breccias of the intermediate fragmental volcanic succession. The Intrepid Zone has been defined over a strike length of 410 m and to 450 m down-dip. The width of the zone is variable ranging between 10 m to 60 m. High-grade gold and silver mineralization is associated with deformed quartz-pyrite-gold, quartz-pyrite-silver, or quartz-pyrite-gold-silver veinlets that overprint other mineralization styles. The gold-silver ratio is determined by their location within the base metal zonation. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 114 7.5.8 34 Zone The 34 Zone comprises magmatic nickel copper sulphide mineralization associated with precious metals (gold, platinum group metals) within a tubular, ~100 m thick, late-stage pyroxenite gabbro intrusion which cross cuts the ODM/17 Zone and post-dates the main gold mineralization event. The host pyroxenite-gabbro intrusion is unmetamorphosed, but locally altered into serpentine and talc. Magmatic sulphides vary from massive to net- textured and disseminated. Gold and silver mineralization occur within 5 to 50 m thick dislocated (and therefor discontinuous) north-east oriented pods over a strike length of 500 m with a down-dip plunge of 100 m. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 115 8 DEPOSIT TYPES The following Item has been summarized from Pelletier’s M.Sc. thesis (2016) and the QP approves this information. The M.Sc. thesis represents the latest update on deposit style and formation of the Rainy River mineralization. Additional details of the deposit formation are given in the 2018 New Gold Technical Report. A schematic diagram of the potential formation of the Rainy River deposit is shown in Figure 8.1. The Rainy River deposit is an auriferous VMS system (Pelletier 2016) with a primary syn- volcanic source and possibly a secondary syn-tectonic mineralization event (Mercier- Langevin et al. 2015). Wartman (2011) and Pelletier (2016) have proposed that gold mineralization was introduced alongside base metals prior to the main deformation event at Rainy River, through fluid flow associated with a syn-volcanic hydrothermal system. Evidence to support an early gold precipitation event includes: • Spatial correlation of gold with base metals at the deposit scale. • Close spatial association between gold and zoned hydrothermal alteration. • Stacking of auriferous bodies in a restrained volcanic pile. • The presence of a gold-rich core and a barren rim of pyrite mineralization. • Preferential association of alteration and auriferous zones with volcaniclastic rocks (control on fluid circulation by primary permeability of the host rock). The peak hydrothermal activity and associated metal deposition is thought to have occurred during a volcanic activity hiatus during which fine-grained, pyrite-rich sediments were deposited on top of the dacitic volcanic rocks that host the ODM zone, and before the deposition of tholeiitic basalts in the uppermost part of the host succession. An early, pre-D2 origin for the alteration and sulphide zones is further supported by the strong control of the combined S2 and L2 fabrics on the shape of the mineralized zones and lithological contacts. In VMS deposits, the main source of metals is the surrounding volcanic and / or sedimentary rocks, from which circulating hydrothermal fluids collect, enrich and transport the metals and precipitate them in a zone of massive sulphide mineralization at or below seafloor (Franklin et al. 2005). At Rainy River, gold and silver are the dominant metals and the base metal (Cu-Pb-Zn) sulphides, although good indicators of the presence of gold, represent less than 10%, by volume, of the host rock. This is in contrast with other VMS systems that generally contain large amounts of base metals. However, there are exceptions, i.e., gold-rich VMS deposits that often contain modest amounts of base metals relative to gold (Mercier- Langevin et al. 2015 and references therein). Consistent with other gold-rich VMS deposits, the difference in metal budget between Rainy River and typical VMS systems suggests a different source than the surrounding NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 116 host rocks, for example a magmatic input, and / or efficient precipitation mechanisms for gold. In the scenario of a magmatic source of metals, specific petrogenetic processes related to specific geodynamic environments can be inferred (e.g., Hannington et al. 1999; Huston 2000; Yang and Scott 2003; Mercier-Langevin 2005; Mercier-Langevin et al. 2007; 2011; 2015).

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 117 Figure 8.1 – Potential formation of the Rainy River deposit NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 118 9 EXPLORATION New Gold has completed several exploration programs at the Property since the announcement of the takeover of RRR in May 2013. New Gold exploration activities are summarized in Table 9.1. Table 9.1 – Summary of New Gold exploration activities at Rainy River Date Activity Performed by Jul – Oct 2013 2,085 sample MMI geochemical survey New Gold Geologists Jul – Nov 2013 56,000 m re-logging program within ODM Zone New Gold Geologists Jun-Sep 2013 MSc thesis - style, geometry, timing and structure of mineralization M. Pelletier, Université du Québec May – Jul 2014 862 sample MMI geochemical survey New Gold Geologists Jan – May 2015 102,380 m re-logging program within Burns Block claim New Gold Geologists Apr – Nov 2016 5,000 m Corescan hyperspectral alteration survey New Gold Geologists May 2015 – Dec 2016 1,992 sample SWIR spectral alteration survey New Gold Geologists 2017 - 2018 Drone Airborne UAV-MAG Survey Abitibi Geophysique Aug- Dec 2019 174 rock chip samples, 1,136 soil samples New Gold Geologists Jun 2020 – Nov 2021 231 rock chip samples, 1,303 soil samples New Gold Geologists Notes: MMI =mobile metal ion; SWIR=short-wavelength infrared; UAV=unmanned aerial vehicle; MAG=Magnetic. Results of the MSc thesis have been summarized and referenced in Items 7 and 8. Source: New Gold 2021. 9.1 Mobile Metal Ion (MMI) sampling programs MMI programs initially consisting of 2,085 samples and later 862 samples were completed on various portions of the Property in 2013 and 2014 respectively. The work included 10 sample grids comprising five 100 m spaced reconnaissance lines with a 25 m sample spacing. This work included sampling of the Intrepid Zone. The test grid over the Intrepid Zone showed a weak to moderate gold anomaly which did not match with the surface projection of Intrepid mineralization. Sporadic gold anomalies were drill tested with no significant results. 9.2 Relogging programs New Gold completed a relogging campaign between July and October 2013. A total of 56,000 m of diamond drill core from key sections of the ODM Zone were relogged to improve the company’s understanding of controls on mineralization. All data was incorporated into the digital database. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 119 In January 2015, New Gold acquired a 100% interest in three additional mineral properties located within the Rainy River area through the acquisition of Bayfield. The company subsequently re-logged 317 core holes totaling 102,380 m from the Burns Block claim located immediately east of the planned open pit. Geological and assay data collected from the Burns Block drill core were integrated with the geologic and assay data for the project and incorporated into an updated Mineral Resource. 9.3 Short-wavelength infrared (SWIR) alteration study New Gold completed a 1,992 sample SWIR sampling program between May 2015 and December 2016. The location of this survey is shown on Figure 9.1. Top of hole drillhole samples within the deposit area were analyzed using oreXpress (previously called SpecTERRA) to identify white mica and chlorite compositions. The results of this program were inconclusive and were interpreted to have been affected by thermal overprinting associated with emplacement of the Black Hawk stock. New Gold has completed several exploration programs at the Property since the announcement of the takeover of RRR in May 2013. New Gold exploration activities are summarized in Table 9.1. Source: New Gold 2021. Figure 9.1 – SWIR top of hole survey sample locations NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 120 9.4 Hyperspectral alteration study New Gold completed a hyperspectral alteration study to determine potential vectors to gold mineralization in 2016. This program comprised the scanning of approximately 5 km of drill core from the Rainy River deposit and surrounding exploration areas using the Corescan hyperspectral system provided by SGS Analytical Services. Corescan mineral logs and spectral parameters were compared against sample assays, geochemistry, lithology and magnetic susceptibility and correlations evaluated. In addition, drillholes included in the Corescan study were inspected by site geologists and compared against results. Refinements were made to logging protocols and core was relogged where required. The Corescan study shows that white micas transition from predominantly phengite peripheral to mineralization zones, to slightly sodic muscovite proximal to mineralization. Similarly, chlorite transitions from Fe-rich to Mg-rich towards the core of the VMS system. Figure 9.2 shows the location of the hyperspectral alteration study. Source: New Gold 2021. Figure 9.2 – Corescan hyperspectral alteration study drillhole locations

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 121 9.5 MSc research A detailed study of the geology of the Rainy River gold deposit was completed by Ms Mireille Pelletier in 2016 as part of a MSc research with the Université du Québec - Institut National de la Recherche Scientifique (Pelletier 2016). The thesis provided a comprehensive description of deposit geology and controls to mineralization at the Rainy River deposit. 9.6 Unmanned aerial vehicle (UAV) magnetic survey A high-resolution survey UAV magnetic survey was completed by Abitibi Geophysique for New Gold in 2017 and 2018. A total of 2,041 line-kilometers was flown on 50 m spaced lines over four separate regional targets. The UAV survey improved the understanding of geological framework within target areas including distribution of lithological units, and location of major tectonic features. The location of the four survey areas is shown in Figure 9.3. Source: New Gold 2021. Figure 9.3 – 2017-2018 UAV magnetic survey areas NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 122 9.7 Rock chip sampling program In August 2019 the New Gold exploration team commenced a regional rock chip and soil sampling campaign to generate regional exploration targets. A total of 174 samples and 1,136 soil samples were collected; samples results incorporated within the regional database, combined with geophysical and geological data collected will build the complete data set for follow-up interpretation and drill ready target definition. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 123 10 DRILLING This Item describes diamond drilling programs completed by RRR and New Gold from 2005 to present. Drill procedures used by Nuinsco between 1994 and 2004 and Bayfield between 2010 and 2014 are not well documented and are not described in this report. RRR’s and New Gold’s drill programs were designed and completed by an experienced exploration team under the supervision of a Project Manager, the Vice President, Exploration and the Director, Exploration. Diamond drill programs completed at the Rainy River deposit and the Intrepid Zone were performed by Bradley Bros. Ltd, Naicatchewenin Development Corporation in partnership with C3 Drilling, Major Drilling Group International Inc., Rodren Drilling Ltd., and Orbit Garant Drilling. Ninety-seven percent of drilling used NQ core tools from surface collars. HQ (2.75%) and PQ (0.25%) comprise the remaining 3% of drillholes. Rainy River drillholes were drilled predominantly on northerly directed azimuths at inclinations of between 50° and 65°. The main zones of gold mineralization have been drilled on a grid of at least 60 m by 60 m with some areas drilled as closely as 12.5 m by 12.5 m. A complete summary of diamond core drilling completed at the Rainy River Mine is included in Table 10.1 and includes all diamond core drillholes drilled on the Property. RC, geotechnical, and abandoned holes are excluded. Drillholes used in the Mineral Resource estimate are a subset of this drilling database. Figure 10.1 shows the location of drillholes in the core portion of the Property. Table 10.1 – Summary of diamond drilling at Rainy River Company Period Exploration holes Condemnation holes Count Metres Count Metres Nuinsco 1994 – 2004 203 49,897 RRR 2005 – 2013 1,407 688,645 190 42,628 Bayfield 2010 – 2014 317 102,380 New Gold 2013 27 9,305 37 7,700 2014 113 44,452 78 15,690 2015 50 10,592 2016 37 5,871 2017 31 10,546 2019 2020 2021 9 4 13 3,358 1,298 4,079 New Gold total 284 89,501 115 23,390 All Overall total 2,211 930,423 305 66,018 Notes: This table does not include abandoned, geotechnical, nor RC drillholes. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 124 Drillholes were designed to provide sufficient information to delineate Mineral Resources. Representative cross sections of drilling completed at the Rainy River deposit are presented in Figure 10.2 to Figure 10.4. Source: New Gold 2021. Figure 10.1 – Rainy River Deposit Drillhole location map In December 2020 New Gold started a reconnaissance drilling program on the north portion of the Campany’s landholding in an area defined as NE Trend to explore for shear hosted gold mineralization within an interpreted ~15 km long north-northeast oriented structural corridor. As of December 2021, a total of 5,377 metres in 18 diamond drill holes were completed and drill hole collar's location are presented in Figure 10.2.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 125 Source: New Gold 2021. Figure 10.2 – NE Trend Drillhole location map NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 126 A summary of procedures relating to drilling is provided below. 10.1 Collar surveying A hand-held global positioning system (GPS) was used to locate and prepare drilling pads in the field. At the completion of each drillhole a Differential GPS (DGPS) was used to survey the casing collar. DGPS accuracy was validated using a known control station location. 10.2 Downhole surveying Drillhole deviation surveys were completed using a Reflex EZ-SHOT™ instrument. Downhole surveys were collected on 50 m intervals. Downhole surveys show that all drillholes typically shallow with depth. Deeper drillholes also deviate in azimuth. At the Intrepid Zone, 60 out of the 230 drillholes have been resurveyed with a Reflex Gyro at 5 m intervals. An azimuth pointing system was used to determine the azimuth and inclination at the collar. To address drillhole deviation in deeper holes RRR utilized Tech Directional Drilling in 2011 to ensure that deeper drillholes intersected planned targets. 10.3 Core processing and logging All diamond drill core is processed and stored at New Gold’s onsite secure core logging facilities which are security monitored 24 hours per day, seven days per week. Core processing and logging procedures have been in effect throughout the RRR and New Gold drill programs. Core processing includes the collection of core recovery data, magnetic susceptibility, geotechnical data, and geological logging. Core recovery and detailed geotechnical logging including rock quality designation (RQD), joint / fracture analysis, material type, and rock strength were implemented in 2014. Magnetic susceptibility readings are recorded every 3 m. Specific gravity is recorded for both mineralized and non-mineralized material. Geological logging comprises collection of lithology, alteration, mineralization and structure data. Core is not routinely photographed, although significant intersections and features are photographically recorded. Core logging data is captured directly onto laptop computers previously using Datamine’s DHLoggerTM and more recently Maxwell LogChiefTM. Validation protocols are built into the software to ensure data consistency and minimize data collection errors. LogChiefTM logging data is merged into a central Maxwell DatashedTM database where further validation is completed. Geological and assay data is transferred directly from the DataShedTM database into Maptek Vulcan software for three-dimensional (3D) visualization, interpretation, and modelling. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 127 10.4 Sampling RRR initially selectively sampled parts of the drillholes based on visible observations and interpretation of mineralization and alteration. Core was marked for sampling at regular 1.5 m intervals and core was split, with one half retained in the core box as a record and the other half submitted for preparation and analysis. In 2012, RRR adjusted sampling procedures so that the entire drillhole was sampled with predominantly 1.5 m samples. This sample interval was adjusted where required to respect geological boundaries. Under New Gold from 2013 to 2015, sampling was performed at regular 1.5 m intervals. During the period 2016-2017 the average sampling length was changed to 1 m intervals for delineation drill holes completed within the open pit and adjusted to 1.5 m intervals from 2019 to present. Shorter samples were collected at the contacts between geological domains. Sampling is completed following geotechnical and geological logging. A geologist and / or geotechnician marks out sample intervals with a red grease pencil and places two sample tags (with unique pre-printed sample numbers) at the beginning of each sample interval. A third copy of the sample tag remains in the sample booklet, along with “from” and “to” information recorded by the geologist. These tags are kept in the main office and filed with each individual hole. Samples are cut using a diamond core saw. After each sample is cut, one half of the core is rinsed and placed into a sample bag and the second half is returned to the core box. One of the two sample tags (previously placed at the beginning of each sample interval) is then placed in the sample bag, while the other remains in the core box for reference. Sample bags are stapled closed by the core cutting technician and marked with the unique sample number using a permanent marker. Five sample bags are normally placed into a labelled rice bag, which is then sealed and stored in a secured area prior to dispatch to the assaying laboratory (lab). Each drillhole is separated by placing the rice bags on separate wooden pallets, never combining different holes on one pallet. Sample shipments are typically dispatched to the lab on two days per week, to ensure the shipment is never left overnight or over weekends at the shipping yard. A photocopy of the sample submission form is placed inside the first rice bag of each hole. The rice bags are transported directly by New Gold personnel to the Gardewine North Shipping in Fort Frances. A typical dispatch contains approximately 400 to 600 samples. Rice bags requiring overnight storage are securely stored inside a designated building. Following completion of core cutting and sample packing, the core boxes containing the remaining half core are stored outdoors, on sheltered racks. Unsampled intervals in the Nuinsco boreholes were subsequently sampled by RRR and incorporated into the borehole database. 10.5 Sample recovery Diamond core sample recovery data has been collected since New Gold acquired the Property in 2013. Core recoveries from New Gold drill programs vary between 2.33% and 100% averaging 99.9%. A total of 219 of the 16746 intervals in the database have recoveries less than 90%. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 128 10.6 Representative sections The following figures show representative sections through the Rainy River Project area from west to east. • Figure 10.2 is a section through the Western Zone. • Figure 10.3 is a section through the main zones (including the ODM/17 Zone). • Figure 10.4 is a cross section through the Intrepid Zone. The location of these zones is shown on Figure 7.7 in Item 7. Source: AMC 2019. Figure 10.3 – Vertical section through the Western Zone

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 129 Source: AMC 2019. Figure 10.4 – Vertical section through the main zones (including ODM/17 Zone) NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 130 Source: AMC 2019. Figure 10.5 – Vertical section through the Intrepid Zone 10.7 Conclusion In QP’s opinion, there are no drilling, sampling or recovery factors that could materially impact the accuracy and reliability of drill results. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 131 11 SAMPLE PREPARATION, ANALYSES, AND SECURITY 11.1 Introduction This Item describes the sampling methods, analytical techniques and assay Quality Assurance / Quality Control (QA/QC) protocols followed during the 1994 to 2017 drill programs. Drilling and QA/QC programs are divided into periods, based on the operator at that time. These are: Nuinsco (1994 to 2004), RRR (2005 to 2013), and New Gold (2013 to 2017). Also, New Gold acquired the Bayfield land, which is now part of the current property, from Bayfield in January 2015. The original Bayfield QA/QC data was provided and is treated separately. The location of this ground is shown in Figure 6.1. Sampling methods, preparation, and analyses employed by Bayfield are discussed in Items 11.2.4 and 11.3.4. All laboratories that have been used are independent of the issuers. 11.2 Sampling methods 11.2.1 Nuinsco Resources Ltd. (1994 – 2004) Limited information is available for this time period, but Mackie et al. (2003) states that drill core was logged and sampled at the Nuinsco core shack in Richardson Township, with sample splitting achieved through both a hydraulic core splitter and diamond core saw. Samples were bagged and shipped to the ALS Chemex (ALS) preparation lab in Thunder Bay, ON. Accurassay Laboratories Ltd. (Accurassay) also in Thunder Bay, was briefly used. No other sampling methodology information is available for this time period. 11.2.2 Rainy River Resources Ltd. (2005 – 2013) RRR sampling methodology is summarized from the 2008 Technical Report by CCIC (2008). RRR initially began sampling entire drillholes at 1.5 m intervals but after approximately eight months, geological understanding improved, and sampling became selective. Sampling focused on specific intervals identified using visual mineralization and alteration criteria. Sampling intervals varied from 1.0 to 1.5 m, with the former used in areas of suspected mineralization. The logging geologist inserted two sample tags at the beginning of each marked sample interval, with a third tag remaining in the tag book, recording the hole ID and sample interval. Samples were halved using a core saw, and then rinsed. Half the sample was placed in a bag with one of the tags, the second half remained in the core box with the second tag. Sample bags were stapled shut and packed into labelled rice bags at a frequency of approximately 5 samples per bag. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 132 11.2.3 New Gold Inc. (2013 – 2017) New Gold sampling methods are similar to those of RRR. Thus, once a sample is cut, one half of the core is rinsed and placed into a sample bag and the second half is returned to the core box. One sample tag is placed in the sample bag, and a second remains in the core box for reference. The sample bags are stapled shut and individually marked with a sample number. Five sample bags are normally placed into a labelled rice bag, which is then sealed and stored in a secured area prior to dispatch to the assaying lab. Each hole is separated by placing the rice bags on separate wooden pallets, never combining holes on one pallet. 11.2.4 Bayfield Ventures Corp. (2010 – 2014) Sampling methods are summarized from Duke (2014). Samples with perceived mineralization are cut by core saw, with samples not exceeding 1.5 m in length. Half of the drill core is placed in a labelled plastic sample bag together with a unique sample tag matching the bag label. Samples with no perceived mineralization have no length limit. In these instances, the core is not cut but chipped, with chips collected into a sample bag and labelled in the same way as cut core samples. 11.3 Sample preparation and analysis Since 1994, the various operators have employed multiple labs with differing sample preparation and analytical methods.Table 11.1 summarizes the analytical labs, Table 11.2 summarizes the preparation methods, Table 11.3 summarized the analytical methods used for Au analyses, and Table 11.4Table 11.4 summarized the analytical methods used for Ag analyses. The QP notes that all laboratories listed below are independent of New Gold.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 133 Table 11.1 – Preparation facilities and analytical laboratories Company Years Laboratory Location Accreditation Nuinsco 1994 - 2004 ALS Prep - Thunder Bay, ON (?) Analytical – Mississauga, ON ISO 9002:1994 ISO 9001:2000 RRR 2005 - 2006 ALS Prep - Thunder Bay, ON Analytical – North Vancouver, BC ISO 9001:2000 ISO/IEC 17025:2005 2006 - 2011 Accurassay Thunder Bay, ON ISO 9001:2000 ISO/IEC 17025:2005 2009 Actlabs Thunder Bay, ON ISO/IEC 17025 2010 ALS1 Analytical – North Vancouver, BC ISO 9001:2008 ISO/IEC 17025:2005 2011 - 2013 ALS Prep - Thunder Bay, ON Analytical – North Vancouver, BC ISO 9001:2008 ISO/IEC 17025:2005 New Gold 2014 - 2017 ALS Prep - Thunder Bay, ON Analytical – North Vancouver, BC ISO 9001:2008 ISO/IEC 17025:2005 2014 - 2017 Actlabs1 Thunder Bay, ON ISO/IEC 17025 Bayfield 2010 - 2014 Actlabs Thunder Bay, ON ISO/IEC 17025:2005 2010 TSL Saskatoon, SK ISO/IEC 17025:2005 CAN-P-4E CAN-P-1579 Note: 1 Umpire lab. Source: AMC, using data provided by New Gold. 11.3.1 Nuinsco Resources Ltd. (1994 – 2004) The following is summarized from Mackie et al. (2003). Samples were prepared at the ALS preparation lab in Thunder Bay, ON. Samples were crushed to ~1 cm sized pieces using a jaw crusher, then put through a roll crusher until >60% passed 10 mesh (2 millimetres (mm)). A 200 - 250 g riffle split was taken from the crushed sample, and then pulverized in a ring mill until >95% passed 150 mesh. This pulp was then sent to ALS in Mississauga, ON for Au, Cu, Zn, and Ag analysis. Specific analytical method codes are not available. Sample preparation methods are summarized in Table 11.2, and analytical methods are summarized in Table 11.3 and Table 11.4. ALS Chemex (currently ALS) facilities are accredited (Table 11.1) and were independent of Nuinsco. 11.3.2 Rainy River Resources Ltd. (2005 – 2013) RRR used multiple labs during their ownership of the Property as shown in Table 11.1. All labs used by RRR are accredited analytical labs and were independent of RRR. The management system of the ALS Group Laboratories holds quality management accreditation from the International Organization for Standardization (ISO 9001:2000 (2005 to 2008); ISO 9001:2008 (2008 to 2014)). The North Vancouver Laboratory holds NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 134 accreditation for the competence of testing and calibration from the International Organization for Standardization / International Electrotechnical Commission (ISO/IEC 17025:2005 (2008 to present)) for certain testing procedures, including those used to assay samples submitted from the Rainy River Mine. All ALS preparation facilities also fall under the ISO/IEC 17025:200 accreditation. ALS Laboratories also participated in international proficiency tests such as those managed by CANMET and Geostats Pty Ltd. The Accurassay facility in Thunder Bay holds accreditations including ISO 9001:2000 and ISO/IEC 17025:2005 for the Mine’s relevant analytical tests. Activation Laboratories Ltd. (Actlabs) holds accreditation ISO/IEC 17025 for certain testing procedures including gold and silver assaying using a fire assay procedure. 11.3.2.1 ALS Chemex (2005 – 2006) ALS sample preparation involved crushing the sample such that >70% passed through a 2 mm (9 mesh) screen. A 250 g split was then pulverized in a ring mill to achieve > 85% passing through 200 mesh (75 µm) sieve (lab method code PREP-31; Table 11.2). A 30 g sample was analyzed for gold by fire assay with an atomic absorption spectroscopy (AAS) finish (lab method code Au-AA23). Samples that exceeded the detection limit were re-analyzed by fire assay with a gravimetric finish (lab method code Au-GRA21). Silver was analyzed by aqua regia (AR) digest with an atomic emission spectroscopy (AES) finish (lab method code ME-ICP41). Samples that exceeded the detection limit were re-analyzed using the same digest and an AES finish, and with a greater upper detection limit (lab method code Ag-OG46). Analytical methods, including detection limits, are summarized in Table 11.3 and Table 11.4. 11.3.2.2 Accurassay Laboratories (2006 – 2011) Samples were first entered into a local information management system. Accurassay preparation method code ALP1 was requested by RRR. The samples were dried in an oven at 50°C prior to crushing with a TM Engineering Rhino Jaw crusher until >90% passed 8 mesh (2 mm). A 500 g split separated using a Jones Riffle Splitter was then pulverized using a TM Engineering ring and puck pulverizer with 500 g bowls until 90% passing 150 mesh (106 µm) was achieved. Pulverized samples were then matted to ensure homogeneity. The homogeneous sample was then sent to the fire assay lab or the wet chemistry lab, depending on the analysis required. Gold was analyzed by fire assay using lab method code ALFA1. A 30 g sample was mixed with a silver solution and a lead-based flux and fused, resulting in a lead button. The button was then placed in a cupelling furnace where all of the lead was absorbed by the cupel and a silver bead, which contained any gold, platinum, and palladium, was produced. This silver bead was digested using AR and bulked up with a distilled de-ionized water and digested lanthanum solution. The solution was then analyzed for NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 135 gold using AAS. Samples that exceeded the 30,000 parts per billion (ppb) (30 ppm) detection limit for gold were reanalyzed by fire assay but with a gravimetric finish (lab method code ALFA5; Table 11.3). For silver analysis samples were weighed for geochemical analysis and digested using AR and analyzed for silver using AAS (lab method code ALAR1). Samples that exceeded the 100 parts per million (ppm) detection limit for this method were similarly reanalyzed using an AR digest and AAS finish but with a higher detection limit (lab method ALAR2; Table 11.4). 11.3.2.3 Activation Laboratories (2009) The sample preparation package requested by RRR was package RX1. This required that the sample be crushed to 90% passing 10 mesh (2 mm), from which a 250 g riffle split was taken. The split was pulverized to 95% passing 105 µm mesh (Table 11.2). For gold analysis, a 30 g sample was analyzed by fire assay with an AAS finish (lab method code 1A2). If samples exceeded the 5,000 ppb (5 ppm) upper detection limit, a second 30 g sample was taken from the pulp and re-analyzed by fire assay but with a gravimetric finish (lab method code 1A3; Table 11.3). For silver analysis, a 0.5 g sample was analyzed for through an AR partial extraction. The sample is digested at 95°C, then diluted and analyzed as part of a multi-element suite with an ICP-OES finish (lab code 1E3). Samples that exceeded the 100 ppm upper detection limit for Ag were re-analyzed. A new 30 g sample was taken from the pulp and subjected to fire assay with a gravimetric finish (lab code 1A3-Ag; Table 11.4). 11.3.2.4 ALS (2011 – 2013) RRR reverted to ALS labs in 2011 and used the same preparation and analytical packages that were originally applied in 2005 and 2006. Thus, the sample was logged in the ALS tracking system, weighed, dried, and finely crushed to better than 70% passing a 2 mm (9 mesh) screen. A split of up to 250 g was taken using a riffle splitter and pulverized to better than 85% passing a 75 µm (200 mesh) screen (lab method code PREP-31; Table 11.2). For gold analysis, a 30 g sample was fused with a mixture of lead oxide, sodium carbonate, borax, silica and other reagents, as required, inquarted with gold-free silver and then cupelled to yield a precious metal bead. The bead was digested using AR, and the cooled solution was diluted with demineralized water, and analyzed by AAS against matrix-matched standards (lab method code Au-AA23; Table 11.3). Samples grading over 10 grams per tonne (g/t) Au were re-analyzed by gravimetric methods (ALS method code Au- GRA21). For silver analysis, a 0.25 g sample underwent decomposition by four-acid digest and was analyzed with an ICP-AES finish (lab method code ME-MS61). Samples that exceeded the upper detection limit of 100 ppm for Ag were re-analyzed. A 0.4 g sample NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 136 was taken from the pulp, decomposed using a four-acid digest, and analyzed with ICP- AES (lab method code Ag-OG62; Table 11.4). RRR changed the method of silver analysis in 2012. The decomposition was changed to an AR digestion for both regular and over-limit samples. A prepared sample (0.50 g) was digested with AR for 45 minutes in a graphite heating block. After cooling, the resulting solution was diluted with deionized water, mixed, and analyzed by ICP-AES (lab method codes ME-ICP41). Samples that exceeded the upper detection limit for Ag of 100 ppm were re-analyzed. Overlimit samples were similarly subjected to an AR digest and analyzed by ICP-AES, but with a higher detection limit (lab method code Ag-OG46; Table 11.4). 11.3.3 New Gold (2013 – 2017) 11.3.3.1 ALS (2013 – 2017) New Gold modified the sample preparation procedure used by RRR at ALS. The sample was logged in the tracking system, weighed, dried, and finely crushed to better than 90% passing a 2 mm (9 mesh) screen. A split of up to 1,000 g was taken and pulverized to better than 90% passing a 105 µm (150 mesh) screen. ALS sample preparation method codes applied were: LOG-21, DRY-21, CRU- 32, SPL-22Y, and PUL-35n (Table 11.2). Gold analysis methods were also modified by New Gold, with a larger sample size being used. A 50 g sample was fused with a mixture of lead oxide, sodium carbonate, borax, silica, and other reagents, as required, inquarted with gold-free silver and then cupelled to yield a precious metal bead. The bead was digested using AR, and the cooled solution was diluted with demineralized water, and analyzed by AAS against matrix-matched standards (lab method Au-AA24; Table 11.3). Samples grading over 10 g/t Au were analyzed by gravimetric methods (ALS method code Au-GRA22). A 50 g sample was also selected and subjected to fire assay, but with a gravimetric finish (lab method Au-GRA22; Table 11.3). New Gold continued to use the same methods for silver analysis that RRR switched to in 2012. Thus, A prepared sample (0.50 g) was digested with AR for 45 minutes in a graphite heating block. After cooling, the resulting solution was diluted with deionized water, mixed and analyzed by ICP-AES (lab method codes ME-ICP41). Samples that exceeded the upper detection limit for Ag of 100 ppm were re-analyzed. Overlimit samples were similarly subjected to an AR digest and analyzed by ICP-AES, but with a higher detection limit (lab method code Ag-OG46; Table 11.4). 11.3.4 Bayfield Ventures Corp. (2010 – 2014) Bayfield submitted the majority of their samples to Actlabs in Thunder Bay, ON for analysis. During 2010, some samples were submitted to TSL Laboratories Inc. (TSL) in Saskatoon, Saskatchewan (SK). There are no available data summarizing the

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 137 preparation or analytical methods used at TSL. The analytical methods described below are summarized from Duke (2014). 11.3.4.1 Activation Laboratories (2010 – 2014) The sampling preparation method utilized by Bayfield is not known. For gold analysis a 30 g sample was submitted to fire assay with AAS finish. Samples that exceeded the detection limit of >5,000 ppb were re-assayed by gravimetric method. Duke (2014) notes that screened total metallic assays were also performed on samples that exceeded 5,000 ppb, but these data were not available. Silver analysis was undertaken by AR digest with ICP finish. Fire assay - gravimetric analyses were performed on samples that exceeded the upper detection limit for silver of 100 ppm. Table 11.2 – Summary of sample preparation methods Company Lab Method code Crush Split Pulverize Nuinsco (1994 - 2004) ALS - >60% passing 10 mesh (1.7 mm) 200 - 250 g >95% passing 150 mesh (106 µm) RRR (2005 – 2013) ALS (2005 – 2006) PREP-31 >70% passing 9 mesh (2 mm) 250 g >85% passing 200 mesh (75 µm) Accurassay (2006 - 2011) ALP1 >90% passing 8 mesh (2.36 mm) 500 g >90% passing 150 mesh (106 µm) Actlabs (2009 – 2010) RX1 >90% passing 10 mesh (2.36 µm) 250 g >95% passing ~150 mesh (105 µm) ALS (2011 - 2013) PREP-31 >70% passing 9 mesh (2 mm) 250 g >85% passing 200 mesh (75 µm) New Gold ALS (2013 - 2017) LOG-21 DRY-21 CRU-32 SPL-22Y PUL-35n >90% passing (2 mm) 1,000 g >90% passing 150 mesh (106 µm) Bayfield Actlabs (2010 - 2014) RX1 >90% passing 10 mesh (2.36 µm) 250 g >95% passing ~150 mesh (105 µm) TSL (2010) - - - - Note: Unavailable data are indicated by “-”. Source: AMC, using data provided by New Gold. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 138 Table 11.3 – Summary of analytical methods for gold Company Lab Method code Sample size Generic method Lower detection limit Upper detection limit Nuinsco (1994 – 2004) ALS - 30 g FA-ICP 1 ppb 1,000 ppb - 30 g FA- Gravimetric 0.03 g/t no limit RRR (2005 – 2013) ALS (2005 – 2006) Au-AA23 30 g FA-AAS 0.005 ppm 10.0 ppm Au-GRA21 30 g FA- Gravimetric 0.05 ppm 1,000 ppm Accurassay (2006 – 2011) ALFA1 30 g FA-AAS 5 ppb 30,000 ppb ALFA5 30 g FA- Gravimetric 2 g/t 1,000 g/t Actlabs (2009 - 2010) 1A2 30 g FA-AAS 5 ppb 5,000 ppb 1A3 30 g FA- Gravimetric 0.03 g/t 10,000 g/t ALS (2011 – 2013) Au-AA23 30 g FA-AAS 0.005 ppm 10.0 ppm Au-GRA21 30 g FA- Gravimetric 0.05 ppm 1,000 ppm New Gold (2013 – 2017) ALS (2014 – 2017) Au-AA24 50 g FA-AAS 0.005 ppm 10.0 ppm Au-GRA22 50 g FA- Gravimetric 0.05 ppm 1,000 ppm Actlabs (2014 - 2017) 1A2 30 g FA-AAS 5 ppb 5,000 ppb Bayfield (2010 – 2014) Actlabs (2010 – 2014) 1A2 30 g FA-AAS 5 ppb 5,000 ppb 1A3-30 30 g FA- Gravimetric 0.03 g/t 10,000 g/t 1A4-1000 1,000 g FA- Metallic Screen 0.03 g/t 10,000 g/t TSL (2010) - - - - - Notes: Unavailable data are indicated by “-”. Source: AMC, using data provided by New Gold. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 139 Table 11.4 – Summary of analytical methods for silver Company Lab Method code Sample size Generic method Lower detection limit Upper detection limit Nuinsco (1994 – 2004) ALS - - AR digest with AAS finish 0.2 ppm 34 ppm - - Multi acid digest with AAS finish 17 g/t 500 g/t - 30 g FA - Gravimetric 3 g/t no limit RRR (2005 – 2013) ALS (2005 – 2006) ME- ICP41 0.5 g AR digest with ICP-AES finish 0.2 ppm 100 ppm Ag- OG46 0.4 g AR digest with ICP-AES finish 1 ppm 1,500 ppm Accurassay (2006 – 2011) ALAR1 0.25 g AR digest with AAS finish 1 ppm 100 ppm ALAR2 - AR digest with AAS finish 1 ppm 1,500 ppm Actlabs (2009 - 2010) 1E3 0.5 g AR digest with ICP-OES finish 0.2 ppm 100 ppm 1A3-Ag 30 g FA - Gravimetric 3 g/t 1,000 g/t ALS (2011 – 2012) ME- MS61 0.25 g 4A digest with ICP-MS finish 0.01 ppm 100 ppm Ag- OG62 0.4 g 4A digest with ICP-AES finish 1 ppm 1,500 ppm ALS (2012 – 2013) ME- ICP41 0.5 g AR digest with ICP-AES finish 0.2 ppm 100 ppm Ag- OG46 0.4 g AR digest with ICP-AES finish 1 ppm 1,500 ppm New Gold (2013 – 2017) ALS (2013 – 2017) ME- ICP41 0.5 g AR digest with ICP-AES finish 0.2 ppm 100 ppm Ag- OG46 0.4 g AR digest with ICP-AES finish 1 ppm 1,500 ppm Actlabs (2014 - 2017) 1E-Ag 0.5 g AR digest with ICP-OES finish 0.2 ppm 100 ppm Bayfield (2010 – 2014) Actlabs (2010 - 2014) 1E-Ag 0.5 g AR digest with ICP-OES finish 0.2 ppm 100 ppm 1A3-Ag 30 g FA - Gravimetric 3 g/t 1,000 g/t TSL (2010) NA NA NA NA NA Notes: Unavailable data are indicated by “-”. AR=aqua regia. Source: AMC, using data provided by New Gold. 11.4 Metallurgical testing RRR used the SGS Canada Minerals Services Lakefield Laboratory in Lakefield, ON (SGS-Lakefield) for metallurgical testwork. SGS-Lakefield is accredited to ISO/IEC 17025:2005 for certain testing procedures, including those used to test and assay samples submitted by RRR. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 140 11.5 Density measurements A total of 12,367 density measurements were completed by Accurassay, and more recently ALS, by pycnometry on pulverized split core samples selected as representative of each modelled geological domain. 11.6 Chain of custody and security RRR, New Gold, and Bayfield have followed similar practices with respect to chain of custody and security protocols for core samples. Thus, once bagged samples were bundled into rice bags, they were either immediately driven by company personnel to Fort Frances, ON, or stored in a locked facility prior to transport. Commercial carriers (e.g., Gardewine North, Manitoulin) were utilized to transport samples from Fort Frances to the various laboratories, with samples secured in a locked trailer during transport. All companies placed a copy of the sample submission form inside the first rice bag of each shipment, enabling proper identification and cataloguing by the respective lab on receipt of samples. Descriptions of Nuinsco’s chain of custody or security practices are not available. 11.7 QA/QC overview This Item addresses the collection procedures, results, and analysis of QA/QC data collected from 2005 to 2017 from available databases. No QA/QC data is available for the period of 1994 to 2004 when Nuinsco was carrying out their exploration. Drillhole data collected by Bayfield, including QC samples, has been assimilated into the New Gold database, but is addressed separately where appropriate. Drilling programs completed on the Property between 2005 and 2017 included QA/QC monitoring programs which comprised insertion of certified reference materials (CRMs), blanks, and duplicates into the sample streams on a batch-by-batch basis. A summary of QA/QC samples included during this period is given in Table 11.5. Table 11.6 summarizes the insertion rates of QA/QC samples between 2005 and 2017. The drilling in this period forms the basis of the Mineral Resource estimate.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 141 Table 11.5 – Rainy River QA/QC 2005 – 2017 Company Year Drill samples CRMs 1 Blanks Field duplicates Coarse duplicates Pulp duplicates Umpire checks Nuinsco 1994 - 2004 22,371 0 0 0 0 0 0 RRR 2005 - 2013 403,584 9,167 2,956 1,323 0 0 0 New Gold 2014 - 2017 34,359 956 496 406 1,460 1,529 3182 Bayfield 2010 - 2014 31,967 1,080 2 0 0 8 2262 Total 492,281 11,203 3,454 1,729 1,460 1,537 544 Notes: Counts of individual samples. Multiple analysis types per sample possible (e.g., fire assay and gravimetric). Based on year drilled. 1 Gold CRMs only. 2 318 pulps sent from ALS to Actlabs by New Gold for umpire checks as part of regular QC program. 318 pulp duplicates sent by New Gold to ALS as external check on Bayfield data from Actlabs. Source: AMC, using data provided by New Gold. Table 11.6 – Rainy River QA/QC 2005 – 2017 insertion rates Company Year CRMs Blanks Field duplicates Coarse duplicates Pulp duplicates Umpire checks QA/QC 1 Nuinsco 1994 – 2004 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% RRR 2005 - 2013 2.3% 0.7% 0.3% 0.0% 0.0% 0.0% 3.3% New Gold 2014 - 2017 2.8% 1.4% 1.2% 4.2% 4.4% 0.9% 14.9% Bayfield 2010 - 2014 3.4% 0.0% 0.0% 0.0% 0% 0.7%2 4.1% Overall 2005 - 2017 2.3% 0.7% 0.4% 0.3% 0.3% 0.1% 4.0% Notes: Counts of individual samples. Multiple analysis types per sample possible (e.g., fire assay and gravimetric). Based on year drilled. Totals may not compute add exactly due to rounding. 1 Insertion rate for CRM, blanks, and field duplicates combined. 2 Umpire checks are reported as a percentage of Bayfield samples but were submitted by New Gold in 2015. Source: AMC, using data provided by New Gold. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 142 11.7.1 Certified reference materials 11.7.1.1 Description A total of 48 different CRMs for gold have been used in the Mineral Resource area between 2005 and 2017. CRMs were supplied by ROCKLABS Ltd. of New Zealand, Canadian Resource Laboratories Ltd. of Canada, Geostats Proprietary Ltd. of Australia, and Ore Research and Exploration Proprietary Ltd. of Australia. The supplier of several additional CRMs is not known (AUQ1, HGS3, VMS1, and VMS3). Gold CRMs have been used continuously since 2005 and comprised on average 2.2% of samples submitted to analytical laboratories. Insertion rates have varied, but generally fall between 1 in 20 to 1 in 30 samples. The lower reported insertion rates for this project appear to be from this insertion frequency not being maintained. The insertion of CRMs for silver was started in 2011 and has continued since that time. Bayfield inserted silver CRMs into their sample stream only between 2010 and 2011. Between 2005 and 2011, RRR used ROCKLABS CRMs exclusively, with analyses completed by ALS, Actlabs, and Accurassay. In 2011, RRR began using CRMs from Canadian Resource Laboratories in addition to those from ROCKLABS. ROCKLABS CRMs were phased out by the end of 2011. All analyses were completed at ALS from 2011 onwards. In 2014 New Gold began using CRMs from Geostats, in addition to those from Canadian Resource Labs, with the latter phased out by the end of 2014. Bayfield used CRMs from Ore Research and Exploration (OREAS) exclusively between 2010 and 2014, which were analyzed at Actlabs and TSL. Table 11.7, Table 11.8, Table 11.9, and Table 11.10 summarize gold and silver CRMs by year, lab, and company. Previous technical reports have presented QA/QC data for the various operators in varying levels of detail. These include Mackie et al. (2003), CCIC (2008), SRK (2008, 2009, 2011a, 2011b, and 2012), and Duke (2018). QA/QC description and discussion presented herein is derived from the data provided by New Gold. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 143 Table 11.7 – Unique gold CRMs used in each year Year Company # CRMs CRMs used 2005 RRR 2 SH13, SL20 2006 5 SH13, SH24, Si54, SK21, SL20 2007 4 SH24, SH35, SK21, SK33 2008 4 SH24, SH35, SK33, SK43 2009 3 SH35, Si42, SK43 2010 5 Si42, SI54, SK43, SL46, SL51 2011 16 AUQ1, CDN-GS-1H, CDN-GS-1P5D, CDN-GS-5G, CDN-GS-5J, CDN-GS-P4A, HGS3, SE58, SF45, SH24, Si54, SK43, SL46, SL51, VMS1, VMS3 2012 11 CDN-GS-1H, CDN-GS-1J, CDN-GS-1P5D, CDN-GS-1P5E, CDN- GS-5G, CDN-GS-5J, CDN-GS-P3B, CDN-GS-P4A, SE58, SF45, Si54 2013 8 CDN- CM-26, CDN-GS-1J, CDN-GS-1L, CDN-GS-1P5E, CDN-GS- 1P5K, CDN-GS-5H, CDN-GS-5J, CDN-GS-P3B 2014 New Gold. 8 CDN-CM-26, CDN-GS-1L, CDN-GS-1P5K, G308-7, G310-6, G311- 8, G913-8, GBMS911-1 2015 4 G308-7, G310-6, G311-8, GBMS911-1 2016 4 G308-7, G310-6, G311-8, G913-8 2017 5 CDN-GS-5H, G308-7, G310-6, G311-8, G913-8 2010 Bayfield. 13 OREAS 15d, OREAS 15f, OREAS 15g, OREAS 15h, OREAS 2Pd, OREAS 4Pb, OREAS 52Pb, OREAS 53Pb, OREAS 5Pb, OREAS 60b, OREAS 61d, OREAS 6Pc, OREAS H3 2011 11 OREAS 15d, OREAS 15f, OREAS 15g, OREAS 15h, OREAS 16a, OREAS 52Pb, OREAS 5Pb, OREAS 60b, OREAS 61d, OREAS 6Pc, OREAS H3 2012 3 OREAS 15d, OREAS 15f, OREAS 16a 2013 4 OREAS 15d, OREAS 15f, OREAS 16a, OREAS 2Pd 2014 4 OREAS 15d, OREAS 15f, OREAS 15h, OREAS 16a Source: AMC, using data provided by New Gold. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 144 Table 11.8 – Unique silver CRMs used in each year Year Company #CRMS CRMs used 2011 RRR 6 CDN-GS-5G, CDN-GS-5J, VMS1, VMS3 2012 2 CDN-GS-5G, CDN-GS-5J 2013 3 CDN-CM-26, CDN-GS-5H, CDN-GS-5J 2014 New Gold 3 CDN-CM-26, GBM310-9, GBMS911-1 2015 2 GBM310-9, GBMS911-1 2016 1 GBM310-9 2017 1 GBM310-9 2010 Bayfield 3 OREAS 60b, OREAS 61d, OREAS H3 2011 3 OREAS 60b, OREAS 61d, OREAS H3 Source: AMC, using data provided by New Gold.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 145 Table 11.9 – Timeline of Gold CRM analyses by year, lab, and company (2005 – 2017) Company Rainy River Resources New Gold Laboratory Accurassay ALS Actlabs ALS CRM Expected value (Au ppm) Stdv 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total1 G308-7 0.27 0.02 99 28 58 67 252 CDN- CM-26 0.372 0.024 73 61 134 CDN- GS-P3B 0.409 0.021 535 163 698 VMS1 0.429 0.032 18 18 CDN- GS-P4A 0.438 0.016 389 58 447 SE58 0.607 0.019 269 1 270 G310-6 0.65 0.04 84 27 48 66 225 SF45 0.848 0.028 249 1 250 VMS3 0.922 0.065 14 14 CDN- GS-1J 0.946 0.051 505 131 636 CDN- GS-1H 0.972 0.054 403 82 485 GBMS9 11-1 1.04 0.11 13 4 17 CDN- GS-1L 1.16 0.05 69 70 139 SH13 1.315 0.034 31 130 161 SH35 1.323 0.044 10 265 2 277 SH24 1.326 0.043 69 137 6 5 217 AUQ1 1.33 0.115 14 14 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 146 Company Rainy River Resources New Gold CDN- GS- 1P5K 1.44 0.065 38 87 125 CDN- GS- 1P5D 1.47 0.075 396 266 662 CDN- GS- 1P5E 1.52 0.055 296 194 490 G311-8 1.57 0.08 59 17 45 75 196 Si42 1.761 0.054 316 350 666 Si54 1.78 0.034 1 392 261 1 655 CDN- GS-5H 3.88 0.14 78 1 79 HGS3 4.009 0.25 17 18 SK33 4.041 0.103 56 167 223 SK21 4.048 0.091 69 71 140 SK43 4.086 0.093 66 287 173 19 545 CDN- GS-5G 4.77 0.2 259 2 261 G913-8 4.87 0.16 3 14 30 47 CDN- GS-5J 4.96 0.21 51 610 168 829 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 147 Company Rainy River Resources New Gold Laboratory Accurassay ALS Actlabs ALS CRM Expected value (Au ppm) Stdv 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total1 SL46 5.867 0.17 473 50 523 SL51 5.909 0.136 3 253 256 SL20 5.911 0.176 33 122 155 Bayfield Ventures Corp. Actlabs TSL OREAS 4Pb 0.049 0.0025 10 10 OREAS 5Pb 0.098 0.003 19 62 81 OREAS 52Pb 0.307 0.019 25 1 26 OREAS 15f 0.334 0.016 17 86 72 23 4 202 OREAS 15g 0.527 0.023 11 69 80 OREAS 2Pd 0.885 0.03 15 1 16 OREAS 53Pb 0.623 0.021 16 16 OREAS 15h 1.019 0.025 7 34 1 42 OREAS 6Pc 1.52 0.07 14 1 15 OREAS 15d 1.559 0.042 13 98 61 20 9 201 OREAS 1.81 0.06 37 68 18 10 133 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 148 Company Rainy River Resources New Gold 16a OREAS H3 2 0.08 31 96 127 OREAS 60b 2.57 0.11 38 39 77 OREAS 61d 4.76 0.14 24 30 54 Notes: 1 Counts of individual samples. Multiple analysis types per sample possible (e.g., fire assay and gravimetric). Based on year drilled. Source: AMC, using data provided by New Gold.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 149 Table 11.10 – Silver CRM analyses by year, lab, and company (2010 – 2017) Company Bayfield RRR New Gold Total 1 Laboratory Actlabs ALS CRM Expected value (Ag ppm) Stdv 2010 2011 2012 2013 2014 2015 2016 2017 CDN-CM-26 2.5 0 73 61 134 GBM310-9 3.1 0.2 31 7 14 34 86 OREAS H3 4.95 0.3 14 89 103 OREAS 60b 4.96 0.31 15 27 42 OREAS 61d 9.27 0.48 9 19 28 GBMS911-1 11.9 1 13 4 17 VMS1 15.4 1 18 18 VMS3 31 1 14 14 CDN-GS-5H 50.4 1.35 78 1 79 CDN-GS-5J 72.5 2.4 43 592 168 803 CDN-GS-5G 101.8 3.5 217 217 Notes: 1 Counts of individual samples. Multiple analysis types per sample possible (e.g., fire assay and gravimetric). Individual analyses with Au values but no value for Ag (for CRMs certified for both Au and Ag) were excluded from these counts. Based on year drilled. Source: AMC, using data provided by New Gold. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 150 11.7.1.2 Discussion on CRMs CRMs are inserted to check the analytical accuracy of the lab. The QP recommends an insertion rate of at least 5% of the total samples assayed. CRMs should be monitored on a batch-by-batch basis and remedial action taken immediately if required. For each economic mineral, there should be at least three CRMs with values: • At the approximate cut-off grade (COG) of the deposit. • At the approximate expected grade of the deposit. • At a higher grade. The average grade for the open pit area Mineral Resource is approximately 1.0 g/t Au and ~3.5 g/t Ag at a 0.5 g/t gold equivalent (AuEq) COG. The average grade of the underground area Mineral Resource is approximately 3.0 g/t Au and 8.5 g/t Ag at a 2.0 g/t AuEq COG. The average grade of the low-grade stockpile is approximately 0.35 g/t Au and 2.5 g/t Ag. CDN-GS-P4A (0.438 ppm Au), G310-6 (0.65 ppm Au), CDN-GS-1H (0.972 ppm Au) and CDN-GS-1L (1.16 ppm Au) cover the approximate grade of the open pit area. CRMs SH13 (1.315 ppm Au), SH35 (1.323 ppm Au), G311-8 (1.57 ppm Au), OREAS 16a (1.81 ppm Au), SK43 (4.086 ppm Au), and G913-8 (4.87 ppm Au) cover the approximate grades of the underground area as well as higher grade samples. CRM G308-7 (0.27 ppm Au) covers the approximate grade of the low-grade stockpile. CRM GBM310-9 (3.1 ppm Ag) covers the approximate silver grade of the open pit area Mineral Resource. AMC generated and reviewed all CRM charts with specific emphasis on the control charts that demonstrated performance over the entire time span of data collection, including differing CRM manufacturer and assay lab. The following four control charts highlight common patterns in the CRMs including a) a positively biased CRM, b) a negatively biased CRM, c) an acceptably performing CRM and d) the contrast between the performance of Accurassay and ALS for the same standard. Control charts are for gold, the primary economic element. Table 11.11 lists the CRMs and discussed the reason they were selected for the control charts. Table 11.11 – CRMs selected for control charts CRM Au value (ppm) No. CRMS Years CRM manufac- turer Analytical lab Notes Results CDN-GS- P4A 0.438 447 2011 – 2012 CDN Resource Labs ALS Approxim ate open pit Au COG Positive bias G310-6 0.65 225 2014 – 2017 Geostats ALS Approxim ate open pit Au COG Negative bias NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 151 CRM Au value (ppm) No. CRMS Years CRM manufac- turer Analytical lab Notes Results CDN-GS- 1H 0.972 485 2011 – 2012 CDN Resource Labs ALS Approxim ate average Au grade of open pit Well performing CRM Si54 1.78 655 2010 – 2011 ROCKLAB S Accurassay, ALS Approxim ate undergro und Au COG Shows the different performanc e of same CRM between labs. The QP recommends re-assaying assay batches where two consecutive CRMs occur outside two standard deviations, or one CRM occurs outside three standard deviations of the expected value described on the CRM certificate. Results for gold and silver CRMs used in the QA/QC program are presented in Table 11.12 and Table 11.13. Control charts are used to monitor the analytical performance of an individual CRM over time. Control lines are also plotted on the chart for the expected value of the CRM, two standard deviations above and below the expected value, and three standard deviations above and below the expected value. CRM assay results are plotted in order of analysis. These charts will show analytical drift and bias should they occur. Control charts for the selected CRMs listed in Table 11.11 are shown in Figure 11.1 to Figure 11.3 – Gold CRM CDN-GS-1H The QP considers a <5% failure rate acceptable for an individual CRM. While several CRMs have not met this criterion, the QP notes that current performance of CRMs used by New Gold is acceptable. Table 11.12 – Rainy River gold CRM results (2005 – 2017) CRM Expected Au value (ppm) Stdv Years used Analyti- cal lab Number of assays Warning (>2 SD) Fail (>3 SD) Fail % (>3SD) OREAS 4Pb 0.049 0.0025 2010 TSL 10 1 2 20% OREAS 5Pb 0.098 0.003 2010 – 2011 Actlabs 81 6 1 1% G308-7 0.27 0.02 2014 – 2017 ALS 252 0 0 0% OREAS 52Pb 0.307 0.019 2010 Actlabs, TSL 26 1 0 0% NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 152 CRM Expected Au value (ppm) Stdv Years used Analyti- cal lab Number of assays Warning (>2 SD) Fail (>3 SD) Fail % (>3SD) OREAS 15f 0.334 0.016 2010 – 2014 Actlabs 202 7 1 1% CDN- CM-26 0.372 0.024 2013 – 204 ALS 134 8 1 1% CDN- GS-P3B 0.409 0.021 2012 – 2013 ALS 698 11 0 0% VMS1 0.429 0.032 2011 ALS 18 4 1 6% CDN- GS-P4A 0.438 0.016 2011 – 2012 ALS 447 32 1 0% OREAS 15g 0.527 0.023 2010 – 2011 Actlabs 80 0 0 0% SE58 0.607 0.019 2011 ALS 270 8 10 4% OREAS 53Pb 0.623 0.021 2010 Actlabs, TSL 16 5 1 6% G310-6 0.65 0.04 2014 – 2017 ALS 225 1 0 0% SF45 0.848 0.028 2011 ALS 250 2 1 0% OREAS 2Pd 0.885 0.03 2010 Actlabs, TSL 16 5 5 31% VMS3 0.922 0.065 2011 ALS 14 1 0 0% CDN- GS-1J 0.946 0.051 2012 – 2013 ALS 636 52 0 0% CDN- GS-1H 0.972 0.054 2011 – 2012 ALS 485 20 1 0% OREAS 15h 1.019 0.025 2010 – 2011 Actlabs 41 13 6 15% GBMS9 11-1 1.04 0.11 2014 – 2015 ALS 17 0 2 12% CDN- GS-1L 1.16 0.05 2013 – 2014 ALS 139 2 0 0% SH13 1.315 0.034 2005 – 2006 Accurassa y, ALS 161 17 2 1% SH35 1.323 0.044 2007 – 2009 Accurassa y 277 39 59 21% SH24 1.326 0.043 2006 – 2008, 2011 Accurassa y, ALS 217 26 40 18% AUQ1 1.33 0.115 2011 ALS 14 0 0 0% CDN- GS- 1P5K 1.44 0.065 2013 – 2014 ALS 125 5 0 0% CDN- GS- 1P5D 1.47 0.075 2011 – 2012 ALS 662 46 0 0% CDN- GS- 1P5E 1.52 0.055 2012 – 2013 ALS 490 49 1 0% OREAS 1.52 0.07 2010 – Actlabs, 15 0 1 7%

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 153 CRM Expected Au value (ppm) Stdv Years used Analyti- cal lab Number of assays Warning (>2 SD) Fail (>3 SD) Fail % (>3SD) 6Pc 2011 TSL OREAS 15d 1.559 0.042 2010 – 2014 Actlabs 200 33 24 12% G311-8 1.57 0.08 2014 – 2017 ALS 196 1 0 0% Si42 1.761 0.054 2009 – 2010 Accurassa y, Actlabs 666 93 94 14% Si54 1.78 0.034 2010 – 2011 Accurassa y, ALS 655 96 241 37% OREAS 16a 1.81 0.06 2011 – 2014 Actlabs 131 15 7 5% OREAS H3 2 0.08 2010 – 2011 Actlabs 127 21 13 10% OREAS 60b 2.57 0.11 2010 – 2011 Actlabs 77 0 4 5% CDN- GS-5H 3.88 0.14 2013 ALS 79 2 0 0% HGS3 4.009 0.25 2011 ALS 17 1 0 0% SK33 4.041 0.103 2007 – 2008 Accurassa y 223 39 99 44% SK21 4.048 0.091 2006 – 2007 Accurassa y, ALS 140 15 46 33% SK43 4.086 0.093 2008 – 2011 Accurassa y, Actlabs, ALS 452 62 48 11% OREAS 61d 4.76 0.14 2010 – 2011 Actlabs 40 0 1 3% CDN- GS-5G 4.77 0.2 2011 – 2012 ALS 261 15 0 0% G913-8 4.87 0.16 2014, 2016 – 2017 ALS 47 1 0 0% CDN- GS-5J 4.96 0.21 2011 – 2013 ALS 829 16 0 0% SL46 5.867 0.17 2010 – 2011 Accurassa y, Actlabs, ALS 513 141 147 29% SL51 5.909 0.136 2010 – 2011 Accurassa y, ALS 256 11 5 2% SL20 5.911 0.176 2005 – 2006 ALS 155 4 3 2% Total 11,082 927 868 8% Note: Sorted by CRM expected value. Fire assay analyses only (gravimetric analyses removed). Where a CRM is used by two labs these are at different periods in time, see Figure 11.3. Source: AMC, using data provided by New Gold. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 154 Table 11.13 – Rainy River silver CRM results CRM Expected Ag value (ppm) Stdv Years used Analytica l lab Number of assays Warning (>2 SD) Fail (>3 SD) Fail % (>3SD) CDN-CM- 26 2.5 2013 – 2014 ALS 134 0 0 0 GBM310- 9 3.1 0.2 2014 – 2017 ALS 86 0 0 0% OREAS H3 4.95 0.3 2010 – 2011 Actlabs 127 17 7 6% OREAS 60b 4.96 0.31 2010 – 2011 Actlabs 77 7 8 10% OREAS 61d 9.27 0.48 2010 – 2011 Actlabs 40 2 13 33% GBMS91 1-1 11.9 1 2014 – 2015 ALS 17 1 0% VMS1 15.4 1 2011 ALS 18 2 0% VMS3 31 1 2011 ALS 14 14 100% CDN-GS- 5H 50.4 1.35 2013 ALS 79 14 0% CDN-GS- 5J 72.5 2.4 2011 – 2013 ALS 829 119 1 0% CDN-GS- 5G 101.8 3.5 2011 – 2012 ALS 262 11 17 6% Grand total 1,549 173 61 4% Note: Sorted by CRM expected value. Fire assay analyses only (gravimetric analyses removed). CRM CDN-CM-26 only indicated for Ag analyses. No standard deviation given on certificate. Excluded from total fail calculations. CRM VMS3 performed entirely below its expected value as listed in the New Gold database. The certificate was not available for this CRM and the expected value could not be confirmed. Individual analyses with Au values but no value for Ag (for CRMs certified for both Au and Ag) were excluded from these counts. Source: AMC, using data provided by New Gold. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 155 Note: All CRMs analyzed by fire assay with ICP-AAS at ALS Labs. AMC notes a positive bias with this CRM. Source: AMC, using data provided by New Gold. Figure 11.1 – Gold CRM CDN-GS-P4A Note: All CRMs analyzed by fire assay with ICP-AAS at ALS Labs. AMC notes a negative bias with this CRM. Source: AMC, using data provided by New Gold. Figure 11.2 – Gold CRM G310-6 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 156 Note: All CRMs analyzed by fire assay with ICP-AAS at ALS Labs. Source: AMC, using data provided by New Gold. Figure 11.3 – Gold CRM CDN-GS-1H Note: All CRMs analyzed by fire assay with ICP-AAS at ALS and Accurassay, as indicated. Source: AMC, using data provided by New Gold. Figure 11.4 – Gold CRM Si54 The QP considers the number of different CRMs used historically on the Property to be excessive. It is preferable to limit the number of different CRMs used on a Project to

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 157 ensure that each CRM has enough results to enable meaningful analysis. Usually, between three and five different CRMs are usually adequate to monitor lab performance. It is realized that this is exaggerated by the multiple owners and the QP notes that New Gold is using an appropriate number of CRMs. ROCKLABS CRMs were analyzed between 2005 and 2011 by ALS, Actlabs, and Accurassay, with results demonstrating differing levels of performance by individual laboratories. Specifically, those CRMs analyzed at Accurassay show lower precision and accuracy, with numerous 3SD fails with a dominant, systematic negative bias. This issue was identified and addressed by RRR in 2011. Several suites of samples were re-analyzed at ALS labs, confirming the low bias of 6 – 7% towards Accurassay over the grade range of 0.2 to 2 ppm. Several ROCKLABS standards, however, show a negative bias across labs (e.g., SH24), and across methods (fire assay versus gravimetric, e.g., SK43). Although negative bias was introduced into the database during this interval of poor lab performance, no adjustment has been made to the original analyses beyond that of re- assaying selected samples. These re-assayed samples were not used in the Mineral Resource. This low bias should lead to a more conservative Mineral Resource estimate (New Gold 2015). Overall, CRMs supplied by Canadian Resource Labs, all which were analyzed by ALS, performed well. Two of these (CDN-GS-5J (4.96 ppm Au) and CDN-CM-26 (0.372 ppm Au)) show some drift in their earliest analyses, from positively biased results to those spread more equally around the expected value. Additionally, the two low-grade standards in use between 2011 and 2013 (CDN-GS-P3B, 0.409 ppm Au and CDN-GS-P4A, 0.438 ppm Au)) both yielded data with minor but systematic high biases. Geostats standards, introduced in 2014 and used exclusively since 2015, have all been analyzed at ALS Laboratories. Both low-grade standards (G208-7, 0.27 ppm Au) and G310-6, 0.65 ppm Au)) both show systematic low biases. New Gold has determined that this negative bias is an issue with the CRM and not a measure of lab performance, based on data collected from other projects and analyzed at different labs. Geostats CRMs generally have a very low rate of failure when measured against the reported standard deviation on the CRM certificate. The performance of these CRMs suggests that these reported standard deviations are too large, and thus do not accurately track the performance of the analytical lab. Performance of OREAS standards, in use exclusively by Bayfield, was acceptable. However, due to the large number of unique CRMs in use, many of these CRMs yield small datasets, and their performance over time cannot be evaluated. Several CRMs were analyzed by different laboratories using methods with differing detection limits, triggering overlimit analyses by gravimetric methods at an individual lab (e.g., SK43: Accurassay upper detection limit: 30 ppm, Actlabs upper detection limit: 5 ppm). Data generated by these differing sample streams cannot be compared, and a CRM’s performance over time cannot be properly tracked. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 158 The current highest-grade standard in use (G913-8, 4.87 ppm Au) is not certified for gravimetric analysis and does not have a value sufficiently high to trigger this overlimit analysis at ALS (10 ppm Au). Thus, any sample that exceeds this current analytical upper detection limit does not have a concomitant CRM that monitors this grade range or method. The only certified gravimetric CRMs for gold (CDN-GS-5J and CDN-GS-5H, used between 2011 and 2013) both have values around 5 ppm Au, far below the value required to initiate gravimetric analysis. It is noted that a high percentage of samples within the mineralized domains have values below 1 ppm Au. For example, within the ODM 100 domain, 91% of the samples are below 1 ppm Au. Since 2005, this grade range has not been satisfactorily monitored by CRMs. Between 2005 and 2010, the lowest grade standard in use was SH13 (1.315 ppm Au). Between 2011 and 2013, low-grade CRMs were introduced (SE58, 0.607 ppm Au; CDN-GS-P4A, 0.438 ppm Au; CDN-GS-P3B, 0.409 ppm Au; and CDN-CM-26, 0.372 ppm Au). Of these, SE58 shows a slight but persistent negative bias while CDN-GS-P4A and CDN-GS-P3B both show systematic positive biases. CDN-CM-26 also shows notable drift over time from positively biased samples towards the expected Au value. Finally, both low-grade standards from Geostats, introduced in 2014 (G308-7, 0.27 ppm Au; G310-6, 0.65 ppm Au), both yield systematic negatively biased values. It is noted that only 1% of the gold analyses are greater than 10 g/t gold. 11.7.1.3 Recommendations for CRMs The QP recommends the following actions for any future programs: Ensure that the insertion rate of one CRM every 20 samples (5%) is achieved. An additional CRM that covers the COG of the open pit should be acquired. If a CRM shows consistent bias at multiple laboratories, this issue needs to be understood and resolved or a new CRM should be obtained. If it isn’t practical to discard a large CRM inventory, then internal calculation of the CRM expected value and standard deviation would be appropriate. The rationale should be documented. Recalculate standard deviations for Geostats samples based on New Gold data and use these as a measure of performance instead of those indicated on the certificate. These should be used in concert with a recalculated expected value. Continue to document warnings, failures, and most importantly any remedial action taken. It is also recommended adding the HoleID to the QA/QC sample database as a cross check to ensure QA/QC samples relate to the dataset and the time period in question. This recommendation is to minimize future investigative work. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 159 11.7.2 Blank samples 11.7.2.1 Description Coarse blank samples were inserted into the sample stream of drill programs completed between 2005 and 2017. Available data suggests that Nuinsco (1994 – 2004) and Bayfield (2010 – 2014) did not regularly include blank samples in their drill programs. Programs run by RRR between 2005 and 2011 used coarse blank material sourced locally from the Black Hawk Stock, an intrusive body outcropping on the Property. Analyses of this material suggests it is at least locally anomalous with low levels of Au, and it was therefore changed to a marble garden stone from Quali-Grow Garden Products Inc. in 2011. The use of coarse marble blank was continued by New Gold to 2017, except for a brief interval in 2016, when coarse blank material was once again sourced from the Black Hawk Stock. New Gold returned to using a coarse marble in early 2017. Insertion rates for blank materials have varied since 2005, ranging from one blank every 40 samples to one blank inserted for every 60 samples. New Gold currently inserts a blank every 50 samples. A total of 3,454 blank samples have been included with drillhole samples from 2005 to 2017. This represents between 0.7% to 1.4% of total samples for RRR and New Gold respectively. 11.7.2.2 Discussion on blanks Coarse blanks test for contamination during both sample preparation and assaying. Blanks should be inserted in each batch sent to the lab. In the QP’s opinion, 80% of coarse blanks should be less than three times the detection limit. The fail criteria adopted by New Gold, of ten times the lower analytical detection limit is considered to be too high, although it is acknowledged that it is not a matter of material concern to the Mineral Resource estimates. Table 11.14 shows the assay results from blank material for drilling completed between 2005 and 2017, and the results of both New Golds and the more stringent pass / fail parameters. Results from Accurassay and ALS are presented separately due to the differing performance of these labs during the period of interest. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 160 Table 11.14 – Rainy River blanks Company Year Lab Coarse blank (Black Hawk stock) Coarse marble Number of samples # New Gold fail (>10x LDL) #AMC fail (>3x LDL) Number of samples # New Gold fail (>10x LDL) #AMC fail (>3x LDL) RRR 2005 ACC 16 0 2 ALS 68 6 21 2006 187 4 40 ACC 19 3 13 2007 145 5 62 2008 225 7 55 2009 252 0 18 ACT 10 0 0 2010 81 0 2 ACC 506 0 26 2011 28 0 0 ALS 131 2 14 560 1 6 2012 527 0 1 2013 200 0 1 New Gold 2014 175 0 0 2015 30 0 0 2016 40 2 5 61 0 0 2017 4 0 0 186 2 4 Total 1712 29 258 (15%) 1739 3 12 (0.7%) Notes: Year refers to year drilled. Blank samples run by Bayfield not included. Lower detection limit (LDL) is 0.005 ppm Au for fire assay analysis for all listed labs. Source: AMC, using data provided by New Gold. A total of ~15% of coarse blank samples from the Black Hawk Stock reported greater than three times the lower detection limit of 0.005 ppm Au. Analyses from Accurassay and ALS yield similar high percentages of failures, indicating local anomalous gold within the source material. The coarse marble samples performed notably better, with only 0.7% of these samples reporting above three times the detection limit. Figure 11.5 and Figure 11.6 present blank material performance at Accurassay and ALS.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 161 Note: All data are from coarse blank material sourced from the Black Hawk Stock. Source: AMC, using data provided by New Gold. Figure 11.5 – Coarse blank performance chart, Accurassay (2006 – 2011) Source: AMC, using data provided by New Gold. Figure 11.6 – Coarse blank and coarse marble performance chart, ALS (2005 – 2006, 2011 – 2017) NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 162 11.7.2.3 Recommendations for blanks The QP recommends the following actions for any future programs: • Continued used of coarse marble. • Increase blank insertion rate to 5% of the total sample stream. • Send any potential new blank material to an analytical lab to ensure the material is below analytical detection with respect to any minerals of economic interest. • Lower the blank failure limit to 3x detection limit. 11.7.3 Duplicate samples 11.7.3.1 Description The number and type of duplicate samples has varied over time and by operator. Available data indicates that Nuinsco did not submit any samples for duplicate analysis. Similarly, RRR did not regularly submit duplicate samples for analyses before 2010. At that time, they began submitting quarter core (field duplicates) samples. Seventy-five field duplicate samples were analyzed at Accurassay, and an additional 1,248 field duplicates were analyzed at ALS between 2011 and 2013. RRR did not routinely analyse pulp duplicates as part of their QA/QC program. However, a suite of pulp duplicates was sent to ALS in 2011 as part of RRR’s investigation into Accurassay’s poor lab performance. This suite of samples was also rerun at Accurassay as part of the investigation and are flagged as pulp duplicates in the New Gold database. Because these data are part of a lab performance investigation, and not part of their regular QA/QC program, they are not presented in this report. No coarse duplicates were analyzed by RRR. New Gold continued to collect field duplicates, with an additional 406 samples collected between 2014 and 2017. New Gold also routinely analyses both pulp and coarse duplicates as part of their QA/QC program. Between 2014 and 2017, 1,529 pulp duplicates and 1,460 coarse duplicates have been analyzed by New Gold. New Gold also routinely sends pulp duplicates to an external lab as an umpire check. Between 2014 and 2017 544 pulp duplicates have been sent to Actlabs in Thunder Bay for secondary analyses. Available data indicates that Bayfield did not routinely analyse duplicate samples as part of their QC program. However, 226 samples from Bayfield were sent to ALS by New Gold in 2015, in order to investigate the Bayfield dataset. Table 11.15 summarizes the duplicate analyses available for the Mineral Resource area. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 163 Table 11.15 – Rainy River duplicate analyses Company Laboratory Year Field duplicates Coarse duplicates Pulp duplicates Umpire samples Bayfield TSL 2010 0 0 6 0 Actlabs 0 0 2 0 RRR Accurassay 66 0 0 0 2011 9 0 0 0 ALS 657 0 0 0 2012 407 0 0 0 2013 184 0 0 0 New Gold 2014 184 875 892 0 2015 25 159 181 226 1 2016 155 245 262 318 2 2017 42 181 194 0 Total 1,729 1,460 1,537 544 Notes: 1 Bayfield samples originally assayed at Actlabs and sent to ALS by New Gold as an umpire check. 2 New Gold samples originally assayed at ALS and sent to Actlabs as an umpire check. Source: AMC, based on data provided by New Gold. 11.7.3.2 Discussion on duplicates Field duplicates monitor sampling variance, sample preparation and analytical variance, and geological variance. Coarse duplicates monitor sample preparation, analytical variance and geological variance and pulp duplicates monitor analytical precision including homogenization and pulverization quality. It is recommended that duplicate samples be selected over the entire range of grades seen at the Rainy River Project to ensure that the geological heterogeneity is understood. However, the majority of duplicate samples should be selected from zones of mineralization. Unmineralized or very low-grade samples should not form a significant portion of duplicate sample programs as analytical results approaching the stated limit of lower detection are commonly inaccurate, and do not provide a meaningful assessment of variance. Duplicate data can be assessed using a variety of approaches. The QP would typically assess duplicate data using scatterplots and relative paired difference (RPD) plots. These plots measure the absolute difference between a sample and its duplicate. For field duplicates and coarse duplicates, it is desirable to achieve 80 to 85% of the pairs having less than 20% RPD between the original assay and check assay. For pulp duplicates, it is the QP’s opinion that 80% pairs should be within 10% RPD (Stoker 2006). In these analyses, pairs with a mean of less than 15 times the lower limit of analytical detection have been excluded (0.075 ppm Au; LDL = 0.005 ppm Au for fire assay for all relevant laboratories; Kaufman and Stoker 2009). Removing these low values ensures that there is no undue influence on the RPD plots due to the higher variance of grades expected near the lower detection limit, where precision becomes poorer (Long et al. 1997). The QP notes that a significant portion of the duplicate samples in this dataset (>50% for all duplicate types) are below this limit and are thus excluded from calculations. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 164 RPD and scatter plots for field duplicates are presented in Figure 11.7. These plots show that only 59% of samples are within 20% RPD. Pairs show a weak positive bias towards the duplicate of ~2%. A single pair of high-grade outliers (482 ppm Au, 305 ppm Au) was removed from the calculations as this large absolute difference had a disproportionate effect on the bias calculation. The proportion of duplicate samples with assay values within 20% RPD is less than desirable. This is most likely due to the combination of the heterogeneous nature of mineralization, as well as sampling variance. Note: Data from RRR and New Gold combined; ALS data only (1,653 pairs). Source: AMC based on data from RRR and New Gold. Figure 11.7 – Rainy River field duplicate RPD and scatter plot RPD and scatter plots for coarse duplicates are presented in Figure 11.8.. These plots show that ~82% of samples are within 20% RPD, with a negative bias towards the duplicate of ~12%. This higher bias is strongly skewed by two duplicate pairs that have an original high-grade analysis (> 50 ppm Au) paired with a much lower grade duplicate. The removal of these two pairs reduces the bias to <1%. The high variance seen in these two samples is likely the result of geological variance.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 165 Source: AMC based on data from RRR and New Gold. Figure 11.8 – Rainy River coarse duplicate RPD and scatter plot RPD and scatter plots for pulp duplicates are presented in Figure 11.9. These plots show that ~68% of samples are within 10% RPD. If the RPD limit is raised to 15%, 78% of the data falls within this range. Again, these results are most likely due to geological variance. Source: AMC based on data from RRR and New Gold. Figure 11.9 – Rainy River pulp duplicate RPD and scatter plot NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 166 11.7.3.3 Recommendations for duplicates The QP recommends the following actions for any future programs: Continue the insertion of field, coarse, and pulp duplicates into the sample stream. Further investigative work be completed to assess pulp duplicate performance. Such as, applying screen fire assay analyses to a subset of samples in order to better understand the size distribution of gold particles. 11.7.4 Umpire samples 11.7.4.1 Description Umpire samples were not regularly submitted as part of the QA/QC programs run by Nuinsco, RRR, or Bayfield. However, New Gold regularly submits such samples, starting in 2014. To date, 318 samples have been sent to Actlabs for umpire testing. Additionally, a subset of samples acquired by Bayfield was also sent by New Gold for umpire testing. Two-hundred and twenty-six (226) samples, originally assayed at Actlabs, were sent to ALS for umpire testing in 2015. Both sample suites appear to have been randomly selected. 11.7.4.2 Discussion on umpires Umpire lab duplicates are pulp samples sent to a separate lab to assess the accuracy of the primary lab (assuming the accuracy of the umpire lab). Umpire duplicates measure analytical variance and pulp sub-sampling variance. Umpire duplicates should comprise around 5% of all assays. In the QP’s opinion, 80% of umpire duplicates should be within 10% RPD. RPD and scatter plots for umpire samples submitted as part of New Gold’s QC program are shown in Figure 11.10. Sixty-eight percent of samples are within 10% RPD. A slight negative bias of 2% towards the duplicate samples can be reduced to <1% with the removal of a single high-grade outlier with a large absolute difference. Similarly, the suite of umpire samples from the Bayfield dataset (not shown) also yields a comparable 68% pairs within 10% RPD, with no significant bias. Both umpire datasets are comparable to the values seen for pulp duplicates (68% within 10% RPD), further indicating these smaller than expected populations within the accepted RPD limits are primarily the result of geological variance. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 167 Notes: Original assay lab: ALS. Umpire lab: Actlabs. New Gold data only. Source: AMC based on data from RRR and New Gold. Figure 11.10 – Rainy River Umpire data RPD and scatter plot – New Gold data 11.7.4.3 Recommendations for umpires Increase umpire sample submission rate to around 5% of all samples. 11.8 Conclusions Drilling programs completed on the Property between 2005 and 2017 have included QA/QC monitoring programs which have incorporated the insertion of CRMs, blanks, and duplicates into the sample streams. The QP has compiled and reviewed the available QA/QC data for this period. In general, the QA/QC sample insertion rates used at Rainy River fall below the general accepted industry standards. The performance of several CRMs currently in use by New Gold show good precision but poor accuracy. New Gold believes that this is an issue with the CRMs and not a function of lab performance. The CRMs used by previous operators have not adequately covered the COG grade of the open pit Mineral Resource. Overall performance of one of the assay labs was inadequate. This was recognized and remedial action taken. Between 2005 and 2011, blank material was sourced from a local granite. Analytical results indicate that this material contained low levels of gold. Blank material was switched to a coarse marble in 2011, and results from this date onwards are considered NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 168 acceptable and suggest that no systematic contamination occurred throughout the analytical process. Duplicate sample results show suboptimal performance which is a probable result of the heterogenous nature of the mineralization. Umpire samples show no bias and indicate that the primary lab currently in use is performing accurately. Despite the concerns highlighted above, the QP does not consider these issues to be material to the global, long term Mineral Resource estimate. There is however no guarantee that there are no material impacts on the local scale. Overall, the QP considers the assay database to be acceptable for Mineral Resource estimation.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 169 12 DATA VERIFICATION 12.1 Site verification On 11 April 2018, QP, Ms Dinara Nussipakynova, P.Geo., visited the property to undertake the following verification steps: 1. Review data collection, handling, and manipulation procedures, including: o Sample collection. o Sample preparation for grade control. o Sample storage. o QA/QC procedures. o Geological interpretation. 2. Inspect the core shed. 3. Review selected logged and assayed drill core intersections. Table 12.1 lists the inspected drillholes. Table 12.1 – Drillholes inspected on site Drillhole ID Inspected interval NR10-0596 251.0 m to 350.0 m NR10-0563 410.0 m to 530.0 m NR13-1565 324.0 m to 391.5 m 12.2 Drillhole and assay verification Under supervision of Ms Nussipakynova, Simeon Robinson, P.Geo., of AMC undertook random cross-checks of assay results in the database with original assay results on the assay certificates returned from ALS for gold and silver. This verification included comparing 1,360 of the 24,227 assays for the drilling conducted from 2015 to 2017 (5.6%). No errors were identified. In addition, verification was carried out using the normal routines in Datamine where the database was checked for collar, survey, and assay inconsistencies, overlaps, and gaps. The QP makes the following observations based on the data verification that was conducted: • Site geologists are appropriately trained. • Procedures for data collection and storage are well-established and adhered to. • QA/QC procedures are adequate and give confidence in the assay results. • Cross-checking a sample set of the database with the original assay results revealed no errors. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 170 12.3 Reconciliation An important measure of performance at any producing mine is reconciliation of the resource block model to the final mill production figures adjusted for stockpiles as necessary. There are many reconciliation studies carried out on site on a regular basis. The comparisons selected here attempt to show the performance of the resource model and production by way of the grade control information to the mill figure. Due to large stockpile movements a direct comparison to the mill is not possible, so the notion of Declared Ore Mined (DOM) is used, where: • DOM = Mill + (closing stocks – opening stocks). The reconciliation compares the grade control model (GC model), resource model, and DOM for gold, for the full year of 2021. In Table 12.2 the comparison is between DOM and the GC model; in Table 12.3 the comparison is between DOM and the resource model and in Table 12.4 the comparison is between GC model and the resource model. Table 12.2 – Reconciliation for GC model to DOM Tonnes Au g/t Au ounces DOM 14,471,532 0.70 325,341 GC model 15,500,389 0.74 368,933 DOM / GC 93% 95% 88% In Table 12.2 the GC model tonnes are within 7% of the DOM tonnes and the DOM grade is 5% lower than the GC model, resulting in 12% fewer ounces of gold in DOM. Table 12.3 – Reconciliation for resource model to DOM Tonnes Au g/t Au ounces DOM 14,471,532 0.70 325,341 Resource model 15,686,155 0.80 403,185 DOM / resource model 92% 88% 81% In Table 12.3 the resource model underestimates tonnes by 8% compared to DOM with the grades being lower by 12%, resulting in 19% fewer ounces of gold in DOM. Table 12.4 – Reconciliation for GC model and resource model Tonnes Au g/t Au ounces GC model 15,500,389 0.74 368,933 Resource model 15,686,155 0.80 403,185 GC / resource model 99% 93% 92% NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 171 The comparison between the GC model and the resource block model is shown in Table 12.4. This demonstrates that the two models estimate similar tonnes but with the grades being lower by 7%, there are 8% fewer ounces of gold in the GC model. Note that the resource model used in the above comparisons is a regularized 10 m x 10 m x 10 m block model based on the underlying 2017 resource block model and thus includes some dilution. All comparisons are at a 0.3 g/t AuEq cut-off as this is what site uses for grade control. Reconciliation carried out by New Gold is detailed and thorough. It is carried out monthly and year to date figures are presented as tables. Table 12.4 indicates that the resource block model is functioning with acceptable reconciliation limits, albeit with a deficit of ounces of gold. It is recognized that the East Lobe of the orebody is driving the negative gold grade reconciliation and associated decrease in predicted contained ounces. New Gold has executed a reverse circulation drilling program in this zone during Q4-2021 to better predict the future production of this zone, with drill results expected in Q1-2022 which are to be included in an updated Mineral Resource block model during 2022. In addition, Table 12.2 and Table 12.3 would tend to indicate that there are further losses during the mining process. New Gold is reviewing mining procedures to minimize dilution and ore loss during mining to improve these reconciliations. Positive reconciliation on the stockpile ore sent to the mill would seem to indicate possible ore loss to other mine polygons reporting to stockpile or possibly directly to mill. This is under investigation. The QP recommends that the reconciliation should be done on a rolling 3-month basis and presented graphically, thus reviewing trends and potentially reducing any impacts that come from the large stockpile movements on a monthly basis in the mine. In Item 15 there is a series of reconciliations to the diluted or mine planning resource model to which the reader is also referred. 12.4 Conclusion In the opinion of the QP, the database is fit-for-purpose and the geological data provided by New Gold for the purposes of Mineral Resource estimation was collected in line with the industry best practice as defined in the CIM Exploration Best Practice Guidelines and CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines. As such, the data are suitable for use in the estimation of Mineral Resources. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 172 13 MINERAL PROCESSING AND METALLURGICAL TESTING 13.1 Metallurgical testwork pre plant start-up 13.1.1 Introduction Metallurgical testwork programs were conducted on Rainy River drill core samples to support the development phases of the Rainy River project. These included the Preliminary Economic Assessment (PEA), the Feasibility Study, and the Updated Feasibility Study. 13.1.2 Metallurgical testwork supporting the PEA Initial metallurgical testwork programs were carried out by SGS Canada Inc. (SGS) in Lakefield, ON from 2008 to 2011; and formed the basis for the PEA Technical Report published in October 2012. The testwork programs included: • Mineralogy. • Comminution testwork. • Gravity separation testwork. • Flotation testwork. • Cyanide leach testwork of flotation concentrates. • Whole ore cyanide leach testwork. In 2012, SGS completed variability sample selection and testwork. Sample selection was guided by SGS geo-metallurgical modelling. The primary process option that was tested was flotation followed by cyanide leaching of the flotation concentrate. Whole ore cyanide leach tests were also performed to provide a second viable process option. The overall gold recovery for the leaching of the flotation concentrate option was 89%; with the flotation feed ground to a P80 of 150 µm and the flotation concentrate re-ground to a P80 of 15 µm. The gold recovery for the whole ore leach option was approximately 91%, when ground to a P80 of 60 µm.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 173 13.1.3 Metallurgical testwork supporting the feasibility study Metallurgical testwork was performed from October 2011 to November 2012 on samples of the Main Pit. A gravity separation / cyanide leach flowsheet was selected as the preferred flowsheet for the Main Pit ore. Metallurgical testwork was performed from November 2012 to November 2013 on samples of the Intrepid Zone. The objectives of this testwork program were to determine whether the Intrepid Zone material could be treated successfully using the same gravity separation / cyanide leach flowsheet which was selected for the Main Pit ore; and whether the Intrepid Zone ore would impact plant performance when blended in low tonnages with the Main Pit ore. The testwork program included comminution, gravity separation, cyanidation, carbon adsorption modelling, cyanide destruction, and solid-liquid separation tests. 13.1.4 Sample selection and compositing 13.1.4.1 Master composite sample – 2008 to 2011 testwork Metallurgical samples were selected from drill core and drill core rejects to represent each of the mineralization zones in the deposit. The individual samples were combined into eight zone composites including CAP, Z-433, HS, NZ, ODM-1, ODM-2, ODM- 3, and ODM-4. A Master composite was then created by combining individual samples from each zone in the proportions indicated in Table 13.1. The composite consisted of 80% ODM ore, with the balance coming from the remaining zones. Table 13.1 – Master composite sample proportions Zone composite Zone composite proportions (%) Total proportion (%) CAP 2.0 Z-433 12.0 20.0 HS 1.0 NZ 5.0 ODM-1 35.1 ODM-2 3.5 80.0 ODM-3 31.4 ODM-4 9.9 Master 100.0 Additionally, composites were made from high-grade areas of the ODM-17 and Z-433 zones. Two composites were made of each zone including ODM-17 composites of 4 g/t gold and 8 g/t gold, and Z-433 composites of 4 g/t gold and 8 g/t gold. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 174 13.1.4.2 Composite samples for flowsheet confirmation Three composite samples were selected in March 2012 to represent the major ore types in the deposit and the ore blends to be processed throughout the life-of-mine (LOM). These were: • ODM Master composite. • Initial Pit composite. • Remaining life-of-mine (RLOM) composite. A separate ODM composite was prepared, as the ODM zone is the largest zone in the Initial Pit and the overall deposit. The Initial Pit composites and RLOM composites were selected to develop a better understanding of the metallurgical responses for the early years of processing ore. Table 13.2 shows the percentages of each zone type used in each composite as well as the percentages of each zone selected for use in the final design criteria prepared by AMEC. Table 13.2 – Percentages by zone for testwork composites and design criteria Ore Zone Composite make-up (%) Initial pit RLOM Overall pit Composite AMEC design Composite AMEC design Composite AMEC design ODM 86 82 60 71 68 78 Z433 4 10 14 6 11 8 HS 0 5 6 7 4 6 NZ 4 0 5 0 5 0 CAP 5 0 15 12 12 5 Other 0 3 0 4 0 4 Note: Totals may not compute exactly due to rounding. The percentages between the sample composites and the design criteria are similar; however, in the design criteria, the percentage of ODM is higher than the sample composite; and the NZ zone is absent. 13.1.4.3 Variability testwork sample selection Sample variability testwork was performed, following flowsheet selection and development of the base test criteria. The variability testwork program included 162 comminution samples and 208 cyanide leaching samples from the Main Pit, and another 30 comminution and leaching samples from the Intrepid Zone. A geometallurgical model and statistical analyses, developed by SGS, were used to select the sample locations, drillhole intervals and quantities of material for the variability samples. Geographic location, mineralization grade and trend were the main variables used to classify and define the ore zones. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 175 The borehole and sample locations in the Main Pit are presented in Figure 13.1 and Figure 13.2 in plan view and cross-section respectively. Source: New Gold 2018. Figure 13.1 – Plan view of drillhole and sample locations in the Intrepid Zone NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 176 Source: New Gold 2018. Figure 13.2 – Location of Intrepid Zone samples (cross-section looking west) The sample locations for the variability testwork in the Main Pit are presented 3D in Figure 13.4 and Figure 13.3. These figures have been updated with the latest pit shells. Source: New Gold 2020. Figure 13.3 – Sample locations for cyanide leaching variability testwork

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 177 Source: New Gold 2020. Figure 13.4 – Sample locations for comminution variability testwork NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 178 Some of the samples were located outside the proposed pit outline. This is due to a reduction in the size of the engineered pit from the December 2011 PEA to the current NI 43-101 report. Figure 13.5 and Figure 13.6 show the sample locations for variability comminution testing and variability leach testwork respectively with the latest pit shell outlines. Source: New Gold 2020. Figure 13.5 – Sample locations for variability comminution testwork NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 179 Note: AMC considers that the samples tested were representative of the Rainy River deposit and adequately cover the variability of the deposit. Source: New Gold 2020. Figure 13.6 – Sample locations for variability leaching testwork 13.1.5 Sample characterization The head grades and major impurity elements for the Master Composites and variability samples are presented in Table 13.3. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 180 Table 13.3 – Head analyses for the composite and variability samples Sample Number of samples Screen met. Au (g/t) Direct Ag (g/t) Cu (%) S (%) Zn (%) Fe (%) Zone composites Master 0.9 3 0.034 2.22 0.081 3.1 ODM-1 0.83 <2 0.012 1.42 0.058 2.45 ODM-2 2.31 18 0.038 2.64 0.51 3.1 ODM-3 0.90 3 0.027 2.51 0.11 3.1 ODM-4 0.56 4 0.016 1.67 0.084 2.6 Z433 1.67 <2 0.12 1.88 0.005 3.3 HS 0.72 <2 0.042 2.22 0.017 3.2 NZ 1.07 2 0.039 2.94 0.16 4.7 CAP 0.83 5 0.031 5.11 0.15 10.0 Variability samples ODM 117 1.04 4.04 0.010 2.07 0.13 2.74 Z433 27 1.12 2.03 0.041 2.22 0.06 4.20 HS 13 0.51 1.00 0.015 2.15 0.06 3.23 NZ 22 0.79 1.99 0.019 2.25 0.07 3.54 CAP 33 0.72 3.65 0.017 3.70 0.07 9.39 Intrepid Zone 30 1.64 14.9 0.009 2.27 0.11 2.37 Master composites Initial pit - 0.90 2.57 0.016 2.05 0.15 3.13 Remaining LOM - 0.71 2.86 0.010 2.54 0.07 4.05 Intrepid Zone Master - 1.45 13.8 0.009 2.19 0.10 2.34 The samples from the CAP Zone have significantly higher levels of sulfur and iron than the other zones. The Intrepid Zone has much higher silver levels than the other zones, however, the copper, iron, sulfur, and zinc levels are consistent with the other zones. 13.1.5.1 Mercury assays Mercury assays were performed on two composite samples. These assays were completed on the feed, residue, loaded carbon and barren solution streams after undergoing leaching and gold adsorption. The objective of the testwork was to determine if any mercury leached into solution and adsorbed onto the carbon. All assays were below detection level except for one carbon reading, which had an assay of 0.06 g/t Hg.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 181 13.1.6 Mineralogy Four main styles of mineralization have been identified at the Mine: • Moderately to strongly deformed, auriferous sulfide and quartz-sulfide stringers and veins in felsic quartz-phyric rocks (OMD/17, Beaver Pond, 433, and HS Zones). • Deformed quartz-ankerite-pyrite shear veins in mafic volcanic rocks (CAP / South Zone). • Deformed sulfide bearing quartz veinlets in dacitic tuffs and tuff breccias hosting enriched silver grades (Intrepid Zone). • Copper-nickel-platinum group metals mineralization hosted in a younger mafic- ultramafic intrusion (34 Zone). The bulk of the gold mineralization at the Mine is contained in sulfide and quartz-sulfide stringers and veins hosted by felsic quartz-phyric rocks. Two main zones are recognized (ODM/17 Zone and 433 Zone) with subsidiary zones (HS Zone and NZ Zone), which are mostly bound by high strain zones. Gold deportment studies were performed on each zone during the 2011 and 2012 metallurgical testing campaigns. Five ODM samples, two Z-433 Zone samples, one CAP Zone sample, one HS Zone sample, and one NZ Zone sample were studied: • The samples were composed mainly of non-opaque minerals, with minor amounts of pyrite present, ranging from 2.5% in one of the Z-433 Zone composites to 9.5% in the CAP Zone composite. • The gold mainly occurs as native gold, electrum, and kuestelite. Small amounts of petzite (Ag3AuTe2) were also noted. Other gold minerals including calaverite, aurostibite, auricupride, hessite, and two unknown phases (AuAgHg and AuAgPb) were also observed occasionally in samples. • The gold occurs as liberated, attached, and locked particles in all the composite samples at a grind size of 150 µm, except for the CAP Zone sample. Liberated and attached gold can be readily extracted with whole ore leaching at the 150 µm grind size. • The CAP Zone composite contains gold particles present as locked inclusions in pyrite and non-opaque minerals and would require fine grinding to liberate the gold particles prior to leaching. • The majority of the gold occurs as locked particles in sulfides and silicates minerals. Those composites with locked particles would require very fine grinding to liberate the gold particles prior to whole ore cyanide leaching. • The gold grain size was relatively fine in all samples, with coarse gold (>100 µm), noted in only two of the composites. The HS Zone samples and one of the Z-433 Zone samples contained coarse gold. • The Z-433 Zone samples had the largest gold particles. • All other samples contained gold grains that were less than 10 µm. • The coarse particles tended to be liberated, while the fine particles tended to be encapsulated. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 182 • Trace amounts of pyrrhotite were found in approximately half of the samples. Pyrrhotite contains loosely bound sulfur that will increase cyanide consumption by forming thiocyanate. 13.1.7 Comminution testwork A large comminution testwork program was conducted on the Rainy River composites, in support of the design of the crushing and grinding circuits. • Crushing characteristics were determined by performing seven crushing work index tests at each of three vendor laboratories, for a total of 21 tests. Tests were performed by Metso Minerals Canada Ltd. (Metso), SGS, and FLSmidth Minerals Ltd. (FLSmidth). Only seven of the tests performed at the Metso lab were selected by AMEC for use in the final design. • A total of 160 bond work index (BWi) tests were performed at SGS, including 140 modified bond work index (ModBWi) tests. Twenty full bond ball mill work index (BBMWi) tests were performed to calibrate the ModBWi tests. • Unconfined compressive strength (UCS) testwork was performed at Queen’s University in Kingston, ON. Most of the UCS samples failed along foliation lines, and as such were not considered to be particularly reliable. • The Abrasion Index testwork was performed at SGS. • Thirteen JK Drop Weight tests (DWT) and 175 semi-autogenous grinding (SAG) Mill Comminution (SMC) tests were performed at SGS-Durango. • The 80th percentile value in each of the tests was used for the process design, unless otherwise noted. 13.1.7.1 Crusher work index testwork Crusher work index (CWi) tests were performed at three separate laboratories, including SGS, Metso, and FLSmidth. The results are presented in Table 13.4. Table 13.4 – Crusher work index (CWi) test results Lab SGS / Phillips (kWh/t) Metso (kWh/t) FLSmidth (kWh/t) Zone ODM Z-433 HS NZCAP ODM Z-433 HS CAP ODM Z-433 HS CAP No of Tests 4 2 1 1 1 6 1 2 2 4 1 1 1 No of Samples 69 38 20 17 20 60 10 20 20 40 10 10 10 Average 19.7 34.8 25.0 19.4 10.9 20.9 18.7 18.8 14.0 11.6 10.3 10.3 7.3 Minimum 8.8 17.2 17.1 13.7 6.6 11.1 12.0 10.0 10.2 2.9 6.4 6.9 3.7 Median 17.7 35.9 24.5 17.4 10.1 20.9 18.2 17.3 14.3 10.3 10.1 9.8 6.7 80 th percentile 24.0 39.9 28.4 24.4 14.3 24.7 23.4 21.7 15.5 16.5 11.1 13.4 9.8 Maximum 52.1 50.3 30.9 27.6 18.3 36.6 27.8 39.4 20.0 30.2 20.9 15.1 11.6 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 183 It was determined that the most consistent test results were from Metso, which were midway between the results of SGS and FLSmidth. Metso’s results were selected for use in the process design. The 80th percentile value of 25 kilowatt-hours per tonne (kWh/t) was selected for design purposes. 13.1.7.2 Unconfined compressive strength testwork UCS tests were performed at Queen’s University to determine the competency of the selected rock samples. Four ODM Zone samples, one Z-433 Zone sample, one HS Zone sample, and one CAP Zone sample were tested in duplicate for a total of 14 samples. Ten of the 14 samples had partial failure occur along foliation lines, including all of the ODM Zone samples. The values from all the tests ranged from 34.5 megapascal (MPa) to 109.4 MPa with an average of 66.3 MPa. The average compressive strength of the samples that did not fail along foliation lines was 87.2 MPa. As the majority of the samples had low results due to failure along foliation lines, the results were deemed unsuitable for design purposes. 13.1.7.3 Bond ball mill work index testwork BBMWi testing program consisted of 160 ModBWi tests and 20 standard BWi tests on material from all five zones of the deposit, within the Main Pit. The ModBWi Test is an open circuit milling test using a standard lab ball mill. The test is run for a specific amount of time after which the feed and product size distributions are determined. The target P80 product screen size for the Rainy River samples was 74 µm (200 mesh). The ModBWi results were calibrated by comparing the ModBWi and standard BWi test results. The results of the tests are presented in Table 13.5. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 184 Table 13.5 – Results of BWi and ModBWi tests Description Zone ODM BWi, 75 µm kWh/t Intrepid Z-433 HS NZ CAP BWi, 75 µm (kWh/t) Number of tests 5 4 2 2 3 8 Average 13.6 15.6 16.2 13.0 15.2 16.7 Minimum 12.6 15.2 16.1 12.1 14.8 13.2 Median 13.8 15.7 16.2 13.0 14.9 15.6 80th percentile 14.2 15.9 16.2 13.5 15.6 19.0 Maximum 15.0 15.9 16.3 13.8 16.1 21.5 ModBWi, 75 µm (kWh/t) Number of tests 89 17 10 20 24 30 Average 13.8 15.1 14.9 14.1 14.7 15.1 Minimum 11.6 12.9 14.1 11.1 13.0 13.4 Median 13.8 15.3 15.0 14.2 14.8 15.1 80th percentile 14.7 15.4 15.2 15.0 15.5 15.7 Maximum 16.0 15.8 15.5 16.2 15.8 17.3 Variance ModBWi / BWi 80th percentile, % 3.2% -3.14% -6.2 11.1 0.64 17.4 The ModBWi results for the ODM Zone, Z-433 Zone, and CAP Zone were within 5% of the BWi. The HS Zone sample had a slightly higher variance of 6.7% and the NZ Zone and Intrepid Zone samples had the highest variances at 11.1% and 17.4% of the BWi respectively. The ModBWi method was considered validated, and the remainder of the variability test program was performed using the ModBWi procedure. At the 80th percentile, all the zones are similar in terms of ModBWi. The 80th percentile weighted average ModBWi value of 15 kWh/t was selected for use in the design criteria. In the tests on the Intrepid Zone samples, at the 80th percentile, the BWi and ModBWi vary with values of 19.0 and 15.7 kWh/t, respectively. This is due to two samples that had considerably higher BWi values. When ignoring these two results, the 80th percentile of the BWi tests is 15.7 kWh/t, which is identical to the ModBWi results. Overall, the Intrepid Zone has slightly higher BWi and ModBWi values, indicating that the zone is harder than the zones from the Main Pit. The ore in the ODM Zone and NZ Zone was softer than the other zones and had a wider range of values. The 80th percentile BWi values for each zone are relatively close ranging from 14.7 kWh/t to 15.7 kWh/t. A weighted average value of 15.0 kWh/t was used for the design basis.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 185 13.1.7.4 Bond abrasion index testwork SGS performed twenty-four Bond abrasion index tests. Abrasion index data were used to calculate the wear material consumptions for estimating process plant operating costs. The results indicated a large amount of variability in the samples with values ranging from 0.09 to 0.38, which corresponds to the 10th percentile and 90th percentile hardness in the data set. SGS considered the ore to be moderately abrasive when compared to SGS’s database. The abrasion index value used in the design basis was 0.25. The results are presented in Table 13.6. Table 13.6 – Bond abrasion index test results Description ODM Z-433 Zone HS NZ CAP Number of tests 12 4 2 2 4 Average 0.20 0.27 0.32 0.11 0.15 Minimum 0.05 0.14 0.21 0.11 0.08 Median 0.15 0.21 0.32 0.11 0.15 80th percentile 0.26 0.33 0.38 0.11 0.19 Maximum 0.66 0.51 0.43 0.11 0.21 13.1.7.5 JK Drop Weight and SMC testwork The SMC Test® (SMC test) program consisted of 13 JK Drop Weight tests (JK DW) and 175 SMC tests on samples of the Main Pit, and an additional two samples from the Intrepid Zone. The JK DW tests were performed on PQ (85 mm) core drilled specifically for the comminution program; whilst the SMC tests were performed on core samples selected from the exploration drilling program. The SMC samples were selected by the SGS geometallurgy group, by dividing the deposit into domains and selecting a sample from each domain. Using this method, 162 total samples from the Main Pit were selected for SMC testing, in addition to the 13 samples that were selected for the JK DW testing, for a total of 175 tests. The JK DW test results consist of A and b factors that measure the resistance to impact breakage and a ta value, which measures the resistance to abrasion. A lower A x b value indicates a higher resistance to impact breakage; whilst higher ta values indicate material that is less resistant to abrasion breakage. The JK DW test results were also used to calibrate the SMC test results. The SMC tests generate A and b factors similar to the JK DW tests, along with Mia, Mic, Mih, and density values. The Mia value is the coarse grinding work index, Mic is the crushing work index, and Mih is the high-pressure grinding rolls (HPGR) work index. All SMC tests were performed on the -22.4 +19.2 mm size fraction. SMC tests were performed on the reject material from each JK DW test to provide a direct comparison between the results of the JK DW tests and the SMC tests. The objective was to confirm that the SMC results are consistent with the JK DW test results, and that the method is acceptable for use in the variability testwork program. The results from the NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 186 JK DW tests and SMC tests performed on fractions of the same sample are presented in Table 13.7. Table 13.7 – Results of JK DW tests and corresponding SMC Test® Zone A b JK DW tests A x b ta P (g/cm3) A SMC b A x b A x b % difference HS 76.4 0.30 22.9 0.32 2.79 75.4 0.33 24.9 8.7 66.4 0.37 24.6 0.31 2.81 58.0 0.56 27.6 12.2 ODM 66.2 0.37 24.5 0.45 2.77 68.9 0.35 24.1 -1.6 50.8 0.61 31.0 0.46 2.82 55.0 0.60 33.0 6.4 54.9 0.55 30.2 0.48 2.83 54.2 0.64 34.7 12.9 53.2 0.59 31.4 0.47 2.83 54.9 0.57 31.3 -0.3 55.2 0.67 37.0 0.57 2.80 56.4 0.70 39.5 6.7 50.0 0.79 39.5 0.43 2.75 60.8 0.65 39.5 0.0 CAP 67.0 0.37 24.8 0.35 3.02 58.6 0.45 26.4 6.4 59.5 0.40 23.8 0.21 2.92 79.1 0.34 26.9 13.0 Z-433 60.6 0.41 24.8 0.44 2.81 69.5 0.35 24.3 -2.0 60.1 0.42 25.2 0.28 2.82 70.5 0.36 25.4 0.8 NZ 35.0 0.81 28.4 0.46 2.73 64.7 0.45 29.1 2.5 Intrepid 65.9 1.36 89.6 1.04 2.63 64.9 1.60 104 16.1 100 0.23 23.0 0.28 2.72 83.4 0.60 38.0 65.2 Average main pit 5.1 Average including Intrepid Zone 9.8 The SMC tests are slightly higher than the corresponding JK DW tests for the same sample, indicating that the SMC results will yield slightly lower resistance to breakage than the JK DW tests. The SMC tests were considered to be acceptable for use in the variability testwork program, rather than using the full JK DW tests. The variance in parameter values in the Intrepid Zone was higher than in the Main Pit samples. This indicates significant variances in hardness within the Intrepid Zone, and that the Intrepid Zone will have a higher resistance to breakage than the Main Pit samples. The Intrepid Zone material will be blended with the Main Pit material so the differences may not have a significant effect on production rates. The distributions of the Z-433 Zone, HS Zone, and CAP Zone are in a narrow range with A x b values ranging from 20 to 35, with the majority of the values between 20 and 25. The ODM and NZ zones have wider ranges of values with A x b values ranging from 20 to 60, with the majority between 20 and 45. The ODM and NZ ores are less resistant to breakage than the Z-433 Zone, HS Zone, and CAP Zone, which are consistently harder (Table 13.8). NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 187 Table 13.8 – SMC A x b values and corresponding MIA values Description Zone ODM Z-433 A x b, and Mia (kWh/t) CAP Waste HS NZ A x b Number of tests 95 19 12 21 26 2 Average 32.9 23.7 22.0 28.3 23.2 21.6 Minimum 62.6 38.6 24.9 63.3 34.7 22.0 Median 32.4 22.7 22.1 26.0 22.3 21.6 80th percentile 26.6 20.7 20.8 21.8 20.3 21.3 Maximum 20.7 19.0 19.0 20.0 18.0 21.1 Mia (kWh/t) Average 23.6 30.0 31.5 27.0 30.3 31.9 Minimum 13.8 19.9 28.5 13.5 21.6 31.4 Median 23.2 30.4 31.1 27.4 30.6 31.9 80th percentile 27.0 32.5 33.0 31.4 33.2 32.1 Maximum 32.8 35.6 35.2 34.6 37.4 32.3 Based on the reference and industrial data, all zones tested are considered to be very hard. The ODM Zone is slightly less resistant to coarse breakage, whilst the other zones and waste rock samples have much higher resistance. A x b values of 26 and 24 at the 80th percentile were interpolated from JK DW tests and SMC tests for the Initial Pit and RLOM respectively, using the proportions from Table 13.2. The A x b and ta values were used in the JKSimMet simulation program to estimate SAG mill sizing and energy requirements. The A x b value used in the process plant design was 24. 13.1.8 Grinding circuit design Several different design methods were used to size the SAG mill – ball mill circuit. The 80th percentile of the crushing and grinding parameters obtained from metallurgical testwork were used in the design to provide sufficient power to process the majority of the ores being mined. The following methods were used to calculate the size and power requirements of the grinding circuit: • Morrell’s Equation. • JKSimMet using the Bond Equation method. • JKSimMet using the Phantom Cyclone method. • SAG Design method. • OMC method. To calculate the power requirements of the SAG mill and ball mill pinion power, the following design criteria was used: NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 188 • Simulations were performed at a nominal tonnage of 906 tonnes per hour (tph) or 20,000 tonnes per day (tpd). • Energy requirements (operating work indices) were then used to determine the operating power and required installed power for the SAG mill and ball mill for a nominal tonnage of 21,000 tpd. • Variable transfer size (T80) was calculated. • Final grinding circuit P80 of 75 µm on the cyclone overflow. • A x b value of 24.2 and ta value of 0.35. • BWi value of 15.0 kWh/t. • Mia value of 29.3 kWh/t. The results of the simulations are presented in Table 13.9. Table 13.9 – SAG mill and ball mill simulation results Parameters Units Method Morrell’s Equations JK SimMet + Bonds Equation JK SimMet + Phantom Cyclone SAG Design OMC 80th percentile F80 µm 162,500 162,500 162,500 152,000 <150,000 T80 µm 750 2,400 2,400 1,300 Unknown Final P80 µm 75 75 75 75 75 Energy requirements (operating work indices) SAG Mill kWh/t 15.26 13.23 13.23 12.56 13.7 Ball Mill kWh/t 12.92 13.03 12.2 12.89 12.6 Subtotal kWh/t 28.18 26.26 25.43 25.45 26.3 Pebble crusher kWh/t 0.46 0.37 0.37 - 0.57 Total kWh/t 28.64 26.63 25.79 25.45 26.87 Annual operating power requirement (21,000 tpd) SAG Mill kWh/t 14,510 12,580 12,580 11,948 13,033 Ball Mill kWh/t 12,289 12,395 11,603 12,262 12,143 Notes: • Simulations were performed at 20,000 tpd. Operating powers for 21,000 tpd were calculated using the same operating work index (kWh/t). • The 79th percentile used for the SAG Design simulations was based on seven samples only.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 189 The results of the various SAG mill calculation and simulation methods yielded similar power requirements. The highest power requirement was obtained using the Morrell equations; and the lowest power requirement was obtained using the SAG Design method. It was decided to use the JK SimMet + BWi method to determine SAG mill sizing for the Feasibility Study. Based on these results, 15 megawatt (MW) dual pinion drives were selected for both the SAG mill and the ball mill to process a mill fresh feed throughput of 951 tph. The SAG mill and drive were sized with an operating installed power ratio of 90% and a safety factor of 5% was added. The SAG mill was sized for a nominal 13% v/v (volume of solute / volume of solution) ball charge and a maximum ball charge of 16% v/v. The nominal mill load is 25% v/v and the maximum load is 30% v/v. The ball mill drive size was selected to match the SAG mill drive to minimize the spare part requirements. An 11 m x 6.1 m (5.6 m effective grinding length (EGL)) SAG mill and a 7.9 m x 12.3 m (12.2 EGL) ball mill were selected based on equipment sizing software and discussions with mill suppliers. Subsequent simulations performed at 21,000 tpd (951 tph) indicated that the T80 of the SAG mill circuit would be 2,800 µm, rather than 2,400 µm. 13.1.9 Gravity recoverable gold testwork Two gravity recoverable gold (GRG) tests were performed by FLSmidth using test-scale Knelson concentrators on ODM Zone and Z-433 Zone composites. The test results are presented in Table 13.10. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 190 Table 13.10 – GRG test results Sample Grind size Product Mass (%) Assay Au (g/t) Distribution (%) P80 (µm) ODM Master 650 Stage 1 Conc 0.4 46.7 18.8 542 Sampled Tails 1.0 0.6 0.6 275 Stage 2 Conc 0.4 48.7 18.8 211 Sampled Tails 1.1 0.7 0.8 141 Stage 3 Conc 0.5 27.1 13.6 90 Sampled Tails 96.6 0.5 47.7 Total (head) 100.0 1.0 100.0 Final concentrate 1.3 39.7 51.2 Z-433 612 Stage 1 Conc 0.4 56.0 20.6 546 Sampled Tails 1.0 0.9 0.8 260 Stage 2 Conc 0.4 52.0 20.8 247 Sampled Tails 1.0 0.8 0.7 132 Stage 3 Conc 0.6 35.8 17.9 92 Sampled Tails 96.6 0.5 39.2 Total (head) 100.0 1.1 100.0 Final concentrate 1.4 46.9 59.3 The test results indicated that for samples ground to 90 µm, 51% of the gold in the ODM master composite and 59% of the gold in the Z433 composite is recoverable by gravity. The gravity circuit is designed to treat cyclone feed slurry with a P80 of 1,000 µm, so the process plant gravity gold recovery will be closer to the values in the coarser range of the tests. At 650 µm, 19% of the gold is recoverable by gravity in the ODM Zone master composite and at 612 µm, 21% of the gold is recoverable by gravity in the Z-433 Zone composite. In addition to the GRG tests, gravity separation tests were also performed during the variability testing program using 2-kilogram (kg) samples. The gravity recoveries of the variability tests ranged from 1% to 77%, with an average of 27% for the non-CAP Zone excluding the Intrepid Zone. The gravity gold recovery from the CAP Zone was considerably lower, with an average recovery of 9%. The Intrepid Zone also had lower gravity gold recoveries, averaging 16%. Gold recovery by gravity is dependent on gold particle liberation, which is a function of the gold particle size, mineral particle size after grinding, and head grade. In both the ODM Zone master composite and the Z-433 Zone samples, the best recovery was from the -90 µm fraction with 48% for the ODM Zone composite and 39% for the Z-433 Zone sample. The gold and silver recoveries as a function of head grade are presented in Figure 13.7 and Figure 13.8. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 191 Figure 13.7 – Gold Gravity Recovery vs. Head Grade Figure 13.8 – Solver Gravity Recovery vs. Head Grade It can be seen that the gravity recovery of gold is sensitive to the head grade, with higher grades giving higher recoveries. The same trend was noted for the Non-CAP, CAP and Intrepid Zones; however, the CAP and Intrepid Zone gold recovery were lower than the Non-CAP Zones. No trend was noted for the silver and it was assumed that silver gravity recovery is independent from the head grade. The silver gravity recoveries for the CAP and Intrepid Zones were lower than the non-CAP Zones, analogous to the gold gravity recovery. The average silver gravity recovery for the CAP Zone was roughly 3%; the NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 192 Intrepid Zone averaged 5% while the non-CAP Zones silver gravity recovery was approximately 10%. 13.1.10 Cyanide leaching testwork 13.1.10.1 Gravity concentration and leaching of gravity tailings Gravity gold recovery tests, followed by cyanide leaching tests on the gravity tailings were performed on samples of the ODM master composite as part of the trade-off study between flotation and concentrate leaching, and gravity concentration and leaching of the gravity tailings. Cyanide leaching tests were performed on the ODM composite samples using the following baseline conditions: • Grind size P80s ranging from 50 µm to 119 µm. • Pre-aeration with air for 30 minutes. • Pulp density of 50% solids w/w (weight of solute / weight of solution). • Pulp pH was maintained between 10.5 and 11.0. • Cyanide concentration was varied between 0.5 grams per liter (g/L) and 1.0 g/L NaCN. • Residence time was 48 hours, with kinetic samples taken at 6 hours, 24 hours, and 36 hours. The results of the leach tests on the gravity tailings for gold and silver are presented in Table 13.11 and Table 13.12, respectively. Results presented for grind sizes with more than one test are averaged values.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 193 Table 13.11 – Gold results of leaching tests on gravity tailings Number of tests P80 (µm) Reagent consumptions (kg/t) Au recovery (%) Au assays (g/t) Cyanide leach 1 Gravity 2 Gravity + cyanide leach 2 NaCN CaO 6h 24h 36h 48h Residue grade Head grade 1 119 0.08 0.39 77.7 83.5 85.6 85.8 29.1 89.9 0.10 0.98 1 95 0.12 0.38 76.9 86.3 85.3 86.7 29.1 90.6 0.10 0.98 3 68 0.16 0.39 78.7 88.3 84.6 89.3 29.1 92.4 0.08 0.98 1 50 0.34 0.40 79.2 87.9 88.4 89.8 29.1 92.8 0.08 0.98 3 94 0.09 0.34 77.2 87.6 87.0 88.1 25.7 91.1 0.10 1.05 2 75 0.10 0.31 79.3 89.9 87.8 90.1 25.7 92.6 0.08 1.05 4 62 0.14 0.36 79.3 87.5 88.1 89.6 25.7 92.3 0.08 1.05 3 51 0.18 0.37 78.8 90.6 88.6 90.8 25.7 93.2 0.07 1.05 Notes: 1 With respect to test feed. 2 With respect to ore. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 194 Table 13.12 – Silver results of leaching tests on gravity tailings Number of tests P80 (µm) Reagent consumptions (kg/t) Ag recovery (%) Ag assays (g/t) NaCN CaO Cyanide leach 1 Gravity 2 Gravity + cyanide leach 2 Residue grade Head grade 6h 24h 36h 48h 1 119 0.08 0.39 53.4 61.5 64.7 66.5 4.6 68.0 1.20 3.80 1 95 0.12 0.38 54.5 64.5 67.3 68.9 4.6 70.3 1.10 3.80 3 68 0.16 0.39 54.4 64.4 63.2 68.8 4.6 70.2 1.13 3.80 1 50 0.34 0.40 52.9 63.5 65.7 68.0 4.6 69.5 1.20 3.80 3 94 0.09 0.34 60.8 70.6 73.0 74.7 6.7 76.4 0.87 3.80 2 75 0.10 0.31 64.9 75.4 74.2 78.8 6.7 80.2 0.70 3.80 4 62 0.14 0.36 59.9 69.6 72.3 72.8 6.7 74.6 0.96 3.80 3 51 0.18 0.37 56.2 67.1 68.6 71.6 6.7 73.5 1.05 3.80 Notes: 1 With respect to test feed. 2 With respect to ore. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 195 The leach gold recoveries ranged from 86% at 119 µm to 91% at 51 µm, and total gold recoveries from 90% at 119 µm to 93% at 51 µm. Gold recovery at the design grind size of 75 µm was 90% for leaching and 93% for total recovery. Silver recoveries increased from 67% at 119 µm to 79% at 75 µm; and then dropped for the 62 µm and 51 µm tests. 13.1.10.2 Cyanide leach testwork on gravity tailings Gravity tailings leach tests were performed on samples from the Initial Pit and the RLOM composites. The tests were performed for fixed times, with kinetic samples taken at each time duration. Thirty-six tests were performed for each composite to help determine leach time and final grind size using the following criteria: • Four leach times were used for each composite: o Initial Pit: 18, 30, and 36 hours. o RLOM: 12, 18, and 30 hours. • Three grind sizes were tested: 110 µm, 85 µm, and 70 µm • Triplicate tests were performed on each sample, for each grind size and for each leach time for a total of 36 tests. The results of the leach tests on the gravity tailings are presented in Table 13.13 and Table 13.14 for gold and silver, respectively. The results are presented as averages of the 12 tests performed per grind size per composite. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 196 Table 13.13 – Initial Pit and RLOM gravity tailings leach test results for gold Composi te name Number of tests P80 (µm) Reagent consumptions (kg/t) Au Recovery (%) Au assays (g/t) NaCN CaO Cyanide leach 1 Gravity 2 Gravity + cyanide leach 2 Residue grade Head grade 12h 18h 30h 36h Initial Pit 12 110 0.03 0.32 - 82.6 82.6 83.9 33.1 89.2 0.12 1.07 12 85 0.04 0.33 - 84.8 85.2 86.4 33.1 90.9 0.10 1.07 12 70 0.05 0.35 - 85.8 86.7 86.5 33.1 90.9 0.10 1.07 RLOM 12 110 0.02 0.31 79.7 79.7 82.2 - 29.6 87.5 0.10 0.83 12 85 0.02 0.32 82.1 82.6 84.2 - 29.6 88.9 0.09 0.83 12 70 0.01 0.32 84.1 85.2 85.7 - 29.6 90.0 0.08 0.83 Notes: 1 With respect to test feed. 2 With respect to ore. Table 13.14 – Initial Pit and RLOM gravity tailings leach test results for silver Compos ite name Number of tests P80 (µm) Reagent consumptions (kg/t) Ag recovery (%) Ag assays (g/t) NaCN CaO Cyanide leach 1 Gravity 2 Gravity + cyanide leach 2 Residue grade Head grade 12h 18h 30h 36h Initial Pit 12 110 0.03 0.32 - 62.3 69.9 61.2 7.4 64.1 1.07 2.80 12 85 0.04 0.33 - 59.4 70.5 62.8 7.4 65.5 1.07 2.80 12 70 0.05 0.35 - 58.0 72.1 61.8 7.4 64.6 1.10 2.80 RLOM 12 110 0.02 0.31 61.1 66.4 68.9 - 6.1 70.8 0.80 2.80 12 85 0.02 0.32 65.1 68.9 71.3 - 6.1 73.1 0.77 2.80 12 70 0.01 0.32 66.2 72.1 70.8 - 6.1 72.6 0.80 2.80 Notes: 1 With respect to test feed. 2 With respect to ore.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 197 The results show that the gold and silver recoveries increase with a reduction in particle size. Gold recovery did not increase beyond 30 hours. Initial Pit silver recoveries increased up to 30 hours but then dropped between 30 and 36 hours. Figure 13.9 shows the gravity tailings residue assays versus grind size for the ODM, Initial Pit, and RLOM composite leach tests. The dotted lines represent the sensitivity of the assay technique of 0.02 g/t Au. Figure 13.9 – Gravity tailings leach residue gold grade versus grind size A cost versus revenue study was performed during the Feasibility Study to determine a P80 for the variability testwork program. The costs included cyanide consumption, grinding energy at a fixed production rate and estimated media wear. Revenue was calculated based on the residue equation shown in Figure 13.9. High and low cost scenarios were investigated, in addition to the nominal costs. The cost of sodium cyanide, steel and energy were varied to generate the high and low cost scenarios. The results are presented in Figure 13.10. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 198 Figure 13.10 – Cost and revenue analysis by grind size The results show that for the average costs of the listed parameters, grinding to 65 µm is still economic, however, when using the higher costs, it is only economic to grind to 75 µm. Based on these results, a grind size P80 of 75 µm and a retention time of 36 hours were selected for the variability testwork program. Note, in the current operation, a grind size P80 of 75 µm is not targeted, but rather plant grind size P80 is a function of SAG and ball mill power draw and plant throughput. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 199 13.1.10.3 Cyanide leach testwork testing the effect of cyanide concentration on gold recovery The effect of initial cyanide concentration on gold recovery was investigated using RLOM composites samples. The cyanide concentrations were varied between 0.15 g/L and 0.50 g/L NaCN. The tests were conducted for 36 hours and samples were collected at timed intervals. The results of the tests are presented in Table 13.15. Table 13.15 – Effect of cyanide concentration on gold recovery Composite name P80 (µm) NaCN concentrati on (g/t) Reagent consumptions (kg/t) Au recovery (%) Au assays (g/t) NaCN CaO Cyanide leach 1 Gravity 2 Gravity + cyanide leach 2 Residue grade Head grade 12h 18h 24h 30h 36h RLOM 118 0.50 0.11 0.40 77 80 83 81 83 16 86 0.12 0.67 117 0.30 0.08 0.37 71 77 82 81 82 16 85 0.13 0.69 120 0.20 0.06 0.40 74 78 82 82 82 16 85 0.12 0.65 118 0.15 0.06 0.41 70 77 81 80 822 16 85 0.12 0.68 Notes: 1 With respect to test feed. 2 With respect to ore. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 200 Figure 13.11 shows cyanide leach gold recovery vs time for these tests. Figure 13.11 – Impact of gold recovery by NaCN concentration Figure 13.11 showed there was no discernible increase in terminal gold recovery by increasing NaCN concentration.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 201 13.1.10.4 Cyanide leach testwork testing the effect of pre-aeration on gold recovery Pre-aeration tests using air were performed on the Initial Pit and the RLOM composites to ascertain whether pre-aerating the sample would reduce cyanide and lime consumptions. The tests were performed for 36 hours, and kinetic samples were taken throughout the test. The results of the tests are presented in Table 13.16. Table 13.16 – Effect of pre-aeration on leach gold recovery Composit e name Pre- aeration P80 (µm) Reagent consumptions (kg/t) Gold recovery (%) NaCN CaO Cyanide leach 1 Gravity 2 Gravity + cyanide leach 2 6h 12h 24h 36h Initial Pit Y 100 0.07 0.36 79% 83% 83% 84% 31% 89% Y 100 0.08 0.36 73% 79% 80% 83% 31% 88% N 100 0.22 0.30 74% 82% 86% 84% 31% 89% N 100 0.19 0.31 75% 82% 81% 85% 31% 90% RLOM Y 118 0.08 0.36 75% 75% 81% 81% 16% 84% Y 118 0.07 0.36 76% 82% 83% 82% 16% 85% N 118 0.18 0.33 72% 77% 80% 82% 16% 85% N 118 0.25 0.29 70% 70% 77% 79% 16% 82% Notes: 1 With respect to test feed. 2 With respect to ore. For both sets of samples, the pre-aeration tests had significantly lower cyanide and lime consumptions than those without pre- aeration. The gold recoveries were similar in both cases. Based on these tests, the variability tests were run using pre-aeration. 13.1.10.5 Cyanide leach testwork testing oxygen versus air, and impact of lead nitrate The effect of adding oxygen instead of air in the pre-aeration stage was investigated. Lead nitrate addition was also trialed to ascertain if it could reduce cyanide consumption. The results of the tests are presented in Table 13.17. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 202 Table 13.17 – Effect of oxygen, air, and leach nitrate on leach gold test results Composite name Aeration Lead nitrate P80 (µm) Reagent consumptions (kg/t) Au recovery (%) Au assays (g/t) NaCN CaO Cyanide leach 1 Gravity 2 Gravity + cyanide leach 2 Residue grade Head grade 12h 18h 30h 36h Initial Pit Oxygen N 0.04 0.37 82 - - - 29 87 0.12 0.97 Oxygen N 54 0.04 0.36 - 86 - - 29 90 0.09 Oxygen N 52 0.11 0.41 - - 89 - 29 92 0.07 Oxygen N 61 0.06 0.38 - - 88 - 29 92 0.10 Oxygen N 55 0.12 0.38 - - - 87 29 91 0.09 Oxygen N 59 0.04 0.39 - - - 87 29 91 0.10 Oxygen Y 59 0.16 0.50 - - - 88 29 92 0.08 Oxygen Y 45 0.05 0.52 - - - 87 29 91 0.08 Air Y 48 0.14 0.56 - - - 88 29 91 0.08 Air Y 59 0.06 0.51 - - - 87 29 91 0.09 RLOM Oxygen N 66 0.05 0.36 84 - - - 39 91 0.08 0.89 Oxygen N 59 0.05 0.41 - 87 - - 39 92 0.07 Oxygen N 79 0.06 0.33 - - 87 - 39 92 0.09 Oxygen N 68 0.07 0.40 - - 84 - 39 90 0.08 Oxygen N 57 0.08 0.41 - - - 85 39 91 0.08 Oxygen N 66 0.08 0.41 - - - 86 39 91 0.08 Oxygen Y 70 0.06 0.53 - - - 84 39 90 0.08 Oxygen Y 71 0.03 0.53 - - - 85 39 91 0.08 Air Y 72 0.06 0.50 - - - 82 39 89 0.11 Air Y 71 0.08 0.49 - - - 84 39 90 0.10 Notes: 1 With respect to test feed. 2 With respect to ore. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 203 The data shows that there was no discernible change in cyanide and lime consumption by adding oxygen rather than air in the pre-aeration stage. Based on these results, the variability tests used pre-aeration with air. The addition of lead nitrate did not reduce cyanide consumption relative to the baseline tests, so it was not used in the variability tests. 13.1.10.6 Cyanide leach testwork testing Intrepid Zone kinetics The leaching kinetics of gold and silver from samples of the Intrepid Zone composites were investigated. The conditions for the tests were: • Leach time of 96 hours with kinetic sampling at 30, 36, 48, and 72 hours. • Target grind size P80 of 75 µm. • Cyanide concentration of 0.5 g/L NaCN. • 30-minute pre-aeration stage. • pH of 10.5 – 11.0. Figure 13.12 shows a boxplot of the Intrepid Zone leach extraction for gold and silver as a function of time. The figure shows the average recoveries, as well as the minimum and maximum recoveries for each time period. Figure 13.12 – Boxplot of Intrepid Zone gold and silver cyanide leaching kinetics Gold extraction was essentially complete after 30 hours. Silver extraction kinetics were relatively slower and silver extraction was still increasing after 96 hours of leaching. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 204 13.1.10.7 Cyanide leach variability testwork Variability cyanide leach tests were performed on 208 samples from the Main Pit and 30 samples from the Intrepid Zone. The results were used to develop grade-recovery curves for both gold and silver. All the tests were performed under the following conditions: • Leach time of 36 hours with samples taken at 30 and 36 hours. • Target grind size P80 of 75 µm. • Cyanide concentration of 0.5 g/L NaCN. • 30-minute pre-oxidation with air. • pH of 10.5 to 11.0. Table 13.18 summarizes the variability leach test results. Table 13.18 – Averaged variability leach test gold and silver recoveries Zone Number of tests Average reagent consumptions (kg/t) Average gold recovery (%) Average silver recovery (%) NaCN CaO Cyanide leach1 Gravity 2 Gravity + cyanide leach2 Cyanide leach 1 Gravity2 Gravity + cyanide leach2 30h 36h 30h 36h ODM 138 0.06 0.37 78% 79% 26% 84% 57% 59% 10% 63% Z-433 30 0.1 0.41 83% 84% 36% 90% 49% 51% 13% 58% HS 13 0.06 0.36 84% 86% 24% 89% 48% 48% 9% 53% NZ 24 0.08 0.4 82% 83% 27% 87% 56% 56% 9% 60% Intrepid 30 0.1 0.31 86% 87% 16% 88% 60% 60% 5% 61% Non-CAP 235 0.07 0.37 81% 81% 26% 86% 57% 57% 10% 61% CAP 40 0.11 0.62 72% 72% 9% 74% 65% 65% 3% 66% Notes: 1 With respect to test feed. 2 With respect to ore.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 205 Table 13.18 shows: • Most ore zones achieved average total gold recoveries greater than 80%, with the exception of the CAP Zone with 74%. • The leaching performance was relatively consistent, with the majority of the variability driven by the grind size and the gravity recovery. Gold leaching was generally complete after 30 hours. • The leaching performance was relatively consistent with the majority of the variability driven by the grind size, gravity separation and leaching retention time. Silver was still leaching at 36 hours in all tests. 13.1.11 Diagnostic leach testwork Due to the lower gold recovery observed in the CAP Zone samples, and a small percentage of the non-CAP Zones samples, diagnostic leach tests were performed on the cyanide leach tailings from three ODM Zone samples and three CAP Zone samples to identify the occurrence of the residual gold that did not leach. The diagnostic leach test procedure includes the following steps: • Intensive cyanide leach: Extraction of gold that is readily available and is an indication that more retention time was required to complete the reaction. • Hydrochloric acid (HCl) leach followed by intensive cyanidation leach: Extraction of gold that is associated with pyrrhotite, calcite, ferrites, etc. This is done by leaching the tailings using hydrochloric acid to dissolve the pyrrhotite and other minerals, then performing the intensive cyanide leach to extract the liberated gold. • Aqua regia (AR) leach: Extraction of gold associated with or encapsulated in sulfide minerals such as pyrite and arsenopyrite. • The final residue from these tests is considered to be locked in silicates or associated with fine sulfides that are locked in silicates. The gold deportments from these tests are shown in Figure 13.13. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 206 Figure 13.13 – Diagnostic leach test gold deportments on cyanide leach tails samples The results from the diagnostic leach tests indicated that most of the residual gold is associated with pyrite, arsenopyrite, or other sulfide minerals for both the CAP Zone and the ODM Zone samples. • The amount of the residual gold recovered by the AR leach was estimated to be between 62% and 92%. • Little to no gold was readily recoverable using intensive cyanide leaching, with four of the six samples having gold pregnant leach solution tenors below the detection limits and the other two samples at the detection level. • Higher percentages of the residual gold were recovered using the hydrochloric acid leach, followed by intensive cyanide leaching with approximately 8% to 24% of the residual gold being leached. • Three of the six samples had final residual gold below detection limit, while the other three samples were at the detection limit of 0.02 g/t Au. In 2017, McLelland completed additional leach diagnostic tests on a composite sample of the ODM Zone ore and a composite sample of the CAP Zone ore. The diagnostic leach test procedure includes the following steps: • The samples were ground to a P80 of 106 µm. • Direct cyanide leach: Extraction of free-milling gold. • Hydrochloric acid leach followed by direct cyanide leach: Extraction of gold that is associated with pyrrhotite, calcite, ferrites, etc. This is done by leaching the NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 207 tailings using hydrochloric acid to dissolve the pyrrhotite and other minerals, then performing the intensive cyanide leach to extract the liberated gold. • AR leach: Extraction of gold associated with or encapsulated in sulfide minerals such as pyrite and arsenopyrite. • Roast and cyanide leach: Extraction of gold associated with or encapsulated in carbonaceous material. • The final residue from these tests is considered to be locked in silicates or associated with fine sulfides that are locked in silicates. The gold deportments from these tests are shown in Figure 13.14. Figure 13.14 – Diagnostic leach test gold deportments on ore samples The ODM Zone has a large proportion (89%) of free-milling gold (cyanide leach). Approximately 7% of the gold in the ODM Zone ore is locked in sulfides (AR leach). In the CAP Zone ore, there is a moderate proportion of free milling gold. There are relatively large proportions of hydrochloric acid leachable gold (16%) and gold locked in sulfides (22%). NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 208 13.1.12 Cyanide destruction testwork The SO2 – air cyanide destruction process was investigated on the leach solutions from the three composites: Initial Pit, RLOM, and Intrepid Zone. The Intrepid Zone sample was tested after completion of the Main Pit testwork. The first series of tests on the Intrepid Zone sample yielded high residual cyanide levels, however, a repeat of the test showed results in line with those from the Main Pit samples. One large bulk cyanide destruction and three continuous tests were conducted for each composite. The cyanide destruction test results are presented in Table 13.19.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 209 Table 13.19 – Cyanide destruction test results Sample Pulp density (%) Retention time (min) Solution phase Reagent addition (g/g CNWAD) pH CN1 (mg/L) CNWAD, standard (mg/L) CNWAD, picric (mg/L) Cu (mg/L) Fe (mg/L) SO2 Lime Cu In it ia l P it Feed - - 10.7 152 117 - 9.4 1.8 - - - Batch CND 3 Continuous 50 90 8.6 - - <0.1 - - 7.52 3.48 0.13 CND 3-1 50 75 8.6 3.1 0.19 0.40 0.08 0.1 5.33 3.33 0.12 CND 3-2 50 81 8.6 4.2 0.49 0.67 0.47 0.43 5.28 2.57 0.0 CND 3-3 50 80 8.6 5.2 0.12 0.12 0.73 0.58 4.66 1.89 0.0 R L O M Feed - - 11.1 128 123 - 11.0 - - - - Batch CND 4 continuous 50 180 8.5 - - 0.4 - - 12.7 14.9 0.24 CND 4-1 50 88 8.5 3.5 <0.1 0.38 0.07 0.1 4.46 4.47 0.23 CND 4-2 50 85 8.5 3.9 <0.1 0.25 <0.05 0.13 4.17 6.71 0.25 CND 4-3 50 99 8.5 5.8 0.13 0.29 0.10 0.52 4.24 1.79 0.0 In tr e p id Z o n e Feed - - 10.7 151 77.4 - 20.0 2.22 - - - Batch CND 2 continuous 50 150 8.6 - - 0.26 - - 11.9 7.68 0.13 CND 2-1 50 58 8.5 0.13 <0.1 4.1 18.0 0.2 4.64 2.36 0.13 CND 2-2 50 116 8.6 0.11 <0.1 0.94 7.3 0.2 4.64 2.36 0.13 CND 2-2 50 58 8.5 <0.1 <0.1 0.45 5.1 0.3 5.69 3.64 0.12 CND 2-3 50 116 8.5 <0.1 <0.1 <0.1 1.1 0.2 5.69 3.64 0.12 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 210 The results show that this process is effective at lowering the weak acid dissociable cyanide (CNWAD) to levels well below 5 ppm CN. The reagent consumptions (SO2, lime, and copper) are considered to be in agreement with standard industrial practices. 13.1.13 Carbon-in-pulp modelling Carbon-in-pulp (CIP) modelling work was performed by SGS to validate the CIP circuit design. This technique is typically used for modelling of conventional CIP circuits but was modified to model the kinetics of a carousel-style pump cell CIP circuit. Only gold was modelled by SGS. The Initial Pit, RLOM, and Intrepid Zone master composites were used for the CIP modelling testwork. The isotherms from the testwork are presented in Figure 13.15. Figure 13.15 – CIP isotherms used for modelling The isotherms were used to model the kinetics for gold adsorption onto the carbon in a CIP circuit. The adsorption kinetics are modelled using a kK value that is the product of the model output kinetic constant k and the model output equilibrium constant K. The kK values from the testwork were 69, 79, and 90 for the Initial Pit, RLOM, and Intrepid Zone composites respectively. SGS modelled the number of CIP tanks in series, frequency of carbon movement and size of CIP tanks required. The simulations yielded solution losses of between 0.007 milligrams per liter (mg/L) and 0.035 mg/L, depending on the configuration. The results indicated that a seven or eight tank configuration is required to achieve acceptable gold adsorption efficiency, and that the ability to transfer carbon every day is beneficial. Based on these results, the CIP circuit was designed to have seven tanks in series and the stripping circuit was sized to be able to strip and regenerate one full tank (20 t of carbon) every two days; or one-half tank, 10 t of carbon per day. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 211 13.1.14 Sedimentation testwork Sedimentation testing was performed at three different suppliers’ laboratories to size the pre-leach thickener. The sedimentation test results are presented in Table 13.20. Table 13.20 – Results of supplier sedimentation testwork Sample Description Units Supplier A Supplier B Supplier C Design feed rate (dry) tph 951 951 951 Initial Pit Settling rate tph/m2 0.65 0.90 0.61-1.05 Rise rate m/h <7 - 3.4-5.9 Flocculant dosage g/t 30-35 40 20-40 Overflow clarity ppm <200 <150 10-86 RLOM Settling rate tph/m2 - 1.00 0.65-1.14 Rise rate m/h - - 3.6-6.3 Flocculant dosage g/t - 25 19-40 Overflow clarity ppm - <200 50-145 Recommended diameter meters 45 39 46 Based on the test results, the recommended thickener diameter was between 39 m and 46 m. The lowest settling rates were observed by Supplier C, while the highest were from Supplier B. A 45 m diameter pre-leach thickener was selected. The flocculant dosages required ranged from 19 g/t to 40 g/t, with an average of the three suppliers of approximately 32 g/t. SGS performed static and dynamic settling tests on the Intrepid Zone samples. The settling rates were found to be lower than the Initial Pit and RLOM samples at 0.42 tph/m2 to 0.61 tph/m2. The flocculant addition rates were similar, at approximately 25 g/t in the dynamic tests and 20 g/t for the static tests. Good overflow clarity was achieved in both types of tests. 13.1.15 Slurry rheology testwork Slurry rheology tests were performed by SGS on the Initial Pit and RLOM composites using a concentric cylinder viscometer. The objective of the testwork was to determine the critical solids density (CSD) and to predict the maximum underflow solids density during thickener operation. It was determined that the CSD was 62% solids w/w and 64% (w/w) for the Initial Pit and RLOM composites, respectively. The design CSDs for the pre-leach and pre-detox thickeners was 61% and 60%, respectively. 13.1.16 Summary and findings from metallurgical testwork program The results from the SGS testwork program formed the basis for the Mineral Reserve estimate and updated Feasibility Study. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 212 The chosen process flowsheet was gravity separation followed by whole ore leaching. This flowsheet was preferred over the flowsheet with flotation and concentrate leaching. This was due to higher recoveries, lower cyanide consumptions, and the energy costs associated with fine grinding the flotation concentrate. The grinding testwork indicated significant variation in ore hardness in the ODM Zone. The testwork demonstrated that the Intrepid Zone ore can be treated using the same flowsheet as the Main Pit ores. The high silver values will increase the load on the CIP and elution circuits if the Intrepid Zone ore is not blended with Main Pit ore. The CAP Zone material will be placed in the low-grade stockpile and treated toward the end of the mine life, due to the low recoveries the CAP Zone material produced in the testwork program. When the CAP Zone material is processed, it will be blended with other ore types. In later years of the mine life, the CAP Zone ore will report directly to the process plant. AMEC selected the data for input into engineering design criteria. Vendors selected the data for sizing of major equipment such as the crushers and grinding mills. During the testwork program, a cost versus revenue study was conducted to identify the optimum grind size P80 for the plant process design criteria. This study was based on the testwork data. A grind size P80 of 75 µm was chosen, as the cost study demonstrated it was the most economically viable grind size. Despite this, Rainy River’s current process philosophy is to target a process throughput rather than a grind size, so the plant typically operates at a grind size P80 of 90 µm to 110 µm (dependent on throughput). Rainy River determined that it is more economically beneficial to operate at higher throughputs and lower gold recoveries (through coarser grinds) over lower throughputs and higher gold recoveries (through finer grinds). It is AMC’s opinion that the metallurgical test programs for the Rainy River deposit were comprehensive and have taken into consideration the major ore types and the mine plan when developing the composite samples for testing. The types of tests performed were appropriate and provided sufficient information for preparing the designs for the process plant. 13.2 Metallurgical testwork post plant start-up 13.2.1 Introduction Metallurgical testwork programs have been conducted since the start-up of the Rainy River process plant in 2017. Orway Mineral Consultants (OMC) completed an audit of the Rainy River process plant in April 2019. OMC used the comminution data that was collected from the audit for creating a JKSimMet model. The purposes of the JKSimMet model were to forecast the process plant throughput based on comminution testwork data, and to simulate different comminution circuit flowsheet configurations. OMC also developed multivariate

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 213 regression formulas for forecasting process plant gold recovery. OMC developed these regression formulas based on actual process plant data including process plant feed gold grades, cyclone overflow P80s, and total gold recoveries. 13.2.2 Acid wash testwork Calcium carbonate (lime) is one of the major causes of carbon fouling. As a general guide, the activity of the carbon may be severely reduced where calcium content is greater than 3%. To control the calcium content on the carbon, the acid wash process is commonly used as it removes the calcium from the fouled carbon. To ascertain the usefulness of the Rainy River acid wash circuit, in 2019 carbon activity tests were completed on samples of carbon that had been acid washed and carbon samples that had not been acid washed. The relative activity of the carbon is then used to assess the effectiveness of the acid wash process. Figure 13.16 shows carbon activity vs time for these tests. Figure 13.16 – Carbon activity vs time for acid wash tests There was no significant difference in terms of carbon activity observed between the pre- acid wash samples and the post-acid wash samples. Rainy River concluded that the activity of the carbon is not being severely reduced from the absorption of calcium carbonate. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 214 Based on these tests, Rainy River has stopped using the acid wash circuit in the process plant. Rainy River notes that this has removed all acid costs and reduced the carbon attrition due to the reduction in carbon movement. 13.2.3 Flocculant screening testwork Settling rates in the pre-leach thickener have been identified as a plant bottleneck. When the plant experiences excessive grinding circuit throughput, the thickener tends to discharge solids to the thickener overflow launder. From 2017 to 2019, a number of flocculant screening testwork programs have been completed in an attempt to understand and rectify these issues. Quadra Chemicals Ltd. (Quadra) completed thickening testwork and an audit of the pre- leach thickener in September 2017. Quadra made the following recommendations: • The Flocculant A-100 was the best performing flocculant relative to all other flocculants tested. • The use of coagulants in conjunction with a flocculant did not reduce settling time but could be used to improve thickener overflow quality. • Rheology flocculants could be used to augment settling and improve pump- ability of the settled slurry. Quadra completed another testwork program in June 2019 to identify a flocculant for the pre-leach thickener. Quadra completed testwork evaluating different flocculants and recommended Magnafoc 5250 due to faster dissolution rates, lower consumption rates and faster settling rates than the other flocculants trialed. SNF Canada Ltd. (SNF) completed flocculant screening tests for the pre-leach thickener in September 2019. The testwork demonstrated that the FO 905VHM flocculant had a slightly faster settling rate of 14.97 meters per hour (m/h) compared to the P A250L-K with 14.22 m/h. The P A250L-K is the flocculant that is currently being added to the pre- leach thickener. Both these flocculants were trialed at 20 g/t. Test work was conducted on the flocculant mixing system in 2019 concluded that the mixing system that was in place was not adequately mixing the dry polymer resulting in polymer waste and over consumption. To rectify the problem a new Polymer Slicing Unit (PSU) was installed in Q4 2020 and commissioned in Jan 2021. A 0.017 kg/t and 0.013 kg/t flocculant consumption were observed with the previous polymer mixing unit and new PSU, respectively. The difference (0.004 kg/t) equates to a 21% reduction in flocculant consumption. The overall flocculant consumption has reduced from 0.050 kg/t in 2019 to 0.014 kg/t in 2021 (73%) with the combination of flocculant optimization, advanced process control (APC) systems, proper polymer mixing and effective use of the polymer. 13.2.4 Leach optimization testwork SGS completed a leach optimization testwork in Q1 2021. The objective of the leach optimization testwork was to determine the response of the four new ore zones and NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 215 evaluate how they would respond to the operating leach parameters back in Q4 2020 to Q1 2021. The five samples new ore zones included 433 high grade ore (433 HGO), low grade ore (LGO), HS medium grade ore (MGO HS), and ODM high grade ore (HGO ODM). Gold and silver assays for the five samples are summarized in Table 13.21. Table 13.21 – Results of supplier sedimentation testwork Element Unit Jan 2021 - Variability Samples* Plant Sample (Leach Feed) 433 MGO LGO MGO HS HGO ODM Sep-20 ^ Au Cut A g/t 0.46 0.27 0.66 1.03 0.93 Au Cut B g/t 0.41 0.29 0.87 1.91 0.91 Au Avg. g/t 0.44 0.28 0.77 1.47 0.92 Au Calc. g/t 0.61 0.31 1.02 1.13 --- Ag g/t <0.5 0.9 0.6 8.6 4.3 * Samples used for whole ore cyanidation tests ^ Sample used for CIP modelling testwork Au Calc = average calculated head from cyanidation tests In total, 32 leach optimization tests were completed using the four variability samples. As noted above, the objective of the tests was to determine the response of the samples when applying the standard Rainy River leach parameters, and to also evaluate select conditions, which included: • Grind Size • Cyanide concentration • Lead nitrate addition All of the optimization tests were completed using standard bottle rolls. The baseline test conditions, which were based on the operation back in Q4 2020 to Q1 2021, were as follows: • Grind size – varied • Pulp Density – 59% solids (w/w) • Cyanide Concentration – varied (maintained for 4 hours and then decayed until the end of test) • Leach Retention Time – 24 hours (with subsamples as indicated) • Pulp pH – 10.5-10.7 target (maintained with lime) • Dissolved oxygen concentration – 5-8 mg/L (air sparged into bottles) • Lead nitrate – 150 g/t (4 tests only, Set #3) The results from the leach optimization study illustrated that the 433 MGO and MGO HS samples responded the best when applying the Rainy River leach conditions back in Q4 2020 to Q1 2022. Gold extractions were ~88-90%. The gold extractions for the LGO and HGO ODM samples were ~80%. The gold extractions did not improve when grinding finer NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 216 from ~105 μm to ~90 μm or ~75 μm. The gold leach kinetic results at the various grind sizes are presented in Figure 13.17 to Figure 13.20 and indicated that the full 24 hours of leaching was needed to maximize gold recovery for each sample. Increasing the cyanide addition by 50-100% also did not improve gold extraction for the samples. The addition of lead nitrate slightly improved the leach kinetics, but ultimately the final gold extractions were the same. Figure 13.17 – Gold Leach Kinetic (Effect of Grind Tests) – 433 MGO

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 217 Figure 13.18 – Gold Leach Kinetic (Effect of Grind Tests) – LGO NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 218 Figure 13.19 – Gold Leach Kinetic (Effect of Grind Tests) – MGO HS NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 219 Figure 13.20 – Gold Leach Kinetic (Effect of Grind Tests) – HGO ODM 13.2.5 CIP modeling testwork The rate of adsorption of gold cyanide on activated carbon is very slow by normal industrial standards, and the design criteria and operating philosophy for all CIP plants are such that the amount of gold loaded on to the carbon in each stage is always far less than equilibrium loading. Thus, the gold extraction efficiency in CIP plants is always based on the kinetics of adsorption and is not limited by equilibrium constraints. Improving the kinetics of adsorption means more gold will load on the carbon in a given time, and this in turn translates to lower rates of carbon transfer to elution and regeneration, and lower operating and capital costs. However, the loading of gold cyanide on carbon is a reversible process, and the rate of loading decreases as the concentration of gold on the carbon increases. This means less gold is extracted from solution and soluble gold losses from the last adsorption stage increase with increasing gold on the carbon. But this trend can be countered by increasing the carbon concentration in each stage (because the carbon is not loaded to equilibrium) or by increasing the total number of adsorption stages. Arriving at the optimum design criteria for a particular plant is therefore an iterative process, which is best handled by models that describe the leaching of gold from a particular feed and the rate at which that gold loads onto activated carbon. SGS completed a CIP modeling study in Q1 2021. The objective of the CIP modelling study was to assess the then operating parameters and to establish a model that could be used to optimize and evaluate the Rainy River CIP circuit. The model was generated using a plant sample and plant carbon and was calibrated to the plant data collected. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 220 The CIP modelling results were very good, and the leach feed sample that was tested yielded results comparable to the plant data collected. Low barren solution losses (<0.01 mg/L Au) were achieved in basically all the scenarios tested. Modelling of different CIP operating strategies showed that increasing the carbon concentration or increasing the carbon advance rate (compared to plant practice back in Q1 2021) could lower soluble gold losses by up to 0.005 mg/L. The present plant design of 24 hours leaching prior to CIP is likely optimum. Overall, the Rainy River CIP circuit is operating well, and every effort should be made to continue to achieve low gold concentrations on the eluted carbon. 13.3 Grade-recovery predictive formulas for gold recovery and silver recovery Grade-recovery predictive formulas were developed for plant gold recovery and silver recovery. The purpose of these predictive formulas was to forecast gold and silver recovery in Rainy River LOM and financial models. The deposit was divided into three zones to develop the grade-recovery formulas: non- CAP Zone ore, Intrepid Zone ore, and CAP Zone ore. The predictive gold recovery formulas are as follows: The gold recovery formula for the CAP Zone was based on the model from the 2018 NI 43-101 report. To date, CAP Zone ore has not been processed. A new gold recovery formula for Non-CAP Zone was developed in October 2020. A multi- linear regression has been utilized to better represent gold recovery. CAP Zone: • Au Rec = ([AuHG – (0.2497 * AuHG1.015) - 0.007)] / AuHG] * 100 Non-CAP Zone: • AuTG = 0.36349 + (AuHG) * 0.06667 + P80 * 0.00025 + (%ODM) * -0.34414 + (%433) * -0.38227 + (%HS) * -0.35209 • Au Rec = [(AuHG – AuTG)/ AuHG] * 100 The Non-CAP Zone formula has been capped at a maximum gold recovery of 95%. Intrepid Zone: • Au Rec = ([AuHG – (0.0937 * AuHG0.4223] - 0.007) / AuHG) * 100 Where: • AuTG is the process plant gold tailings grade in g/t • Au Rec is the process plant gold recovery in % • AuHG is the process plant gold head grade in g/t • P80 is the hydrocyclone overflow P80 in µm. As process plant throughputs increase, the P80 will be coarser

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 221 • %ODM, %433 and %HS are all fraction of ore by tonnage New Gold has developed similar predictive formulas for silver recovery from metallurgical testwork programs (Kenny 2016). These predictive formulas are as follows: CAP Zone: • Ag Rec = [([AgHG – (0.3868 * AgHG0.9174)] / AgHG) * 100] * 0.966 Non-CAP Zone: • Ag Rec = [([AgHG – (0.4409 * AgHG0.9285)] / AgHG) * 100] * 0.966 Intrepid Zone: • Ag Rec = [([AgHG – (0.4409 * AgHG0.9285)] / AgHG) * 100] * 0.966 Where: • Ag Rec is the process plant silver recovery in %. • AgHG is the process plant silver head grade in g/t. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 222 14 MINERAL RESOURCE ESTIMATES 14.1 Introduction The Mineral Resource estimates for the Rainy River Mine are based on two block models. These are for the Main and Intrepid Zones. The Main Zone was modelled and estimated by Mr Mauro Bassotti (formerly of New Gold), and the estimate for the Intrepid Zone was carried out by Ms Dorota El-Rassi (formerly of SRK). Ms Dinara Nussipakynova, P.Geo., of AMC, has reviewed the methodologies and data used to prepare the Mineral Resource estimates and is satisfied that they comply with reasonable industry practice. Ms Nussipakynova takes responsibility for these estimates. The Mineral Resource estimate conforms to Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves dated 10 May 2014 (CIM Definition Standards (2014)). A summary of the timing, authorship, and responsibility of the current Mineral Resource estimates contained in this report is shown in Table 14.1. The data used for both the 2017 and 2015 block model estimates include the results of all drilling and updated geologic interpretation carried out on the Property to 31 December 2017, given that no drilling was carried out on the Intrepid Zone after 2015. The Main Zone and Intrepid model have been depleted to reflect remaining Mineral Resources as of 31 December 2021. Table 14.1 – Mineral Resource estimates at Rainy River Area Year of estimate Author Responsibility Statement date Intrepid 2015 El-Rassi Nussipakynova 31 December 2021 Main Zone 2021* Bassotti Nussipakynova 31 December 2021 Note: *Based on the 2017 block model The Mineral Resource estimate of the Main Zone is based principally on a block model completed in 2017 using Maptek’s Vulcan software, and the estimate of the Intrepid Zone is based on a block model completed in 2015 using GEMS software. The Mineral Resources are based on a combined model of Intrepid and Main Zone with a minor update of domain 114 of the ODM/17 Zone based on additional drilling completed within the area. A summary of Mineral Resources at Rainy River is presented in Table 14.2. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. A breakdown of open pit and underground Mineral Resources is shown in Table 14.2. Open pit Mineral Resources are reported at cut-offs (COGs) of 0.30 g/t and 0.44 g/t AuEq for low-grade material and for direct processing material respectively, with the exception of the CAP Zone, which as seen in Item 13 has lower metallurgical recoveries. CAP Zone has a COG of 0.45 g/t AuEq for direct processing material. Underground Mineral Resources for all zones are reported at a COG of 1.7 g/t AuEq. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 223 Measured and Indicated Mineral Resources are estimated to total 19.2 million tonnes (Mt) at grades of 2.50 g/t Au and 6.3 g/t Ag, containing 1,543 koz of gold and 3,894 koz of silver. Inferred Mineral Resources are estimated to total 2.5 Mt at grades of 2.37 g/t Au and 2.5 g/t Ag, containing 189 koz of gold and 196 koz of silver. Table 14.2 – Mineral Resources as of 31 December 2021 Category Tonnes & grade Contained metal Tonnes (000’s) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Total Mineral Resources Measured 762 1.29 2.7 32 67 Indicated 18,413 2.55 6.5 1,511 3,827 Total M + I Mineral Resources 19,175 2.50 6.3 1,543 3,894 Total Inferred Mineral Resources 2,478 2.37 2.5 189 196 Notes:  CIM Definition Standards (2014).  The Mineral Resources are stated exclusive of Mineral Reserves.  Mineral Resources were estimated using a long-term gold price of US$1,500 per troy oz and a long-term silver price of US$21 per troy oz. The exchange rate used was C$1.25:US$1 (C$1:US$0.80).  Direct processing open pit Mineral Resources are reported at a gold equivalent (AuEq) cut-off grade of 0.45 g/t for the CAP Zone and 0.44 g/t for the Non-CAP Zone. Low grade open pit Mineral Resources are reported at a gold equivalent cut-off of 0.30 g/t.  Gold equivalency was calculated as AuEq (g/t) = Au (g/t) + [(Ag (g/t) * 21 * 60)/ (1,500 * 90)].  Open pit assumptions include:  Average gold and silver recoveries of 90% and 60%, respectively.  Open pit Mineral Resources were constrained by a conceptual pit shell and exclude underground Mineral Reserves within the pit shell.  Inferred open pit Mineral Resources include Inferred material from within the Mineral Reserve open pit.  Direct processing underground Mineral Resources are reported at a gold equivalent cut-off grade of 1.70 g/t.  Gold equivalency was calculated as AuEq = Au (g/t) + [(Ag (g/t) * 21 * 60)/ (1,500 * 95)].  Underground assumptions include:  Average gold and silver recoveries of 95% and 60%, respectively.  Underground Mineral Resources are excluded above 175 m RL except for the Intrepid Zone.  Effective date of Mineral Resources is 31 December 2021.  Underground Mineral Resources were restricted by a vetting process that excluded clusters of blocks distal to the MSO Mineral Reserve shapes.  The Qualified Person for the Mineral Resource estimate is Ms D. Nussipakynova, P.Geo., of AMC.  Totals may not compute exactly due to rounding.  Tonnes and grades are in metric units. The QP is not aware of any environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other similar factors that could materially affect the stated Mineral Resource estimates. 14.2 Mineral Resource estimation procedures Since acquiring the Rainy River project in 2013, New Gold has made significant progress in understanding the geology and controls to gold mineralization at Rainy River. This work has resulted in the development of a 3D geological model that encompasses the project area and serves as the underlying framework for the Mineral Resource estimate. In connection with this work, some of the borehole collar locations and downhole surveys have been updated using the Trimble Differential GPS system, resulting in the shift of NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 224 several borehole positions. New Gold has revised its interpretation of deposit geology and mineral domains using the new and more accurate borehole locations. Additionally, estimates for calcium and sulphur have been incorporated into the current block model to support waste rock characterization for long term mining and closure plans. For the Main Zone, the 3D geological and mineralization domains were prepared onsite at Rainy River using Leapfrog software. The shapes were exported as DXF files and imported into Vulcan for the Mineral Resource estimation. Vulcan software was used to prepare assay data for geostatistical analysis, construct the block model, prepare composite samples, estimate metal and bulk density values, and validate and tabulate the Mineral Resources. The geostatistical software Snowden Supervisor was used for variography, geostatistical analysis, and validation. The Mineral Resource estimate of the Intrepid Zone is based on a block model completed in 2015 using GEMS software. Interpolation of gold and silver grades for all models was completed using ordinary kriging (OK). Bulk density values were interpolated in the Main Zone using inverse distance squared (ID2) and were assigned to the Intrepid Zone based on rock type. In addition, a hardness block model was produced by the QP in 2019. Measurements of SAG hardness (A x b) and Bwi for 202 drill core samples were provided by New Gold. The samples were collected from 175 drillholes, mostly within mineralized domains. The hardness values were estimated using the ID2 method. The estimation was carried out using Datamine software. The hardness samples were mainly collected from the four main mineralization zones at Rainy River: ODM, 433, HS, and CAP. No estimation of hardness in the Intrepid Zone was carried out. The mean values of A x b and Bwi were applied for the host rocks and Intrepid Zone. The estimated and default values were added into the current open pit and underground block models, but not used in the estimation of Mineral Resources. Mineral Resources were reported from a block model which was combined from the open pit and underground block models of Main Zone (2017) and Intrepid Zone (2015). The combined model in 2021 also included an update of domain 114, which is the top part on the west of the ODM/17 Zone. This update is based on 10 new drillholes completed in 2019 and assayed 2020. The Rainy River Mineral Resource database has been exported by New Gold and provided to AMC as a series of Microsoft Excel files and includes drillhole collar locations, downhole survey, assay, and lithology data from 2,125 core boreholes (912,557 m) drilled by New Gold, RRR, Bayfield, and Nuinsco. A summary of records directly related to the Mineral Resource models is provided in Table 14.3.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 225 Table 14.3 – Summary of Mineral Resource database Item Record count / details Drillholes 2,225 Total length (m) 912,557 Downhole survey entries 36,093 Lithology entries 499,792 Assay entries 492,619 Assay length (m) 712,507 Topographic surface 1 Lithology wireframes 50 Wireframes of mineralization 32 Dilution envelope wireframes 1 Source: AMC from New Gold data. All exploration information is located using the local UTM grid (NAD 83 datum, Zone 15). Resource modelling was conducted in this UTM coordinate space. Upon receipt of the digital drilling data, the QP undertook the following validation step: • Checked minimum and maximum values for each quality field and confirmed / edited those outside of expected ranges. • Checked for inconstancies in lithological unit terminology and / or gaps in the lithological table. • Checked for gaps, overlaps, and out of sequence intervals for both assays and lithology tables. • Checked that collar locations plot in the correct location against the topography and there are no collars that are above or below the surface. Below topography collars were confirmed to match with open pit pre-stripping activities. • Checked that all downhole survey dips are negative (no upward holes present). • Checked that downhole survey azimuth readings are all in range of expected drilling deviation and not impacted by any erroneous effects. • Checked the 2017 drilling file against the 2015 drilling file (in Vulcan) to validate that collars and drill traces are the same between the two files (Main Zone only). 14.2.1 Geological interpretation and 3D solids As it is currently defined by exploration drilling, the Rainy River deposit comprises a cluster of eight distinct zones of gold-silver mineralization, collectively referred to as the Main Zone. Intrepid Zone represents a satellite deposit located 1 km to the east of the Main Zone. A top-of-bedrock plan view of local geology and known zones of mineralization is presented in Figure 14.1. In 2017, New Gold updated the geological model for the deposit. The model comprises 3D wireframes delineating the major lithological units and zones of significant gold and NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 226 silver mineralization. Lithologic domains were modelled in Leapfrog, and mineralization domains were modelled in GEMS, guided by drillhole data and interpreted cross sections spaced 25 m apart. The final Main Zone model is comprised of 50 discrete lithologic domains and 32 mineralization domains. Main Zone mineralization domains (ODM/17, 433, HS, CAP, Western, 280, and 34 zones) are shown in plan and isometric views in Figure 14.2 and Figure 14.3, respectively. The wireframes delineating the Intrepid and 34 Zones remain unchanged since the geologic model prepared by SRK in 2015. Mineralization domains defining the Intrepid Zone are shown in Figure 14.4. Source: New Gold 2022. Figure 14.1 – Surface plan showing lithological model of the Rainy River Gold Project NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 227 Source: AMC 2022. Figure 14.2 – Plan view of Main Zone mineralization domains NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 228 Source: AMC 2022. Figure 14.3 – Isometric view of Main Zone mineralization domains 14.2.1.1 ODM/17 Zone The ODM/17 Zone is interpreted as a generally east-west trending, south-west plunging zone of mineralization within the Main Zone, cross-cut by numerous north-northeast striking faults. A combination of alteration indices and gold grade shells suggests a stacked pattern of slightly oblique zones that resemble tight folds occurring within the ODM/17 Zone, however, a lack of available outcrop and current density of exploration drilling precludes a more definitive interpretation of controls to gold mineralization within the zone. The overall outline of the ODM/17 Zone was based on the broad extent of a sericite index (K / Al cationic based) larger than 0.7. The outlines were guided by a 3D model of the sericite index and a 0.2 g/t Au grade shell. The HW of the zone coincides with the top of a felsic fragmental volcaniclastic unit that hosts much of the ODM/17 Zone. This rock package is separated from mafic volcanic and intermediate to felsic volcanic units to the south by a curved but generally east-west trending magnetic lineament. This lineament was modelled and used to define the HW boundary of the ODM/17 Zone. This contact becomes cryptic to the east but was projected parallel to the magnetic lineament. The ODM/17 domain was modelled on inclined sections oriented perpendicular to the south-westerly plunge of mineralization (azimuth 233 degrees plunge of 47 degrees) and subdivided into three grade subdomains based on the following divisions: High grade: Greater than 0.9 g/t Au Medium grade: From 0.5 g/t to 0.9 g/t Au Low grade: From 0.2 g/t to 0.5 g/t Au

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 229 The geometry of the medium and high-grade subdomains is modelled parallel to the south dipping FW of the overall ODM/17 domain or slightly oblique to it, consistent with the geometry of observed high strain zones bounding the subdomains and strain foliation orientation observed within them. In 2020 the medium grade domain 114 of the ODM/17 Zone, close to the west wall of the pit was updated. 10 new drillholes were incorporated with the 2017 drillholes to update the wireframes. This update was only in the top part of the domain above 200 m RL, and slightly reduced the constraining open pit resource shell. 14.2.1.2 433 and HS Zones The 433 and HS Zones form two zones of gold mineralization in the Main Zone. They are located within the FW of the ODM/17 Zone and hosted by massive and fragmental felsic to intermediate volcanics. The boundaries of these zones are not as well defined as for the ODM/17 Zone, but the south-westerly plunge to gold mineralization is similar. Accordingly, the boundaries for the 433 and HS Zones were modelled on inclined sections following the same orientation. The sericite index used to define the outer limits of the ODM/17 domain does not clearly define the 433 Zone. Instead, local disseminated chalcopyrite and sphalerite associated with gold mineralization has been used to define its domain boundaries, based on a copper-to-zinc ratio of 0.8. Similar to the ODM/17 Zone, the 433 Zone was subdivided into three grade subdomains based on the following divisions: High grade: Greater than 0.9 g/t Au Medium grade: From 0.5 g/t to 0.9 g/t Au Low grade: From 0.2 g/t to 0.5 g/t Au No geochemical or lithological criteria were incorporated into the delineation of the HS Zone. The HS Zone was defined using the interpreted extent of a 0.2 g/t Au threshold (based on 3 m composites) and guided by 0.2 g/t Au Leapfrog grade shells. 14.2.1.3 Silver Zone The Silver Zone (not shown in Figure 14.3) occurs in the FW of the ODM/17 Zone in dacitic tuff and breccias, immediately adjacent to a high strain zone located at the northern contact of the ODM/17 Zone. The Silver Zone plunges to the south-west in similar orientation to the ODM/17 Zone and is associated with centimetre-scale sulphide- bearing quartz veinlets that typically contain dendritic native silver inclusions. The Silver Zone domain was outlined by New Gold using a 19 g/t Ag COG (3.0 m composites; less than 4.0 m waste), on inclined cross-sections oriented perpendicular to the south-westerly plunge of the silver mineralization. 14.2.1.4 Western Zone The Western Zone represents a north-westerly extension of the ODM/17 Zone. Gold mineralization is more sporadic and discontinuous than in the ODM/17 Zone, but can be subdivided into at least two styles of mineralization: NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 230 1. Early (low to moderate grade) gold mineralization associated with sulphide (pyrite- sphalerite-chalcopyrite-galena) stringers and veins and disseminated pyrite in quartz-phyric volcaniclastic rocks and conglomerate. 2. Late (high-grade) gold mineralization associated with quartz-carbonate-pyrite- gold veins and veinlets, and rarely as native gold veins. This hybrid style of mineralization consists of an early gold-rich volcanogenic sulphide mineralization overprinted by shear-hosted mesothermal gold mineralization. Gold mineralization is commonly associated with increased sericite and chlorite alteration. Mineralization also appears to have a strong association with level of strain. Increased strain, characterized by kink folds, boudinage, and strong kinematic fabric, is commonly associated with increased gold grade. At very high strain, however, mylonitic textures appear and gold grade diminishes to background levels. The Western Zone domain was defined on vertical sections guided by 0.2 g/t Au Leapfrog shells. As presently defined, gold mineralization in the Western Zone appears erratic and discontinuous, offering low potential for the delineation of a near surface gold resource. 14.2.1.5 CAP Zone The CAP Zone occurs in the HW of the ODM/17 Zone within the upper, predominantly mafic, volcanic sequence within the Main Zone. On the surface, the zone is associated with a number of quartz-carbonate vein sets and south dipping shear zones that are superimposed on the pervasive south dipping foliation. The orientation of the quartz-carbonate veins is also highly variable. North-east to north-west striking sulphide veinlets anastomose across several surface outcrops. In drill core, individual high-grade gold intersections are associated with increased sulphide mineralization, particularly chalcopyrite, within and adjacent to shear hosted quartz-carbonate veins. Low-grade gold mineralization in intermediate rocks within the CAP Zone is similar to the ODM/17 Zone, with a noticeably shallower plunge to the south-west. On north-south vertical sections, high-grade gold intersections are aligned along south dipping planes. In plan view, high grade gold intersections show continuity along a west-northwest strike. Low-grade mineralization shows good continuity when observed in cross-sections oriented perpendicular to the slightly shallower plunge. The CAP Zone domain was modelled on vertical sections using a 0.2 g/t Au threshold guided by this preferred geometry. 14.2.1.6 Intrepid Zone The Intrepid Zone was modelled on 17 vertical sections spaced at 25 m intervals which were subsequently linked into a series of 3D wireframes to define the limits of gold and silver mineralization. Three nested grade domains were defined based on the gold and silver content: High grade: Above 2.0 g/t Au. Medium grade: From 0.8 g/t to 2.0 g/t Au. Low grade: From 0.3 g/t to 0.8 g/t Au. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 231 The Intrepid Zone has remained unchanged in the 2022 Mineral Resource estimation, with no new drilling data available. The general shape of the Intrepid Zone is shown in Figure 14.4. 14.2.1.7 34 Zone The 34 Zone was modelled by site geologists initially and modified by SRK in 2015 using Leapfrog software and incorporating logged drillhole data. The zone represents a late stage mafic-ultramafic dike that crosscuts the ODM/17 Zone and post-dates gold mineralization. It has been modelled as a distinct zone to constrain estimation of gold resources within the 2017 block model. Table 14.4 lists the associated domain codes for the different mineralization zones and grade domains at Rainy River. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 232 Source: AMC 2022. Figure 14.4 – Plan view of Intrepid Zone high-grade domain

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 233 Table 14.4 – Mineralization and lithology domain codes Mineralization/lithology Zone/Grade domain name Domain code Mineralization ODM/17 Low grade 101 Medium grade 110 to 116 High grade 120 to 126 34 Zone 200 Zone 280 280 Zone 433 Low grade 300 Medium grade 310 High grade 320 HS 400 CAP 500 Intrepid Low grade 700 Medium grade 710 High grade 720 Western 801 to 803 Silver 901 to 904 Lithology Felsic Units 1001 / 1002 Heterolithic Unit 2001 Intermediate Units 3001 / 3002 Mafic Units 4001 / 4011 Mafic Units – LP 5001 Mafic Intrusion 6001 Diabase Dike 7001 Sediments 8001 Chemical Sediments 9001 Source: AMC from New Gold data. 14.3 Exploratory data analysis 14.3.1 Assays Gold and silver assays located inside the wireframe models were tagged with domain identifiers and exported for statistical analysis. Results were used to help verify the modelling process. Descriptive statistics by domain are summarized in Table 14.5 and Table 14.6 for gold and silver respectively. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 234 Table 14.5 – Statistical summary of gold assay data Domain name Domain code Count Minimum Maximum Mean Stdv CV ODM/17 Zone Low 101 76,384 0.00 448.56 0.24 2.20 9.22 Medium 110 4,319 0.00 104.51 0.67 2.46 3.66 111 5,887 0.00 168.50 0.72 3.38 4.69 112 4,739 0.00 166.00 0.72 3.01 4.18 113 2,943 0.00 125.73 0.73 2.76 3.78 114 812 0.005 1,062.45 1.00 4.25 4.25 115 1,028 0.00 84.40 1.25 4.51 3.62 116 804 0.00 7.49 0.65 0.82 1.25 High 120 2,693 0.01 746.33 1.96 9.38 4.79 121 4,457 0.00 1,221.19 2.35 21.97 9.37 122 4,457 0.01 482.00 2.68 12.99 4.85 123 798 0.01 2,559.00 2.54 45.20 17.79 124 2 0.03 1.54 0.79 0.92 1.17 125 104 0.10 31.03 2.05 2.99 1.46 126 324 0.01 281.00 7.57 21.36 2.82 34 Zone 200 246 0.00 10.00 0.22 0.68 3.17 280 Zone 280 269 0.01 51.68 0.62 2.97 4.79 433 Zone Low 300 11,456 0.00 1,000.00 0.29 5.65 19.80 Medium 310 3,069 0.00 121.20 0.88 4.01 4.57 High 320 1,113 0.01 4,158.63 5.68 108.86 19.17 HS Zone 400 10,114 0.00 707.80 0.58 7.50 12.95 CAP Zone 500 12,102 0.00 192.72 0.43 1.52 3.57 Intrepid Zone Low 700 2,691 0.00 37.60 0.40 0.97 2.45 Medium 710 1,385 0.01 25.80 1.11 1.90 1.72 High 720 1,053 0.02 528.00 4.28 18.01 4.21 Western Zone 801 125 0.01 13.40 0.35 0.78 2.24 802 713 0.01 14.90 0.47 0.84 1.81 803 1,256 0.00 1335.00 1.83 38.44 21.04 Silver Zone 901 227 0.00 9.56 0.28 0.91 3.18 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 235 Domain name Domain code Count Minimum Maximum Mean Stdv CV 902 86 0.11 1,088.45 18.13 122.04 6.73 903 215 0.00 28.87 0.98 2.42 2.46 904 537 0.00 18.44 0.45 0.92 2.03 Lithological domains 1001 69,371 0.00 255.00 0.09 1.21 13.57 1002 10,461 0.00 74.10 0.04 0.88 24.91 2001 38,743 0.00 188.00 0.13 1.35 10.60 3001 66,413 0.00 48.79 0.04 0.27 6.04 3002 8,356 0.00 15.91 0.04 0.18 4.76 4001 13,362 0.00 79.60 0.08 0.74 9.14 4002 3,101 0.00 7.83 0.06 0.19 3.11 4003 6,460 0.00 7.39 0.10 0.19 1.93 4004 755 0.00 1.02 0.02 0.06 3.33 4007 269 0.00 0.12 0.00 0.01 1.68 4009 11,884 0.00 32.80 0.07 0.37 5.39 4011 2,168 0.00 2.42 0.05 0.10 2.06 5001 8,052 0.00 8.53 0.07 0.20 3.09 6001 352 0.00 0.51 0.03 0.06 1.88 7001 1,562 0.00 8.07 0.09 0.28 3.32 8001 13,987 0.00 3.78 0.02 0.09 3.54 9001 4,391 0.00 8.56 0.10 0.28 2.85 Notes: Stdv=standard deviation, CV= coefficient of variation. Gold is in g/t for minimum, maximum, and mean. Table 14.6 – Statistical summary of silver assay data Domain name Domain code Count Minimum Maximum Mean Stdv CV ODM/17 Zone Low 101 75,786 0.01 2,020.00 2.03 9.03 4.45 Medium 110 4,318 0.03 430.00 2.94 8.33 2.84 111 5,887 0.09 181.00 1.48 3.68 2.48 112 4,739 0.09 65.00 1.44 2.53 1.76 113 2,905 0.08 135.00 2.75 6.28 2.29 114 812 0.11 184.00 5.15 9.28 1.80 115 1,007 0.13 1,760.00 13.85 67.40 4.87 116 776 0.50 773.00 14.38 32.92 2.29 High 120 2,687 0.10 332.00 4.80 12.45 2.60 121 4,457 0.10 230.00 2.26 4.91 2.17 122 4,457 0.09 190.00 2.39 5.11 2.14 123 788 0.10 655.00 3.21 12.68 3.95 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 236 Domain name Domain code Count Minimum Maximum Mean Stdv CV 124 2 0.80 20.80 10.80 12.25 1.13 125 104 0.50 100.00 9.77 16.10 1.65 126 316 0.60 2,580.00 77.20 202.79 2.63 34 Zone 200 230 0.10 59.00 2.45 5.60 2.29 280 Zone 280 269 0.10 11.40 0.95 1.34 1.41 433 Zone Low 300 11,419 0.01 294.00 0.78 2.23 2.87 Medium 310 3,069 0.01 100.00 0.99 3.20 3.22 High 320 1,113 0.10 439.00 1.62 12.03 7.45 HS Zone 400 10.114 0.03 1,000.00 1.27 8.83 6.97 Cap Zone 500 12,101 0.04 1,288.98 2.29 8.91 3.89 Intrepid Zone Low 700 2,691 0.10 139.00 5.40 8.54 1.58 Medium 710 1,385 0.10 207.00 12.36 17.35 1.40 High 720 1,053 0.30 464.00 26.61 42.93 1.61 Western Zone 801 125 0.10 14.20 0.70 0.93 1.33 802 713 0.06 48.40 1.03 2.80 2.71 803 1,255 0.03 166.00 2.39 9.80 4.10 Silver Zone 901 227 0.45 1,050.00 58.31 95.38 1.64 902 86 0.50 312.00 24.57 43.73 1.78 903 214 0.40 384.00 18.44 31.60 1.71 904 534 0.50 437.00 18.75 31.31 1.67 Lithological domains 1001 68,960 0.01 920.00 0.88 4.15 4.73 1002 10,462 0.01 33.00 0.34 0.94 2.76 2001 38,699 0.01 182.00 0.70 1.71 2.43 3001 64,343 0.01 875.00 0.51 4.08 8.08 3002 7,397 0.01 18.00 0.50 0.77 1.54 4001 13,361 0.01 1,398.00 0.81 12.51 15.51 4002 3,100 0.01 150.00 0.83 3.33 4.01 4003 6,460 0.01 48.50 0.64 1.09 1.69 4004 755 0.03 30.00 0.40 1.16 2.92 4007 269 0.01 12.30 0.16 0.54 3.40

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 237 Domain name Domain code Count Minimum Maximum Mean Stdv CV 4009 11,736 0.02 45.70 0.69 1.47 2.13 4011 2,159 0.03 25.10 0.80 0.99 1.23 5001 8,042 0.01 21.00 0.58 0.98 1.68 6001 329 0.10 6.20 1.04 1.14 1.10 7001 1,543 0.03 274.00 1.45 8.93 6.18 8001 13,932 0.01 86.10 0.59 1.42 2.41 9001 4,391 0.01 39.50 0.86 1.48 1.71 Notes: Stdv=standard deviation, CV= coefficient of variation. Silver is in g/t for minimum, maximum, and mean. 14.4 Drill sample composites Prior to grade interpolation, the assay data was composited to 1.5 m intervals, broken at domain boundaries. The composite length was chosen based on the analysis of the predominant sampling length, style of mineralization, and continuity of grade. A histogram of raw sample lengths is shown in Figure 14.5. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 238 Source: New Gold, 2018. Figure 14.5 – Histogram of sample lengths at Rainy River 14.5 Grade capping Extreme high-grade values can lead to overestimation of grade in a block model. Capping of composite gold grades was performed to limit the influence of high-grade outlier values. Grade capping thresholds were determined for gold and silver separately within each mineralization domain and any subdomains therein. Capping thresholds for gold and silver are summarized in Table 14.7. No capping was applied to calcium or sulphur, which were also estimated, see Item 1.1.1. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 239 Table 14.7 – Summary of gold and silver capping thresholds Zone Domain code Gold cap (g/t) Gold percentile No. capped Silver cap (g/t) Silver percentile No. capped ODM/17 101 40.00 99.98% 12 250.00 99.99% 7 110 25.00 99.82% 7 70.00 99.87% 5 111 40.00 99.92% 4 28.00 99.86% 7 112 30.00 99.86% 6 30.00 99.93% 3 113 30.00 99.92% 2 50.00 99.70% 7 114 10.00 78.98% 4 40.00 93.00% 8 115 50.00 99.68% 3 250.00 99.24% 7 116 5.00 99.44% 4 100.00 99.13% 6 120 90.00 99.87% 3 85.00 99.73% 6 121 95.00 99.89% 4 60.00 99.92% 3 122 120.00 99.82% 7 60.00 99.87% 5 123 30.00 99.52% 3 30.00 99.36% 4 124 NC 100.00% 0 NC 100.00% 0 125 7.00 98.04% 2 45.00 98.04% 2 126 80.00 98.84% 3 600.00 97.64% 6 34 200 3.00 99.03% 2 35.00 99.49% 1 280 280 9.00 98.87% 3 6.00 98.12% 5 433 300 25.00 99.97% 3 30.00 99.93% 8 310 30.00 99.63% 11 30.00 99.80% 6 320 120.00 99.62% 4 30.00 99.52% 5 HS 400 65.00 99.97% 3 100.00 99.98% 2 CAP 500 15.00 99.94% 7 100.00 99.96% 4 Intrepid 700 7 99.85% 4 90 99.89% 3 710 15 99.44% 8 150 99.86% 2 720 80 99.71% 3 250 99.43% 6 Western 801 2.00 99.20% 1 2.50 98.40% 2 802 3.00 99.07% 7 8.00 99.07% 7 803 30.00 99.84% 2 90.00 99.75% 3 Silver 901 5.00 98.40% 3 280.00 97.33% 5 902 7.00 94.19% 5 80.00 91.86% 7 903 4.50 96.83% 6 100.00 97.88% 4 904 3.00 98.63% 6 115.00 98.39% 7 Felsic volcanics 1001 25.00 99.99% 8 100.00 99.99% 8 1002 12.00 99.97% 3 17.00 99.96% 4 Heterolithi c 2001 25.00 99.98% 8 100.00 100.00% 1 Intermedi ate 3001 6.00 99.99% 5 60.00 99.99% 6 Volcanics 3002 2.00 99.95% 4 15.00 99.96% 3 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 240 Zone Domain code Gold cap (g/t) Gold percentile No. capped Silver cap (g/t) Silver percentile No. capped Mafic units 4001 4.00 99.94% 8 30.00 99.95% 7 4002 2.00 99.90% 3 25.00 99.83% 5 4003 4.00 99.98% 1 15.00 99.95% 3 4004 1.02 100.00% 4.00 99.48% 4 4007 0.05 100.00% 3.52 100.00% 0 4009 5.00 99.97% 4 30.00 99.93% 8 4011 1.00 99.86% 3 5.00 99.37% 13 Mafic units - LP 5001 4.00 99.96% 3 12.00 99.94% 5 Mafic intrusion 6001 0.30 99.43% 2 4.00 96.86% 10 Diabase dike 7001 12.00 100.00% 157.38 100.00% 0 Sediment s 8001 2.00 99.96% 5 30.00 99.98% 3 Chem. sediments 9001 5.00 99.91% 4 15.00 99.91% 4 Basic statistics for the composite and capped composite data for gold and silver within all Mineral Resource domains are summarized in Table 14.8 and Table 14.9. Table 14.8 – Statistical summary of gold composites Zone Domain name Domain code Count Minimum Maximum Mean Cut mean CV Cut CV ODM/17 Low 101 70,268 0.00 448.56 0.24 0.23 8.86 3.56 110 3,841 0.00 55.60 0.68 0.65 3.05 2.22 111 4,903 0.00 112.40 0.72 0.70 3.73 2.81 112 4,354 0.00 66.99 0.72 0.70 3.24 2.52 Medium 113 2,377 0.00 61.00 0.73 0.70 3.10 2.33 114 779 0.01 922.36 0.78 0.78 4.25 1.15 115 934 0.00 60.73 1.25 1.23 3.32 3.17 116 709 0.01 6.86 0.65 0.64 1.13 1.09 120 2,245 0.01 195.29 1.96 1.84 3.85 2.78 121 3,596 0.00 1,221.19 2.35 1.99 9.13 2.69 122 3,967 0.01 482.00 2.68 2.51 4.50 3.24 High 123 625 0.01 462.05 2.53 1.73 7.65 1.80 124 2 0.03 1.54 0.79 0.79 1.17 1.17 125 102 0.10 24.31 2.05 1.86 1.36 0.88 126 259 0.01 164.37 7.52 6.99 2.35 2.02 34 200 207 0.00 6.13 0.22 0.20 2.65 2.07 280 280 266 0.01 24.13 0.62 0.53 3.25 2.25 433 Low 300 11,059 0.00 333.97 0.29 0.25 11.6 1 3.09

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 241 Zone Domain name Domain code Count Minimum Maximum Mean Cut mean CV Cut CV Medium 310 2,938 0.00 121.20 0.88 0.79 4.35 2.68 High 320 1,041 0.02 2,772.67 5.67 2.31 15.8 1 3.97 HS 400 9,654 0.00 707.80 0.58 0.51 12.9 3 3.51 CAP 500 11,367 0.00 64.77 0.43 0.42 2.71 1.97 Intrepid Low 700 2,680 0.00 37.60 0.40 0.39 2.41 1.54 Medium 710 1,377 0.01 25.80 1.11 1.11 1.67 1.52 High 720 1,026 0.02 528.00 4.28 3.93 4.16 1.83 Western 801 125 0.02 5.78 0.35 0.32 1.68 1.08 802 751 0.01 14.90 0.47 0.43 1.81 1.14 803 1,222 0.00 1,335.00 1.83 0.75 21.0 4 3.04 Silver 901 187 0.00 6.51 0.28 0.27 2.87 2.67 902 86 0.11 1,088.45 18.13 1.69 6.73 1.14 903 189 0.01 28.87 0.98 0.81 2.42 1.24 904 439 0.00 7.82 0.46 0.43 1.57 1.30 Lithologi- cal domains 1001 68,301 0.00 255.00 0.09 0.08 12.8 5 4.98 1002 10,329 0.00 74.10 0.04 0.03 23.1 6 10.5 7 2001 37,925 0.00 188.00 0.13 0.12 9.95 4.34 3001 68,444 0.00 42.35 0.04 0.04 5.52 2.92 3002 8,663 0.00 9.58 0.04 0.04 3.89 2.67 4001 13,124 0.00 58.27 0.08 0.07 7.76 2.78 4002 3,020 0.00 5.22 0.06 0.06 2.53 2.02 4003 6,372 0.00 7.39 0.10 0.10 1.81 1.63 4004 765 0.00 1.02 0.02 0.02 3.17 3.17 4007 265 0.00 0.05 0.00 0.00 1.16 1.16 4009 11,700 0.00 21.93 0.07 0.07 4.33 2.91 4011 2,084 0.00 1.26 0.05 0.05 1.81 1.76 5001 8,031 0.00 4.91 0.07 0.07 2.85 2.80 6001 350 0.00 0.35 0.03 0.03 1.68 1.65 7001 1,679 0.00 12.00 0.08 0.08 3.46 3.46 8001 13,764 0.00 3.42 0.02 0.02 3.26 2.98 9001 4,344 0.00 8.56 0.10 0.10 2.73 2.41 Notes: CV= coefficient of variation. Gold is in g/t for minimum, maximum, mean, and cut mean. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 242 Table 14.9 - Statistical summary of silver composites Zone Domain name Domain Code Count Minimum Maximum Mean Cut mean CV Cut CV ODM/17 Low 101 69,817 0.01 1,039.20 2.03 2.00 3.83 2.66 110 3,840 0.03 235.05 2.94 2.83 2.48 1.75 111 4,903 0.09 121.20 1.48 1.42 2.24 1.35 112 4,354 0.09 46.03 1.44 1.43 1.66 1.59 Medium 113 2,361 0.08 75.13 2.74 2.70 1.95 1.83 114 779 0.11 184.00 5.15 4.79 1.80 1.20 115 920 0.14 1,205.37 13.85 11.55 4.20 2.60 116 692 0.50 519.27 14.33 13.25 1.93 1.21 120 2,245 0.10 292.00 4.79 4.63 2.30 1.91 121 3,596 0.10 106.21 2.27 2.24 1.80 1.59 122 3,967 0.09 100.00 2.39 2.36 1.93 1.74 High 124 624 0.10 121.30 3.30 3.05 2.15 1.45 123 2 0.80 20.80 10.80 10.80 1.13 1.13 125 102 0.50 99.67 9.77 8.98 1.58 1.35 126 254 0.60 1,632.10 76.73 68.64 2.23 1.81 Zone 34 200 198 0.10 46.86 2.54 2.48 2.21 2.08 280 280 266 0.10 11.40 0.95 0.91 1.35 1.17 433 Low 300 11,022 0.01 98.42 0.78 0.76 2.26 1.67 Medium 310 2,938 0.01 100.00 0.99 0.95 2.91 1.95 High 320 1,041 0.10 292.83 1.62 1.27 6.12 2.12 HS 400 9,654 0.03 667.55 1.27 1.21 5.83 2.43 CAP 500 11,367 0.05 440.70 2.29 2.24 2.82 1.96 Intrepid Low 700 2,680 0.10 139.00 5.40 4.48 1.55 1.79 Medium 710 1,377 0.10 207.00 12.37 12.68 1.36 1.33 High 720 1,026 0.30 464.00 26.61 26.22 1.58 1.38 Western 801 125 0.10 6.47 0.70 0.66 1.07 0.82 802 751 0.07 48.40 1.03 0.86 2.68 1.37 803 1,222 0.03 166.00 2.39 2.25 3.91 3.30 Silver 901 187 0.50 759.67 58.14 54.89 1.45 1.20 902 86 0.50 312.00 24.57 19.79 1.76 1.21 903 189 0.50 204.85 18.47 17.15 1.53 1.25 904 436 0.50 326.00 19.12 17.87 1.54 1.21 Lithologi- cal domains 1001 67,829 0.01 437.27 0.88 0.87 3.84 2.80 1002 10,329 0.01 23.00 0.34 0.34 2.43 2.32 2001 37,886 0.01 137.00 0.70 0.70 2.26 2.15 3001 63,888 0.01 875.00 0.51 0.49 7.91 2.12 3002 7,339 0.01 17.52 0.50 0.49 1.49 1.47 4001 13,123 0.01 1,398.00 0.81 0.69 15.3 8 1.80 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 243 Zone Domain name Domain Code Count Minimum Maximum Mean Cut mean CV Cut CV 4002 3,020 0.01 100.10 0.83 0.79 3.00 1.77 4003 6,372 0.01 32.77 0.64 0.64 1.58 1.45 4004 765 0.03 30.00 0.40 0.36 2.91 1.12 4007 265 0.01 3.52 0.16 0.16 1.91 1.91 4009 11,554 0.02 45.70 0.69 0.69 2.03 1.94 4011 2,073 0.03 15.17 0.80 0.78 1.14 0.95 5001 8,017 0.01 20.00 0.59 0.59 1.62 1.54 6001 318 0.10 5.00 1.01 0.99 1.08 1.03 7001 1,667 0.03 157.38 1.38 1.38 5.13 5.13 8001 13,682 0.01 75.83 0.59 0.59 2.24 1.93 9001 4,344 0.01 39.50 0.86 0.85 1.69 1.41 Notes: CV= coefficient of variation. Silver is in g/t for minimum, maximum, mean, and cut mean. 14.6 Bulk density The bulk density database contains 10,591 measurements completed by Accurassay via pycnometry on representative split drill core samples selected for each lithologic and mineralized domain. Table 14.10 summarizes the statistics of specific gravity data for each domain. Table 14.10 – Statistical summary of specific gravity Zone Domain name Domain code Count Minimum Maximum Mean Stdv CV ODM/17 Low 101 3,093 2.46 3.72 2.80 0.14 0.05 110 440 2.47 3.73 2.85 0.18 0.06 111 863 2.29 3.88 2.81 0.14 0.05 112 537 2.50 3.93 2.85 0.23 0.08 Medium 113 86 2.55 3.39 2.84 0.17 0.06 114 57 2.66 3.13 2.87 0.08 0.03 115 84 2.49 2.99 2.79 0.10 0.04 116 - - - - - - 120 267 2.52 3.25 2.85 0.11 0.04 121 919 2.50 3.87 2.82 0.13 0.05 122 613 2.50 3.94 2.81 0.18 0.07 High 124 54 2.52 3.53 2.86 0.16 0.06 123 - - - - - - 125 19 2.74 3.03 2.89 0.09 0.03 126 - - - - - - Zone 34 200 7 2.81 2.96 2.88 0.06 0.02 280 280 3 2.77 2.92 2.84 0.07 0.02 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 244 Zone Domain name Domain code Count Minimum Maximum Mean Stdv CV 433 Low 300 597 2.50 3.90 2.85 0.20 0.07 Medium 310 366 2.51 3.85 2.84 0.20 0.07 High 320 144 2.51 3.82 2.86 0.26 0.09 HS 400 265 2.51 3.29 2.81 0.13 0.05 CAP 500 885 2.51 3.95 2.94 0.21 0.07 Intrepid Low 700 134 2.63 3.17 2.85 0.09 0.03 Medium 710 95 2.62 3.01 2.83 0.07 0.03 High 720 105 2.62 3.03 2.81 0.08 0.03 Western 801 - - - - - - 802 7 2.98 3.19 3.08 0.09 0.03 803 42 2.74 3.06 2.84 0.08 0.03 Silver 901 54 2.65 2.97 2.84 0.07 0.02 902 11 2.76 3.01 2.85 0.08 0.03 903 41 2.64 3.35 2.90 0.16 0.06 904 7 2.64 2.88 2.70 0.08 0.03 Lithologi- cal domains 1001 157 2.60 3.42 2.78 0.12 0.04 1002 - - - - - - 2001 138 2.48 3.46 2.81 0.15 0.05 3001 268 2.50 3.14 2.75 0.12 0.04 3002 100 2.42 2.98 2.76 0.09 0.03 4001 66 2.56 3.59 2.92 0.17 0.06 4002 1 2.77 2.77 2.77 0.00 0.00 4003 27 2.59 3.16 2.89 0.14 0.05 4004 - - - - - - 4007 - - - - - - 4009 - - - - - - 4011 13 2.78 3.10 2.94 0.11 0.04 5001 14 2.59 3.04 2.80 0.09 0.03 6001 - - - - - - 7001 1 2.55 2.55 2.55 0.00 0.00 8001 11 2.70 3.10 2.89 0.13 0.05 9001 - - - - - - Notes: Stdv=standard deviation, CV= coefficient of variation. 14.7 Block model parameters Two block models, representing the open pit and underground volumes within the Main Zone, were created using Vulcan software. The block models are unrotated with respect to true north and horizontal reference plane, and sub-blocking along domain boundaries was applied to assure accurate estimation of volumes for individual domains. Table 14.11 lists the block model definition parameters. The Intrepid Zone block model prepared by

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 245 SRK in 2015, which is unchanged since the previous Mineral Resource estimation update, was created using GEMS software. Table 14.11 – Block model parameters Model Direction Size (m) Sub-block (m) Minimum Maximum Open pit West 10 2 423,700 427,075 North 10 2 5,408,750 5,411,125 Vertical 10 2 -1,200 450 Underground West 5 1 423,700 427,075 North 5 1 5,408,750 5,411,125 Vertical 5 1 -1,200 450 Intrepid West 5 0.5 427,075 427,675 North 5 0.5 5,409,500 5,409,950 Vertical 5 0.5 -180 420 Source: AMC from New Gold data. The sub-blocked model for the open pit Mineral Resources was regularized to a 10 m x 10 m x 10 m block model to support estimation of open pit Mineral Reserves. As part of its review of the methodologies and data used to prepare the Mineral Resource estimates for the Rainy River Mine, the QP imported all block models into Datamine software and integrated them into a single unified block model. The combined block model has been used as the basis for the Mineral Resource estimate reported herein. Prior to the integration of the different block models, the prototype parameters were extended to the east by 600 m in order to combine the Intrepid Zone block model with the Main Zone block model. The parent block size is 10 m x 10 m x 10 m. Additional attributes, including Mineral Resource and Mineral Reserve pit shells, underground stopes, and infrastructure were assigned to the combined block model. Table 14.12 lists the block model parameters of the combined block model. Table 14.12 – Block model parameters for the combined model Model Direction Size (m) Sub-block (m) Minimum Maximum Integrated West 10 0.5 423,700 427,680 North 10 0.5 5,408,750 5,411,130 Vertical 10 0.5 -1,200 450 Source: AMC from New Gold data. 14.7.1 Variography Variogram model parameters are unchanged from an earlier Mineral Resource estimate (SRK 2015) and are listed in Table 14.13 for gold, the primary economic metal. The gold NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 246 and silver variogram parameters were published in the 2020 AMC Technical Report and are not reproduced here. Variogram models were also completed by lithology domain (irrespective of mineralization domain) for calcium and sulphur. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 247 Table 14.13 – Main Zone gold variogram models Domain code Nugget Sill Type X1 X2 X3 Sill Type X2 Y2 Z2 Sill Type X3 Y3 Z3 101 0.2 0.20 Exp 10 15 10 0.30 Exp 80 60 70 0.30 Sph 500 500 70 110 0.2 0.70 Exp 42 50 8 0.10 Sph 150 90 50 - - - - - 111 0.2 0.60 Exp 10 15 5 0.20 Sph 140 80 25 - - - - - 112 0.3 0.60 Exp 15 15 7 0.10 Sph 100 90 50 - - - - - 113 0.2 0.50 Exp 25 10 10 0.10 Sph 25 90 40 0.20 Sph 110 90 40 114 0.25 0.75 Exp 70 70 8 - - - - - - - - - - 115 0.2 0.65 Exp 40 40 25 0.15 Sph 130 130 40 - - - - - 116 0.3 0.40 Exp 15 25 5 0.30 Sph 130 130 40 - - - - - 120 0.2 0.60 Exp 15 15 5 0.20 Sph 70 70 25 - - - - - 121 0.2 0.65 Exp 15 15 6 0.05 Sph 15 60 13 0.10 Sph 140 60 19 122 0.2 0.50 Exp 15 15 4 0.15 Sph 50 70 30 0.15 Sph 160 70 30 123 0.2 0.60 Exp 15 15 5 0.20 Sph 70 70 25 - - - - - 125 0.2 0.65 Exp 40 40 15 0.15 Sph 130 130 40 - - - - - 126 0.3 0.40 Exp 15 25 5 0.30 Sph 130 45 12 - - - - - 200 0.15 0.25 Exp 10 10 10 0.60 Exp 75 55 35 - - - - - 300 0.1 0.40 Sph 10 30 8 0.25 Exp 100 45 25 - - - - - 310 0.2 0.60 Sph 15 35 6 0.20 Exp 200 60 20 - - - - - 320 0.2 0.45 Sph 10 10 4 0.35 Exp 60 30 8 - - - - - 280 0.2 0.80 Exp 20 20 20 - - - - - - - - - - 400 0.2 0.80 Exp 40 55 5 - - - - - - - - - - 500 0.2 0.55 Sph 15 15 5 0.25 Exp 110 50 5 - - - - - 700E 0.2 0.80 Exp 110 70 3 - - - - - - - - - - 700W 0.2 0.55 Exp 50 20 3 0.25 Sph 60 50 3 - - - - - 710E 0.3 0.40 Exp 30 40 3 0.30 Sph 40 80 3 - - - - - 710W 0.3 0.45 Exp 20 10 3 0.25 Sph 80 70 3 - - - - - 720E 0.3 0.40 Exp 60 40 3 0.30 Sph 80 50 3 - - - - - NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 248 Domain code Nugget Sill Type X1 X2 X3 Sill Type X2 Y2 Z2 Sill Type X3 Y3 Z3 720W 0.3 0.45 Exp 40 40 6 0.25 Sph 50 50 6 - - - - - 800 0.25 0.55 Sph 70 70 12 0.20 Exp 80 80 20 - - - - - 901-904 0.2 0.80 Sph 60 60 12 - - - - - - - - - - 1001 0.3 0.55 Sph 30 15 5 0.15 Exp 280 120 60 - - - - - 1002 0.2 0.35 Sph 30 30 4 0.30 Sph 30 30 25 0.15 Exp 240 240 120 2001 0.3 0.60 Sph 25 20 4 0.10 Exp 280 100 40 3001 0.25 0.25 Sph 20 5 5 0.25 Sph 100 25 20 0.25 Exp 400 300 100 3002 0.3 0.45 Sph 45 20 5 0.20 Sph 200 150 10 0.05 Exp 350 280 80 4001 0.25 0.60 Sph 20 10 5 0.05 Exp 260 20 10 0.10 Exp 260 200 10 4002 0.15 0.60 Sph 10 10 4 0.25 Exp 100 60 60 - - - - - 4003 0.3 0.60 Sph 20 20 5 0.10 Exp 200 200 25 - - - - - 4004 0.2 0.60 Sph 10 10 5 0.20 Exp 120 45 35 - - - - - 4009 0.3 0.50 Sph 50 40 8 0.20 Exp 400 400 150 - - - - - 4011 0.3 0.60 Sph 40 20 10 0.10 Exp 200 100 30 - - - - - 5001 0.3 0.55 Sph 40 40 5 0.15 Exp 90 90 20 - - - - - 6001 0.3 0.30 Sph 5 5 5 0.25 Sph 30 30 15 0.15 Exp 300 300 120 8001 0.2 0.60 Sph 15 15 5 0.10 Exp 200 120 10 0.10 Exp 400 250 75 9001 0.35 0.35 Sph 25 15 5 0.18 Sph 60 20 10 0.12 Exp 200 200 120

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 249 14.7.2 Interpolation parameters Gold and silver grade interpolation was carried out using OK, and capped composite data. Grade interpolation was completed in two or three successive passes using search ellipse orientations and dimensions as described in Table 14.14 and composite sample selection and limits as described in Table 14.15. Interpolation parameters have remained largely unchanged from the earlier resource estimation by SRK in 2015, with only a slight adjustment to the width of the search ellipse in the low grade ODM domain (domain 101). This change was implemented to minimize grade smearing across the domain in locations of wide drilling density. Both calcium and sulphur were interpolated according to lithology domains using a three-pass approach and search ellipse and orientations based upon variogram models. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 250 Table 14.14 – Main Zone gold and silver search orientation and ranges Domain Bearing Plunge Dip Pass 1 Pass 2 Pass 3 Major axis Semi major Minor Major axis Semi major Minor Major axis Semi major Minor 101 250 -40 42 200 100 5 200 200 25 110 240 -40 32 100 60 35 200 120 70 111 255 -40 55 95 55 20 190 110 40 112 250 -40 42 70 60 35 140 120 70 113 240 -40 32 75 60 30 150 120 60 114 230 -40 22 50 50 10 100 100 20 150 150 30 115 240 -40 32 90 90 30 180 180 60 116 355 60 -5 75 30 7 150 60 14 120 240 -40 32 55 55 25 110 110 50 121 250 -40 42 95 40 15 190 80 30 122 245 -40 37 110 50 25 220 100 50 123 240 -40 35 55 55 25 110 110 50 125 5 80 5 90 90 30 180 180 60 126 190 -45 40 30 75 7 60 150 14 200 85 36 48 135 135 45 270 270 90 280 240 -40 32 20 20 20 40 40 40 60 60 60 300 -160 -50 0 70 40 20 140 80 40 310 -165 -50 0 135 40 15 270 80 30 320 -160 -45 0 60 30 20 120 60 40 400 10 50 0 40 55 5 80 110 15 120 165 30 500 15 55 0 100 40 5 200 80 20 300 120 30 801 250 -40 26 80 80 20 160 160 40 802 250 -40 26 80 80 20 160 160 40 803 250 -40 26 80 80 20 160 160 40 901 -140 -55 0 60 60 12 120 120 24 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 251 Domain Bearing Plunge Dip Pass 1 Pass 2 Pass 3 Major axis Semi major Minor Major axis Semi major Minor Major axis Semi major Minor 902 -160 -45 0 60 60 12 120 120 24 903 -175 -55 0 60 60 12 120 120 24 904 -160 -60 0 60 60 12 120 120 24 1001 0 60 0 60 25 10 60 25 10 200 120 60 1002 180 -55 0 55 55 28 55 55 28 200 200 60 2001 185 -50 0 40 20 5 40 20 5 200 100 40 3001 190 -55 0 160 95 45 160 95 45 200 200 100 3002 340 60 -10 80 50 10 80 50 10 200 200 80 4001 30 50 0 50 20 5 50 20 5 200 200 10 4002 30 58 0 35 35 25 35 35 25 100 60 60 4003 40 48 0 60 60 8 60 60 8 200 200 25 4004 0 52 0 65 25 20 65 25 20 120 45 35 4009 0 60 0 120 120 45 120 120 45 200 200 150 4011 5 55 0 65 40 13 65 40 13 200 100 30 5001 0 50 0 63 63 25 63 63 25 200 200 125 6001 175 48 -35 35 35 6 35 35 6 90 90 20 8001 195 -55 0 95 60 60 95 60 60 200 200 75 9001 160 -50 0 60 20 10 60 20 10 200 200 120 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 252 Blocks within the Main Zone were estimated using hard boundaries between the different lithologic domains and mineralized zones, and semi-soft boundaries between the high, medium, and low-grade subdomains where they occurred. For example, within the ODM/17 Zone, composites within both the high-grade and medium-grade domains informed blocks within the medium-grade domains, and medium-grade and low-grade composite samples informed blocks within the low-grade domains. The high-grade domains were estimated using hard boundaries. The lithologic domains are used for the background model constraints. Table 14.15 shows the block model interpolation parameters. Table 14.15 – Block model interpolation parameters Model Interpolation parameters 1st Pass 2nd Pass 3rd Pass Open pit Search type Octant Ellipsoidal Ellipsoidal Minimum number of octants 2 - - Maximum number of composites per octant 5 - - Minimum number of composites 7 5 2 Maximum number of composites 12 12 15 Maximum number of composites per drillhole 5 3 - Underground Search type Octant Ellipsoidal - Minimum number of octants 2 - - Maximum number of composites per octant 5 - - Minimum number of composites 3 2 - Maximum number of composites 8 15 - Maximum number of composites per drillhole 2 - - Intrepid Search type Octant Ellipsoidal Ellipsoidal Minimum number of octants 2 - - Maximum number of composites per octant 5 - - Minimum number of composites 5 3 2 Maximum number of composites 10 15 15 Maximum number of composites per drillhole 3 2 - Bulk density was interpolated into the Main Zone mineralization domains using a single pass, ID2 interpolation, a 500 m x 500 m x 500 m search ellipse, and minimum and maximum composite sample limits of two and six, respectively, using hard boundaries for the domains. Where there were insufficient composites to support interpolation, a default value was assigned for the affected domain (i.e., all blocks within Western, Silver, 34, and 280 Zones and un-estimated blocks in all other domains). Default values are listed in Table 14.16.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 253 Table 14.16 – Main Zone default bulk density values Domain Bulk density (t/m3) Domain Bulk density (t/m3) Overburden (22) 1.80 1002 2.80 101 - 126 2.85 2001 2.81 200 3.00 3001 2.76 280 2.85 3002 2.76 700 2.84 4001 2.95 710 2.93 4002 2.77 720 2.82 4003 2.90 801 2.90 4004 2.90 802 3.08 4007 2.90 803 2.85 4008 2.90 901 2.84 5001 2.81 902 2.88 6001 2.94 903 2.84 7001 2.78 904 2.70 8001 2.91 1001 2.80 9001 2.95 Source: AMC from New Gold data. Gold and silver search orientations and ranges for the Intrepid Zone are listed in Table 14.17. These parameters remain unchanged since the estimate prepared by SRK in 2015, since which there has been no new data. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 254 Table 14.17 – Intrepid Zone gold and silver search orientation and ranges Domain Bearing Plunge Dip Pass 1 Pass 2 Pass 3 Major axis Semi major Minor Major axis Semi major Minor Major axis Semi major Minor Gold 100West 165 -58 75 60 50 3 120 100 6 180 150 9 100East 60 58 -60 110 70 3 220 140 6 330 210 9 200West 190 -58 75 80 70 3 160 140 6 240 210 9 200East 60 58 -60 40 80 3 80 160 6 160 160 9 300West 190 -58 75 50 80 3 100 160 6 150 240 9 300East 40 58 -60 80 50 3 160 100 6 240 150 9 Silver 100West 190 -58 75 120 110 6 240 220 12 240 220 12 100East 60 58 -60 110 80 3 220 160 6 220 160 6 200West 190 -58 75 80 70 3 160 140 6 160 140 6 200East 60 58 -60 85 50 3 170 100 6 170 100 6 300West 190 -58 75 90 45 8 180 90 16 180 90 16 300East 60 58 -60 70 45 3 140 90 6 140 90 6 Source: AMC from New Gold data. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 255 14.8 New Gold block model validation New Gold validated various modelling aspects of the Main Zone estimation. A list of the block model validations is provided below: • Validation of wireframes. • Volume comparison by domain between wireframes and block models. • Validation of OK estimate by comparison to inverse distance cubed (ID3) and nearest neighbour (NN) results. • Swath plots. • Visual inspection. • Graphical comparison (histograms plots) of gold grades in block model and composites. • Comparison of block model and composite statistics. All validation methods showed satisfactory results. Selected comparative statistics are shown for gold in Figure 14.6. Source: New Gold. Figure 14.6 – Graphical comparison of gold statistics for the Main Zone domains Figure 14.7 shows a histogram of gold values from both blocks and composites within the ODM/17 Zone, including the low, medium, and high-grade domains. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 256 Source: New Gold. Figure 14.7 – Gold histogram of blocks and composites within the ODM/17 Zone 14.9 AMC block model validation In addition to reviewing the validation undertaken by New Gold, the QP has independently conducted the following validation checks:

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 257 • Validation of drillhole database. • Validation of wireframes and digital terrain mapping topographic surfaces. • Review and checking of the statistics of selected raw samples and composites. • Validation of block models by visual comparisons, statistics, and swath plots. The Main Zone open pit and underground block models were further checked for possible overlaps during the model combination process. This could lead to inadvertent double accounting of volumes during reporting. No overlaps were found. 14.9.1 Drillholes Drillhole database files were provided in Excel format (collars, surveys, assays, and lithology) and are effective as of 31 December 2020. Validation of drillhole data included the following checks: • Collar coordinates outside of range. • Inconsistent FROM and TO values. • Combined assay values greater than 100% or less than detection. • Gaps in assaying where gaps should not exist. • Duplicate records. • Duplicate holes. • Downhole surveys. The QP is of the opinion that the drillhole database is valid and suitable to estimate Mineral Resources. 14.9.2 Mineralized domains Validation of the mineralized domains included the following checks: • Verifying the mineralization domains for intercept, crossovers, and duplicates. • Verifying the domaining code name. • Comparing volumes of solids with volumes in the block model. New Gold has provided 15 wireframe solids of mineralized domains. It was found that the file of ODM Zone Domain 126 is duplicating Domain 124. As Domain 124 was not estimated, there is no impact to the resource estimation. the QP is of the opinion that there are no domain flagging errors in the block model and that the block model domains are volumetrically representative of their informing wireframes. 14.9.3 Lithology domains New Gold provided a total of 59 separate lithology domains for the ten principal lithologic units in the Rainy River deposit. Five small lithology domains in unmineralized areas were identified which were missing and had not been assigned to the block model. The QP is of the opinion that this will not have a material impact and that the lithology model is reasonable and appropriate to support Mineral Resource estimation. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 258 14.9.4 Main Zone model validation A visual comparison of composite and block gold grades over the Main Zone was conducted. Good agreement between the composite and block gold grades was observed. Figure 14.8 shows an example of the drillhole composite gold grades compared to the estimated block grades for the HS and 433 Zone domains. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 259 Source: AMC 2022. Figure 14.8 – Vertical section with block model and composites of zones 433 and HS The QP compared the average composite and block gold and silver grades by domain and found them to show good agreement as shown in Table 14.18. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 260 Table 14.18 – Comparison of average composite and block gold and silver grades by domain Domain code Mean (Au g/t) composite Model Mean (Ag g/t) composite Model 101 0.24 0.28 2.03 2.09 110 0.68 0.98 2.94 3.82 111 0.72 1.09 1.48 1.61 112 0.72 1.15 1.44 1.99 113 0.73 0.97 2.74 2.99 114 0.79 0.88 4.78 5.14 115 1.25 1.23 13.85 11.63 116 0.65 0.81 14.33 15.93 120 1.96 1.95 4.79 5.01 121 2.35 2.09 2.26 2.31 122 2.67 2.60 2.39 2.43 123 2.53 1.93 3.30 3.09 125 2.05 1.76 9.77 9.30 126 7.52 2.46 76.73 33.20 200 0.22 0.15 2.54 1.83 280 0.62 0.19 0.95 0.90 300 0.29 0.26 0.78 0.91 310 0.88 0.94 0.99 1.18 320 5.67 2.71 1.61 1.80 400 0.58 0.43 1.27 1.31 500 0.43 0.36 2.29 2.44 700 0.40 0.39 5.40 5.46 710 1.11 1.04 12.37 11.92 720 4.28 3.78 26.61 26.95 801 0.35 0.24 0.70 0.63 802 0.46 0.35 1.03 0.84 803 1.83 0.64 2.39 2.40 901 0.28 0.31 58.14 47.43 902 18.13 1.51 24.57 17.04 903 0.98 0.70 18.47 17.27 904 0.45 0.38 19.12 17.04 Gold and silver grades of capped composites and blocks were compared using swath plots on a domain basis. The swath plots show good agreement between drillhole and model grades. Figure 14.9 shows swath plots created by the QP for the gold grade distribution in the high and medium-grade domains of the ODM/17 Zone.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 261 The QP is of the opinion that the methods used to produce the Mineral Resource gold and silver grades of capped composites and blocks were compared using swath estimate at the Main Zone and are in line with accepted industry practices. Source: AMC 2022. Figure 14.9 – Swath plots of gold grades for ODM/17 Zone 14.9.5 Intrepid model validation The review of the Intrepid Zone block model included the following: • Drillhole validation. • Wireframe checks, including checks for open edges and triangle cross-overs. Block model checks, comprising checks for: NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 262 • Cell overlaps. • Unexpected gaps, holes, or voids internally within the block model. • Negative values. • Cell size suitability for data spacing. • Grade distribution consistency with drillhole data and mineralization style. • Reasonability of the interpolation method for the volume of data and style of mineralization. • Classified blocks with absent grade values. • Agreement of block grades with supporting drillhole data. In general, AMC found there to be good visual agreement between the block model and drillhole grades as shown in Figure 14.10. Source: AMC 2022. Figure 14.10 – Vertical section showing gold in block model and drillholes at the Intrepid Zone Swath plots of the raw data for the capped composited data provided, were compared to block model values for gold and silver for the high-grade zone. These showed good agreement between the model and raw assays as shown in Figure 14.11. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 263 Source: AMC. Figure 14.11 – Swath plots of gold grades for Intrepid Zone No significant errors that would have an adverse material impact on Mineral Resources were found and the QP is of the opinion that the methods used to produce the Mineral Resource estimate for the Intrepid Zone are in line with accepted industry practices. 14.10 Mineral Resource classification Mineral Resources are classified primarily on the basis of an estimated block’s distance from the nearest informing drillhole sample composites and corresponding local gold variogram results, with additional consideration given to local geology and gold grade continuity. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 264 New Gold has assigned Measured classification where both drillhole density and bulk density measurements provide a high level of confidence in the geologic interpretation, grade continuity, and local grade and bulk density estimates. Currently, the ODM/17 and 433 Zones are the only areas with sufficient exploration drilling to support the classification of open pit Measured Mineral Resources. The parameters used for Measured classification are summarized in Table 14.19. Table 14.19 – Classification criteria for Measured Mineral Resources Interpolation parameters Criteria Zone ODM17 / 433 Zone Interpolation Method Ordinary Kriging Search Type Octant (25 x 25 x 25) Minimum Number of Octants 3 Maximum Number of Composites per Octant 4 Minimum Number of Composites 5 Maximum Number of Composites 8 Maximum Number of Composites per drillhole 2 Indicated classification is assigned to blocks estimated during the first estimation pass, where the search ellipse size is equal to 95% of the variogram sill. Inferred classification is assigned to all blocks estimated during the second or third estimation passes. Confidence in the geological interpretation was also considered during the classification process. A vertical section displaying block class is shown in Figure 14.12. The QP is of the opinion that the classification criteria used to categorize blocks at Rainy River is reasonable.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 265 Source: AMC 2022. Figure 14.12 – Vertical section showing block model classification 14.10.1 Cut-off grade The Mineral Resource COG is expressed as an AuEq grade. The gold equivalency formula used to calculate COGs is provided below for both the OP and UG areas: • Open pit AuEq (g/t) = Au (g/t) + [(Ag (g/t) *21*60)/1500*90)] • Underground AuEq (g/t) = Au (g/t) + [(Ag (g/t) *21*60)/1500*95)] Where: • Gold price = $1,500 per ounce • Gold recovery = 90% open pit and 95% underground • Silver price = $21 per ounce • Silver recovery = 60% for open pit and underground The assumptions for gold and silver prices and recoveries are discussed in more detail in Items 15 and 13. 14.11 Mineral Resource reporting Mineral Resources for the Rainy River Mine have been updated to 31 December 2021. They are reported based on AuEq COGs consistent with the mining methods envisioned for possible extraction in the future. The Mineral Resources at Rainy River are presented NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 266 in Table 14.20. The Mineral Resources reported herein supersede the Mineral Resources reported previously in the 2020 New Golds year end published Mineral Resource and Mineral Reserve (MRMR) statement. Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Open pit Mineral Resources reported here are constrained by a conceptual open pit shell that has been defined based on metal prices of $1,500 per ounce for gold and $21 per ounce for silver, metal recoveries of 90% for gold and 60% for silver, and mining, processing, and General and Administrative (G&A) costs consistent with the current operation. The open pit Mineral Resource is also reported based on higher grade direct processing material and lower grade material to be stockpiled for future processing. Underground Mineral Resources are reported below the RL 175m (except Intrepid) reference elevation and peripheral to and below the conceptual resource pit shell. Underground Mineral Resources report continuous blocks above a 1.7 g/t AuEq COG within mineralized domains. Manual adjustments were applied removing the material with lower level of confidence or absence of continuity, and with a low probability of “reasonable prospects of eventual economic extraction” (RPEEE). Figure 14.13 provides a schematic vertical section of the constraining limits of the open pit and underground Mineral Resources reported for the Rainy River Mine. Source: AMC 2022. Figure 14.13 – Mineral Resource reporting criteria NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 267 Table 14.20 – Mineral Resources as of 31 December 2021 Category Tonnes & grade Contained metal Tonnes Gold Silver Gold Silver (t x ‘000) (g/t) (g/t) (K oz) (K oz) Direct processing Mineral Resources Open pit Measured 570 1.61 3.0 30 55 Indicated 3,131 1.48 3.2 149 325 Sub-total open pit M + I 3,701 1.50 3.2 179 380 Inferred 481 0.98 2.5 15 38 Underground Measured – - - - - Indicated 14,014 2.99 7.6 1,348 3,422 Sub-total underground M + I 14,014 2.99 7.6 1,348 3,422 Inferred 1,593 3.30 2.7 169 141 Low grade Mineral Resources Open pit Measured 192 0.34 2.0 2 12 Indicated 1,268 0.34 1.9 14 80 Sub-total open pit M + I 1,460 0.34 2.0 16 92 Inferred 404 0.35 1.3 5 17 Total Mineral Resources Measured 762 1.29 2.7 32 67 Indicated 18,413 2.55 6.5 1,511 3,827 Total M + I Mineral Resources 19,175 2.50 6.3 1,543 3,894 Total Inferred Mineral Resources 2,478 2.37 2.5 189 196 Notes:  CIM Definition Standards (2014).  The Mineral Resources are stated exclusive of Mineral Reserves.  Mineral Resources were estimated using a long-term gold price of US$1,500 per troy oz and a long-term silver price of US$21 per troy oz. The exchange rate used was C$1.25: US$1 (C$1 = US$0.80).  Direct processing open pit Mineral Resources are reported at a gold equivalent (AuEq) cut-off grade of 0.45 g/t for the CAP Zone and 0.44 g/t for the Non-CAP Zone. Low grade open pit Mineral Resources are reported at a gold equivalent cut-off of 0.30 g/t.  Gold equivalency was calculated as AuEq (g/t) = Au (g/t) + [(Ag (g/t) * 21 * 60)/ (1,500 * 90)].  Open pit assumptions include:  Average gold and silver recoveries of 90% and 60%, respectively.  Open pit Mineral Resources were constrained by a conceptual pit shell and exclude underground Mineral Reserves within the pit shell.  Inferred open pit Mineral Resources include Inferred material from within the Mineral Reserve open pit.  Direct processing underground Mineral Resources are reported at a gold equivalent cut-off grade of 1.70 g/t.  Gold equivalency was calculated as AuEq = Au (g/t) + [(Ag (g/t) * 21 * 60)/ (1,500 * 95)].  Underground assumptions include:  Average gold and silver recoveries of 95% and 60%, respectively.  Underground Mineral Resources are excluded above 175 m RL except for the Intrepid Zone.  Effective date of Mineral Resources is 31 December 2021.  Underground Mineral Resources were restricted by a vetting process that excluded clusters of blocks distal to the MSO Mineral Reserve shapes.  The Qualified Person for the Mineral Resource estimate is Ms D. Nussipakynova, P.Geo., of AMC. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 268  Totals may not add exactly due to rounding.  Tonnes and grades are in metric units. 14.12 Comparison to previous Mineral Resource estimate A comparison between the current Mineral Resource estimate, which is effective 31 December 2021, and the Mineral Resource statement dated 31 December 2020 is presented in Table 14.21. Principal changes since the 31 December 2020 estimate are: • Ongoing depletion of Mineral Resources due to open pit mining. • The updated underground Mineral Resources decreased due to a conversion of previous underground Mineral Resources to Mineral Reserves. See Item 15 for details. • Updated costs reflecting the current cost of operation at the mine (mine, process, G&A, and relevant sustaining capital requirements). Overall, open pit mining costs have increased accompanied by decreases in processing and G&A costs. • Updated geotechnical model resulting in slightly different overall pit slope angles. The net result of the proceeding points is a reduction in Mineral Resources from previous estimate. Note that both estimates are based on the same 2017 and 2015 block models discussed above. Table 14.21 – Comparison of 2021 and 2020 Mineral Resources Resource estimate date Category Tonnes & grade Contained metal Tonnes (000’s) Gold (g/t) Silver (g/t) Gold (k oz) Silver (k oz) Combined direct processing and stockpile Mineral Resources 31 December 2021 Measured 762 1.29 2.7 32 67 Indicated 18,413 2.55 6.5 1,511 3,827 Measured & Indicated 19,175 2.50 6.3 1,543 3,894 Inferred 2,478 2.37 2.5 189 196 31 December 2020 Measured 825 1.20 2.3 32 61 Indicated 24,244 2.53 6.5 1,973 5,064 Measured & Indicated 25,072 2.49 6.4 2,005 5,125 Inferred 3,077 2.05 2.6 203 258 Difference % Measured -8 8 17 0 -10 Indicated -24 1 0 -23 -24 Measured & Indicated -24 0 -2 -23 -24 Inferred -19 16 -4 -7 -24 Notes for the 31 December 2021 estimate is shown in the footnotes under Table 14.20. Notes for the 31 December 2020 estimate follow: • CIM Definition Standards (2014).

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 269 • The Mineral Resources are stated exclusive of Mineral Reserves. • Mineral Resources are estimated using a long-term gold price of US$1,500 per troy oz and a long-term silver price of US$20 per troy oz. The exchange rate used was 1:1.30 US$/C$. • Direct processing open pit Mineral Resources are estimated at an AuEq COG of 0.45 g/t for the CAP Zone and 0.44 g/t for the Non-CAP Zone. Low grade open pit Mineral Resources were estimated at an AuEq cut-off of 0.30 g/t. • Gold equivalency was estimated as AuEq (g/t) = Au (g/t) + [(Ag (g/t) * 20 * 60)/ (1,500 * 90)]. • Open pit assumptions include: a) Average gold and silver recoveries of 90% and 60%, respectively. b) Open pit Mineral Resources were constrained by a conceptual pit shell. c) Inferred open pit Mineral Resources include Inferred material from within the Mineral Reserve open pit. • Underground Mineral Resources are estimated at an AuEq COG of 1.70 g/t. • Gold equivalency was estimated as AuEq = Au (g/t) + [(Ag (g/t) * 20 * 60)/ (1,500 * 95)]. • Underground assumptions include: a) Average gold and silver recoveries of 95% and 60%, respectively. b) Underground Mineral Resources are excluded above 175 m RL except for the Intrepid Zone. • Effective date of Mineral Resources is 31 December 2020. • Underground Mineral Resources were restricted by a vetting process that included not reporting peripherals to the main zones. • Totals may not add exactly due to rounding. • Tonnes and grades are in metric units. Comparison of the current and previous Mineral Resource estimates indicates the following for total combined Mineral Resources: • Total Measured and Indicated Mineral Resource tonnes have decreased by 5,897 kt (24%), while gold grade has essentially stayed the same and the silver grade have decreased by 2% resulting in contained gold metal decreasing by 462 koz (23%) and silver metal decreasing by 1,237 koz (24%). • Total Inferred Mineral Resource tonnes have decreased by about 600 kt (19%), gold grade increased by 16% and silver grade decreased by 4%. The metal content of gold and silver decreased by 14 koz (7%) and 24 koz (24%) respectively. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 270 15 MINERAL RESERVE ESTIMATES 15.1 Introduction The Mineral Reserve estimates presented herein conform to CIM Definition Standards (2014) and include Measured and Indicated Mineral Resources but do not include Inferred Mineral Resources. The Mineral Reserves represent the estimated tonnage and grade of ore considered economically viable for extraction. New Gold has prepared open pit Mineral Reserves under the guidance of Mr. Francis J. McCann, P.Eng., a mining engineer employed by AMC. Mr. McCann is independent of New Gold and takes QP responsibility as defined in NI 43-101 for the open pit Mineral Reserve estimate. InnovExplo has prepared Underground (UG) Mineral Reserves under the guidance of Mr. Éric Lecomte, P.Eng., a mining engineer employed by InnovExplo. Mr. Lecomte is independent of New Gold and takes QP responsibility as defined in NI 43-101 for the underground Mineral Reserve estimate. The Mineral Reserve estimates for the Rainy River deposits are summarized in Table 15.1. Table 15.1 – Summary of Rainy River Mineral Reserves – effective December 31, 2021 Category Tonnes & grade Contained metal Tonnes (000s) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Open pit (including stockpile) Proven 26,276 0.72 2.2 605 1,837 Probable 31,288 0.95 2.1 953 2,101 Sub-total open pit 57,563 0.84 2.1 1,558 3,938 Underground Proven - - - - - Probable 12,657 3.05 7.6 1,241 3,084 Sub-total underground 12,657 3.05 7.6 1,241 3,084 Total Proven 26,276 0.72 2.2 605 1,837 Probable 43,944 1.55 3.7 2,194 5,185 Total Mineral Reserves 70,220 1.24 3.1 2,799 7,022 Notes: • CIM Definition Standards (2014) were used for reporting these Mineral Reserves. • Refer to the footnotes of Dilution Factor Calculation for prices, cut-offs, recoveries, etc. • Totals may not add exactly due to rounding. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 271 The Mineral Reserves herein supersede the Mineral Reserves reported previously at year-end 2020 by New Gold for the Rainy River Mine. The QPs are not aware of any known mining, metallurgical, infrastructure, permitting, and / or other relevant factors that could materially affect the stated Mineral Reserve estimates. 15.2 Open pit Mineral Reserve estimates Open pit Mineral Reserves were estimated by New Gold through the application of a mine design, phasing sequence and subsequent mine plan to convert the Measured and Indicated Mineral Resources to Proven and Probable Mineral Reserves. The estimate is based upon the application of a conventional truck-shovel open pit mining operation to extract the Mineral Reserve. 15.2.1 Material type classification There are two principal ore type classifications used to identify Mineral Reserves at Rainy River: direct processing ore (DPO) and low-grade ore (LGO). Additionally, material is identified as being associated with the CAP Zone or labelled as Non-CAP Zone. The CAP Zone is described in Item 7 and has been identified as having a different metallurgical recovery response than other mineralized zones within the deposit in Item 13. Non-Cap Zone is a reference to all other mineralized zones not identified as CAP Zone within the open pit deposit. Open pit Mineral Reserve estimates presents a breakdown of the material classification and their respective applied COG. Table 15.2 – Material classification Ore type AuEq (g/t) CAP Zone Non-CAP Zone Direct processing ore Direct processing ore ≥ 0.49 ≥ 0.46 Low-grade ore Low-grade ore ≥ 0.30 & < 0.49 ≥ 0.30 & < 0.46 DPO is material identified as higher-grade and is to be directly processed as excavated from the open pit mine and / or is preferentially re-handled first from stockpiles as part of an elevated COG operating policy. LGO material is lower grade material that is preferentially stockpiled to not displace better quality material from being processed early in the mine plan, but as required is used as mill feed to supplement excess process capacity. See Item 15.2.4 for a description on how the COG’s have been calculated and are applied. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 272 15.2.2 Open pit resource mine planning block model The resource model used for open pit mining is a regularized block model (regularized model) that was developed by New Gold in Vulcan from the resource model discussed in Item 14 of this report. The regularized model has block dimensions of 10 m in the X (east) direction by 10 m in the Y (north) direction by 10 m in the Z (vertical) direction. These block dimensions were selected by New Gold to adequately represent the dimension of a selective mining unit appropriate for the size of the chosen loading units. In 2021 New Gold utilized the afore mentioned model and undertook a dilution / ore loss study to improve the prediction of tonnes and grade of ore to be extracted from the mine. Based on the results, New Gold selected the following modifying factors to be applied to the regularized block model: • A potential 3.3 m dilution skin was applied to all blocks. • A potential 0.2 m ore loss skin was applied to all blocks. • Amount of dilution and ore loss will depend upon the grade of the adjacent blocks. Each block is able to pull dilution and give ore loss material from any adjacent block with a lower grade and to give dilution and pull ore loss material to any adjacent block with higher grade. In addition, because of a significant negative reconciliation in the East Lobe during 2021, New Gold (New Gold, 2022) applied a modifying factor against the gold grade in the East Lobe of the mine planning model of 89% to better reflect current results. Overall net impact of the modifying factors within the Mineral Reserve pit design applied against the regularized model at a COG of 0.3 g/t AuEq is an increase of 16% in ore tonnes and a 13% decrease in grade. This diluted model is designated as the mine planning resource model. 2021 Reconciliation of Measured and Indicated Resource within the mine planning resource model to the GC model and DOM at Rainy River, is as follows: Table 15.3 – Reconciliation January – December 2021 Tonnes & grade Contained metal Tonnes (000s) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Model and reconcilation values Mine planning resource model (MP) 15,850 0.74 3.0 378 1537 GC model 15,500 0.74 3.9 369 1,920 DOM 14,472 0.70 3.2 325 1,500 Reconciliation mine planning resource model GC vs MP 98% 100% 128% 98% 125% DOM vs MP 91% 94% 107% 86% 98% DOM vs GC 93% 95% 84% 88% 78% The mine planning resource model reconciliation provides a better overall prediction of tonnes, grade, and contained metal when compared to the regularized resource model (see Item 12). The reconciliation of the grade control model is good compared to the mine

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 273 planning resource model. However, mining and / or metal accounting practices during reconciliation appear to be impacting the DOM recorded metal mined from the deposit. New Gold has undertaken additional drilling in 2021, particularly in the East Lobe to improve model predictability and is focusing attention on mining practices for the open pit and metal accounting practices during reconciliation to improve results. Results of the drilling program are expected in Q1-2022 and according to New Gold will be included within an updated Mineral Resource model during 2022. Modifying factors should be reviewed as new mining areas are exposed and additional reconciliation information is gathered to continue validating the model performance. 15.2.3 Open pit metallurgical recoveries Predictive metal recovery curves have been developed for the open pit ores being extracted from the CAP Zone and Non-CAP Zone. Details of the development of these curves are provided in Item 13.3. The predictive gold recovery formulae are as follows: CAP Zone Predictive metal recovery curves • Au Rec = ([AuHG – (0.2497 * AuHG1.015) - 0.007)] / AuHG] * 100 Non-CAP Zone Predictive metal recovery curves • AuTG = 0.36349 + (AuHG) * 0.06667 + P80 * 0.00025 + (%ODM) * -0.34414 + (%433) * -0.38227 + (%HS) * -0.35209 • Au Rec = min(95,[(AuHG – AuTG)/ AuHG] * 100) Note that the proceeding Non-CAP Zone formula has been capped at a maximum gold recovery of 95%. Where: • AuTG is the process plant gold tailings grade in g/t • Au Rec is the process plant gold recovery in % • AuHG is the process plant gold head grade in g/t • P80 is the hydrocyclone overflow P80 in µm. For recovery estimation within the block model, this is set to the expected 100 um average. • %ODM, %433 and %HS are all fraction of ore by tonnage New Gold has developed similar predictive formulas for silver recovery from metallurgical testwork programs (Kenny 2016). These predictive formulas are as follows: CAP Zone predictive formulas for silver recovery • Ag Rec = [([AgHG – (0.3868 * AgHG0.9174)] / AgHG) * 100] * 0.966 Non-CAP Zone predictive formulas for silver recovery NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 274 • Ag Rec = [([AgHG – (0.4409 * AgHG0.9285)] / AgHG) * 100] * 0.966 • Where: • Ag Rec is the silver recovery in %. • AgHG is the silver head grade in g/t. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 275 15.2.4 Open pit COG The open pit COG was calculated by AMC using metal prices, operating costs, applicable sustaining capital costs and exchange rates provided by New Gold or developed from New Gold's preliminary 2022 Budget models. Open pit metallurgical recoveries summarizes the open pit COG assumptions. A COG of 0.49 g/t AuEq for CAP Zone and 0.46 g/t AuEq for Non-CAP zone material was used for the estimation of Direct Processing Mineral. Low grade Mineral Reserves are set at a COG of 0.30 g/t AuEq for all rock types. Table 15.4 – Open pit COG calculation parameters Parameter field Unit Open pit parameter value Metal prices Gold $/oz 1,400.00 Mining cost Ore $/t mined 2.70 Waste $/t mined 2.90 Incremental per bench (below 340 m elevation) $/t mined 0.04 Re-handle $/t ore 2.69 Sustaining capital $/t ore 0.48 $/t waste 0.55 Process cost Process base cost $/t milled 6.70 Process variable cost $/t milled 3.08 Sustaining capital $/t milled 0.03 Tailings management $/t milled 1.80 Treatment & refining Gold $/oz recoverable 1.89 Silver $/oz recoverable 0.85 Royalties Gold $/oz recoverable 9.93 Silver $/oz recoverable 0.11 G&A G&A $/t processed 3.05 Gold recovery at cut-off (utilized) CAP zone Direct processing ore % 73.9 Low grade-ore % 73.1 Non-CAP zone Direct processing ore ODM % 83.7 433 % 92.0 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 276 Parameter field Unit Open pit parameter value HS % 85.4 Low grade-ore ODM % 78.5 433 % 91.3 HS % 81.2 COG Unit Calculated Utilized CAP zone Direct processing ore g/t AuEq 0.43 0.49 Low grade-ore g/t AuEq 0.23 0.30 Non-CAP zone Direct processing ore ODM g/t AuEq 0.38 0.46 433 g/t AuEq 0.34 0.46 HS g/t AuEq 0.37 0.46 Low grade-ore ODM g/t AuEq 0.21 0.30 433 g/t AuEq 0.18 0.30 HS g/t AuEq 0.22 0.30 The COG is expressed as an AuEq grade which is estimated as follows: AuEq = Au (g/t) + [(Ag (g/t) * 19 * 60)/ (1,400 * 90)] Where, the factors in the equivalence calculation are: • Gold price $1,400/oz • Silver price $19/oz • Gold recovery 90% (estimated preliminary overall average) • Silver recovery 60% (estimated preliminary overall average) DPO is material that meets the requirements of the breakeven COG definition as stated in the CIM Estimation of Mineral Resources and Reserves Best Practice Guidelines (2019), being “The lowest grade or value of material that can be mined and processed at an operating profit, considering all applicable costs”. This is calculated as 0.43 g/t AuEq and 0.34 – 0.38 g/t AuEq for CAP and Non-CAP material respectively, but as mentioned earlier, an elevated COG is applied to this material classification as part of an elevated COG policy giving preference to processing better quality material first. Material between the calculated and utilized COG’s for DPO is subsequently classified as LGO. The remaining LGO Mineral Resources below the respective DPO calculated COG’s do not cover all fixed process costs or site G&A costs. As such, they are not included within the open pit optimization process but are rather reported based on the material contained within the resulting pit design developed. These Mineral Reserves are included in the mine plan when excess process plant capacity exists, principally at the end of life of the

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 277 open pit to supplement the process plant feed coming from the underground, and thus can be considered incremental. Low-grade ore COGs utilized are slightly higher than the calculated COGs due to uncertainty related to the applicability of the metal recovery curves at lower grades where testwork is more limited. The QP considers the open pit COG calculation to be appropriate for the deposit based upon the assumptions used. 15.2.5 Open pit optimization The pit optimization was conducted by AMC on the mine planning resource model described in Item 15.2.1 using metal prices of $1,400/oz gold and $19/oz silver. The parameters used for open pit optimization are provided in Table 15.4. Only Measured and Indicated Mineral Resources were included in the pit optimization process. The portion of the low-grade Mineral Resources which cannot cover all costs, as described in the previous Item, are excluded from the pit optimization process. GEOVIA Whittle™ was the software used for the open pit optimization. The open pit operation is planned to transition to an underground mining operation in the future. As part of the pit optimization, a preliminary cut-off cost of $80.09/t (inclusive of all mining, process, treatment and refining, royalties, applicable sustaining capital, and G&A costs) was applied to limit the pit optimization to only extract Mineral Resource more economically mined by an open pit operation than by an underground operation. A subsequent optimization was done without consideration of the underground operation, maximizing the open pit size. In general, the pit expanded by 35 m to 70 m in the southwest portion of the pit as well as approximately 20 to 30 m in depth. The two optimizations were subsequently utilized to guide the design of the final open pit limit in this expansion area taking into account previous underground designs. Open pit slope estimates were included in the open pit optimization process utilizing overburden slope recommendations from Golder Associates (Golder), and hard rock slope recommendations from SRK Consulting (SRK) as presented in Item 16. The overburden slope angle was maintained at a constant 8:1 slope (horizontal: vertical) in all directions for the optimization; however, the hard rock design criteria of SRK were modified to represent overall slope angles, based on the impact resulting from the conceptual superposition of mine haul road and geotechnical safety berm positions required per the design criteria. Hard rock overall slope angles vary by zone from 40° to 54°. Open pit optimization results at incremental gold metal price are provided in Figure 15.1 for the pit optimization that considered an underground operation as mentioned previously. The revenue factor 01 pit at $1,400/oz gold was used as the principal guide to undertake the pit design. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 278 Note: Ore tonnages and contained metal reflect DPO material and the portion of LGO material that cover full operating costs only. Impact of incremental LGO and existing stockpiles is not represented in the open pit optimization chart. Source: AMC. Figure 15.1 – Open pit optimization results at incremental gold metal price 15.2.6 Reserve pit design The optimized pit solution resulting from the criteria presented in the preceding Items was rationalized into a feasible mining geometry, and haulage ramps were superimposed. Haulage ramps were designed nominally at a 33 m width and with a maximum ±10% grade, except for the bottom few benches where widths were permitted to be reduced to one-way traffic of 20 m and ±12% grade. Figure 15.2 illustrates the resulting open pit final limit design. The reserve pit limit spans approximately 1,550 m in the east to west direction and 1,450 m in the north to south direction. Maximum depth is approximately 350 m. Total material within the final pit limit design as of end-2021, including waste, is 145 Mt. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 279 Source: New Gold 2022. Figure 15.2 – Open pit final limit design NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 280 15.3 Underground Mineral Reserve Estimates The underground Mineral Reserves were estimated through the application of mine development and stoping plans to convert Indicated Resources to Probable Reserves. The Mineral Reserves for the Rainy River deposits incorporate dilution and mining recovery factors based on the selected mining methods and design. An economic analysis was completed to validate the economic viability of all areas of the Mineral Reserves. 15.3.1 Estimation procedure The most up-to-date mineral resource block models (as of December 31, 2017) were used to estimate the mineable tonnage in the mine plan for the Rainy River and Intrepid deposits (see Item 14 for more details on the block models). For the Rainy River deposit, two COGs were calculated for the UG Main Zones (all underground reserves below the pit). The first, applicable during Phase 1, considers the feed from the LG Stockpile and the mill at full capacity (until 2028). The second, for Phase 2, reflects underground production only and the associated downsizing of the mill after depletion of the stockpile. A third and separate COG was calculated for the satellite Intrepid deposit during the 2021 optimization process, which converted the lower part of the zone to reserves. The main reason for having a separate COG is the higher mining cost for Intrepid ore. Stope shapes were optimized based on their respective COGs. Optimizations are a function of various parameters, such as geometry and dilution. The final Mineral Reserve estimate was obtained after completing the stope and underground mine designs and the economic validation, while considering additional factors such as mining recovery. 15.3.2 Underground COG A cut-off grade is a fundamental component in mineral reserve estimations, mine designs and mine production schedules. The COG calculations for the Rainy River and Intrepid deposits use parameters that were provided by the issuer or obtained from previous InnovExplo estimates. As described in 15.3, two COGs were used for stope optimization in the UG Main Zones to reflect the pre- and post-stockpile depletion phases. A different COG was calculated for Intrepid using a separate set of parameters. The COG for the Main Zones considers a combined production from the open pit LG stockpile at surface and the orebody underground. The second COG applies to underground production only. The COG for the underground operation before and after the depletion of the LG stockpile is listed below. After open pit mining ceases in Q2 2026, the mill feed will comprise the LG stockpile and underground ore from the Main and Intrepid zones. When the stockpile is depleted by Q2 2028 and production is entirely from underground ore, the COG will change from 1.74 g/t AuEq to 2.25 g/t AuEq. The COG for the Intrepid Zone is 1.93 g/t Au. It will be constant over the life of the orebody until production ceases in 2028.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 281 The table of COG assumptions for the UG Main Zones (Estimation procedure) show that the main differences between Phase 1 and Phase 2 lie Item 15.3 in the processing costs. The differences for the Intrepid Zone were inevitable given its distance to the mill and differences in the mining methods, resulting in a higher ore overall mining cost. Other assumptions include a gold price of US$1,400/oz, a silver price of US$19/oz (not shown in the summary), a metallurgical recovery of 94% and an estimated mining dilution of 14%. Table 15.5 – Cut-off grade parameters for the underground zones Parameters Units Intrepid UG Main Zones Phase 1 : With LG Stockpile Phase 2 : No LG Stockpile Gold price $US/oz 1,400 1,400 1,400 Exchange rate $US/$US 1.25 1.25 1.25 Royalty % 0.81% 0.81% 0.81% Royalty $US/oz 11.30 11.29 11.29 Refining cost $US/oz 5.34 5.34 5.34 Cost of selling $US/oz 16.63 16.63 16.63 Total processing cost $US/t processed 10.00 10.00 18.15 Metallurgical recovery % 94.0% 94.0% 94.0% Mining recovery % 95.0% 95.0% 95.0% Mining dilution % 14.00% 14.00% 14.00% Ore mining cost $US/t processed 55.57 48.73 48.73 Administration & General $US/t processed 1.83 1.83 11.56 Total Cost $US/t processed 67.39 60.55 78.44 Cut-Off Grade AuEq 1.93 1.74 2.25 The COG calculation is appropriate for the deposits based upon the assumptions used and the current company strategy relative to metal prices and combined open pit and underground operations. 15.3.3 Dilution Factor Calculation Internal dilution involves optimizing stope shapes and converting them into planned mineable shapes. External dilution is also considered for the production stopes using average ELOS values (equivalent linear overbreak slough) of HW = 0.6 m and FW = 0.3 m. These estimated values were used based on experience in similar conditions or on similar mining projects; the gap in geotechnical knowledge associated with the underground portion of the project did not allow each stope to be characterized based on location and rock mechanic properties. Backfill dilution was added afterward, based on the location of each stope and the mining sequence for each mining horizon. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 282 The following parameters were used to estimate stope dilution: • Dilution is expected to come from the hanging wall (0.6 m) and footwall (0.3 m) for most stopes in the Main Zones. • A backfill dilution of 0.5 m is estimated for each exposed face of a backfilled stope. • A lower recovery is assumed for sill pillar stopes caused by expected geomechanical challenges. • Secondary ground support (cables) is planned to reduce dilution for specific stopes (poor conditions and / or width > 12.0 m). • No dilution is assumed for the stope floors. • For internal, external, and backfill dilution, the calculations assumed a dilution grade of 0 g/t. In summary, an estimated external waste dilution of 14% was used in the COG calculations for both the Main Zones and Intrepid. 15.3.4 Mining Losses Mining loss (or mining recovery) is based on the material in the model that is left behind, for example, to provide structural support when facing blasting or operational challenges and rock mechanics issues. The estimated mining recoveries for all underground deposits is estimated at 95%. Recovery varies mainly according to blasting method and the associated challenges, as well as rock mechanic conditions such as sill pillar recovery. Recovery values are based on experience and estimates for typical stopes. The factors are considered acceptable given the selected mining method and known ground conditions. The geological block model was the primary input in Deswik Shape Optimizer (DSO) version 2021.2. Deswik software is used to optimize individual stope shapes from the block model using Stope Shape Optimizer algorithms from Alford Mining System. The parameters used for the optimization are listed in Item 16. 15.3.5 Cut-off Grade (COG) A COG of 1.74 g/t AuEq was used to estimate the Mineral Reserves for Phase 1 (UG plus LG Stockpile) based on the cost estimates, metal prices and exchange rate summarized in Estimation procedure. A COG of 2.25 g/t AuEq was used to estimate the Mineral Reserves for Phase 2 (after depletion of the LG Stockpile) based on the cost estimates, metal prices and exchange rate summarized in Estimation procedure. A COG of 0.83 g/t AuEq was used for development ore, recognizing this as incremental material that must be mined during the stope development process. A COG of 1.93 g/t AuEq was used to estimate the Mineral Reserves for Intrepid based on the cost estimates, metal prices and exchange rate summarized in Estimation procedure. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 283 15.4 Open pit and underground Mineral Reserve estimates Open pit and underground Mineral Reserves at Rainy River are summarized in Table 15.6. Table 15.6 – Mineral Reserve Estimates – Effective December 31, 2021 Category Tonnes & grade Contained metal Tonnes (000s) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Direct processing Mineral Reserves Open pit Proven 9,486 1.26 2.2 385 657 Probable 21,861 1.20 2.2 845 1,513 Sub-total open pit 31,347 1.22 2.2 1,230 2,170 Stockpile Proven 1,247 0.65 2.5 26 98 Probable - - - - - Sub-total stockpile 1,247 0.65 2.5 26 98 Underground Proven - - - - - Probable 12,657 3.05 7.6 1,241 3,084 Sub-total underground 12,657 3.05 7.6 1,241 3,084 Total direct processing Mineral Reserves 45,251 1.72 3.7 2,498 5,353 Low grade Mineral Reserves Open pit Proven 2,982 0.36 1.7 34 164 Probable 9,426 0.36 1.9 108 588 Sub-total open pit 12,408 0.36 1.9 142 752 Stockpile Proven 12,561 0.39 2.3 159 918 Probable - - - - - Sub-total stockpile 12,561 0.39 2.3 159 9218 Total low grade Mineral Reserves 24,969 0.38 2.1 301 1,670 Total Mineral Reserves Open pit (including stockpile) Proven 26,276 0.72 2.2 605 1,837 Probable 31,288 0.95 2.1 953 2,101 Sub-total open pit 57,563 0.84 2.1 1,558 3,938 Underground Proven - - - - - Probable 12,657 3.05 7.6 1,241 3,084 Sub-total underground 12,657 3.05 7.6 1,241 3,084 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 284 Category Tonnes & grade Contained metal Tonnes (000s) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Total Proven 26,276 0.72 2.2 605 1,837 Probable 43,944 1.55 3.7 2,194 5,185 Total Mineral Reserves 70,220 1.24 3.1 2,799 7,022 Notes:  CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) were used for reporting of Mineral Reserves.  Mineral Reserves are estimated using a long-term gold price of US$1,400 per troy oz and a long-term silver price of US$19 per troy oz. The exchange rate used was 1:1.25 US$:C$.  Direct processing open pit Mineral Reserves are estimated at an AuEq COG of 0.49 g/t for the CAP Zone and 0.46 g/t for Non-CAP Zones. Low grade open pit Mineral Reserves were estimated at an AuEq cut-off of 0.30 g/t. Gold equivalency was estimated as AuEq (g/t) = Au (g/t) + [(Ag (g/t) * 19 * 60)/ (1,400 * 90)].  Open pit assumptions include: • COGs applied to a regularized 10 m x 10 m x 10 m mine planning block model, which was generated from re blocking the original resource model. Modifying factors representing a potential dilution of 3.3 m and ore loss of 0.2 m were applied, including a factor of 0.89 applied against the gold grade in the East Lobe. • Metal recoveries are variable dependent on metal head grade. At Mineral Reserve COG, the gold recoveries are as follows: a. DPO CAP zone gold = 73.9% Non-CAP zone gold: ODM=83.7%, 433=92.0%, HS=85.4% b. LGO CAP zone gold = 73.1% Non-CAP zone gold: ODM=78.5%, 433=91.3%, HS=81.2% c. Average gold and silver recoveries of 90% and 60%, respectively, have been used for the gold equivalency calculation.  Underground Mineral Reserves for UG Main are estimated at an AuEq COG of 1.74 g/t for Phase 1, AuEq COG of 2.25 g/t for Phase 2, and 0.83 g/t for development. Underground Mineral Reserves for Intrepid are estimated at an AuEq COG of 1.93 g/t.  Underground assumptions include: • In UGMain Zones and Intrepid, the hanging wall (HW) and footwall (FW) dilution of 0.6 m and 0.3 m, respectively, with total unplanned dilution of 14% approximately. a. Average mining recovery estimated as 95% for UG Main Zones and Intrepid. b. Average gold and silver mill recovery of 95% and 60%, respectively, for UG Main Zones and Intrepid • Cut-off value of CDN$84.24/t, CDN$75.69/t & CDN$98.05/t (Intrepid, UG Main Phase 1 & Phase 2, respectively), inclusive of costs for mining, processing, General and Administrative (G&A), refining & transport and royalties  The qualified persons responsible for this item of the technical report are not aware of any mining, metallurgical, infrastructure, permitting or other relevant factors that could materially affect the mineral reserve estimates.  Effective date of Mineral Reserves is 31 December 2021.  Totals may not add exactly due to rounding.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 285 The Mineral Reserves reported herein supersede the Mineral Reserves reported previously at year-end 2020 by New Gold for the Rainy River Mine. 15.5 Comparison with previous Mineral Reserve estimates The most recent Mineral Reserve estimate published by New Gold was in a press release titled “New Gold Provides 2021 Operational Estimates for the Rainy River Mine and Updated Mineral Reserves and Mineral Resources”, dated February 10, 2021. The Mineral Reserve statement was effective December 31, 2020. The current Mineral Reserve estimate described in this NI 43-101 Technical Report is effective December 31, 2021. Table 15.7 and Table 15.8Comparison with previous Mineral Reserve estimates provide a comparison of the end-2020 and end-2021 Mineral Reserve estimates for the open pit and underground, respectively. Table 15.7 – Comparison with previous Mineral Reserve estimate – open pit Category Tonnes & grade Contained metal Tonnes (000s) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Open pit + stockpile Effective 31 December 2020 Proven 28,320 0.82 2.2 746 2,009 Probable 40,198 0.91 2.6 1,180 3,348 Total open pit 68,517 0.87 2.4 1,926 5,357 Effective 31 December 2021 Proven 26,276 0.72 2.2 605 1,837 Probable 31,288 0.95 2.1 953 2,101 Total open pit 57,563 0.84 2.1 1,558 3,938 Difference over 2020 Proven -7% -12% - -19% -9% Probable -22% 4% -19% -19% -37% Total open pit -16% -3% -13% -19% -26% Note: Totals may not add exactly due to rounding. Changes to the open pit Mineral Reserve estimate from end-2020 to end-2021 are due predominantly to: • 2021 Mineral Reserve depletion from mining activities of 9.2 Mt @ 0.88 g/t gold and 3.4 g/t silver, totalling 262 koz of contained gold and 1,010 koz of contained silver. • Updated costs reflecting the current cost of operation (mine, process, G&A, and relevant sustaining capital requirements). Overall, mining costs have increased by approximately 10%accompanied by a reduction in processing and G&A costs by 3% and 5%, respectively. • Updated geotechnical model having variable impact across various pit sectors. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 286 • Updated mine planning resource model with modifying factors impacting dilution and ore loss. The net result of these items has been a decrease in the Mineral Reserves, primarily a result of 2021 Mineral Reserve depletion. Table 15.8 – Comparison with previous Mineral Reserve estimates - Underground Category Tonnes & grade Contained metal Tonnes (000s) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) Underground Effective 31 December 2020 Proven - - - - - Probable 5,399 3.87 10.3 672 1,795 Total underground 5,399 3.87 10.3 672 1,795 Effective 31 December 2021 Proven - - - - - Probable 12,657 3.05 7.6 1,241 3,084 Total underground 12,657 3.05 7.6 1,241 3,084 Difference over 2018 Proven - - - - - Probable 234% -21% -26% 185% 172% Total underground 234% -21% -26% 185% 172% Note: Totals may not add exactly due to rounding. The changes to the underground Mineral Reserve estimates between year-end 2020 (previous estimate) year-end of 2021 (current estimate) are primarily a reflection of the changes in the COGs and the re-design of the underground components of the Rainy River mine. The underground reserves are mined alongside the open pit and stockpile reserves until the stockpile is completely depleted. In 2021, development started at Intrepid and a new feasibility study was completed for the UG Main Zones. Under the current mine schedule at a rate of 4,500 tpd, the LOM of the underground mine extends until 2031, three years after the stockpile is completely depleted. InnovExplo recognizes that there is a significant quantity of what is currently considered marginal material in underground Mineral Resources and recommends that regular reassessment of that material be undertaken relative to the metal price environment and company strategy. 15.6 Conversion of Mineral Resources to Mineral Reserves Table 15.9 shows the proportions of total Measured and Indicated Mineral Resources converted to Mineral Reserves in terms of contained gold ounces. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 287 Table 15.9 – Mineral Resource to Mineral Reserve conversion ratios for contained gold Mineral Resources inclusive of Mineral Reserves Mineral Reserves Conversion rate Category Contained gold (koz) Category Contained gold (koz) Open pit Measured 612 Proven 605 99% Indicated 1,159 Probable 953 82% OP M&I 1,770 OP P&P 1,558 88% Underground Measured - Proven - - Indicated 2,306 Probable 1,241 54% UG M&I 2,306 UG P&P 1,241 54% Total M&I 4,077 Total P&P 2,799 69% Note: Totals may not add exactly due to rounding. 15.7 Factors that may affect the Mineral Reserves Areas of uncertainty that may materially impact the Mineral Reserve estimate include the following: • Commodity prices, market conditions and foreign exchange rate assumptions • Cut-off grade estimates • Capital and operating cost assumptions • Geological complexity and mineral resource block modelling • Slope and stope stability, dilution and mining recovery factors • Metallurgical recoveries and contaminants • Rock mechanics (geotechnical) constraints and the ability to maintain constant underground access to all working areas The QPs responsible for this Item of the technical report are not aware of any mining, metallurgical, infrastructure, permitting or other relevant factors that could materially affect the Mineral Reserve estimate. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 288 16 MINING METHODS 16.1 Introduction Mining at Rainy River currently uses open pit methods. It will transition into a combined open pit and underground (OP+UG) operation. Underground development commenced at Intrepid in 2021. The average processing rate will be approximately 27,000 tpd while the open pit ore is processed. When all the open pit ore, including the stockpiled ore, has been exhausted, the only mining operations will be underground. During this phase, UG ore will be processed at a rate of approximately 4,500 tpd. Over the LOM, the open pit (including stockpile rehandling) and underground operations are scheduled to provide 82% and 18% of the processed ore tonnage, with 56% and 44%, respectively, of the processed contained gold ounces. The open pit mine is a conventional truck and shovel mining operation, with a fleet of 220t payload haul trucks combined with diesel-powered hydraulic excavators and large front-end loaders (FELs) as primary loading units. The open pit operates at an annualized peak mining rate of 153,000 tpd of ore, and the waste has an overall strip ratio of 2.32:1 (waste:ore). The plan for the Main Zones underground operation is to access the various ore zones from two portals. The IntrepidDeposit will be accessed from one portal, with a decline started in 2021 (still under development as part of an orebody investigation project). The underground operations will be accessed via declines and follow a mechanized longitudinal long-hole open stoping technique to mine the underground Mineral Reserves. Underground ore production rates will be variable but will reach the planned maximum of approximately 5,500 tpd in 2026. The combined OP+UG operations have a remaining mine life through to Q4-2031. 16.2 Open pit mining 16.2.1 Production to end 2021 The open pit operation at Rainy River commenced stripping activities in 2016, ore processing in September 2017 and commercial production in mid-October 2017. Open pit and mill production to end-2021 are provided in Table 16.1 and Table 16.2, respectively.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 289 Table 16.1 – Open pit mine production to end-2021 Year Ore tonnes (000s) Grade Contained metal Waste tonnes (000s) Total tonnes (000s) Strip ratio (w:o) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) 2017 1,808 1.05 1.9 61 110 5,013 6,821 2.77 2018 12,296 1.30 2.3 514 897 27,267 39,563 2.22 2019 6,830 1.00 1.5 220 332 36,387 43,217 5.33 2020 11,777 0.73 2.5 276 958 39,354 51,131 3.34 2021 14,496 0.71 3.3 331 1,543 39,206 53,7023 2.7 Total 47,207 0.92 2.5 1,402 3,850 147,227 194,434 3.12 Note: Totals may not add exactly due to rounding. Table 16.2 – Mill production to end-2021 Year Ore tonnes processed (000s) Grade processed Produced metal Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) 2017 977 0.94 2.2 29 44 2018 6,546 1.25 2.0 227 248 2019 8,023 1.08 1.8 254 282 2020 8,819 0.91 2.5 229 362 2021 9,250 0.88 3.4 234 611 Total 33,615 1.01 2.5 973 1,547 Note: Totals may not add exactly due to rounding. 16.2.2 Hydrologic considerations The open pit dewatering plan considers three sources of inflow: rainfall, snowmelt and seepage with all sources contributing to both the surface water and ground water inflows. The New Gold dewatering system has been designed to handle surface water that could originate from a 2-year freshet event. The current dewatering system includes pumps, sumps, pipes, overburden dewatering wells, and staging tanks that remove water from the open pit and the surrounding area. Water diversion ditches are developed around the open pit limit to minimize surface inflow into the pit. Based on a preliminary analysis of the current pumping system and regional hydrological trends, it is envisioned that the current dewatering system will continue to be expanded as the mine develops with the focus being on achieving the following objectives: • Maintain a dry working area for pit operations and mining activities. • Minimize the cost of extra pumping systems. • Optimize sump and pipeline locations to collect all reporting inflow. Localized loss of surface water control above the crest of the ODM shear zone area has occurred where the rock mass is more altered and weaker, leading to operational disruption at times in active lower benches and the pit bottom. This zone along the West NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 290 wall should be reviewed to identify any alteration / weathering influence or faults which could exacerbate the loss of surface water control. Where possible, the lower benches of the mine should not be advanced during freshnet periods and preferabley used as in-pit sumps for water collection and pumping. 16.2.3 Open pit geotechnical considerations – overburden The depth of overburden varies around the ultimate open pit perimeter up to approximately 42 m. Except for the sandy basal Whiteshell Till (WST) formation which directly overlays bedrock, the overburden is largely comprised of clay deposits. The total clay thickness varies from approximately 4 m to 38 m. The final overburden slopes have been designed to meet or exceed slope stability criteria. The perimeter open pit overburden was divided into six design sectors based on the bedrock geometry and interpreted clay thickness. The design sectors are as follows: • Sector 1: 0 m – 10 m clay thickness • Sector 2: 10 m – 20 m clay thickness • Sector 3S and 3N: 20 m – 30 m clay thickness • Sector 4 and 4W: 30 m – 40 m clay thickness A rockfill toe berm has been designed for all the sectors. Design Sectors 3 and 4 include an inset upper bench. The advantage of the rockfill toe berm and upper bench is to achieve long term stability, thus allowing steeper cut slopes and reduced excavation volume and potentially shorter waste rock haulage distance (in comparison to transporting material to the waste rock stockpiles). The initial excavation through the overburden takes advantage of the short-term strength of the clays; however, placement of the rockfill toe berm and upper bench is required for longer term stability. Excavation of the final overburden slopes should be top down to prevent excessive strain. Placement of the rockfill toe berm and upper bench is to be carried out in a progressive, segment by segment manner, once each segment is excavated to final grade. The design sectors are presented in plan-view on Figure 16.1 and a summary of the design geometry for each of the sectors is provided in Table 16.3. The clay deposits have design excavation slopes that vary between 4H:1V to 8H:1V and the bottom sand till deposit (WST) has a constant design excavation slope of 3H:1V for all the sectors. The summarized overburden slope design represents an optimization relative to the overburden slopes that were assumed in the project economic model for Sectors 2 and 3S, where a reduced volume of overburden will be mined. A 10 m height benched excavation of the Sectors 3S and southern Sector 4 overburden slopes is proposed to provide a more cost-efficient overburden excavation technique, while satisfying the overall design slope. Design Sector 4W was developed in response to a retrogressive slumping of the overburden clay slope observed in the northwest extent of the open pit. The design modification includes an increased waste rock buttress keyed down to bedrock to support the as-built slope geometry. The open pit overburden slopes utilize an extensive geotechnical instrumentation monitoring and surveillance system to continually assess the performance of the slopes. Instrumentation includes slope inclinometers, monitoring prisms, and vibrating wire NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 291 piezometers. Trigger action response plans are in place for the instrumentation to inform mine operations should any abnormal measurements be detected so that appropriate actions could be taken to ensure safe construction of the facilities. Source: Golder 2020b. Figure 16.1 – Overburden slope design sector layout plan NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 292 Table 16.3 – Summary of design geometries Design geometries Open pit overburden design sector Sector 1 Sector 2 Sector 3N Sector 3S Sector 4 Sector 4W Overburden cut slope grade Through WST unit 3H:1V - Through Clay units (BRE, WML, and WYL) 4H:1V 4H:1V 7H:1V 7H:1V 8H:1V In-Place Rockfill berm Base width (at the overburden / bedrock contact) 15 m 15 m 15 m 18 m 23 m 45 m Slope grade 1.3H:1V Upper buttress distance below the crest 2.5 m 6 m 8 m 8 m 8 m 0 m Upper bench height Varies Varies 7 m 7 m 7 m 6 m Upper bench crest width Varies Varies 80 m 80 m 80 m 50 m Notes: WST = Whiteshell Till; BRE = Brenna Formation; WML = Whitemouth Lake Formation; and WYL = Wylie Formation 16.2.4 Open pit geotechnical considerations – hard rock SRK carried out an open pit slope stability assessment and design update in 2019. The work was carried out to develop revised rock slope design criteria for the Phase 3 and Phase 4 pit. In summary, the Rainy River pit slope stability and resulting design is defined by: • The orientation of the regional south-southwest dipping foliation structures (north walls). • The kinematic stability related to the major joint sets (all pit walls). Ongoing stability and design work is completed with respect to the implementation of the current slope design. Currently, there are recommendations to perform blast trials to evaluate potential back-break and bench-scale rock hazards through the IMV prior to excavation in the southwest design sectors. Based on these trials there maybe requirements to modify the design recommendations to improve performance and safety around the planned Phase 4 southwest ramps. The design work carried out to date does not account for the in-pit portal locations, and there may be instances where adjustments are required to achieve the long-term stability and access objectives for the underground.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 293 16.2.4.1 Field and laboratory investigation SRK conducted additional pit slope geotechnical and hydrogeological investigations in 2019 to address data gaps and improve the reliability of the previously collected data. Prior to this, targeted geotechnical drilling and televiewer surveys were conducted during the feasibility project. Since 2019, investigations comprised eight diamond drill holes (DDHs), geotechnical logging and field testing, hydrogeological testing, and five nested vibrating wire piezometer (VWP) installations. The locations of the previous geotechnical drillholes and televiewer surveys are shown in Figure 16.2. Note: Orientation data annotated in legend colour, with the drillhole traces in black. Source: SRK 2022. Figure 16.2 – Geotechnical drillholes and televiewer surveys completed between 2006 and 2020 16.2.4.2 Stability assessment A rock slope stability assessment was carried out using multiple approaches with a combination of software packages, as summarized in Table 16.4. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 294 Table 16.4 – Overview of stability assessment approach and software Pit slope scale Approach Software utilized Bench Observed bench and blast slope performance Kinematic stability analyses (deterministic and probabilistic) 3D interpolant (foliation) models Modified Richie criteria DIPS™ Leapfrog™ SBlock™ Inter-Ramp Observed bench and blast slope performance 3D fault / joint geometric intersections 3D interpolant (foliation) models Kinematic stability analyses (deterministic and probabilistic) Limit equilibrium (LE) stability analyses Finite element (FE) stability analyses DIPS™ Leapfrog™ SWedge™ Slide2D™ RS2™ Overall LE stability analyses FE stability analyses Leapfrog™ Slide2D™ RS2™ 16.2.4.3 Foliation and structural geology model Orientation, shear strength, and fracture spacing components are critical stability controls for the foliation-parallel, south-facing pit slopes along the north walls at Rainy River. The design of these slopes will be defined by the character of the persistent foliation structures, and the requirement to reduce the probability of undercutting that can result in planar sliding mechanisms. All valid orientation data was processed in LeapfrogTM to generate a 3D model, as shown in Figure 16.3. In 2021, SRK has updated the 3D brittle-structural model using drillhole and pit mapping data. The structural model forms the basis of the ongoing kinematic stability work. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 295 Source: SRK 2020. Figure 16.3 – Pit scale 3D foliation model 16.2.4.4 Kinematic and overall stability assessments Kinematic analyses were carried out using Dips™ and SBlock™ for defined litho- structural domains and all applicable slope face directions. The analyses were carried out for 30° segments to identify the potential kinematic failure modes that could limit the design. Both wedge intersection and planar sliding mechanisms were assessed to be high risk at the bench scale for most of the analyzed slope aspects. These higher risks indicate that strict management practices are requirement to implement the design configuration and reduce residual rock fall risks. The ongoing kinematic stability work includes the updated structural geology model (SRK, 2021). In 2020, two-dimensional slope stability analyses were used to evaluate the expected design rock slope stability conditions. The analyses were conducted using Slide2D™ and RS2™ (SRK, 2020). The stability analyses considered the potential for overall non- circular failure through the anisotropic rock mass. These higher risks indicate that strict management practices are requirement to implement the design configuration and reduce residual rock fall risks. The ongoing kinematic stability work includes the updated structural geology model (SRK, 2021). NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 296 16.2.4.5 Rock slope design criteria Pit slope design recommendations are presented in Table 16.12 and are based on the litho-structural domains shown in Figure 16.4. Note that the 62° BFA recommendation presented in Table 16.12 was modified by New Gold to 65° in their open pit designs to reflect drill fleet capabilities. Inter-ramp angles were maintained. Source: SRK 2020. Figure 16.4 – Litho-structural design domains

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 297 Table 16.5 – Summary of rock slope recommendations Design sector Design recommendation Kinematic stability limitations SRK domain Slope dip direction (°) BFA (°) Bench height1 (m) Planne d berm width (m) Inter- ramp angle IRA (°) Maximum stack height (m) Geotechnical berm width (m) From To I 270 300 62 30 14.0 45 120 25 Wedges failure models expected at the bench scale on multiple joint set intersections. 300 350 65 30 10.5 51 Wedges failure models expected at the bench scale on multiple joint set intersections. 350 070 70 30 10.5 54 Wedges failure models expected at the bench scale on multiple JS1 / JS4 and JS5. Planar sliding on JS3 resulting in crest loss. 070 090 65 30 10.5 51 Wedges failure models expected at the bench scale on multiple joint set intersections. II/V 080 130 70 30 10.5 54 120 25 Foliation expected to dominant rock fabric through West Wall. Joint sets dis- continuous. 130 150 62 30 12.0 47 Bench scale wedge intersection on JS3 / JS5. 160 230 62 30 16.0 43 Within ODM Shear (Domain II). Orientation of south-dipping Foliation (FOL) structures. Design configuration to limit planar sliding mechanisms. Benched along foliation structures. 230 260 62 30 13.0 46 Bench scale wedge intersection on FOL and JS3 / JS5. 260 330 65 30 10.5 51 Bench scale wedge intersection on FOL and JS1. 330 030 70 30 10.5 54 Wedges failure models expected at the bench scale on multiple JS1 / JS4 and JS5. Planar sliding on JS3 resulting in crest loss. III 090 130 70 30 12.5 52 120 25 Foliation expected to dominant rock fabric through West Wall. Joint sets dis- continuous. High-angle planar sliding on joint NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 298 Design sector Design recommendation Kinematic stability limitations SRK domain Slope dip direction (°) BFA (°) Bench height1 (m) Planne d berm width (m) Inter- ramp angle IRA (°) Maximum stack height (m) Geotechnical berm width (m) From To set (JS) 6 sets. 130 160 65 30 12.0 49 Wedges failure models expected at the bench scale on multiple joint set intersections and foliation. 160 230 55 (NW) 30 10.5 (NW) 44 (NW) Orientation of south-dipping Foliation (FOL) structures. Design configuration to limit planar sliding mechanisms. Benched along foliation structures. 62 (Centre) 30 12.0 (Centre) 47 (Centre) 50 (NE) 10 5.0 (NE) 37 (NE) 230 250 62 30 15.0 44 Significant bench scale wedge intersection on FOL and JS3 / JS5. Interaction with Southeast dipping JS6 set. 250 330 65 30 10.5 51 Wedges failure models expected at the bench scale on multiple joint set intersections. 330 030 70 30 10.5 53 Wedges failure models expected at the bench scale on multiple JS1 / JS4 and JS5. Planar sliding on JS3 resulting in crest loss. IV 160 230 50 (NE) 62 (Centre) 10 (NE) 30 (Centre) 75.0 (NE) 12.0 (Centre) 37 (NE) 47 (Centre) 120 25 Orientation of south-dipping FOL structures. Design configuration to limit planar sliding mechanisms. Benched along foliation structures. 230 270 65 30 12.0 49 Wedges failure models expected at the bench scale on FOL and joint set intersections. 270 320 65 30 10.5 51 Wedges failure models expected at the bench scale on FOL and joint set intersections. 320 360 65 30 10.5 51 Wedges failure models expected at the bench scale on multiple joint set intersections. Planar sliding along JS3 set result in crest loss. Note 1: 10 m bench heights recommended for shallower FW designs. Source: SRK 2020 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 299 In addition, the following design guidelines were provided: • The irregular bedrock-overburden profile will need to be considered in the pit design work. • The initial bench slope should be limited to a single bench height due to the increased fracturing and irregular joint orientations observed in shallow bench slopes. • The north wall BFA’s are based on achievable blasting approaches that will need to be trialed, including the stab-hole approach. This includes Domain II, III, and IV. • Bullnoses (convex slopes) of one or more stack heights should be stepped-out and assigned a lower IRA, depending on their size, location, and radius of curvature. • Implementation of a two-ramp approach through Phase 3 and 4 to reduce consequences of an instability location above or below critical access. Acceptable design criteria are linked to the consequence of an instability event. Where a two-ramp access strategy is incorporated, a significant reduction in the consequence component can be identified for stability evaluation and design. 16.2.5 Open pit mine design The mine design was developed on the optimized pit shell detailed in Item 15 by rationalizing the shape into a feasible mining geometry and incorporating haulage ramps and detailed slope design criteria as presented in Item 16.2.3 and Item 16.2.4. Haulage ramps were designed nominally at 33 m width and a maximum ± 10% grade, except for the bottom few benches where widths were permitted to be reduced to one-way traffic of 20 m and ± 12% grade. Following the design of the ultimate pit, the pit was subdivided into a series of mining phases. Phases are mining shapes, which except for the final pit limit, never exist exactly as depicted during the LOM. The phases determine the conceptual development of the open pit, with the objective of outlining the feasible mine development which will dictate, along with a mine plan, the order of presentation of ore and waste materials required to maximize net present value (NPV). The selection of the mining phases was based upon an incremental analysis of optimized pit solutions generated at increasing gold prices, as well as geometric considerations for safe and efficient mining and access to the primary crusher, ore stockpiles and waste storage facilities. Two additional mining phases were developed by New Gold beyond the current Phase 1 and Phase 2 which have already been excavated. These are designated Phase 3, and Phase 4, with Phase 4 also representing the final pit limit design. Figure 16.5 through Figure 16.6 illustrate the phase designs developed for Rainy River. AMC has reviewed these phases and they appear reasonable. It is noted that there is only a single-ramp access to the pit bottom which may impact future operations in the case of a geotechnical event on the Phase 4 south and / or west wall. A second-ramp access should be considered, pending the results of a risk assessment. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 300 It is also recommended that further optimization should be undertaken to confirm the best pit bottom elevation upon which to transition from open pit mining to underground. This will permit additional pit limit optimization related particularly to the south-west area of the final pit limit design.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 301 Source: New Gold 2022. Figure 16.5 – Open pit Phase 3 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 302 Source: New Gold 2022. Figure 16.6 – Open pit Phase 4 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 303 16.2.6 Mining method The open pit mine is a conventional truck and shovel mining operation, with a fleet of 220 t payload haul trucks combined with diesel powered hydraulic excavators and large FELs as the primary loading units. The open pit operates at a peak mining rate of 153,000 tpd of ore and waste and has an overall strip ratio of 2.32:1 (waste:ore). 16.2.6.1 Drilling Production drilling is carried out by a fleet of Sandvik diesel powered blasthole drill units. The fleet consists of four Sandvik D75KX down-the-hole drills which drill 216 mm diameter holes, three Sandvik DI650i, and one DR580 down-the-hole drills which drill 171 mm diameter drillholes. Blasthole drills are configured to drill the 10 m height of the bench plus 0.5 additional metre of subdrill. Drill patterns vary from 5.2 m x 6.0 m for the 216 mm drillholes to 4.5 m x 5.2 m for the 171 mm drillholes. Presplit drilling of pit walls is accomplished primarily using the Sandvik DI650is and the DR580 drills with a 140 mm diameter drillhole spaced every 1.8 m linearly. Where more maneuverability is required for pioneering on overburden / bedrock, the Sandvik DI650i and DR580 drills may be utilized. Drill productivities are estimated at a rate of 21 m/operating hour. 16.2.6.2 Blasting A complete down-the-hole explosives loading, and initiation service is performed by a contractor. Services include the provision of explosive products, accessories, and storage magazines as well as a mixing plant for the creation of emulsion. Emulsion explosives are used exclusively due to the general expectation of wet holes and design energy requirements. Explosive delivery trucks and in-hole explosive priming (non- electric detonators and boosters), emulsion pumping, and electronic initiation services are provided by the contractor’s blasting crew. Powder factors range from 0.33 to 0.37 kilogram per tonne (kg/t) dependent on hole diameter, blasting pattern, and blasting domain. 16.2.6.3 Loading Primary loading activities are performed using a fleet consisting of large diesel-powered hydraulic excavators in a front-shovel configuration accompanied by large FELs. The excavator fleet consists of one Komatsu PC8000 (42 m3 bucket – 3,500 tonnes per operating hour (tpoh)) and two Komatsu PC5500 (30 m3 bucket - 2,500 tpoh) units. The FEL fleet consists of one Komatsu WA1200 (18 m3 bucket - 1,500 tpoh) with an additional CAT 994HL (18 m3 bucket – 1,500 tpoh) to assist primarily with rehandle. Preferentially, the PC8000 is attempted to be scheduled in waste and / or large continuous ore blocks, with the PC5500s scheduled primarily in ore where improved selectivity is required and also in waste as necesary. The FELs, due to their mobility, are assigned to ore or waste as required and are utilized for stockpile rehandle. An additional Komatsu PC3000 (15 m3 bucket – 1,250 tpoh) diesel powered hydraulic excavator is also part of the fleet, and supports loading operations, stockpile rehandle, face cleaning, etc. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 304 16.2.6.4 Hauling Hauling is performed by a fleet of Komatsu 830E / 830E-AC electric drive rear-dump haul trucks in the 220 tonnes payload class. The fleet is primarily used for mine production and stockpile rehandle; however, it is also involved in tasks such as clean-up, snow- handling and other support functions. Under certain circumstances, and providing hauling capacity exists, the fleet may be used to support transport of waste to the TMA for construction purposes. 16.2.7 Mine planning The mine plan is executed to take advantage of the installed mine fleet productive capacity, allowing an elevated COG policy to be employed, whereby higher-grade direct processing ores (DPOs) are preferentially sent to the mill for processing while lower grade ores (LGOs) are sent to stockpile for deferred. As it is not always possible to separate the DPO from the LGO in the field resulting in a blending of the material types, the current mine plan includes an increased proportion of LGO stockpiles being rehandled and blended with DPO on an annual basis, to better reflect operational experience.This results in an open pit mine life extending to Q1 - 2025 with stockpile rehandling occurring in parallel to the underground operations through to Q4 - 2028 to fulfill available process plant capacity. A significant amount of operational stockpile rehandle is included within the mine plan as a net result of the use of an elevated COG policy, the sequence of ore / waste presentation during the mine plan and processing rate limitations. Ore sent to stockpile is included at approximately 47% of ore mined on average during peak mining years. The amount of material delivered to stockpile is under continuous review pending operational realities of the mine and evolving economic conditions. In-pit rehandling of waste is also incurred during mining whereby mined waste rock is dumped in pit for the preparation of road and platform foundations for equipment excavating overburden. The requirement of waste rock to be rehandled in-pit for this use is estimated as 15% of the overburden tonnes excavated. Additional waste rock rehandle is included in the mine plan for in-pit and ex-pit road armouring, safety berm construction, etc. Waste from the open pit is identified as either overburden (including glacial tills and clays), non-acid generating waste (NAG) or potentially acid generating waste (PAG). Waste and is stored at three locations, the East Mine rock stockpile (EMRS), the West Mine rock stockpile (WMRS) and the In-Pit Mine rock stockpile (IPRS). The IPRS will be commissioned in the north lobe of the open pit upon completion of mining in this area at end-2022. The EMRS is designed to accommodate a combination of overburden and either PAG or NAG waste mine rock, while the WMRS is designed to accommodate a combination of overburden waste and NAG waste mine rock. The IPRS is designed to accommodate principally PAG but can accommodate NAG if required. See Item 18 for details. In addition, the EMRS is designed to accommodate the mid- to long term ore stockpiles. The TMA and east outcrop (EOC) also have capacity to accommodate materials from the mine.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 305 NAG requirements for TMA construction are currently fulfilled from in-pit mine production. NAG has been found to be more consistent and recoverable on the south side of the orebody (HW) than on the north side of the orebody (FW) where most of the mining has focused in the past. There is sufficient NAG to fulfill the LOM TMA construction schedule requirements after taking into account NAG recovery factors. However, NAG quantities being extracted from the mine after 2023 will be significantly reduced and it is recommended that New Gold review mitigating strategies to ensure sufficient quantities are available when required, should the NAG material not present itself as identified in the mine planning resource model or should the expected recovery rate be less than anticipated. No further mining of the EOC for NAG construction rock is included in the current mining schedule. Table 16.6 presents the open pit mine production schedule. Table 16.6 – Open pit mine production schedule Year Ore tonnes Grade Contained metal Waste tonne s Total tonne s Strip ratio Re- handle tonnes1 Total tonne s moved (000s) (000s) Gold (g/t) Silver (g/t) Gold (koz) Silver (koz) (000s) (000s) (w:o) (000s) (000s) 2022 12,994 0.90 2.1 376 871 42,972 55,966 3.3 6,507 62,473 2023 12,400 0.84 2.3 335 928 41,280 53,680 3.3 4,388 58,067 2024 15,688 1.13 1.9 571 963 16,868 32,556 1.1 2,975 35,531 2025 2,674 1.05 1.9 90 160 581 3,255 0.2 7,473 10,728 2026 - - - - - - - - 8,578 8,578 2027 - - - - - - - - 8,504 8,504 2028 - - - - - - - - 5,713 5,713 Total 43,755 0.98 2.1 1,373 2,922 101,702 145,457 2.32 43,738 189,195 Notes: Totals may not add exactly due to rounding. 1 Rehandle tonnes include in pit and ex-pit rehandle. Excludes underground ore rehandle from portal stockpiles. 16.2.8 Equipment requirements Mine equipment requirements were developed by Rainy River from the annual mine production schedule, equipment availability, utilization, and equipment productivities. Equipment productivities were determined for drills, shovels, and loaders based on historical operating parameters and reasonable productivity improvements. Haul truck productivity is also dependent on annual cycle times. Required production hours were calculated for all primary equipment as well as support equipment. A summary of peak principal open pit mining equipment requirements is presented in Table 16.7. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 306 Table 16.7 – Peak principal open pit mining equipment requirements Description Manufacturer Model Units Production drill Sandvik DI650i 3 Production drill Sandvik DR580 1 Production drill Sandvik D75KS 4 Hydraulic excavator Komatsu PC8000 1 Hydraulic excavator Komatsu PC5500 2 Hydraulic excavator Komatsu PC3000 1 Wheel loader Komatsu WA1200 1 Wheel loader CAT 994HL 1 Wheel dozer Komatsu WD900 1 Haul truck Komatsu 830E / 830E-AC 24 Dozer Komatsu D475 2 Dozer CAT D10T 3 Dozer CAT D9T 3 Dozer CAT D8T 1 Dozer CAT 18M 1 Grader CAT 16M 3 Excavator CAT 390F 1 Tire handler Komatsu WA600 1 The peak open pit mining equipment requirements correspond to the 2022 fleet size. Note that in addition to the principal fleet, a support fleet of smaller equipment is available for miscellaneous activities and jobs at the mine site. This miscellaneous fleet consists of small maintenance equipment, FEL’s, trucks, crew buses, lighting plants, compactors, etc. No further additional nor replacement open pit mine principal equipment fleet is considered for purchase during the remaining LOM plan. 16.3 Underground Mining The Rainy River underground mine has been designed to create a safe working environment. The planned methods and technologies will provide security for New Gold workers and the company’s assets. Mining at Rainy River is currently conducted using open pit mining methods. It will transition into a combined OP+UG operation over seven years, with underground production commencing in 2022 from the Intrepid deposit. An average processing rate of approximately 27,000 tpd is scheduled over the LOM until the low-grade (LG) stockpile is depleted. The underground mine will continue for another 4 years at an average rate of 4,500 tpd for the UG Main Zones (below the pit) and 850 tpd for Intrepid. The Rainy River mine will thus entail a continuation of the existing OP operation, plus two UG operations using mining methods optimized to the deposit’s geometry and employing long-hole (longitudinal and transverse) stoping methods. The initial main ramp will be excavated from the middle of the in-production pit to access the UG Main Zones below NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 307 the pit (180 RL). Starting at the 17 East portal, the primary purpose of the ramp will be to reach the ventilation infrastructures and start pre-production in the ODM zones as soon as possible. Secondary ramps will provide access to the ODM East, Zone 433 and ODM Main Zones from the main ramp. Other secondary ramps will connect ODM Main to ODM West and ODM East to 17 East Lower. From the portal to the ODM Main ventilation raise, the total decline development length is estimated at 1,893m. The numerous ventilation and development phases are highlighted in Item 16.3.9 - Mine . Once open pit production finishes, a second main ramp will be developed at the bottom of the pit to reach ODM Main. Both ramps will sustain material handling, personnel and equipment, but most of the production will be hauled through the ODM Main portal when available. The total projected underground development was optimized to benefit from leading-edge methods and technologies. The total project will entail around 65 km of development (horizontal and vertical) to access all six UG Main Zones: 17 East Lower, 17 East Upper, ODM East, ODM Main, ODM West and Zone 433. Zone sizes vary, but the average dips for most are between 50° and 85°. The Intrepid Zone is the only zone with an existing portal. It is independent of the UG Main Zones. Approximately 2,644 m of total horizontal development and 168 m of Capex vertical development have already been completed at Intrepid. The portal is at 365 RL, and planned stopes are located between 300 RL and -325 RL. The zone extends approximately 300 m to 120 m horizontally and dips between 50° and 70°. Combining the production from the Rainy River (OP and UG Main Zones) and Intrepid deposits will allow the project to sustain the 27,000 tpd production rate through to the end of 2028. At this point, the LG stockpile will have been depleted and downsizing the mill will allow it to sustain a feed of 4,500 tpd, exclusively extracted from the UG Main Zones. Mining of the UG Main Zones will take place in two phases. Phase 1 will ensure maximum productivity by using a lower cut-off grade during pit production and milling of the LG stockpile. After the stockpile is depleted, the underground operation will aim to maximize the grade and value of the mined material to recover the remaining reserves at a higher cut-off grade. Using multiple ore sources and access points will provide more flexibility and maximize productivity in Phase 1 and will sustain an economically viable operation during Phase 2. The cut-off grades and phases are also discussed in Item 15. Mining voids will be filled using a combination of cemented rock fill (CRF) and non- cemented rockfill to increase mining recovery, provide stable rock conditions, and minimize the impact of open stopes on general ground conditions. At Intrepid, underground mining will commence in April 2022. Production from the UG Main Zones will start with the 17 East Upper Zone in Q1 2024, followed by Zone 433 in Q2 2024 and the ODM Main Zone in Q3 2024. The underground Mineral Reserve will have been mined in its entirety by Q4 2031. Intrepid development started in June 2021. It included 2,388 m in Capex horizontal development, 257 m in Opex horizontal development and 168 m in Capex vertical development, for a total of 2,812 m in 2021. Ore grade gold/silver mineralization occurs in subvertical horizons ranging from 3 m to 20 m thick, with a weighted average thickness of 6.5 m for UG Main and 5.7 m for the NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 308 Intrepid zone. A minimum width of 3.4 m was used to define Mineral Reserves. The ore zones generally dip at 60° or steeper but can flatten locally to 50°. The planned mining methods rely on gravity for ore flow along the footwall. Stopes will mostly be mined using a long-hole retreat method, except where the width of the deposit is greater than 20 m and allows for a long-hole transverse method (only in the ODM Main Zone). Most stopes will be drilled as downhole unless the overcut is unnecessary or at the top of the production centres (i.e., the sill pillars). Irregularities in the lenses and geology require that waste rock gaps be used as natural pillars as much as possible. Ore from the UG Main Zones will be mined at approximately 4,500 tpd from Q3 2026 onwards and blended with open pit stockpiles to maintain the total (UG+OP) mill feed rate at approximately 27,000 tpd until the LG stockpile is depleted. Production ramps up from Q1 2024 to Q3 2026 in the UG Main Zones to initially achieve 3,500 tpd. As soon as the second portal at the bottom of the pit is available, the production is fully ramped up to the targeted 4,500 tpd. Development production is planned with a mining contractor for the project's duration to minimize the risk of manpower shortage. Total development requirements for UG Main Zones amount to 65 km, whereas 56% is capital development. Mine development will employ numerous production fronts to maximize productivity and flexibility to reach the 4,500 tpd target. Two main long-hole mining methods will be employed: longitudinal and transverse. Transverse stoping is concentrated in part of the ODM Main Zone, the widest zone in the mine. Mining areas have individual production centres based on the main mining method of each sector. Mining of each production centre will ascend from the lowest to the highest level. For the UG Main Zones, an average of 9.4 stopes will be blasted each month, while an average of 7.0 stopes will be backfilled monthly. Excluding development, an average of 3.4 simultaneous stopes must be active to achieve the production targets. 16.3.1 Geotechnical Consideration Site investigations and initial Feasibility Study level work for underground geotechnical assessment and design (stopes, access development, ground support, and backfill) were performed and reported by AMEC as part of the updated Feasibility Study for the Mine completed in 2014 on behalf of New Gold (AMEC 2014). During the geotechnical investigation study, a Map3DTM linear elastic modelling exercise was undertaken to review the proposed mining design and sequence. The induced stresses around the planned development and stopes were evaluated based on this modelling and the ground support requirements were estimated. In the 2012 drilling campaign, three main zones of what was termed ODM17 were intercepted: the West (BH12-UG-01), Central (BH12-UG-02), and East (BH12-UG-03) zones, while the 433 North zone was delineated with the deeper borehole sections of BH12-OP-05 &-06. In addition, New Gold performed orientation of cores for four boreholes in the Intrepid Zone. These holes, including other selected cores of exploration holes, were subsequently geotechnically logged by AMEC, and representative core samples in the HW, ore zone (OZ), and FW of each zone (depth > 400 m) were tested. The core logging data and lab test results were the basis of the initial underground geotechnical assessment and design parameters.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 309 In 2016 and 2017, BGC completed Feasibility Study level studies for the open pit (BGC 2017); much of the data and information from the BGC study is relevant to underground mining and has been incorporated into the current study. In 2017, North Rock Mining Solutions Inc. (NRMS) was retained by New Gold to assist with advancing the mine through the mine development phase. NRMS conducted additional data collections including geotechnical logging of selected representative core intervals and mapping of open pit, quarry walls and the Intrepid Zone portal site. NRMS reviewed and updated the underground geotechnical assessment and design (stopes, equivalent linear overbreak / slough (ELOS), dilution, ground support, etc.). NRMS also reviewed the AMEC Map3D stress model and performed additional two-dimensional (2D) and 3D stress modelling of the updated Feasibility Study mining shapes. In 2019, AMC conducted a geotechnical review and update for underground mine design criteria, with focus on the stability assessment of open stopes. The open stope stability assessment was conducted based on existing geotechnical data. 16.3.1.1 Rock mass characterization The overall rock mass quality at Rainy River underground is classified as “Fair” to predominantly “Good”, with RQD typically ranging from 90% to 100% throughout all stoping domains. With respect to the Modified NGI Q-system, Q’ (after Barton et. al., 1974) average values of 23, 17, and 19, were obtained characterizing the HW, OZ, and FW domains of the largest west zone, respectively. Typical rock masses in the Intrepid Zone had average Q’ values of 21, 22, and 17 in the HW, OZ, and FW domains, respectively. Although general rock mass conditions in all domains can be characterized as “Fair” to predominantly “Good” (Barton et. al. 1974), there is an apparent slight decrease in the quality in the central zone of the ODM, based on the present data. Additionally, above and to the east of the Intrepid Zone, there is a zone of brecciated rock that is found to be developed in sub-horizontal structures that terminate rapidly. These also have a lower RQD in the range of 10 to 70 (average of 40), and an average Q’ of approximately 4; however, mining as currently planned does not intersect these zones. Table 16.8 summarizes Rock Mass Classification data (Q’, RMR76, and Geological Strength Index (GSI)) by mining zone (AMEC 2013). NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 310 Table 16.8 – Summary of underground rock mass classification Zone Zone length Run Q’ RMR GSI From (m) To (m) (#) Avg Stdv Min Max Avg Stdv Min Max Avg Stdv Min Max HW 0 50 49 19.2 7.5 5.8 50.3 70 4 60 79 70 6 58 82 OZ 0 34* 36 16.1 6.8 5.2 36.9 68 4 59 76 70 5 54 81 FW 0 50 50 17.7 7.5 6.6 40.0 69 4 61 77 72 4 61 80 OZ + FW 0 84* 86 17.0 7.2 5.2 40.0 69 4 59 77 71 5 54 81 Notes: *Average Length; Avg: average; Stdv: standard deviation; Min: minimum; Max: maximum; Q: Tunneling Quality Index; Q’: modified Q with SRF = 1, where SRF denotes stress reduction factor; RMR: Rock Mass rating; GSI: Geological Strength Index. Lab testing consisting of 30 uniaxial compressive strength (UCS) tests, 27 triaxial tests and 24 Brazilian tensile tests was used to determine the elastic and strength parameters for each rock unit and develop rock mass failure criteria. The test results of the data reduction are presented in Table 16.14 (AMEC 2013). NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 311 Table 16.9 – Summary of underground intact rock properties and derived strength parameters Orebody Zone Density (kg/m3) E (GPa) 𝝁 UCS (𝝈𝒄) (MPa) Brazilian Tensile Strength 𝝈𝒕 (MPa) Hoek- Brown Mohr-Coulomb Lab RocLab1 Lab RocLab1 𝒎𝒊 c (MPa) 𝝋 (deg) ODM (UG‑01) HW 2,898 116 0.34 67.8 72.3 -14.9 -17.2 4.20 18.7 32.2 OZ 2,810 N/A N/A 105.8 101.5 -15.8 -16.6 6.10 22.9 38.5 FW 2,826 51 0.14 108.3 123.9 -18.5 -19.3 6.41 27.2 40.0 17 (UG- 02) HW 2,834 76 0.31 110.8 106.3 -13.8 -16.5 6.44 23.5 39.3 OZ 2,785 46 0.39 110.3 105.0 -17.8 -23.9 4.40 26.3 34.4 FW 2,773 47 0.31 73.8 70.8 -11.2 -12.6 5.62 16.8 35.7 17 E Ext (UG-03) HW 2,726 75 0.27 75.5 87.7 -10.8 -11.0 7.99 18.5 41.0 OZ 2,764 74 0.33 165.7 143.3 -20.0 -21.0 6.83 30.6 41.4 FW 2,806 70 0.33 126.3 119.0 -12.5 -15.8 7.53 24.8 41.8 Notes: 1 Rocscience software program for determining rock mass strength parameters; E: Young’s modulus; 𝜇: Poisson’s ratio; 𝜎𝑐: compressive strength; 𝜎𝑡: tensile strength; 𝑚𝑖: material constant for the intact rock; c: cohesion; 𝜑: friction angle. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 312 The overall average UCS results for the HW, OZ, FW, and OZ + FW, are presented in Table 16.15, indicating strong to very strong rocks. Field assessments by NRMS confirmed these ranges as accurate and representative. Table 16.10 – Summary of UCS test results from the stoping domains Zone Rock type Test # Avg (MPa) Stdv CV Min (MPa) Max (MPa) HW MMV / IMV 10 87.3 42.6 49% 36.1 171.4 OZ FLS 10 125.1 39.4 32% 87.3 221.2 FW FLS 10 103.4 28.7 28% 68.3 168.7 OZ + FW FLS 20 114.2 35.4 31% 68.3 221.2 Notes: CV: coefficient of variation. In 2019, AMC reviewed and updated the stope stability design based on the updated mine design and existing rock mass classification data using the same empirical modified stability graph method (after Potvin 1988, Nickson 1992, and Hadjigeorgiou et. al. 1995). Several scenarios have been analyzed to evaluate the stability of the HW and the back of an open stope with respect to stope inclination, stope width and rock mass classification for maximum ‘unsupported’ and ‘supported’ stable stope dimensions (in terms of strike length of an individual stope for a given sublevel interval of 20 m and typical stope width of 8 m). The maximum stable, unsupported and supported strike lengths for both HWs and backs have been projected. Figure 16.11 summarizes the hydraulic radius (HR) design limits and associated maximum strike length for both unsupported and supported cases for anticipated rock mass conditions.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 313 Table 16.11 – Design limits for a stable open stope Q' Dip of stope face A B C N' Unsupported HR (m) Maximum unsupported strike length (m) Supported HR (m) Maximum supported strike length (m) 40 Upper HW (55) 1 0.3 4.6 54.7 10.6 161 14.3 Infinite HW (60) 1 0.25 5.0 50.0 10.2 124 14.1 Infinite HW (65) 1 0.2 5.5 43.7 9.8 99 13.5 Infinite Back (0)-260 mbgs 0.43 0.7 2.0 24.1 7.6 Infinite 1 11.6 Infinite 1 Back (0)-400 mbgs 0.26 0.7 2.0 14.6 6.4 Infinite 1 9.8 Infinite 1 Back (0)-800 mbgs 0.1 0.7 2.0 5.6 4.5 Infinite 1 7.3 Infinite 1 10 Typical HW (55) 1 0.3 4.6 13.7 6.2 25 9.8 97 HW (60) 1 0.25 5.0 12.5 6.1 24 9.6 90 HW (65) 1 0.2 5.5 10.9 5.8 22 9.2 75 Back (0)-260 mbgs 0.43 0.7 2.0 6.0 4.6 Infinite 1 7.7 Infinite 1 Back (0)-400 mbgs 0.26 0.7 2.0 3.6 3.9 312 1 6.6 Infinite1 Back (0)-800 mbgs 0.1 0.7 2.0 1.4 2.7 17 1 5.0 Infinite1 3 Lower HW (55) 1 0.3 4.6 4.1 4.0 12 6.9 32 HW (60) 1 0.25 5.0 3.8 3.9 12 6.7 32 HW (65) 1 0.2 5.5 3.3 3.8 11 6.4 27 Back (0)-260 mbgs 0.43 0.7 2.0 1.8 3.0 22 1 5.4 Infinite 1 Back (0)-400 mbgs 0.26 0.7 2.0 1.1 2.6 15 1 4.8 Infinite 1 Back (0)-800 mbgs 0.1 0.7 2.0 0.4 1.7 7 1 3.8 152 1 Notes: • 1 For 8 m wide stope. • A: rock stress factor; determined by the ratio of max. induced stress of stope face to intact rock UCS (114 MPa); where max. stress in the back was estimated by doubling the pre-mining horizontal stress perpendicular to the ore strike proposed by Yves and Hadjigeorgiou (2001); A is assumed to be 1 for stope walls. • B: joint orientation factor; determined based on the orientation of dominant joints relative to the stope surface (AMEC 2013). • C: gravity adjustment factor; determined based on dip of stope face. • N: modified stability number; given by 𝑁′ = 𝑄′ × 𝐴 × 𝐵 × 𝐶. • HR: hydraulic radius; given by 𝐻𝑅 = 𝑎𝑟𝑒𝑎 𝑝𝑒𝑟𝑖𝑚𝑒𝑡𝑒𝑟 = 𝑤×𝑙 2(𝑤+𝑙) ; where w and l are surface width and surface length, respectively. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 314 Rib pillars have been incorporated within longhole open stoping (LHOS) zones to break exposed excavation spans into “permissible” and “stable” dimensions. NRMS conducted 2D and 3D elastic stress modelling to assess the stope and pillar stability as per mining methods. Based on the modeling results, NRMS concluded that a nominal pillar width of 8 m is suitable for most stopes, while the pillar dimensions can and should be reviewed and modified as local knowledge of geotechnical and hydrogeological conditions, in situ stress, structure features, etc. become better understood. It should be noted that the numerical modelling conducted by NRMS has not been calibrated to actual stope and pillar behavior and can only be used as a guide to inform the design process. A cavity monitoring survey (CMS) and geotechnical instrumentation and monitoring program should be implemented to monitor the responses of stopes and pillars to mining. The numerical models should be further calibrated based on the geotechnical monitoring data and CMS data. Additional numerical modelling (forward analysis) should be undertaken to investigate the stope and pillar stability as per mine design and sequence using the calibrated model. 16.3.1.2 Recovery and dilution Dilution is discussed in detail in Item 15. In summary, average ELOS values of 0.3 m footwall (FW) and 0.6 m hanging wall (HW) are used throughout the UG Main Zones. The gap in geotechnical knowledge associated with the underground portion of the project did not allow each stope to be characterized according to location and rock mechanic properties. Intrepid dilution was calculated using the empirical estimation of wall slough from past reports. The average ELOS values of 0.3 m FW and 0.6 m HW were estimated relative to considerations of rock mass quality, stope dimensions, structure, dip and depth. This corroborates the assumptions used for the UG Main Zones. For the UG Main Zones, a mining recovery of 95% has been applied to the production portion of the project, and a recovery of 80% and 90% has been applied to sill pillars and transverse secondary stopes, respectively. For Intrepid, a mining recovery of 95% has been applied to the estimates. Meanwhile, the mining recovery of sill pillars, where needed, is estimated to be 60%. 16.3.2 Ground control NRMS assessed the ground support requirement as per development profile and type of development (permanent with service life more than 1 year and temporary with service life less than 1 year) and anticipated rock mass conditions using the Q system chart for tunnel support guideline (after Grimstad and Barton 1993) and Unwedge analysis (Rocscience 2018). The ground control can be done through various geomechanics instruments. For stopes, a CMS (Cavity Monitoring System) is standard and should be done on a regular sequence to review the stability of the Hanging Wall and Footwall of a stope. Ground support can be modified to minimize dilution. Rock bolt pull testing will be performed on two percent of installed bolts and tested to 75% of yield. The minimum ground support for typical rock NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 315 mass conditions anticipated (‘Good’ with Q ranging from 10 to 40, and GSI >75, and ‘Fair’ with Q ranging from 4 to 10 and GSI ranging from 55 to 75) are presented in Table 16.12. Table 16.12 – Ground Support Requirements for Lateral Development Support class (SC) Ground support requirements Less than 5 m span 5 m span or above Q 10 – 40 GSI 75 - 100 Primary support: Minimum 9 gau. wire mesh and 1.2 m long 33- 39 mm split sets at the face. Minimum 9 gau. wire mesh or chain-link equivalent to 1.8 m above sill. 1.8 m long #6 fully encapsulate rebar bolt or equivalent bolt on 1.2 x 1.35 m spacing in back. 1.8 m long 33-39 mm split sets or #6 fully encapsulate rebar bolt in walls as required. Primary support: Minimum 9 gau. wire mesh and 1.2 m long 33- 39 mm split sets at the face. Minimum 9 gau. gal. wire mesh or chain-link equivalent to 1.8 m above sill. 2.4 m long #6 fully encapsulate rebar bolt or equivalent bolt on 1.2 x 1.35 m spacing in back. 1.8 m long 33-39 mm split sets or #6 fully encapsulated rebar bolt in walls as required. Secondary support for span 8 m to 15 m: Minimum 5 m long 0.6’’-0.7” single-strand bulbed cablebolt on 2.5 m square pattern or an approved equivalent. Q 4 – 10 GSI 55 - 75 Primary support: Minimum 9 gau wire mesh and 1.2 m long 33- 39 mm split sets at the face. Minimum 9 gau. wire mesh or chain-link equivalent to 1.8 m above sill. 2.4 m long #6 fully encapsulate rebar bolt or equivalent bolt on 1.2 x 1.35 m spacing in back, with 0.6 m ‘Dice-5’ offset row. 1.8 m long 33-39 mm split sets or #6 fully encapsulate rebar bolt in walls as required. Primary support: Minimum 9 gau. wire mesh and 1.2 m long 33- 39 mm split sets at the face. Minimum 9 gau. gal. wire mesh or chain-link equivalent to 1.8 m above sill. 2.4 m long #6 fully encapsulate rebar bolt or equivalent bolt on 1.2 x 1.35 m spacing in back, with 0.6 m ‘Dice-5’ offset row. 1.8 m long 33-39 mm split sets or#6 fully encapsulate rebar bolt in walls as required. Secondary support for span 8 m to 15 m: Minimum 5 m long 0.6’’-0.7” single-strand bulbed cablebolt on 2.5 m square pattern or an approved equivalent. For any rock mass conditions encountered of ‘Fair to Poor’, or ‘Poor’, or ‘Extremely Poor’, additional ground support may be required for long term stability, which may include the addition of the following support elements, progressively: • Steel / mesh straps. • 5 cm to 10 cm of plain or fibre reinforced shotcrete applied to the back, walls, or other specified target areas. • 3 m to 10 m long bulged twin-strand cable bolts on 1.5 to 3.0 m square pattern. These may be required to support intersections and larger spans, potential wedges and blocks formed by persistent structure, fault zones, etc. • These may be required to support larger spans, potential wedges & blocks formed by persistent structure, fault zones, etc. These may also be regularly required at depths greater than >500 m, where stress effects due to mining are indicated to become more apparent and impactful. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 316 16.3.3 Hydrogeology The groundwater surface tends to be at or near ground surface in the northern area of the resource area, and within 3 m of ground surface towards the south of the project. Artesian pressures, with pressure head up to 2.3 m above ground surface were noted in the Whiteshell Formation on borehole logs (AMEC 2013). Packer-test hydraulic conductivity values determined during SRK’s 2019 pit investigation studies are provided in Table 16.13. Table 16.13 – Packer-Test Hydraulic Conductivity Values Hole ID Drillhole Depth (m) Hydraulic Conductivité (m/s) From To SRKOP19-01 36 106 7.4E-10 108 178 3.0E-10 180 244 3.0E-10 246 319 1.0E-10 SRKOP19-03 54 60 6.0E-07 60 146 5.5E-09 147 242 4.5E-10 243 344 1.0E-10 SRKOP19-04 20 76 1.7E-09 77 130 Test not successful 77 130 8.1E-10 131 184 5.8E-10 187 271 1.0E-10 275 364 1.0E-10 SRKOP19-06 260 299 1.0E-10 230 260 1.0E-10 17 230 7.9E-09 There is a general downward trend in deep VWPs around the north pit limits that follows the pit advancement with depth. This indicates the pore water pressure is dissipating behind the northern pit wall which are parallel to foliation orientation. In the south, limited overall drawdown has occurred to date with some recent downward trends observed where the active mining face is within approximately 50 m of the VWP. Blasting in the vicinity of VWPs can result in observed nearly instantaneous slope depressurization, indicating a relatively tight rock mass with low conductivity and limited flow conditions prior to the dilation of new open fracturing. Similarly, porewater pressure increases corresponding to large precipitation events or periods are also regularly observed. Limited observed inflows into underground workings corroborate these tight conditions.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 317 16.3.4 Mine Design UG Main Zones The UG Main Zones are designed as a mine with mechanized ramp access that will use long-hole open-stope techniques to exploit the underground Mineral Reserves. The location, size, shape, orientation (dip), and physical properties of a mineral deposit generally determine the selection of the appropriate mining method. Level spacing is set at 25 m. This has been evaluated as the best alternative between 20 m and 30 m level spacing to maximize profitability while minimizing drill & blast challenges (mainly excessive deviation and dilution). Including planned dilution, the minimal stope width and average stope width are 3.4 m and 6.5 m, respectively. The main method used is long-hole longitudinal retreat, which includes 87% of all ore production. The remaining production stopes, found in zones thicker than 20.0 m, are mined with a long-hole transverse mining method (only in the ODM Main zone). Drilling will be conducted with a combination of 4-inch production holes and a V-30 cut (30.0" hole). Hanging walls and footwalls have dips ranging from 47º to 80º. The main ramp in the UG Main Zones will provide access to all the zones through connecting ramps and will house the major infrastructure components, like the service bay and main services. Fresh air will be supplied to the mine through two ventilation raises, with high-efficiency fans installed on surface to provide a combined total of 1.3 Mcfm when at full production. As a satellite deposit the Intrepid Zone will have its own ramp and underground infrastructure. The ore body is more continuous than its counterpart in the Rainy River deposit, thus, the ramp, access and ventilation design adhere more closely to the FW ore outline all along the zone. Figure 16.7 presents an overview of the project at completion. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 318 Figure 16.7 – Overview of the Rainy River Project UG Main Zones The underground mine designs for the UG Main Zones (primarily 17 East Upper, ODM East, ODM Main, ODM West and Zone 433) are all below the open pit or along the open pit walls. Underground stopes will not daylight into the open pit to avoid stability issues. A horizontal separation distance of 50.0 m and a vertical separation (crown pillar) distance of 40.0 m between the pit and the planned excavation have been applied for design purposes. This can be reassessed as underground mining progresses and operational experience is gained relative to pillar stability between open pit and underground. Slot blasting will occur once raise boring (V-30), drilling of slot holes and drilling of production rings are completed. All ore will be mucked from the stope’s undercut for both opening blasts and mass blasts, using a combination of manual mucking when the brow is filled with ore, and remote LHD operation when the brow is open. Confirmation of the stope completion by operations will initiate the engineering process, which includes CMS (Cavity Monitoring System) and reserves extraction validation. When the engineering department confirms the stope has been completed, the ongoing mining cycle is allowed to progress. Mining voids are filled using a combination of cemented rock fill (CRF) and non-cemented rockfill to increase mining recovery, provide stable rock conditions, and minimize the NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 319 impact of open stopes on general ground conditions. Every final stope in a sequence or secondary transverse stope are filled with rockfill only to minimize CRF costs. Upper stopes are not backfilled; instead, rib pillars are left to stabilize the ground and minimize dilution. Intrepid Zone The plan for the Intrepid Zone uses a similar mining approach as the UG Main Zones. A combination of downhole and Uphole stopes will recover the main orebody in five distinct production centres or phases, each mined from bottom to top. No transverse mining is planned. The drilling and blasting will follow the same methods and techniques as the UG Main Zones. Rockfill and CRF will also be used as backfill material in order to stabilize the excavations and maximize recovery. Because of the surface proximity, crown pillar and geotechnical considerations are considered in the upper part of the zone. Since part of Intrepid will have already been mined by the time production starts in the UG Main Zones, the best practices and experience gained at Intrepid will be implemented in both deposits. 16.3.5 Stope design UG Main Zones The Deswik Stope Optimizer™ (DSO) module was used on the Mineral Resource block model to generate mineable shapes that were subsequently used to optimize the proposed design. Once the preliminary stopes were generated, a check was made to remove any outlying stopes that would not be economic if development and mining costs were considered. Parameters used in the DSO module are presented in Table 16.14. Additional key design parameters are presented in Table 16.15. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 320 Table 16.14 – DSO Parameters for Underground Mining (UG Main Zones) Parameters Field Default Units Density (waste) Density 2.85 t/m3 Optimization field AU_EQ20 0 g/t COG (stopes) AU_EQ20 1.74 & 2.25 g/t Slice interval 2.0 m Default dip 55 Degrees Strike azimuth 100 Degrees Sub-blocking Yes Optimization length 25 m Minimum mining width 3.4 m HW dilution 0.6 m FW dilution 0.3 m Maximum strike change 90 Degrees Stope maximum side-length ratio 2 ratio Notes: • Cut-Off grade (COG): 1.74 g/t = Phase 1 (with LG stockpile), 2.25 g/t = Phase 2 (without LG stockpile) • Au price US$1,500 per troy ounce, Ag price US$19 per troy ounce • The exchange rate used was 1:1.25 US$/C$. • AuEq is equal to Au (g/t) + [(Ag (g/t) * 19 * 60)/ (1,500 * 95)] Table 16.15 – Key Design Parameters (UG Main Zones) Parameters Long hole Mining Units AuEq 1.74 & 2.25 g/t Minimum mining width 3.4 m Mining height 25 m Mining length 25 m Minimum HW angle 55 Degrees Minimum FW angle 55 Degrees Mining recovery 95 % Notes: • Cut-Off grade (COG): 1.74 g/t = Phase 1 (with LG stockpile), 2.25 g/t = Phase 2 (without LG stockpile) • Au price US$1,500 per troy ounce, Ag price US$19 per troy ounce • The exchange rate used was 1:1.25 US$/C$. • AuEq is equal to Au (g/t) + [(Ag (g/t) * 19 * 60)/ (1,500 * 95)] Intrepid Zone Deswik Stope Optimizer™ (DSO) module was also used generate minable shapes for the Intrepid Zone. Optimization was completed prior to the current study. Parameters differ slightly from those used for the UG Main Zones and are presented in Table 16.16. Additional key design parameters are presented in Table 16.17Table 16.15.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 321 Table 16.16 – DSO Parameters for Underground Mining (Intrepid Zone) Parameters Field Default Units Density (waste) Density 2.83 t/m3 Optimization field AU_EQ 0 g/t COG (stopes) AU_EQ 1.93 g/t Slice interval 10.0 m Default dip 60 Degrees Strike azimuth 90 Degrees Sub-blocking Yes Optimization length 30 m Minimum mining width 2.9 m HW dilution 0.58 m FW dilution 0.29 m Maximum strike change 90 Degrees Stope maximum side-length ratio 2 ratio Notes: • Cut-off grade (COG) = 1.93 g/t • Au price US$1,500 per troy ounce, Ag price US$19 per troy ounce • Exchange rate = 1:1.25 US$/C$. • AuEq = Au (g/t) + [(Ag (g/t) * 19 * 60)/ (1,500 * 95)] Table 16.17 – Key Design Parameters (Intrepid Zone) Parameters Long hole Mining Units AuEq 1.93 g/t Minimum mining width 2.9 m Mining height 25 m Mining length 25 m Minimum HW angle 55 Degrees Minimum FW angle 55 Degrees Mining recovery 95 % Notes: • Cut-off grade (COG) = 1.93 g/t • Au price US$1,500 per troy ounce, Ag price US$19 per troy ounce • Exchange rate = 1:1.25 US$/C$. • AuEq = Au (g/t) + [(Ag (g/t) * 19 * 60)/ (1,500 * 95)] The AuEq grade is estimated directly in the Mineral Resource block model, using the following equivalence: AuEq = Au (g/t) + [(Ag (g/t) * 19 * 60)/ (1,500 * 95)] NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 322 where the factors in the equivalence calculation are: • Gold price $1,500/oz • Silver price $19/oz • Gold recovery 95% • Silver recovery 60% Following the optimization, all stopes were reviewed to ensure the economic viability of the project. The final optimization, after economic analysis and design, is presented in Figure 16.8. Figure 16.8 – Isometric View of the UG Main Zones (Below Pit) and Intrepid Zone NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 323 Existing infrastructure Several pieces of critical infrastructure have already been installed for the underground mining operations: • A power line to the Intrepid Zone portal area. • A DN150 insulated and heat-traced water line for process water. • 2 x DN150 insulated and heat-traced discharge lines for mine water discharge. • An office complex and workshop structure with air compressors. • Ventilation fans and mine air heaters for the Intrepid Zone. • A leaky feeder communication system for the Intrepid Zone In addition to the components listed above, all surface support infrastructures necessary for the underground operations are already present and in use (truck shop, mill plant, mine dry, mine offices). No major changes are projected. Infrastructure currently dedicated to the open pit operation will transition to the UG Main and Intrepid Zones as production shifts from surface to underground. 16.3.6 Main infrastructure UG Main Zones Most major infrastructure will be located underground and centralized on level UG 350 (Main Ramp). On surface, this will include the two primary ventilation fans. The main one is located west above the pit boundary; it has 1200HP and generates 800 kcfm at full production. The other, and the first to be installed, is inside the pit, between the North and Main pits; it outputs 800 HP and generates 500 kcfm at full power. Pads are needed around the ventilation installation for natural gas reservoirs to power the fan burners. Temporary ore and waste pads may be needed to facilitate material haulage in the pit. To properly use the waste rock pile in the North Pit, a mobile rock breaker system will be needed to prepare material for screening and backfilling. Due to the challenges associated with having portals directly in the open pit (no access for the piping system during pit production), no compressed air system has been planned for the UG Main Zones. A support fleet of compressors will instead be used underground. Intrepid Zone The Intrepid Zone takes advantage of the existing surface infrastructure used for the pit. In addition, the main underground infrastructure already includes a ventilation network (with ventilation doors and walls), a dewatering network and sumps, a main pumping station, refuge stations and electrical substations. A mechanic shop & washbay and powder & cap magazine are also planned underground (one of each). Service bay The service bay in the UG Main Zones will have an access area, welding bay, garage, tire storage, washing bay, warehouse, greasing bay, fuel bay and parking. The service bay will be located on Level UG 350. The garage will be able to simultaneously NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 324 accommodate up to two large and one small piece(s) of equipment, and the parking area will have room for at least 5 vehicles. The overall service bay area will have a total volume of 12,000 m3 for a linear-equivalent total of 380 metres. The overall maintenance strategy underground is to prioritize emergency reparations, small preventive maintenance, and work on slower critical equipment (production drills), while planned maintenance on larger equipment will take place surface. This will make maximum use of the existing open pit workshop. Figure 16.9 presents an overview of the Main Ramp around the ODM East Zone and level UG 350, the main service hub for the project. Figure 16.9 – Main Ramp & Service Bay (Level UG 350) As mentioned in a previous Item, Intrepid will have its own service bay or mechanical shop, situated at on level UG 175.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 325 16.3.6.1 Additional infrastructure UG Main Zones Additional infrastructure includes emergency underground refuge stations, powder & cap magazine, and internal ventilation raises. The plan is for a single powder & cap magazine, situated on level UG 375 (connected to the Main Ramp); which can easily accommodate the explosive requirements of the project. Each underground refuge station is designed and located to accommodate the necessary number of workers at any given time. The refuge stations are located closer than the required 1,000 m to ensure no delays in the development sequence. The occupancy of the refuge stations, either 12 or 24 workers, depends on the volume of activity in the mining area. All three 24-worker refuge stations are located in major or isolated zones: ODM Main, ODM East and 17 East Lower. Since compressed air is not available, all refuge stations are equipped with a Refuge One ON2 Solutions system to ensure proper air support in case of an emergency. The refuge stations will be equipped with tables, chairs and a communication system so they can serve as lunchrooms. Intrepid Zone The Intrepid Zone will have 24 electrical sub-stations and 22 sumps fitted with a pumping system (including the main pumping station). Ventilation walls fitted with doors are needed for each ventilation access to complement Intrepid’s ventilation network. A total of 14 ventilation walls are planned for the duration of the zone. Unlike the UG Main Zones, Intrepid has access to an air compressor at surface, which will be connected to the main refuge station, on level UG 175. For the rest of the zone, temporary refuge stations will be used as a safety measure on active levels. 16.3.6.2 Mine design criteria UG Main Zones Permanent drifts (ramps and access drifts) are generally 5.5 m wide by 5.5 m high, whereas the ore and waste drifts not used by trucks are 5.0 m wide by 5.0 m high. The following subsections describe the different types of rockworks and headings (e.g., main ramps, typical level, loading bay, and emergency egress). Various development parameters are summarized in Table 16.18, whereas the general pillars set by rock mechanics are listed in Table 16.19. Remucks are generally spaced every 150 m for development efficiency. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 326 Table 16.18 – Mine Design Parameters (UG Main Zones) Development Heading Width (m) Height (m) Gradient Ramp 5.50 5.50 13 @ 15% Remuck (Ramp) 5.50 5.50 2.0% Remuck (Access Level) 5.50 7.30 2.0% Remuck (Haulage drift) 5.00 5.00 2.0% Level Access 5.50 5.50 2.0% Truck Loading/Unloading Bay 5.50 7.30 2.0% Level Haulage & Waste Drift 5.00 5.00 2.0% Ore Drift 6.00 5.00 2.0% Table 16.19 – Mine Design Pillars Pillar Type Minimal Distance (m) Ramp / Stope 30 Haulage Drift / Stope 15 Raise / Stope 15 Ramp / Level Drift 13 Drift / Drift 8 Raise with manway / Ramp 30 Ramp / Stope 30 Intrepid Zone Intrepid permanent drifts (ramps and access drifts) are planned 5.5 m wide by 5.5 m high, whereas the main ore drifts are 6.0 m wide by 5.0 m high. Additional small excavations are also planned for this zone: Ventilation access (4.5 m wide by 4.5 m high) and exploration drift (4.0 m wide by 4.0 m high). Intrepid development parameters are summarized in Table 16.20. Table 16.20 – Mine Design Parameters (Intrepid Zone) Development Heading Width (m) Height (m) Gradient Ramp 5.50 5.50 13 @ 15% Remuck 5.50 5.50 2.0% Level Access 5.50 5.50 2.0% Level Haulage & Waste Drift 5.00 5.00 2.0% Ore Drift 6.00 5.00 2.0% Ventilation Access 4.50 4.50 2.0% Exploration Drift 4.00 4.00 2.0% NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 327 16.3.6.3 Main ramps UG Main Zones The Main Ramp starts development in Q2 2023 at elevation 125 RL in the pit. The portal starts on the middle bench between the North pit in the still-active Main pit. Extensive ground control analysis and mitigation are planned to ensure the proper long-term stability of the portal. Furthermore, the final pit design and bench position may be optimized to maximize security and flexibility around the portal (see Item 26 for more details). The main ramp width and height is 5.5 m x 5.5 m at a maximum gradient of 15%. Secondary electrical stations are excavated every 300 m, which is the maximum conservative distance without loss of charge. Sumps are positioned every 500 to 600 m and will only be used during development. As mentioned above, the first goal of pre-production development is to reach and excavate the first ventilation raise (Ventilation Raise Zone 433, which daylights in the pit). Level access and other infrastructures are partially developed to facilitate future development and waste haulage, but the development priority is always toward ODM Main and the two ventilation raises. As soon as the Zone 433 ventilation raise is available, additional development teams are added to maximize pre-production development. Figure 16.10 presents the evolution of the main ramp’s development between Q2 2023 and Q3 2024. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 328 Figure 16.10 – Main Ramp Evolution for the UG Main Zones (Q2 2023 to Q3 2024) Intrepid Zone Intrepid Zone has only one main ramp, which has already been developed down to level UG 175. About 5,100 m of ramp development is planned for the zone. The ramp follows the deposit on the FW side using an eight pattern, respecting both pillars and gradient limitations. Remucks are planned in the ramp between each level. 16.3.6.4 Typical level UG Main Zones A typical production level includes an access drift, a sump, a primary/secondary electrical station, a loading bay, a ventilation access (generally connected to the level), and haulage and ore drifts (see Figure 16.11). Depending on the location, the level can also include a refuge station, an exploration drift, a CRF/remuck bay and other infrastructure elements. Sumps are excavated roughly at 60° and -15% from the access to facilitate the mucking of excess mud. Each level has at least one secondary electrical station; main electrical stations are positioned every three or four levels.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 329 Sumps and electrical stations are vertically aligned (whenever possible) to facilitate the setup of the pumping and electrical networks. Figure 16.11 – Typical Level (ODM Main - Level UG 600) The access drifts and loading bay (5.5 m x 5.5 m, 5.5 m x 7.3 m) are used by trucks and LHDs, whereas haulage drifts will only accommodate LHDs and production drills (5.3 m x 5.0 m). Waste haulage drifts are typically offset by at least 30 m from the ore body to respect the pillars established by rock mechanics analysis. Because multiple lenses are present on each level, a combination of waste drifts and ore drifts will serve as drawpoints, minimizing redundant development. The maximum haulage distance is around 300 m, with some exceptions reaching the 350 m mark. By comparison, transverse mining requires a drawpoint for every stope panel, boosting development in exchange for increased productivity. Developments are designed to respect the 2% minimal gradient to facilitate water runoff to the level’s sump. Where multiple access and an increased tonnage per level are found (ODM Main), a split- level loading concept has been used for the design. This entails excavating a higher drift for LHDs dumping, maximizing visibility and fill ratio. The double-access shape also ensures flexibility by having the option to dump backfill or ore in the second access. Supplier input and past experiences have proven that this type of layout is optimal to maximize productivity. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 330 Intrepid Zone The Intrepid Zone uses a similar approach as the UG Main Zones. Each level consists of an access, an electrical sub-station, a sump, a ventilation access, a crosscut for a refuge or a temporary refuge, a remuck and the ore/waste drift. Given the continuous geometry of the Intrepid orebody, the levels are mostly identical, following the FW and the center of gravity on each level. 16.3.7 Emergency egress UG Main Zones By the end of the UG Main Zones mine life, both in-pit portals will provide alternative exits from the main ramps and be considered as the two emergency egress routes out of the mine. An additional manway will be outfitted in the Zone 433 ventilation raise to allow production to start before the end of the pit and to increase safety. Each zone’s ventilation network will also serve as an egress between production levels, with internal ventilation drop raises outfitted with manways. The ODM West Zone, being the only zone without a dedicated ventilation network, is planned with two raise-bored 1.5 m openings, designed with a Safescape™ system. As a low-cost and effective alternative to conventional manways, this technology may be used in other parts of the mine to replace costly manway construction, if needed. Intrepid Zone The Intrepid Zone uses the same logic: manways in ventilation raises as alternative egresses for each level. As mentioned above, additional temporary refuge stations are positioned on each active level to ensure proper worker safety. 16.3.8 Mining methods UG Main Zones Mine development in the UG Main Zones will employ numerous production fronts to maximize productivity and flexibility to reach the 4,500 tpd target. Two main long-hole mining methods will be employed: longitudinal retreat and transverse (see Figure 16.12). The transverse stoping is only present in the ODM Main Zone, the widest zone of the mine, where stope width exceeds 20.0 m. Mining zones have individual production centres, or mining horizons, based on the overlapping and interconnected lenses found in each sector. Production centres are also dependent on haulage access and waste gaps between different lenses or levels. Figure 16.12 presents the mining method for the UG Main Zones. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 331 Figure 16.12 – Mining Methods (UG Main Zones) The mining of each production centre will ascend from the lowest to the highest level. Horizontal sill pillars and vertical rib pillars are positioned strategically to minimize ore loss and to maximize the use of natural waste pillars. The last level in a sequence, the sill pillar, will be recovered by uppers and will not be backfilled. To ensure stability, 5.0 m rib pillars are positioned efficiently every 25 m to 50 m to separate upper stopes. The lowest (first level) of a production centre will be backfilled with CRF with a high cement proportion (7.0%) to ensure safety and maximum sill pillar recovery. Some additional stopes will also be drilled using upper drilling (e.g., stopes at the apex of zones or stopes without a need for an overcut). An adjusted recovery (85.0%) has been applied to stopes recovered in the sill pillar. Figure 16.13 presents the production centres for UG Main Zones. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 332 Figure 16.13 – Production Centres (UG Main Zones) Intrepid Zone Once again, the simpler design of the Intrepid Zone minimizes the number and variability of the production centres. Only five production centres or phases are needed for the Intrepid Zone, each with a sill pillar and a bottom-to-top production. Figure 16.14 presents the production centres for the Intrepid Zone.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 333 Figure 16.14 – Production Centres (Intrepid Zone) 16.3.8.1 Longitudinal long-hole retreat Longitudinal long-hole methods will be used for stopes less than 20 m wide (see Figure 16.15 and Figure 16.16 for an example). These stopes are classified based on their average width and have corresponding parameters like drilling factor, number of holes per stope, powder factor and quantity of consumables. The resulting total tonnage mined by the longitudinal long-hole method in the UG Main Zones is 7.72 Mt (83% of total stope production). The Intrepid Zone consists entirely of longitudinal stopes (1.89 Mt in stope production). Table 16.21 summarizes the resulting tonnage. Table 16.21 – Mining Methods – Longitudinal Stoping Summary Method - Longitudinal Number Of Stopes Tonnage UG Main - Longitudinal 3.4m – 6.0m 454 3,620,137 UG Main - Longitudinal 6.0m – 12.0m 212 3,561,789 UG Main - Longitudinal 12.0m – 20.0m 18 542,066 Intrepid - Longitudinal 146 1,889,077 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 334 A typical mining cycle includes secondary ground support, where required. V-30 slot- drilling is done in advance of the production drill mobilization, followed by the complete production drilling of the stope. Longitudinal stopes are blasted in two phases: a primary blast for the void and a secondary blast after the first blast is mucked out. The second blast may be prepared for loading during mucking to maximize efficiency. Once the stope is blasted and mucked out, a barricade is built. The stope is backfilled with CRF. Rockfill is used when possible or to finalize and level the drift floor. The longitudinal retreat method is used to create pyramidal shapes as mining progresses in a production centre. This maximizes the stability of the mining area by diverting the induced stresses. Figure 16.15 – Mining Method – Longitudinal Long-Hole Retreat NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 335 Figure 16.16 – Mining Cycle – Longitudinal Long-Hole Retreat 16.3.8.2 Transverse long-hole A transverse long-hole method will be used with the remaining zones (i.e., width > 20 m). Only one production centre in the ODM Main zone uses this method and it entails having a drawpoint for each stope panel. These stopes are differentiated into primary and secondary categories depending on the sequence. Due to the complexity of the stope geometries and variabilities in this sector and to facilitate planning, design parameters have been evaluated for the average transverse stope, and are used for all stopes using the transverse method. The resulting total tonnage mined by transverse long-hole method is 1.13 Mt (17% of total stope production). Table 16.22 summarizes the resulting tonnage. Table 16.22 – Mining Methods – Transverse Stoping Summary Method - Transverse Number Of Stopes Tonnage Transverse Primary 26 562,878 Transverse Secondary 28 565,170 Like longitudinal stoping, typical mining cycles include secondary ground support where required, V-30 slot-drilling, production drilling, mucking and backfilling. The mining sequence starts with the primary stopes from bottom to top, whereas the secondary NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 336 stopes are blasted when both adjacent primaries on two levels are backfilled. For the same drawpoint, the farthest stope is mined first, and the sequence retreats towards the hauling drift. This sequence creates a pyramidal shape with the mining voids when the mining progress in a centre of production and is beneficial with respect to the rock mechanics and production aspects. Most transverse stopes need two blasts. Figure 16.17 – Mining Method – Transverse Long-Hole

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 337 Figure 16.18 – Mining Cycle – Transverse Long-Hole 16.3.8.3 Drill and Blast Design The long-hole methods chosen for the underground Rainy River project make use of fan drilling to maximize recoveries from single overcut or undercut drifts. Production drill holes are drilled with a 101.6 mm (4.0") diameter using a Sandvik DL432i. Most holes are 3.0 m to 20.0 m long (level spacing at 25.0 m), but some of the longer holes can reach 29.0 m to 30.0 m. With the selected equipment, deviation can easily be controlled and avoided. The impact on dilution is minimized. To limit personnel exposure and production cycle times, the main method for cut opening will be a raise-bored hole. The most economical, flexible, and risk-free method is achieved using Machines Roger as a contractor to drill the necessary V-30 openings (30" holes). Other raise boring rigs have been evaluated; however, the dip of the ore body does not allow the use of most of the common rigs in the industry. For safety purposes, the excavated hole will be mechanically capped or not fully raise bored to the overcut, eliminating open hole exposure. As stope geometry can vary greatly between each method, some adjustments are to be expected between each stope variant (smaller burden for narrow stopes, increased burden and spacing for wider stopes). Some alterations to these configurations are made for upper drilling to maximize recovery (over-drilling, dipping section). The burden for each method is averaging at 2.5 m and the spacing varies from 2.0 m to 3.0 m depending NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 338 on the stope width and the drilling pattern. The method to assess the drilling and the resulting load on planning is to evaluate the drilling ratio (t/m) and re-drilling factor (%). Table 16.23 – Mining Methods – Drilling Ratio and Re-Drill Methods Drilling Ratio (t/m) Re-Drilling Factor Longitudinal 3.4m – 6.0m 9.81 10% Longitudinal 6.0m – 12.0m 9.28 10% Longitudinal 12.0m – 20.0m 8.39 10% Transverse Primary 7.31 10% Transverse Secondary 7.31 10% The targeted void for blasting is 20%. All methods can achieve this easily with two mass blasts. With the experience acquired during production, parameters like the length and height of the first blast can be optimized to improve safety, production rate and rock stability. Generally, collars will be 2.0 m with 1.5 m of stemming. Electronic detonators will be used to optimize flexibility and fragmentation. Additional parameters include two boosters and detonators and the use of bulk emulsion to minimize risks and costs. Figure 16.19 – Drill and Blast - Longitudinal and Plan View NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 339 Figure 16.20 – Drill and Blast - Typical Section 16.3.8.4 Backfill Two types of backfill are used at Rainy River. The primary backfill method is cemented rockfill (CRF) with a 4.0% cement binder, except above sill pillars where the cement binder is increased to 7.0%. This percentage may change depending on the results encountered underground. Simple rockfill will be used as much as possible, especially at the end of a longitudinal sequence, for secondary transverse stopes or for stopes with no direct effects to adjacent excavations. For the purpose of this technical report, material movement and cost estimation are based on the use of CRF and RF to backfill the stopes. Further analysis to reduce cost by the use of other types of binders to replace cement and the use of a pulling a void in between the backfill stope and the new block to be blasted will be examined to reduce operating costs. Development waste rock will be used as CRF or rockfill as a priority. Excess waste rock will be stocked in unused or depleted levels, whenever possible. Some remucks may also be used to stockpiled temporarily excess waste rock for future backfill. Excess waste rock will be hauled to the North pit near the 17 East Portal, although waste material hauled to surface is minimized as much as possible. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 340 By the end of the mine life and the slowing of waste development, additional waste material will be required to be crushed and hauled underground from the North Pit waste reserve for backfill purposes. A portable crusher is planned to be installed in the North pit to optimize the granulometry of the backfill rock. A system of screens and sieves is also planned for backfill optimization and to provide material for the roadbed decline. Including maintenance of the pit ramp and underground development, 130k tonnes of crushed rock is required for the roadbed throughout the LOM.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 341 The required backfill strength will depend on the size of the stope and the mining sequence. A typical stope would require a backfill strength of 780 kPa (lab testing) or of 260 kPa (field backfill strength). To maximize safety and flexibility, the curing time used is 21 days before exposing a backfilled face (other activities, like stope preparation and drilling, can start sooner). Table 16.24 summarizes the backfill schedule (CRM and rockfill) for the UG Main and Intrepid Zones. Table 16.24 – Backfill Schedule for UG Main and Intrepid Zones 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 UG MAIN CRF tonnes - - 24,276 142,943 350,326 372,454 519,068 508,424 583,711 436,669 Rockfill tonnes - - 16,000 135,307 299,048 527,707 392,447 341,903 422,025 184,256 INTREPID CRF tonnes 55,448 138,657 44,356 84,945 17,673 40,732 4,038 - - - Rockfill tonnes 57,231 69,329 45,202 74,759 16,471 74,160 7,126 - - - A SWATcrete contractor was approached for the whole backfilling process using their manpower and equipment to backfill the stopes. The service includes the equipment and operation/supervision but excludes all consumables (cement, maintenance, material haulage, etc.). NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 342 The Figure 16.21 presents a typical CRF backfilling operation. Figure 16.21 – Cemented Rockfill (CRF) Overview 16.3.8.5 Underground production plan The plan is to access the UG Main Zones from one portal, 17 East, reaching the separate ore zones (in order): 17 East Upper, ODM East, ODM Main, Zone 433, 17 East Lower and ODM West. Another portal, ODM Main Portal, will be constructed in the bottom of the pit once the production is completed. This will provide more flexibility and increase production earlier. The Intrepid Zone is independent of the Main Zones, and the different levels will be accessed through its own portal. These are shown in Figure 16.8 (longitudinal view). For the UG Main Zones, underground development will start at the end of Q1 2023. The first ore development is planned for Q1 2024, and the first stope is mined in Q2 2024. The commercial production period is scheduled to start Q2 2026, when the mine reaches 4,500 tpd for the first time after three years of pre-production. During the pre-production period, major infrastructures like the main ventilation raises and escapeways will be excavated. All associated equipment will be installed and commissioned. The main haulage method is trucks hauling ore and waste to the surface. The LOM plan shows a rapid ramp-up in production in the first year, with production rising to approximately 140,000 oz AuEq per year for the subsequent 5 years only for the main NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 343 zone. Average gold production is expected to be 190,000 oz/year over the LOM of 8 years. The ounces and other material reported in Item 15 refer to diluted reserves that consider mining recovery and other underground mining factors but do not consider mill recovery. Based on the current Mineral Reserves, Rainy River has a mine life to Q4 2031, but the potential conversion of Mineral Resources and the exploration potential could extend the mine life. Contractors will be employed to develop the two access ramps, major infrastructures, and all development afterward. An average of 8,700 m of horizontal development are realized per year, with a maximum of 15,200 m in 2026. During the life of the mine, a median of 16 levels in operation are required at the same time, including all main activities. The Intrepid Zone is the only zone with an existing portal and is independent of the UG Main Zones. It has approximately 2,644 m of lateral development already completed, and development will resume with the current contractor (cementation). A summary of the underground schedule, overall and by mining area, is provided in Table 16.25 and Table 16.26. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 344 Table 16.25 – Underground Schedule Summary Zone Item Unit 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total UG Main Horizontal Development m - 1,685 7,238 11,939 12,586 11,417 9,498 5,580 2,328 - 62,272 Vertical Development m - 97 433 380 288 292 377 156 45 - 2,068 Total Development m - 1,782 7,671 12,319 12,875 11,709 9,876 5,736 2,373 - 64,340 Ore Production kt - - 165 711 1,133 1,367 1,361 1,378 1,529 1,208 8,852 Ore Development kt - 1 114 383 364 273 286 264 97 - 1,782 Total Ore kt - 1 280 1,094 1,497 1,639 1,647 1,643 1,625 1,208 10,634 Ore per day (average) t/d - 3 764 2,997 4,101 4,492 4,500 4,501 4,453 3,310 - Gold (g/t) g/t - 0.94 2.58 2.87 2.85 2.94 3.03 3.10 3.45 3.07 3.04 Silver (g/t) g/t - 2.1 6.5 4.2 3.6 4.2 6.8 6.4 4.3 3.8 4.9 Gold (oz) koz - 0 23 101 137 155 160 164 180 119 1,039 Silver (oz) koz - 0 59 148 173 221 361 336 224 149 1,670 Waste Produced kt - 150 567 648 695 576 523 205 96 - 3,459 Rockfill kt - - 24 143 350 372 519 508 584 437 2,938 Cemented Rock Fill kt - - 16 135 299 528 392 342 422 184 2,319 Intrepid Horizontal Development m 2,962 2,967 2,869 2,863 2,339 - - - - - 14,000 Vertical Development m 84 112 68 74 97 - - - - - 435 Total Develpment m 3,046 3,079 2,937 2,937 2,436 - - - - - 14,435 Ore Production kt 109 275 382 359 366 321 137 - - - 1,949 Ore Development kt 39 35 - - - - - - - - 74 Total Ore kt 147 310 382 359 366 321 137 - - - 2,022 Ore per day (average) t/d 404 849 1,046 984 1,004 880 375 - - - - Gold (g/t) g/t 2.46 2.35 3.36 3.35 3.16 3.68 2.46 - - - 3.09 Silver (g/t) g/t 24.2 22.6 24.2 20.7 18.6 22.8 19.1 - - - 21.8 Gold (oz) koz 12 23 41 39 37 38 11 - - - 201 Silver (oz) koz 114 225 297 239 219 235 84 - - - 1,414 Waste Produced kt 196 220 179 222 219 10 - - - - 1,047 Rockfill kt 79 125 174 200 134 185 44 - - - 940 Cemented Rock Fill kt 34 83 61 91 64 50 16 - - - 399

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 345 Table 16.26 – Underground Summary per Zone Zone Item Unit 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total UG Main 17 East Lower Total Ore kt - - - - 9 96 275 268 135 284 1,066 Gold (oz) koz - - - - 1 9 26 26 13 26 100 Silver (oz) koz - - - - 8 73 226 223 123 55 708 Total Development m - - - 382 1,699 2,364 2,417 1,914 927 - 9,703 17 East Upper Total Ore kt - - 112 41 - - - - - - 153 Gold (oz) koz - - 9 4 - - - - - - 13 Silver (oz) koz - - 51 16 - - - - - - 67 Total Development m - 153 681 - - - - - - - 833 ODM East Total Ore kt - 1 1 285 641 274 425 140 - - 1,767 Gold (oz) koz - 0 0 25 61 29 41 10 - - 167 Silver (oz) koz - 0 0 80 107 51 63 19 - - 321 Total Development m - 519 1,073 3,978 3,988 948 - - - - 10,506 ODM Main Total Ore kt - - 120 718 847 1,162 755 811 1,269 724 6,407 Gold (oz) koz - - 9 69 74 106 73 77 134 73 615 Silver (oz) koz - - 6 50 58 92 55 58 79 49 448 Total Development m - 1,013 4,177 7,272 6,541 5,343 4,330 2,905 1,446 - 33,028 ODM West Total Ore kt - - - - - 0 26 128 137 125 417 Gold (oz) koz - - - - - 0 2 14 21 13 50 Silver (oz) koz - - - - - 0 9 23 18 43 93 Total Development m - - 10 146 298 835 1,113 916 - - 3,318 Zone 433 Total Ore kt - - 46 49 - 107 167 296 84 75 824 Gold (oz) koz - - 5 3 - 11 18 37 13 7 94 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 346 Zone Item Unit 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total Silver (oz) koz - - 2 2 - 4 8 12 4 2 33 Total Development m - 97 1,730 541 349 2,219 2,016 - - - 6,952 Intrepid Intrepid Total Ore kt 147 310 382 359 366 321 137 - - - 2,022 Gold (oz) koz 12 23 41 39 37 38 11 - - - 201 Silver (oz) koz 114 225 297 239 219 235 84 - - - 1,414 Total Development m 3,046 3,079 2,937 2,937 2,436 - - - - - 14,435 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 347 16.3.8.6 Truck estimation (UG Main Zones) Truck operating hours were estimated using Deswik.LHS software. A cycle time was estimated for all hauling tasks in the mine planning, based on the truck parameters provided by Sandvik (i.e., cycle time calculated for truck loading, etc.) The truck cycle times considered design constraints, such as grade and optimal dropping points to surface. For the waste hauling strategies, trucks will haul to the closest backfilling activities or otherwise to the waste dump (North pit waste reserve). Figure 16.22 shows the average estimated number of operating trucks per year for the LOM. From this estimate, contingencies and spare equipment have been added to the final cost estimation. Figure 16.22 – Truck Simulation (Number of Trucks based on Destination) 16.3.9 Mine services 16.3.9.1 UG Main Zones Electrical services The electrical distribution was designed in association with ASDR Canada (specialized consultant) based on the requirements for the equipment, such as Jumbos, production drills, bolters, and fans for each level of every ore zone. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 348 All levels will need an electrical substation (600 V) to operate the development and production equipment. All electrical substations are fed by one main electrical station (13,800/600 1.5 MVA). A main electrical station can power 3 to 4 substations. There are 70 levels in the 6 main zones of the mine (one substation per level). In addition to the stations, there is a requirement for additional elements, such as cable extensions, PTO 3 plug, leaky feeder and optic fibre for communication. There will also be a 15 KV container on surface. Figure 16.23 – Typical electrical Distribution per Zones The construction of the electrical stations follows the development sequence as a priority excavation on each level. The cost of the electrical network is 25.8 M $US (CAN$32.2M) over the mine life, being the most expensive services capital cost to feed 70 levels over six ore zones. 16.3.9.2 Communication network The underground communications network will consist of fibre-backbone between level and a leaky-feeder network for radio communication.and co-wireless equipment, with cyber security recommended based on the size of the mine. This equipment includes non-redundant EPC cores for up to 1,100 users with VoLTE and Push-To-Talk application server with a capacity to support 250 users. Underground personnel will be equipped with smartphones with radio and tracking capability. The fibre-optic network will be installed between level throughout the ramps as it isthey are developed to facilitate communication with the mine production equipment connected to the underground electrical rooms and mine power centres.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 349 16.3.9.3 Fuel Distribution network Fuel supply will be stored at surface in two 90,000 L tanks. One underground fuel bay will be positioned strategically near the main underground services. A 2-inch steel pipe and automated pumping system will ensure constant flow to the fuel stations. The fuel line cannot be installed during pre-production until the fuel bay is commissioned. Until then, a service truck will deliver fuel to the equipment underground. 16.3.9.4 Permanent mine pumping network The pumping flowsheets for each zone were designed in association with Technosub, a specialist in water management for underground operations. Permanent dewatering is conducted with a system of drain holes and submersible pumps able to handle high solid content. Muddy water is transported by gravity whenever possible, and strategically placed secondary pumping stations allow the water to be transported to the main pumping station. These secondary pumping stations consist of a larger excavation sump to separate muddy water to clear water equip with one or two submersible pumps (Technoprocess 40HP and combination of Tsurumi 5HP on upper sub level), depending on the estimated flow. The estimated inflow per level per zone is 60 gpm and another 72 gpm from equipment when in operation. With a contingency of 10%, it makes 145 gpm per zone for a total of 870 gpm to surface. Figure 16.24 – Overview of Pumping Network NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 350 Intrepid Zone Intrepid electrical distribution, communication network, fuel distribution and permanent pumping network will be similar to the ones planned in UG Main Zones. These systems will be installed first as we are developing Intrepid. Lessons learned from these installations in Intrepid will be optimized when it will be time to proceed in the UG Main Zones. Intrepid is planned entirely with a contractor. All services (electrical, water, pumping, ventilation) are installed by said contractor and are calculated on a linear meter basis. The standardization of equipment, consumables and methods will need to be reviewed between the UG Main Zones and Intrepid. Costs, logistics and purchasing can be easily improved by combining the two approaches. 16.3.10 Ventilation 16.3.10.1 UG Main Zones To comply with Ontario regulations concerning underground operations, 1.3 Mcfm will be required at full production. Conservative utilization rates were applied to account for the time when machines may be mechanically unavailable or simply not in use: 75% for production equipment and 50% for most service equipment and machinery that operates primarily with electricity. Table 16.27 shows the ventilation rate for each piece of diesel equipment and the fresh air volumes needed to respect regulation and protect workers. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 351 Table 16.27 – Fresh Air Requirement Ventilation Rate per Diesel-powered Equipment Name Power Air requirement per unit QTY Utilization factor Total Airflow (Equipment type) (kW) (HP) (m³/s) (cfm) (m³/s) (cfm) JUMBO 110 147 6.6 13,985 4 50% 13.2 27,958 975 Bolter 110 147 6.6 13,985 4 50% 13.2 27,958 Scissor Lift 110 147 6.6 13,985 3 50% 9.9 20,968 Anfo Loader 88 118 5.3 11,188 2 50% 5.3 11,183 Production LHD 310 415 18.6 39,413 2 75% 27.9 59,092 Minetruck 50tm 515 690 30.9 65,477 2 75% 46.4 98,169 Production LHD 310 415 18.6 39,413 4 75% 55.8 118,184 Minetruck 50tm 515 690 30.9 65,477 10 75% 231.8 490,847 Production LHD 310 415 18.6 39,413 3 75% 41.9 88,638 Swatcrete equipment 170 228 10.2 21,614 2 75% 15.3 32,405 Production Drill 110 147 6.6 13,985 3 50% 9.9 20,968 Explosive truck (Emulsion) 155 208 9.3 19,707 1 75% 7.0 14,773 ITH Cubex Drill (slot raise) 105 141 6.3 13,350 1 50% 3.2 6,672 Cable Bolter 110 147 6.6 13,985 1 75% 5.0 10,484 Scissor Lift 110 147 6.6 13,985 1 50% 3.3 6,989 Shotcrete Sprayer 75 101 4.5 9,536 1 50% 2.3 4,766 Fuel - Lube truck 148 198 8.9 18,817 1 50% 4.4 9,404 Boom truck 110 147 6.6 13,985 1 50% 3.3 6,989 Deck Truck - CRF service vehicule 110 147 6.6 13,985 1 50% 3.3 6,989 Underground Grader 93 125 5.6 11,824 1 50% 2.8 5,909 Water Cannon 110 147 6.6 13,985 1 50% 3.3 6,989 Services LHD 256 343 15.4 32,548 1 50% 7.7 16,266 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 352 Name Power Air requirement per unit QTY Utilization factor Total Airflow (Equipment type) (kW) (HP) (m³/s) (cfm) (m³/s) (cfm) Personnel Carrier 130 174 7.8 16,528 2 50% 7.8 16,520 Light vehicule 95 127 5.7 12,078 12 50% 34.2 72,436 Mine rescue - Light vehicule 95 127 5.7 12,078 1 50% 2.9 6,036 Total: 560.7 1,187,594 Contingency 10%: 56.1 118,759 Total with contingency : 616.8 1,306,354 Note: Occupational Health and Safety Act, R.R.O. 1990, REGULATION 854, MINES AND MINING PLANTS. Art. 183.1 (1)

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 353 16.3.10.2 Ventilation network A step-by-step ventilation system will be implemented to allow for continuity in the production from the open pit. A first network will be put in place during the pre-production phase as a temporary system. Once the primary ventilation circuit will be completed, the primary ventilation system will be ready to be put into operation and in two phases: a first network during the operation of the open pit mine and a second when the operation of the pit is completed. Ventilation Network during pre-production Development will begin by excavating a portal located between the two open pits. The objective is to reach the ventilation raise to create a first internal air circuit. The fresh air requirements for the first section of the ramp have been estimated for two trucks and a loader (170 kcfm). The ventilation strategy during the pre-production phase is to use two 48'' lines of rigid ducting which will each provide 85 kcfm. The fans used are 2 x 200hp in series per ducting. Figure 16.25 – Pre-production Ventilation Arrangement towards East Ventilation Raise NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 354 Figure 16.26 – Pre-production Ventilation Arrangement towards West Ventilation Raise Ventilation Network during production – Phase 1 To be able to operate with all the equipment necessary and to achieve sustained full production of 4,500 tpd, some infrastructure components need to be installed prior to initial production. The ventilation network for Phase 1 of the mine consists of generating a mechanical air thrust through the intake raise (FAR) located above the ODM Main Zone. Fans capable of delivering 800 kcfm (2 x 400 kcfm) in the network will be installed in parallel above this FAR. During this period, the East ventilation raise and the East Portal will be used as exhaust, as presented in Figure 16.27. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 355 Figure 16.27 – Longitudinal View of the Ventilation System (Production Phase 1) Ventilation Network during production – Phase 2 During the second phase of production (once the production of the pit is completed), the ventilation system will become a push-push system. The fan system already installed on the West Raise will remain in place, and a new fan system capable of bringing an additional 500 kcfm to the network will be installed on top of the East Raise (formerly an exhaust). An additional portal (West) will be connected to the bottom of the open pit, allowing for a second exhaust. Figure 16.28 presents the longitudinal view of the ventilation network. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 356 Figure 16.28 – Longitudinal View of the Ventilation System (Production Phase 2) Typical level ventilation Two situations were assessed to establish the ventilation requirement on the levels. The needs were established by considering one truck and one LHD per level. The truck will be loaded at the loading bay. Figure 16.29 shows the situation when the air is taken into the ramp, and the Figure 16.29 shows the situation when the internal raise breaks through the level. In general, two auxiliary fans of 100hp are necessary to ventilate a level. A 48" flexible duct has been considered for the design.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 357 Figure 16.29 – Typical Auxiliary Ventilation Arrangement for a Level when the air is taken from the Ramp NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 358 Figure 16.30 – Typical Auxiliary Ventilation Arrangement for a Level when the air is taken from the Internal Raise Main fans and heating system The ventilation will consist of two 4.5-m diameter intake raises (East and West) and exhaust by the ramp when the mine is in full production. The East fans will supply 500,000 cfm with 2 fans with motor (Model AFN SO 15 1200 2157 Arrangement 8. 700HP each). The West fans will supply 800,000 cfm with 2x Fan with motor (Model AFN SO 15 1500 2500 Arrangement 8. 2000HP each). The East fan raise will also serve as a secondary egress with all the ground support required, and construction must be completed before commissioning the fan installation. Both will have burners. For 800 000 CFM, six 13’ long burners total is required. For the 500 000 CFM duty point, four 13’ long burners are recommended to possibly defer CAPEX expenditures and reuse the equipment at the different duty points. Intrepid Zone The main fan system at Intrepid is already installed at surface (refer to Item 0). The basis of the ventilation network is straightforward. Each level is connected to the main ventilation raise network by ventilation accesses. Ventilation walls and doors are installed NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 359 where needed (every active level). Additional fans and booster fans are used to ventilate the production drifts. Fans are moved and reused as levels become inactive. The system at full capacity will generate 420,000 cfm to allow production in the lower level and satisfactory ventilation of all active levels. Figure 16.31 presents an overview of the Intrepid ventilation network. Figure 16.31 – Ventilation Network Overview (Intrepid) 16.3.11 Underground mine equipment selection and fleet requirement The required operational quantities for all major and critical equipment (jumbo, cable bolter, production drills, LHDs, trucks, etc.) were estimated during the planning process. Yearly operation hours have been estimated for all other secondary services equipment based on typical operation and current mine scheduling requirements. For secondary equipment, yearly operation hours range between 1,200 and 2,400 (20% to 50% utilization). All equipment listed in this study should be acquired by Rainy River between 2022 and 2028. The cash flow does not include the equipment required before the underground production; it is assumed contractors will provide the required development fleet during pre-production. The required mobile equipment fleet acquired by the owner for the UG Main Zones is presented in Table 16.28 by year. The estimated necessary contractor fleet for the UG Main Zones is presented in NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 360 Table 16.29 by year. Table 16.28 – Equipment Distribution for UG Main (Owner) Description 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Production Drill 0 1 2 2 3 3 2 3 2 Explosif Truck (Emulsion) 0 1 1 1 1 1 1 1 1 LHD Mucking 0 1 2 3 4 4 4 4 4 LHD Backfilling 0 1 1 2 3 2 2 3 2 Truck 50TM 0 2 5 5 6 6 7 9 7 Scissor Lift 1 1 1 1 1 1 1 1 1 Boom Truck 0 1 1 1 1 1 1 1 1 Personnel Carrier 0 1 1 1 1 1 1 1 1 Mechanical Truck 1 1 1 1 1 1 1 1 1 Deck Truck - CRF service vehicule 0 1 1 1 1 1 1 1 1 Fuel-Lube Truck 0 1 1 1 1 1 1 1 1 Underground Grader 0 1 1 1 1 1 1 1 1 Water Truck 0 1 1 1 1 1 1 1 1 Electric service vehicle 0 1 1 1 1 1 1 1 1 Light vehicle 3 6 12 12 12 12 12 12 10 Mine Rescue - Light vehicle 1 1 1 1 1 1 1 1 1 Mobile Air Compressor 1 3 3 3 3 3 3 3 3 Electric Lift 0 1 1 1 1 1 1 1 1 Excavator 1 1 1 1 1 1 1 1 1 Services LHD 1 1 1 1 1 1 1 1 1 Cassette Carrier CS3 1 1 1 1 1 1 1 1 1 Total - Equipment Distribution - Owner 0 10 29 40 42 46 45 45 49 43

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 361 Table 16.29 – Equipment Distribution for UG Main (Contractor) Description 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Jumbo - 2 booms 1 3 4 4 4 3 2 1 Bolter 2 4 6 6 6 5 3 2 Scissor Lift (Development) 1 3 4 4 4 3 2 1 LHD (Development) 1 2 3 3 3 3 2 1 Truck 50tm (Development) 1 2 2 2 2 2 1 1 Explosif Truck (Anfo) 1 2 2 2 2 2 1 1 Raise Bore 1 1 1 0 0 1 0 0 ITH Drill (Drop Raise & V-30) 0 0 1 1 1 1 1 1 1 Mechanic Service vehicule 1 1 1 1 1 1 1 1 Electric service vehicule 1 1 1 1 1 1 1 1 Light vehicle 1 2 2 2 2 2 2 2 Total - Equipment Distribution - Contractor 0 11 21 27 26 26 24 16 11 1 The Intrepid Zone, already in production, will continue with the existing fleet. Equipment will eventually be shared between the two zones to accommodate the varying production rate required per year. The estimated mobile equipment fleet by year for the Intrepid Zone is presented in Table 16.30. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 362 Table 16.30 – Equipment Distribution for Intrepid Zone Description 2022 2023 2024 2025 2026 2027 2028 Production Drill 1 2 2 1 1 1 1 Explosif Truck (Emulsion) 1 2 3 2 1 1 1 LHD Mucking 1 2 3 2 1 1 1 Jumbo 1 2 3 2 1 1 1 Bolter 1 2 3 2 1 1 1 Truck 40TM 1 2 2 1 1 1 1 Scissor Lift 1 2 2 1 1 1 1 Boom Truck 1 1 1 1 1 1 1 Personnel Carrier 1 3 3 2 2 2 1 Underground Grader 1 1 1 1 1 1 1 Electric Lift 1 1 1 1 1 1 1 Face Charger (Anfo) 1 2 3 2 1 1 1 Cassette Carrier CS3 1 1 1 1 1 1 1 Total - Intrepid - Equipment Distribution 13 23 28 19 14 14 13 16.3.12 Mine personnel Mine personnel are split between three areas: technical services, maintenance and supervision (mechanical and electrical), and underground operations (construction, development, and production). Operators and maintenance personnel generally work on a 7-7 schedule. This results in four crews alternating days and nights, when necessary. The electrical and mechanical supervisors will alternate day and night shifts at times; a supervisor or senior employee will always be present to oversee the shifts. Additional supervisors, technicians and some specific workers will work Monday to Friday on a 5-2/4-3 schedule, day shifts only. In addition, all pre-production and development will be completed by a contractor. The costs associated with the use of a contractor have been summarized in Item 21 16.3.12.1 Mine operations, services and construction The operators include those required for the major and secondary equipment, as well as blasters. Underground supervision includes a supervisor, trainer, and some operators related to service tasks. The list of underground operation, services and construction personnel required over the life of the mine is presented in Table 16.31. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 363 Table 16.31 – Mine Personnel - UG Main Zones - Operations and Services Description 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Support service 0 3 4 4 4 4 4 4 3 Support service - CRF 0 3 4 4 4 4 4 4 3 Support service - CS3 Cassette 2 2 2 2 2 2 2 2 2 Support service - Mens Carrier/Water truck 2 2 2 2 2 2 2 2 2 Support service - Production 0 1 2 2 2 2 2 2 2 Grader operator 0 3 4 4 4 4 4 4 3 Construction/Shotcrete miner 0 3 4 4 4 4 4 4 3 Shotcrete construction 0 0 0 0 0 0 0 0 0 Production drill operator (JN) 0 1 5 7 10 9 8 10 6 Production drill operator (J) 0 0 0 0 0 0 0 0 0 Blaster Production 0 2 4 4 4 4 4 4 4 Cable drill operator 0 0 0 0 0 0 0 0 0 Cable installer 0 0 0 0 0 0 0 0 0 Scoop operator - Mucking 0 2 7 12 14 14 14 16 13 Truck operator - Hauling 0 8 19 20 21 22 28 34 25 Truck operator - Backfilling 0 0 0 0 0 0 0 0 0 Scoop operator - Backfilling 0 0 3 6 8 8 7 9 5 Total UG Main Zones - Maintenance & Operations 0 3 29 60 71 79 79 83 95 71 16.3.12.2 Supervision and maintenance personnel Maintenance staff includes mechanics and electricians for the underground mine; the crew includes a full operational team able to fulfil preventive and unplanned maintenance. A list of underground maintenance personnel required over the life of the mine is presented in Table 16.32. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 364 Table 16.32 – Mine Personnel - UG Main Zones - Supervision & Maintenance Description 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Maintenance superintendant 0 0 0 1 1 1 1 1 1 Surface supervisor 0 0 0 2 2 2 2 2 2 Mechanics supervisor 1 4 4 4 4 4 4 4 3 Maintenance planning supervisor 0 1 2 2 2 2 2 2 2 Maintenance planner mechanic/electric 0 2 2 2 2 2 2 2 2 Reliability technician 0 1 2 2 2 2 2 2 2 Mobile mechanic 0 0 0 0 0 0 0 0 0 Senior mechanic 4 8 10 12 12 12 14 10 Field mechanic 1 2 4 5 6 6 6 7 5 Electromechanic 2 4 5 6 6 6 7 5 Junior mechanic 1 2 3 3 3 3 4 3 Welder 0 0 1 2 2 2 2 2 2 Fuel & Lube attendant 0 3 4 4 4 4 4 4 3 Fixe mechanic surface 0 0 0 2 2 2 2 2 2 Fixe mechanic underground 0 1 2 2 2 2 2 2 2 Loader operator 0 0 0 0 0 0 0 0 0 Maintenance assistant superintendant 1 1 1 1 1 1 1 1 1 Electrical supervisor 0 1 2 2 2 2 2 2 2 Instrumentation technician 0 1 2 2 2 2 2 2 2 Electrician 0 2 4 4 4 4 4 4 3 Electrician (J/N) 2 4 4 4 4 4 4 4 3 Automatisation/Commu nication specialist 0 1 2 2 2 2 2 2 2 Electrician construction 0 0 0 0 0 0 0 0 0 Mine superintendant 0 0 0 1 1 1 1 1 1 Mine assistant superintendant 0 1 1 1 1 1 1 1 1 Mine Captain 2 2 2 2 2 2 2 2 2 Supervisors 2 3 6 8 8 8 8 8 6 Production technician 0 0 0 0 0 0 0 0 0 Mine trainer 0 2 4 4 4 4 4 4 3

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 365 Description 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total UG Main Zones - Maintenance & Supervision 0 10 38 60 75 81 80 81 86 66 16.3.12.3 Technical services Most of the staff in technical services work at the mine site office during the day, with weekends off (5-2 schedule). A list of technical services personnel required over the life of the mine is shown in Table 16.33. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 366 Table 16.33 – Mine Personnel – UG Main Zones – Technical Services Description 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Senior geologist 0 0 0 1 1 1 1 1 1 Operations geologists 0 2 2 2 2 2 2 2 2 Exploration geologist 0 0 0 0 0 0 0 0 0 Geology – data integration technician 0 0 1 1 1 1 1 1 1 Geology field technicians 0 0 2 2 2 2 2 2 2 Technical services superintendent 0 0 0 1 1 1 1 1 1 Senior planning engineer 1 1 1 1 1 1 1 1 1 Planning engineer 0 0 1 1 1 1 1 1 1 Planning technician 0 1 1 1 1 1 1 1 1 Drill and blast engineer 0 0 1 1 1 1 1 1 1 Drill and blast technicians 0 1 2 2 2 2 2 2 2 Project engineer 0 1 1 1 1 1 1 1 1 Project technician 0 1 1 1 1 1 1 1 1 Ventilation technician 0 0 1 1 1 1 1 1 1 Surveyors 1 3 4 4 4 4 4 4 3 Rock mechanic engineer 0 0 1 1 1 1 1 1 1 Ground control technician 0 1 1 1 1 1 1 1 1 Total UG Main Zones – Technical Services 0 3 11 18 22 22 22 22 22 17 It is assumed that the required technical team for the UG Main Zones would also be able to manage the Intrepid Zone. Table 16.34 presents an estimate of the allocated technical resources specific to the Intrepid Zone. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 367 Table 16.34 – Mine Personnel – Intrepid Zone – Technical Services Description 2022* 2023* 2024* 2025 2026 2027 2028 2029 2030 2031 Mine manager /superintendent 1 1 1 1 Maint. and elect. superintendent 1 1 1 1 Chief mine engineer 1 1 1 1 1 Senior mine engineer 1 1 1 1 Mine engineers 1 2 2 2 2 Surveyors 1 3 3 3 3 Mine geologists 3 3 3 3 Ground control technician 1 1 1 1 Ground control engineer 0 1 1 1 1 Total Intrepid - Technical Services 0 0 3 14 14 14 14 0 0 0 Note: *Mine technical staff covered by open pit personnel from 2020–2024. 16.3.12.4 Contractors All contractors will work on a 7-7 schedule, or whichever schedule is the most suitable to achieve the given production/development targets. A list (to be confirmed by the contractor) of personnel required over the life of the mine is shown in Table 16.35. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 368 Table 16.35 – Mine Personnel – UG Main Zones – Contractors Description 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Jumbo operators 3 10 16 15 16 12 7 3 Bolter operators 5 15 23 23 23 17 10 4 Development workers 3 10 16 15 16 12 7 3 Scoop operators - Dev 2 8 12 12 12 9 5 2 Truck operators - Dev 1 4 6 6 6 5 3 1 Blaster development workers 2 5 8 8 8 6 3 1 Raisebore operators/long-hole drillers 0 2 4 3 3 3 2 0 Cable stopes workers 0 0 1 1 1 1 1 1 ITH V-30 drillers 0 2 2 2 2 3 3 Mobile mechanics - Lateral 3 11 18 17 18 13 8 3 Mobile mechanics - Vertical 2 2 2 2 2 2 2 0 Mine captains 2 2 2 2 2 2 2 2 Supervisors 2 4 4 4 4 4 4 4 Clerks 0 2 2 2 2 2 2 0 Total UG Main Zones – Contractor 0 26 76 115 113 113 89 58 28 0 Intrepid will continue its production plan with a full contractor development and production crew. The estimated contractor personnel list for both Operations and Maintenance are presented in Table 16.36 and Table 16.37.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 369 Table 16.36 – Mine Personnel – Intrepid Zone – Operations Contractor Description 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Mine shift supervisors 4 4 4 4 4 8 8 8 8 Jumbo operators 4 4 4 8 8 16 12 4 4 Long-hole drill operators 4 4 4 4 4 8 8 8 4 Scoop operators 2 2 2 2 8 16 16 16 4 Truck drivers 2 2 2 2 8 12 12 12 4 Trainer (equipment and safety) 1 1 1 1 1 1 1 1 1 Diamond drillers 2 2 2 2 2 2 2 2 - Blasters 6 6 6 6 12 24 18 12 12 Bolters and ground support 4 4 4 8 8 16 12 4 4 Grader operator 1 1 1 1 1 1 1 1 1 General labourers 3 3 3 4 8 8 8 8 4 Services 4 4 4 4 8 12 12 4 4 Total Intrepid - Operations (Contractor) 37 37 37 46 72 124 110 80 50 0 Table 16.37 – Mine Personnel – Intrepid Zone – Maintenance Contractor Description 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 UG warehouse workers 2 2 2 2 2 2 2 2 2 Mechanical foreman 1 1 1 1 1 1 1 1 1 Lead hand mechanic 1 1 1 1 1 1 1 1 1 Welders 1 1 1 1 3 3 3 1 1 Mechanics 8 8 8 8 8 16 16 12 12 Electrical foreman 1 1 1 1 1 1 1 1 1 Electricians 4 4 4 8 8 8 8 4 4 Labourers 1 1 1 4 4 4 4 4 4 Total Intrepid - Maintenance (Contractor) 19 19 19 26 28 36 36 26 26 0 16.4 Mine-to-Mill Schedule – All Sources Over the LOM, the open pit (including stockpile rehandle) and underground operations will feed to the mill a total of 70.2 Mt of ore grading 1.24 g/t gold and 3.11 g/t silver, totaling 2,799 koz of contained gold and 7,022 koz of contained silver. The mine-to-mill schedule is shown in Table 16.38 and the mill feed by source in Table 16.39. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 370 Table 16.38 – Mine-to-Mill Schedule Year Tonnes (t) Gold (g/t) Silver (g/t) Contained Gold (oz) Contained Silver (oz) 2022 9,463,416 0.97 2.4 294,761 726,742 2023 9,855,000 0.97 3.0 306,749 954,765 2024 9,855,000 1.10 2.9 348,195 922,174 2025 9,855,000 1.14 3.0 360,803 949,478 2026 9,855,000 1.15 3.0 363,408 946,209 2027 9,855,000 1.15 3.2 365,232 1,005,945 2028 7,000,652 1.31 3.6 295,582 802,173 2029 1,643,071 3.10 6.4 163,874 335,833 2030 1,625,515 3.45 4.3 180,075 223,783 2031 1,212,232 3.07 4.0 119,611 155,068 Total 70,219,886 1.24 3.1 2,798,288 7,022,170 Table 16.39 – Mill Feed by Source Description Open Pit (incl. stockpiles) Underground Total 2022 9,316,450 146,966 9,463,416 2023 9,543,879 311,121 9,855,000 2024 9,195,029 659,971 9,855,000 2025 8,404,106 1,450,894 9,855,000 2026 7,992,969 1,862,031 9,855,000 2027 7,894,511 1,960,489 9,855,000 2028 5,216,358 1,784,294 7,000,652 2029 1,643,071 1,643,071 2030 1,625,515 1,625,515 2031 1,212,232 1,212,232 LOM Total : 57,563,302 12,656,584 70,219,886 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 371 17 RECOVERY METHODS 17.1 Process description The original Rainy River processing plant was nominally designed to process 7.7 Mtpa, or 21,000 tpd from the open pit and underground mines. The target production was originally 19,500 tpd from the open pit mine and 1,500 tpd from the underground mine. The process plant commenced ore processing in September 2017 and commercial production in mid-October 2017. Rainy River was able to achieve daily plant throughputs of 21,817 tpd (7.96 Mtpa) in 2019. Throughput was consistently increased to 24,161 tpd (8.82 Mtpa) and 25,341 tpd (9.25 Mtpa) in 2020 and 2021, respectively. Throughput is programed to achieve approximately 26,550 tpd (9.69 Mtpa) in 2022 with the LOM throughput averaging approximately 27,000 tpd (9.86 Mtpa). Figure 17.1 shows the historical ore processed from 2017 through to 2021 and the forecasted throughput in 2022. Figure 17.1 – Ore processed The Rainy River processing plant has two main mineral processing buildings: • Primary Crushing Building; and • Main Process Plant. A general building site layout representing the electrical substation, process plant, stockpile and the primary crusher is presented in Figure 17.2. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 372 Figure 17.2 – General processing area and buildings site layout

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 373 Figure 17.3 illustrates the simplified flowsheet of the Rainy River process plant. The process flowsheet consists of the following unit processes: • Gyratory crusher • Coarse ore stockpile, discharged through draw pockets by apron feeders • SAG mill feed conveyor • SAG mill • Pebble crusher • Ball mill • Gravity concentration of cyclone feed slurry • Intensive cyanide leaching of the gravity concentrate using an Acacia reactor • Pre-leach thickener • Cyanide leaching • CIP circuit • Cyanide destruction using the sulphur dioxide-air process • Carbon stripping using the Zadra process • Electrowinning of the eluent and gravity concentrate leach solution • Casting of gold and silver doré bars (doré) in an induction furnace NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 374 Source: New Gold 2019. Figure 17.3 – Site flowsheet NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 375 17.1.1 Ore delivery from the mine Ore is delivered from the Rainy River open pit mine using 220 t class haul trucks. Primarily, LGO is trucked to stockpiles for rehandling and future production. 17.1.2 Primary Crushing The crusher consists of a 1,400 mm x 2,100 mm, 600 kW gyratory crusher. The crusher is designed for 220 t mine haul trucks to dump directly into the crusher feed pocket. Two dump positions on opposite sides of the crusher allow for simultaneous dumping. The capacity of the dump pocket is 330 t or approximately 1.5 truckloads. The crusher is equipped with a hydraulic rock breaker for reducing oversized material and a mobile crane is available for crusher maintenance. The crusher is designed to process 1,346 tph of ore with an F100 feed size of 1,050 mm, an F80 of 550 mm and an operating availability of 65%. The crusher operates with an open side setting of 100 mm - 120 mm to produce a P80 product size of about 120 mm. The crusher discharge surge pocket live capacity is 418 t or approximately 1.9 truckloads. Ore is removed from the discharge surge pocket by a single 2,134 mm wide apron feeder, FE01, which discharges onto the 1,372 mm wide crusher discharge conveyor, CV10. The crusher discharge conveyor then transfers ore to the 1,372 mm wide coarse ore stockpile feed conveyor, CV 11. CV11 transports the ore to the coarse ore stockpile. CV10 is equipped with a weightometer to measure the crusher production rate and total ore processed. In addition, CV10 has a metal detector that shuts down the conveyor belt automatically, permitting the operators to extract the metal detected. 17.1.3 Coarse ore stockpile and reclaim system The coarse ore stockpile has a total capacity of 85,690 t and a live capacity of 19,007 t. Ore is drawn from the coarse ore stockpile by three apron feeders. The designed feed rate of each apron feeder is 476 tph. The apron feeders discharge onto the 1,372 mm wide SAG mill feed conveyor, CV20, which is installed in a single reclaim tunnel beneath the stockpile. CV20 has a variable frequency drive (VFD) and delivers ore to the SAG mill feed chute. The SAG mill feed conveyor is equipped with a weightometer to monitor and control the SAG mill feed rate. 17.1.4 Primary grinding – SAG mill The SAG mill is an 11.0 m diameter by 6.1 m long grate discharge mill with a dual pinion drive consisting of two 7,500 kW motors with VFDs. The design operating power at the pinions is 12,580 kW, which is approximately 84% of the installed power. The mill currently has a grate discharge of 65 mm pebble ports. The open area per grate is 0.4 m2 and total open area is 7.2 m2. The SAG mill currently operates with a 10% - 13% (v/v) ball charge made up with 140 mm balls and a total mill charge volume of 25% v/v. The maximum design ball charge is 16% (v/v) with a maximum design mill charge volume of 30% (v/v). The mill is currently operating at 76% to 80% of critical speed to achieve a production rate of 1,000 – 1,400 tph. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 376 The mill discharge is fitted with a single deck horizontal vibrating screen with 9.5 mm openings to remove oversized pebble, ball chips and tramp steel. The oversized pebble is conveyed from the SAG mill discharge screen to a Raptor L500, 3.5 m x 4.0 m x 3.6 m, pebble crusher (cone crusher), with a 447-kW drive via three conveyors, CV31, CV32, and CV33. Two belt magnets followed by a metal detector are installed on CV32. If metal is detected, a two-way gate will be opened and the metal containing ore is bypassed to a reject bin. The nominal operating rate of the crusher is 238 tph, 25% of nominal mill feed, with a design operating power draw of 235 kW. The crusher reduces the ore to an approximate P80 of 13 mm. The crushed product is conveyed to the SAG mill feed conveyor transfer tower where it is either discharged onto the SAG mill feed conveyor, CV20, and recycled to the mill or fed to a bypass conveyor, CV35, which feeds a pebble stockpile adjacent to the conveyor transfer tower. The pebble crusher circuit assists in achieving the planned throughputs when the ore becomes harder. The SAG mill is operated with a slurry density of approximately 70% - 73% solids (w/w) and discharges into the cyclone feed pump box, where it is diluted to approximately 50% – 53% w/w and pumped to a cluster of 22 by 508 mm hydrocyclones for classification. The cyclone distribution header has 25 ports. A total of 22 ports are fitted with hydrocyclones – 3 ports are piped to the gravity concentration circuit feed distributor. The cyclone underflow feeds the ball mill, while the cyclone overflow reports to the trash screens. The cyclones are operated with feed pressure of approximately 105 kPa – 135 kPa. To improve the classification performance of cyclones, the cyclone geometry was modified in Q4, 2021. Modification in cyclone geometry and changing the vortex finder/ Apex combination from 185mm/ 110mm to 230mm/ 140mm, resulted in an increase in the cyclone capacity by approximately 20% - 25%, and reduced the required quantity of operating cyclones by about 20% - 25%. Maintaining the same feed pressure allowed the target cyclone overflow P80 to be kept. 17.1.5 Secondary grinding – ball mill The ball mill is a 7.9 m diameter by 12.3 m long overflow mill with a dual pinion drive consisting of two 7,500 kW motors with VFDs. The typical mill feed has an F80 of 2,800 µm and the target product size is P80 of 75 µm. The mill operates at 75% of critical speed to achieve a production rate of 1,000 – 1,400 tph. The design operating power at the pinions is 12,360 kW, which is approximately 82% of the installed power of 15,000 kW. The slurry discharges from the mill through a trunnion magnet for steel removal and into the cyclone feed pump box. 17.1.6 Gravity concentration Three ports of the cyclone feed distribution header are piped directly to the gravity concentration distributor. The distributor has two bottom outlet ports with dart valves to control the discharge flow to the gravity screens. The underflow of the screens is directed to two 48-inch Knelson centrifugal concentrators for gravity gold recovery. The flow rate to each concentrator is approximately 300 tph, for a system total of 600 tph. This equates

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 377 to approximately 23.4% of mill discharge. The slurry to each concentrator flows over a 2.15 m wide x 4.9 m long sizing screen. The sizing screen undersize flows to the centrifugal concentrator, whilst the screen oversize flows to the gravity circuit launder and gravity flows to the cyclone feed pump box. The maximum capacity of each centrifugal concentrator is 400 tph. The operating slurry feed density is 48% solids (w/w). Tailings from the Knelson concentrators combine with the screen oversize in the gravity circuit launder and flow by gravity to the cyclone feed pump box. Knelson concentrate flows by gravity to the Acacia intensive cyanide leach circuit. The ball mill is operated with a target slurry density of 72% solids (w/w) and a circulating load of 300%. The maximum circulating load is 400%. The design ball charge is 32% (v/v) with a maximum design ball charge of 36% (v/v). 17.1.7 Intensive cyanide leaching of gravity concentrate The Knelson concentrate is treated in an Acacia intensive cyanide leach reactor, located in a locked section directly beneath the concentrators. The Acacia reactor is an automated batch system providing security for the processing of gravity gold concentrates. The concentrate is leached at 54°C using leach aid and a solution with 2.5% sodium cyanide and 1.5% sodium hydroxide to recover the gold. The pregnant Acacia leach solution is then pumped to a heated storage tank. The solution is then pumped to the gold room in preparation for electrowinning. The tailings from the Acacia leach reactor is pumped to the cyclone feed pump box for re-processing. 17.1.8 Thickening The grinding circuit cyclone overflow flows through two 20 m2 trash screens with 600 µm openings to remove oversize material, plastic, and other debris, before the slurry flows to the pre-leach thickener. The screen underflow flows by gravity into the feed well of a 45 m diameter by 3.3 m high pre-leach thickener. The thickener underflow density is controlled to 55% - 60% solids (w/w) using density measurement and variable speed underflow pumps. The underflow slurry is pumped to the cyanide leach tanks. The thickener overflow solution is pumped to the 17 m diameter by 9.1 m high process water tank. 17.1.9 Process water Water is pumped from the process water tank to all areas of the plant requiring water using two 406 mm x 356 mm low pressure centrifugal pumps and two 254 mm x 203 mm medium pressure centrifugal pumps. The medium pressure process water pumps also feed the high-pressure process water distribution pump. The process water tank receives water from the pre-leach thickener overflow, process recirculation heat exchangers, cooling water return, the mine rock pond and the tailings reclaim pumps. Tailings reclaim water also reports to the pre-leach thickener feed tank and the tailings pump box. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 378 17.1.10 Leaching and carbon in pulp The thickener underflow slurry is adjusted to 55% - 60% solids (w/w) and pumped to the leach circuit. The leaching circuit consists of eight tanks in series which are 18.0 m in diameter with total slurry volume of 38,550 m3 for a total retention time of 24 hours. The elevation required for gravity flow is achieved by reducing the height of each tank by 0.5 m, so tank No. 1 is 22.7 m high and No. 8 is 19.2 m high. The first four tanks use oxygen for the leach reaction. The last four tanks have air injection to supply oxygen. Leach tank No. 1 can be used for pre-aerating the slurry if required. The slurry overflows the pre-aeration tank to leach tank No. 2 where cyanide is added, and leaching continues through to leach tank No. 8. The leach slurry flows from leach tank No. 8 by gravity through the leach discharge primary sampler to the CIP feed launder and into the carousel-style CIP pump cell circuit where it is contacted with activated carbon. Gold in solution is absorbed onto the carbon. The CIP circuit consists of seven tanks that are 7 m diameter by 12 m high in series, each with an operating volume of 360 m3 for a total operating volume of 2,520 m3 and a total retention time of 1.5 hours. The CIP circuit is a carousel system where the feed and discharge to and from each CIP tank is operated separately to simulate countercurrent carbon transfer without advancing the carbon from tank to tank. There is no transfer of carbon between tanks. A specified amount of carbon is added to each tank and operated until fully loaded. The flow to a given tank is closed and the total volume of slurry is pumped to the loaded carbon screen. The loaded carbon screen oversize flows by gravity through a diverter gate to carbon stripping vessels. The screen undersize slurry flows by gravity to the CIP feed launder. The feed to the CIP tank is opened, the tank refilled, the specified amount of carbon is added, and the cell put back on-line. Each vessel is loaded with approximately 20 t of carbon. The CIP tanks are at the same elevation and use KEMIX inter-stage screens, which pump the slurry from tank to tank. The target carbon concentration is 20 t/tank or 55.5 g/l. The average carbon transfer rate is once per day. The total transfer and refill time is approximately 3 hours. The average carbon loading is 1,360 g/t Au and 2,990 g/t Ag. The washed, loaded carbon is re-pulped in-line with water and flows by gravity through a three-way diverter valve to one of the two carbon stripping vessels. The screen underflow slurry returns to the CIP tank No. 1. The slurry discharging the CIP circuit flows to the CIP tailings pump box, from which it is pumped to a 30 m2 carbon safety screen with 600 µm openings for removal of fine carbon. The screen undersize slurry flows by gravity to the cyanide destruction distributor. The screen oversize carbon fines are transferred to a carbon safety screen dewatering screen. The water from the carbon safety screen dewatering screen flows to the CIP tailings pump box. The carbon fines recovered are loaded into bags. Process controls in the leaching circuit include analyzers for both pH and cyanide concentration. Cyanide concentration is measured using the TAC 1000. There are primary and secondary slurry samplers on the CIP discharge following the carbon safety screen for analysis of the CIP tailings. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 379 17.1.11 Carbon desorption and regeneration The gold is desorbed from the carbon using the high pressure and temperature Zadra process. Two 10 t carbon stripping vessels are installed. The CIP carbon transfer batch size is 20 t. One strip vessel is operated at a time - while operating the first vessel, the second strip vessel is filled ready to be stripped. The stripping cycle includes 60 minutes to transfer carbon and 600minutes to strip. The overlap time is approximately 240 minutes. Cooling of the carbon following stripping is for 60 minutes and carbon unloading time is for 60 minutes. The total stripping solution volume per batch is 450 m3. In the Zadra process, gold and silver are eluted from the carbon and recovered by electrowinning continuously. Eluent containing 1,500 ppm sodium cyanide and 2% w/v (weight in grams of solute / milliliters of solute) sodium hydroxide is pumped from the barren solution tank through heat exchangers, which heat the solution to 140°C, then upflow through the carbon stripping vessels. The pregnant solution then flows back through the heat exchanger to reduce the temperature to below boiling, and then through the electrowinning cells to precipitate the gold and silver as a sludge. The barren solution then flows to the barren solution tank and the cycle is complete. The eluent is circulated in this manner until the gold and silver are recovered from the carbon. The stripped carbon is then washed with process water to remove any residual gold, cyanide, and caustic and to cool the carbon. After washing, the carbon is discharged from the stripping vessel and pumped to the carbon dewatering screen. The dewatered carbon screen oversize flows into the 12-tpd carbon regeneration kiln feed bin. The water passing through the screen flows into the fine carbon collection tank. An acid wash tank, which was previously used for acid washing the carbon, has been decommissioned. 17.1.12 Carbon reactivation The stripped carbon is reactivated in a horizontal electric rotary kiln operating at 750°C. The reactivated carbon is discharged into a 4 tonnes quench tank for cooling and then pumped to the fresh carbon sizing screen to remove any fine carbon. The screen oversize carbon flows into the 12 tonnes carbon storage tank. The reactivated carbon is then pumped via the carbon storage tank transfer pump to the CIP tanks to be reloaded. The capacity of the carbon regeneration kiln is 500 kilogram per hour (kg/h) for a total of 12 tpd. The target is to regenerate approximately 60% of the carbon stripped. 17.1.13 Electrowinning The pregnant solutions from the Acacia intensive cyanide leach reactor and from the carbon stripping circuit are combined in the electrowinning cell distribution box and circulated though the electrowinning cells. There are three parallel trains of two 3.5 m3 cells, with design flows of 44 cubic meters per hour (m3/h) and 15 minutes retention time. The gold and silver in solution is plated onto stainless steel cathodes. Once the cathodes are loaded and the circulating electrolyte is reduced to the target gold and silver concentration, the cathodes are removed from the cells and the gold and silver sludge is washed from the cathodes with high pressure water. The gold and silver sludge is filtered NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 380 in a plate and frame filter press, dried in drying ovens, fluxes are added, and the mixture is melted in a 300-kW electric induction furnace to produce 25 kg gold and silver doré. 17.1.14 Cyanide destruction The slurry leaving the last CIP tank passes through a carbon safety screen to recover coarse carbon and then flows to the cyanide destruction circuit. The circuit consists of two 11.5 m diameter by 13.5 m high mixing tanks in series to provide a retention time of 1.5 hours. Cyanide destruction is performed by sulfur dioxide and air (SO2/air) to lower concentration of CNTOTAL at discharge of cyanide destruction tanks to below 5 ppm. The process involves the addition of SO2 to destroy the cyanide, lime to neutralize the sulfuric acid (H2SO4) that is formed as by-product, and copper (as copper sulfate), which acts as a catalyst in the reaction. The discharge from the cyanide destruction vessels pumps to a tailings pond by a pipeline. 17.1.15 Tailings and reclaim water system 17.1.15.1 Tailings management area The detoxified slurry flows from the cyanide destruction circuit to the tailings pump box. The tailings slurry is then pumped by two 356 mm x 304 mm, 550 kW centrifugal pumps in series to the Tailings management area (TMA). When depositing tailings along the North Dam, a booster pump station was installed in 4th quarter of 2021 to allow for sustained flow rates to achieve 27,000 tpd nominal production. The booster pump station was installed approximately halfway between the final tailings spigot location and the process plant. Reclaim water is pumped from the TMA to the process water tanks and tailings pump box by two 1,350 m3/h, 522 kW vertical turbine pumps, one operating and one spare. The reclaim water demand for the process facilities is 1,200 m3/h. Rainy River is permitted to operate at an average daily plant throughput of 27,000 tpd, averaged over a quarter. The peak daily limit is 32,000 tpd. 17.1.15.2 Water management pond The water management pond (WMP) is designed to hold 5 million cubic meters (Mm3) of water. This water is to be of discharge quality in the event it needs to be sent to the surrounding environment. The WMP acts as a backup source of water for process plant supply if required. The pump house at the WMP is equipped with a 522-kW duty vertical turbine pump and a 223-kW standby vertical turbine pump.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 381 17.1.15.3 Mine rock pond The mine rock pond has a capacity of approximately 500,000 m3 and receives water from open pit dewatering. Water from the mine rock pond is pumped to the reclaim water tank, the tailings pump box, the process water tank, and the cyclone feed pump box. The mine rock pond is not available during the winter due to freezing. Water will be supplied from TMA reclaim water only during the winter months. 17.1.16 Reagents Reagent dosing systems were designed for each of the major reagents. The sizing of the reagent tanks is based on consumption rates, except for the reagents with small consumptions which are based on the supply truck size. 17.1.16.1 Sodium cyanide Sodium cyanide is received as a dry solid pellet or briquette in ISO containers. A measured amount of reclaim water is added to the 4.5 m diameter by 6.5 m high cyanide mixing tank to achieve the required solution strength. The water is then circulated through the ISO container and back to the mix tank until the sodium cyanide is dissolved using the cyanide recirculation pumps. Air is then introduced to transfer all the solution from the ISO container into the mix tank. The mixed cyanide solution is then transferred from the mixing tank into the 4.85 m diameter by 6.9 m high cyanide holding tank. Cyanide solution is then metered from the cyanide holding tank to the process using the cyanide feed pumps. Average consumption of sodium cyanide is approximately 0.25 kg/t. 17.1.16.2 Lime Quicklime (CaO) is delivered as bulk dry pebble by hopper truck and transferred into a 3.6 m diameter by 21.7 m high storage silo using compressed air. Screw feeders at the bottom of the silo convey the quick lime to the 1.2 m diameter by 2.3 m long ball mill, where water is added, and the quicklime is slaked to produce hydrated lime. The slaked lime is mixed to a density of 25% solids w/w and transferred to a 5.0 m diameter by 7.0 m high slaked lime holding tank. The lime is recirculated from the holding tank, through the plant and returned to the holding tank by the lime recirculation pumps. The lime is metered to the destination points, including the mill feed, pre-leach thickener, leach tanks, and cyanide destruction through lime delivery piping that tees off the main lime ring-main. Average consumption of lime is approximately 0.73 kg/t. 17.1.16.3 Caustic soda Caustic soda (NaOH) is shipped by tanker truck as a 50% w/v solution. The solution is diluted with reclaim water in a 4.2 m diameter by 6.2 m high mixing tank to a concentration of 25% w/v. The mixing tank is sized for one and a half 36 t tanker trucks. 17.1.16.4 Sulphur dioxide Sulphur dioxide (SO2) is delivered in liquid form by 28 t tanker trucks and stored in a pressured horizontal holding tank. The holding tank package is complete with a padding system (compressors, dryers, and receivers) with all required instrumentation for metered NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 382 reagent delivery to the cyanide destruction tanks. This arrangement ensures that no lines connected to the SO2 system enter the process plant. Average consumption of SO2 is in the 0.25 kg/t – 0.35 kg/t range. 17.1.16.5 Copper sulphate Copper sulfate (CuSO4.5H2O) is trucked as 95% dry crystal in 1,000 kg supersacks. The bags are mixed with reclaim water and dissolved to approximately 15% w/v. The 2.4 m diameter by 3.1 m high mix tank has the capacity to mix two bags to the required concentration of 15% w/v. The mix tank supplies a small 1.5 m diameter by 1.0 m holding tank or day tank for pumping. Average consumption of copper sulfate is 50 g/t. 17.1.16.6 Activated carbon Natural coconut shell type activated carbon (typical dimensions 6 mesh x 12 mesh) is used in the CIP adsorption circuit. The carbon is trucked in 20 t shipments of 500 kg bulk bags. The new carbon is added to the attrition tank feed hopper and into the carbon attrition tank, where it is agitated to remove fine carbon. The carbon is then pumped to the fresh carbon sizing screen. The screen oversize flows to the carbon storage tank and the screen undersize reports to the fine carbon collection tank. The fresh carbon is pumped from the carbon storage tank to the CIP circuit using the carbon storage tank transfer pump. Average consumption of activated carbon is approximately 30 g/t. 17.1.16.7 Antiscalant Antiscalant is used in the process water reservoir and in the stripping circuit to minimize scale build-up. Each area has its own tote and antiscalant metering pump. Antiscalant is delivered in totes and stored inside the building. Average consumption of antiscalant is approximately 17 g/t. 17.1.16.8 Flocculant Flocculant is delivered to the plant in 750 kg super sacks. The flocculant bags are stored in a cold storage facility. The bags are lifted onto a platform over the hopper / feeder which feeds a wetting device which wets the powder, forming a solution. The solution is mixed in an agitated mixing tank and then transferred to a flocculant holding tank by a progressive cavity pump. Average consumption of flocculant is approximately 15 g/t. 17.1.16.9 Sodium metabisulphite Sodium metabisulphite is only used as a back-up reagent to sulfur dioxide, and thus far has not been used in the plant. Sodium metabisulphite (Na2S2O5) would be delivered as dry crystal in 1,000 kg super sacks by truck. The bags would be mixed to a 20% w/v solution in a 3 m diameter by 5 m high agitated tank. The solution would be pumped to the cyanide destruction circuit via a metering pump. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 383 17.1.17 Auxiliary systems 17.1.17.1 Compressed air Instrument and plant air compressors are provided for each area of the plant. Table 17.1 shows a list of the compressors and their capacities. Table 17.1 – Air compressors Area Type Number Nominal pressure (psi) Maximum pressure (psi) Flowrate (Nm3/h) Primary crusher Rotary screw 1 120 125 246 Leaching Rotary screw 1 50 60 1,498 Plant air Rotary screw 2 120 125 1,434 Cyanide destruction Rotary screw 3 50 60 6,545 17.1.17.2 Oxygen plant Oxygen is supplied to the first four cyanide leach tanks. Oxygen is supplied as a bulk liquid. 17.1.18 Process control Control of process equipment is done via a Delta V control system. Site possesses a real- time expert system platform and has developed advanced process control (APC) systems for the reclaim apron feeders, SAG mill, ball mill, cyclone feed pump box, and thickener. Site uses PARCview software for trending and data extraction. 17.1.19 Plant specific energy Figure 17.4 shows the specific energy usage for the SAG mill, ball mill, and total site for the 2-years period from 1 January 2020 to 31 December 2021. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 384 Figure 17.4 – Mill energy usage from January 2020 to December 2021 The actual SAG mill specific energy usage for the 24-month period was 9.1 kWh/t against the design specific energy of 15.8 kWh/t. The actual ball mill specific energy usage for the 24-month period was 11.9 kWh/t against the design specific energy of 15.8 kWh/t. The actual specific energies are below the design energies due to running much higher throughputs than the original design criteria.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 385 17.1.20 Mineral processing plant performance and production statistics The key operating parameters and performance indicators for the Rainy River processing plant for the year of 2020 - 2021 are presented in Plant debottlenecking and expansion projects The following items summarize the projects planned for the increase in plant throughput capacity. 17.1.21 Crushed ore stockpile Dust from the crushed ore stockpile has been identified as an environmental and health concern. Solutions to the dust problem include installation of dry fog system and dust control curtains at discharge point of coarse ore stockpile feed conveyor, CV 11. This modification has been planned to be installed in 2nd and 3rd quarter of 2022. Rainy River expects these measures should largely remove the dust issue. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 386 17.2 Plant debottlenecking and expansion projects The following items summarize the projects planned for the increase in plant throughput capacity. 17.2.1 Crushed ore stockpile Dust from the crushed ore stockpile has been identified as an environmental and health concern. Solutions to the dust problem include installation of dry fog system and dust control curtains at discharge point of coarse ore stockpile feed conveyor, CV 11. This modification has been planned to be installed in 2nd and 3rd quarter of 2022. Rainy River expects these measures should largely remove the dust issue. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 387 Table 17.2 – Rainy River processing plant operating parameters Crusher Metrics Units Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Tonnes Crushed t 1,739,605 2,010,914 2,479,099 2,490,504 2,434,373 2,354,013 2,248,840 2,262,208 Availability % 92.23 80.81 90.99 89.49 91.18 89.34 82.97 89.26 Operating Time % 57.66 63.95 74.77 73.44 77.80 73.42 69.70 75.41 Feed Rate tph 1,382 1,440 1,502 1,535 1,449 1,468 1,461 1,358 Mill Metrics Tonnes Milled t 1,678,120 2,173,124 2,483,849 2,483,911 2,367,088 2,306,780 2,322,510 2,253,302 Availability % 90.82 89.83 90.32 93.97 89.08 88.33 90.76 93.56 Operating Time % 72.63 85.17 87.33 88.51 85.54 86.62 89.51 92.25 Milling Rate tph 1,058 1,168 1,288 1,270 1,282 1,219 1,175 1,106 Tonnes Milled per Day tpd 18,441 23,880 26,998 26,999 26,301 25,349 25,245 24,492 Gold Metrics Gold Head Grade g/t 1.00 0.79 0.92 0.93 0.82 0.79 0.93 1.00 Gravity Gold Recovery % 6.41 0.41 0.00 0.00 0.00 0.60 14.68 23.84 Gravity Gold Recovered oz 3,139 202 0 0 0 311 8,998 15,934 Overall Gold Recovery % 90.38 89.21 89.46 89.81 89.47 87.40 88.60 92.10 Overall Gold Recovered oz 48,967 49,374 65,705 66,760 55,944 51,650 61,282 66,843 Gold Poured oz 50,381 48,800 63,004 66,734 54,656 52,901 58,557 68,364 Silver Metrics Silver Head Grade g/t 1.68 1.93 2.73 3.24 3.19 3.73 3.56 3.09 Gravity Silver Recovery % 2.25 0.13 0.00 0.00 0.00 0.20 2.81 4.35 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 388 Crusher Metrics Units Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Gravity Silver Recovered oz 1,265 92 0 0 0 330 4,623 6,323 Overall Silver Recovery % 62.28 52.21 51.92 50.21 57.06 59.92 61.74 65.06 Overall Silver Recovered oz 56,297 70,333 113,305 129,962 138,339 165,839 164,261 145,501 Silver Poured oz 61,265 70,394 102,814 127,390 133,730 162,879 160,461 153,394

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 389 17.3 Reducing throughput of the Rainy River process plant New Gold engaged Halyard to investigate the implications of significantly reducing the throughput of their Rainy River (RR) process plant and quantify a range of possible scenarios. The current plant capacity is rated at approximately 25 to 27 ktpd and the investigation considered the impacts of reconfiguring it to operate at 4 to 5 ktpd. This would accommodate ore from underground mining only when the ore from the open pit and waste ore stockpiles is depleted. In order to address this scenario and arrive at an optimum “fit-for-purpose” solution, Halyard proposed to split the project into two phases: • Phase 1 - Project definition and consideration of all alternatives. • Phase 2 – Cost estimation to PFS level for selected. Phase 1 is further split in two sub-phases: • Phase 1a - Comminution • Phase 1b - Gold Recovery (downstream) Phase 1 evaluated six options. Options 2a and b, as well as 3 were carried through to Phase 2 for further evaluation. The final recommended option is 2b. 17.3.1 Phase 1 The complete list of options under consideration for Phase 1 are listed in Table 17.3. Equipment sizing for Phase 1a is given in the Orway report, and each option is displayed on a schematic flowsheet. After review, it was determined that the downstream plant considered under Phase 1b could easily be modified to operate effectively under any of the proposed Options, 1 through 6. Table 17.3 – Options for Phase 1 Option No. Category Details Option 1 Batching Do nothing to plant capacity Option 2 Batching Turn Down SAG & Ball Option 3 Batching Remove BM, Turn Down SAG Option 4 Small Plant New Smaller Jaw & SAG Option 5 Small Plant New Jaw, SAG, Ball Option 6 Small Plant New Jaw, Sec. &Tert. Crush, Ball After consideration of capital and operating costs as well as practical operating issues, batching options, 2 and 3 were selected as the preferred options to proceed to Phase 2. No small plant options were selected. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 390 17.3.2 Phase 2 The selected Options (2a, 2b and 3) were considered in further detail in Phase 2, where the advantages and disadvantages of each option were considered. A high-level summary is outlined in Table 17.4. Table 17.4 – Advantages/Disadvantages Option no. Description Disadvantages Advantages #2a SAG and ball both “turned down”. Operation 14 days/month This option involves minimal changes. However, it involves many stop/starts and operation in winter would be difficult, particularly regarding the stockpile. This option involves minimal changes. Lowest capital cost. #2b SAG and ball both “turned down”. Operation 6 months/year, warm weather operation Difficulties with holding personnel during the extended “off” period. This option involves minimal changes and a continuous, warm weather operation has obvious advantages. Lowest capital cost. #3a SAG mill operated as a single stage, no ball mill. Operation almost continuous. Highest operating cost. Highest capital cost. This is a practical option, but apart from almost year-round, continuous operation holds no advantages over option 2. Project economics are an important driver and given that Option 3 has the highest capital and operating costs with no obvious advantages, the logical final selection is Option 2. Within the accuracy of this study, the capital costs of Options 2a and 2b are identical and the operating costs are similar. Scheduling of the labour force needs further consideration. The advantages of warm weather operation would outweigh the potential difficulties of a year-round, stop/start operation. Option 2b is therefore recommended for further evaluation. 17.4 Phase 1 Equipment Sizing The complete list of options under consideration are described in Table 17.3. Equipment sizing is given in the Orway report, which is appended to the Halyard PFS and focusses on Phase 1a, Comminution. In the PFS, each option is displayed on a schematic flowsheet. 17.4.1 Options The Options are described under two sub-headings: Comminution (1a) and Downstream (1b). NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 391 17.4.1.1 Comminution (1a) During preliminary discussions, the six options were suggested for analysis. Options 1, 2 and 3 were based on “batching” of ore through the existing plant. Options, 4, 5 and 6 were based on design and construction of a new smaller plant. Options 1, 2 and 3 each had two sub-options, termed “a” and “b”. These referred to different scheduling of the period of operation and are presented as days/month or months /year in Table 17.5. Table 17.5 – Phase 1a Comminution - (Options) Option no. Primary crusher/stockpile Grinding Operating time Batching #1a “Base Case”. Existing primary crusher and stockpile Existing SAG and ball mill (no turn- down) 6 days/month #1b As above As above 2.5 months/a #2a Existing primary crusher and stockpile Existing SAG and ball mill (turned down) 14 days/month #2b As above As above 6 months/a #3a Jaw crusher and existing stockpile Single-stage AG/SAG (existing modified) 25 days/month #3b As above As above 10 months/a Small Plant #4 Jaw and stockpile (new) Single-stage AG/SAG (new) 30 days/month #5 Jaw and stockpile (new) SAG and ball mill (new) 30 days/month #6 Jaw and stockpile (new) Secondary/tertiary crusher and ball mill (new) 30 days/month Note: The Jaw Crusher referred to in Options 3, 4, 5 and 6 is a new but existing semi-portable jaw crusher provided by RR. 17.4.1.2 Downstream (1b) After review, it was determined that the downstream plant could be easily modified to operate effectively under any of the proposed Options, 1 through 6. The tonnage will be reduced to approximately 20% of design and the gold production will be approximately 50% of design. The changes are summarized in the Halyard PFS. The lower instantaneous throughput in Options 3, 4, 5 and 6 will be accommodated by smaller cyclone feed, thickener u/f and tailings pumps and pipelines. The lower gold production in all options can be accommodated by transferring less carbon and employing fewer carbon strips. Also, Options 3, 4, 5 and 6 will require the use of only 6 leach tanks, 6 CIP (Carbon in Pulp) tanks and a single cyanide destruction reactor. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 392 17.4.2 Phase 1 Recommendations The following Phase 1 recommendations, were made after discussions between with New Gold and Halyard staff: • Either of Options, 2a, 2b or 3a are the preferred “batching” options. • No “small plant” options were selected. 17.5 Phase 2 Equipement Sizing Following discussion with the New Gold team, Options 2a, 2b and 3 were selected for further in-depth analysis in Phase 2: 17.5.1 Description Option 2a and 2b Refer to ‘H21241-PFD-002 Rev-A, Crushing and Grinding Option-2’. For both these options, there is no major change to the major items of equipment; the existing primary crusher, stockpile, SAG and ball mills are retained. The two mills, however, are slowed down using the existing variable speed drives and the ball loads are reduced. As described in the Orway report, the instantaneous throughput in both options is 478 t/h, (10,548 t/d). Therefore, the mill runs only 47% of the time. This could be 14 days/month or almost 6 months/year. Due to the reduced throughput, the cyclone feed pump, pipeline and cyclones are replaced, as are the preleach thickener u/f pumps, tailings pumps and pipelines. Only four leach tanks and one cyanide destruction tank are used while carbon transfer, elution, electrowinning and smelting rates are reduced. 17.6 Description Option 3 Refer to ‘H21241-PFD-002 Rev-B, Crushing and Grinding Option-3’. This option uses a new, but existing semi-portable jaw crusher provided by RR, new fine ore stockpile, existing SAG, existing trash screens, gravity circuit and pre-leach thickener. However, the single-stage SAG mill operates at reduced speed and with a lower ball load. The reduced speed in the SAG mill is achieved using the existing variable speed drive. The ball mill can be removed for sale. As described in the Orway report, the instantaneous throughput is 274 t/h, (6,050 t/d). Therefore, the mill runs only 83% of the time. This could be 25 days/month or 10 months/year. Due to the reduced throughput, the cyclone feed pump, pipeline and cyclones are replaced, as are the preleach thickener u/f pumps, tailings pumps and pipelines. Only

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 393 four leach tanks and one cyanide destruction tank are used while carbon transfer, elution, electrowinning and smelting rates are reduced. 17.7 Conclusion and recommendations Phase 1 identified all possible practical options and carried out a preliminary evaluation of each one. After review of the preliminary capital and operating costs and consideration of the various practical operating considerations, it was decided to move forward to Phase 2 with Options 2a, 2b and 3a. These options both involve relatively minor modifications to the existing plant. No small plant options were selected, mainly due to the higher capital costs. Option 1 was discarded mainly due to the short operating period which would involve multiple stop/starts compared with Options 2 and 3. Phase 2 refined the preliminary capital and operating costs developed in Phase 1 for Options 2a, 2b and 3a. During this process, the practicality of the various operating schedules was considered in more detail, particularly regarding winter operation. The three options are fairly similar in that they both involve relatively minor plant modifications. However, they have different operating schedules. As explained in the previous items, Option 2 involves a “turn-down” of both the SAG and ball mill, while Option 3 involves a “turndown” of the SAG mill only, which operates as a single-stage grinding unit. Options 2a and 2b both operate close to 50% of the time at almost 500 t/h. However, option 2a operates 14 days per month, throughout the year, while option 2b operates for a single 6 month period during the warmer weather. Project economics are an important driver and given that Option 3 has the highest capital and operating costs with no obvious advantages, the logical final selection is Option 2. Within the accuracy of this study, the capital costs of Options 2a and 2b are identical and the operating costs are similar. It seems that although scheduling of the labour force needs further consideration, the advantages of a warm weather operation would outweigh the potential difficulties of a year-round, stop/start operation. Option 2b is therefore recommended for further evaluation. The practicalities and costs of manning at the reduced level with contract labour should be investigated further. Another important operating cost item is power costs. Preliminary discussions should be held with the utility to define a new power supply contract. The selected option, 2b is shown on the following schematic PFD. Only the comminution circuit is shown as the downstream plant is essentially unchanged. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 394 Figure 17.5 – H21241-PFD-002 Rev-A, Crushing and Grinding Option-2 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 395 18 PROJECT INFRASTRUCTURE This Item summarizes the principal project infrastructure. Figure 18.1 provides a general site plan indicating principal project infrastructure and Figure 18.2 presents a detailed site plan of principal infrastructure located in the vicinity of the process plant. Source: New Gold 2020. Figure 18.1 – General site plan NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 396 Source: New Gold 2020. Figure 18.2 – Detailed site plan

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 397 18.1 Primary access roads The mine site access and onsite roads make use of existing roads and easements, upgrading and extending them as required. The main entrance to the site is the east access road, which connects the Korpi Road from Finland (Highway 71) with the Roen Road. Branches of the Roen Road connect the main access road to the plant site to the south and the TMA via Haul Road 13. A branch to the north provides access to the explosive magazine and the emulsion plant. On the south side of the TMA a single lane light vehicle service road runs parallel to the tailings and reclaim water pipelines. This road ties into double-lane service roads along the south and west sides of the WMP and ultimately continues through to the north-west, north, north-east, and east of the TMA. Haul trucks and other heavy equipment access the TMA via haul roads primarily constructed within the downstream rockfill of the dam. These haul roads are modified annually with each dam raise. Plant site roads connect the process plant area to the coarse ore stockpile at the primary crusher, the low-grade stockpile, the underground portal, and the open pit. Highway 600 was rerouted around the development area. 18.2 Mine haul roads The mine haul roads provide connectivity of the open pit to the overburden and waste rock dumps as well as ore stockpiles; connect the open pit to the crusher pad and pertinent mine facilities (truck shop, truck wash, fuel farm, etc.); and connect the open pit to the TMA to provide access for the haulage and placement of dam construction materials as required. 18.3 Principal mine & maintenance operation facilities The principal mine and maintenance facilities include the truck shop, truck wash, fuel bay and explosives storage and mixing facilities. 18.3.1 Truck shop Truck Shop 1 is a 1,350 metres squared (m2) heated and insulated fabric covered steel structure building with interlocking mat flooring that includes two service bays and additional space to house a mobile service crane. Truck Shop 1 is located in the plant site area to the west of the conveyor system and south of the truck wash. Truck Shop 2 is a 1,500 m2 heated and insulated fabric covered steel structure building with a concrete floor that includes three service bays and is located south of the existing Mine Dry. Truck shop 2 provides additional service bay capacity to support the ongoing maintenance of the mine fleet and includes a 50 t crane, and compressed air and lubricant distribution systems. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 398 18.3.2 Truck wash bay The 330 m2 truck wash is located adjacent to Truck Shop 1 on the north side. The truck wash can accommodate a single Komatsu 830E mine haul truck with the box up and includes a pressure wash system and an oil / water separation system. The truck wash system has mud settling basins for oil and grease removal and a water filtration system for continuous recycling of wash water. 18.3.3 Fuel bays The mine operations fuel bay is located west of the open pit along Haul Road 5. The fuel bay consisted of two 75,000 L double walled storage tanks until 2020 when it was expanded by the additional two further 75,000 L double wall storage tanks. The expanded total storage capacity of 300,000 L of diesel fuel provides mine operations with approximately two days of production storage. The light vehicle fuel station is located east of the plant site at the corner of Marr Road and Roen Road. This installation consists of four double walled storage tanks including one 26,000 L gasoline, one 50,000 L clear diesel and two 75,000 L dyed diesel tanks. This fuel station provides service to light vehicles, buses as well as contractor fueling requirements. 18.3.4 Explosive magazine and emulsion plant The explosive magazine and emulsion plant are located on a dedicated road to the north of the Roen road. The facilities were constructed and are being operated by the explosive supplier. The explosive magazine is located midway up the road and the emulsion plant is located at the end of the road in an isolated area. 18.4 Warehousing and storage 18.4.1 Warehouse The 2,800 m2warehouse facility is located at the upper laydown to the east of the process plant. The warehouse / supply chain offices are located adjacent to the warehouse on the north side, consisting of 11 offices, a single meeting room as well as a kitchen and bathroom facilities. 18.4.2 Lubricant storage building Located to the south of the warehouse, a 650 m2 fabric structure (uninsulated and unheated, but with passive ventilation) warehouses new lubricants. 18.4.3 Hydrocarbon storage building Located to the west of Truck Shop 2, a 260 m2 fabric structure (uninsulated and unheated, but with passive ventilation) is used for temporary storage of used hydrocarbons and includes a double walled waste oil tank. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 399 18.5 Principal offices and buildings 18.5.1 Security office and medical clinic The security office and medical clinic building houses security and medical staff. An ambulance and fire truck are parked in an adjacent building. The medical clinic is staffed by a Nurse Practitioner and the clinic is equipped with life support and resuscitation units. 18.5.2 Main administration building The main administration building is located south of the security / medical building and assay lab in the mill site area. The main administration building houses site management, technical and administrative staff, including Health & Safety, Environmental, Finance, Human Resources, Capital Projects, Mine Operations, Mill Operations, Mobile Maintenance, and Site Services. 18.5.3 Mine dry The mine dry is located to the south of the main administration building and includes a dry area to support mine operations staff as well as a single meeting room. 18.5.4 Mill office and dry A consolidated dry and office building is located near the southwest corner of the process plant. The building consists of 13 offices, a single meeting room, as well as kitchen and hygiene facilities for office staff in addition to a dry area to support mill operations staff. 18.5.5 Parking area Parking is provided adjacent to mill building, with capacity for 150 vehicles and two buses. 18.5.6 Assay lab The assay lab is located adjacent to the main administration building. The lab is designed to process 200 mine blasthole and mill solids samples per day. The assay lab has facilities for: NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 400 • Sample preparation including weighing, drying, crushing, and splitting. • Fire assaying, including a balance room for weighing final gold and silver buttons. • Atomic absorption (AA) spectrophotometers for analysis of the gold and silver following fire assay. • LECO analysers for carbon and sulphur analyses. • Wet chemical lab for solution samples. • Environmental lab. • Two offices, a lunchroom, and hygiene facilities. 18.5.7 Camp A camp facility located on Atkinson Road was purchased by Rainy River in 2019. The camp consists of ten dormitories with a capacity of 376 rooms and the ability to house up to a maximum of 376 people (single person rooms). Dormitories are classified as Private (118 rooms), Semi-Private (83 rooms), and Jack & Jill (175 rooms). Parking is available adjacent to the camp. Recreational facilities at the camp include a gymnasium, TV room, pool tables, library, and a commissary store. Internet Wi-Fi is available to all rooms. A dining facility is available for breakfast and dinner services. Lunches are required to be packed and taken during breakfast and dinner hours of operation. 18.5.8 Ceremonial roundhouse A ceremonial roundhouse is located on the south side of Roen Road and west of the Roen Pit. The roundhouse provides a place for gatherings and traditional Indigenous ceremonies. 18.6 Electric power and communications The total power connected for the project is estimated to be 57 MW. Electricity is supplied by a 16.7 km long 230 kV power line and connected to the regions existing 230 kV Hydro One power line currently connecting Fort Frances and Kenora. The main 230 kV to 13.8 kV substation is located to the north-east of the concentrator building. Two main 230 kV to 13.8 kV, 42/56/70 MVA transformers are used for combined power of 100 MVA. This provides capacity for future expansion and mitigates the risk of downtime due to transformer failure. A 15 kV gas insulated switchgear, complete with electrical protection devices is included. Electricity for the underground mine is provided by a 13.8 kV line routed from the main substation by an overhead power line to the mine portal.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 401 18.6.1 Emergency power There are two emergency generators, both generating 600 V, then transformed to 13.8 kV, to connect to the main substation bus. During a power outage, total generator loading is monitored at the main substation, while critical loads are monitored by Operations. Critical loads include fixed loads such as lighting, heating, sequential loads such as leach tank agitators, cyanide destruction tank, and manually operated loads, such as sump pumps, rake mechanisms, and reactive heating. 18.6.2 Communication A fibre optic loop connects all areas of the operation. The fibre optic lines are run on the overhead power distribution lines and transmit voice, video, and data on the following systems: • Telemetry, data acquisition, and control between the process plant and exterior process equipment. • Computer network between all departments. • Local telephone lines. • Computer network for maintenance on all electrical equipment. • Fire detection. • Video surveillance and access control systems. • Electrical tele-protection equipment. 18.7 Tailings Management Area 18.7.1 Background The Tailings Management Area (TMA) is located northwest of the open pit and plant site. As part of the original mine startup, the TMA was divided into three independent cells for tailings deposition: TMA Cell 1, TMA Cell 2, and TMA Cell 3 with a combined footprint area of approximately 550 ha. Containment for the TMA is provided by perimeter impoundment dams; the TMA North Dam along the north-west side, the TMA West Dam (Dams 4 and 5) along the west side, and the TMA South Dam along the south side. Naturally occurring high topography provides containment along the north and north-east sides of the facility. Internal impoundment dams were constructed to provide separation between the internal cells with the TMA Cell 1 Dam situated between TMA Cell 1 and TMA Cell 2, and the TMA Cell 2 Dam located between TMA Cell 2 and TMA Cell 3. The TMA Cell 1 Dam and the TMA Cell 2 Dam were constructed to their ultimate dam crest elevations of 371.5 m and 366.5 m, respectively. As the TMA perimeter dams (TMA North, South, and West Dams) are raised above the crest elevations of TMA Cell 1 and TMA Cell 2 dams, the internal dams would be covered by tailings forming a single impoundment area. As of 2021, TMA Cell 2 dam is entirely buried in tailings. Following the completion of the TMA Stage 3 raise in 2021, and the planned breaching of the TMA Cell 1 dam in Winter/Spring 2022, all three TMA Cells will be combined into a single contiguous cell. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 402 The Water Management Pond (WMP), located adjacent to the TMA, is a part of the water treatment system and stores treated water from the TMA and supplies water to the mill. The WMP is separated from the TMA by the TMA West Dam (comprising Dam 4 and Dam 5), and the remaining perimeter of the impoundment consists of WMP Dam 1, WMP Dam 2, WMP Dam 3, and WMP Dam 4. WMP Dams (1, 2, 3, and 4) were constructed to their ultimate dam crest elevation of 371.5 m. The TMA North Dam, TMA West Dam (Dams 4 and 5), and TMA South Dam will be raised in stages during the mine life to an ultimate elevation of 379.1 m. The TMA West Dam (Dam 4) was constructed to the Stage 1 starter dam elevation of 366.5 m by July 2017. The TMA West Dam (Dam 5) and a portion of the TMA South Dam (from approximate Sta. 0+000 m to 0+800 m) were constructed to a Stage 2 crest elevation of 371.5 m by September 2017. Stage 1 starter dam construction of the TMA South Dam (from approximate Sta. 0+800 m to 3+200 m) and TMA North Dam to a crest elevation of 366.5 m was completed in the 2018 construction season. Stage 2 construction of the TMA North Dam, TMA West Dam (Dam 4), and TMA South Dam to a crest elevation of 371.5 m was completed by September 2020. Stage 3 construction of the TMA North Dam, TMA West Dam (Dam 4 and Dam 5), and TMA South Dam to a crest elevation of 373.6 m was substantially completed by December 2021. Tailings deposition in TMA Cell 1 commenced in November 2017 with placement into TMA Cell 2 beginning in May 2018. Tailings placement into TMA Cell 3 began in May 2019. Generally, the tailings deposition strategy is to establish tailings beaches upstream of the perimeter dams (i.e., TMA North Dam, TMA West Dam [Dams 4 and 5], and TMA South Dam), while maintaining a pond around the fixed reclaim located at TMA Cell 2. The main depositional constraints for tailings placement are not burying or blocking the fixed reclaim; and not blocking the spillway channel situated at the TMA North Dam. The Stage 3 raise TMA emergency spillway is located at TMA North Dam Sta. 0+950 m. To allow for the staged construction of spillway raises and to realize schedule efficiencies, New Gold chose to alternate the spillway location for each raise between approximate TMA North Dam Sta. 0+850 m and Sta. 0+950 m. For the Stage 4 raise, the TMA emergency spillway is planned to be located at TMA North Dam Sta. 0+850 m. Considering the estimated ultimate crest elevation and the requirement to maintain containment within the Environmental Site Assessment boundary, a flood protection berm is required at a low topographic area located toward the northeast of the TMA, as shown in Figure 18.3. The proposed TMA flood protection berm will be approximately 600 m long with a maximum height of approximately 1.5 m (Figure 18.3). NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 403 Figure 18.3 – 2021 TMA General Arrangement (Base Imagery) (BGC, March 14, 2022) NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 404 Figure 18.4 – 2021 TMA General Arrangement (Base Topography) (BGC, March 14, 2022)

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 405 18.7.2 TMA Design The TMA is designed to provide sufficient containment for the projected tailings storage requirements and operational pond volume. The Environmental Design Flood (EDF) is to be stored below the TMA emergency spillway invert level (also referred as the EDF Level or EDFL) and the TMA emergency spillway is designed to pass Inflow Design Flood (IDF). New Gold prepares a water balance model to predict TMA pond volumes, which is a key input provided to BGC for estimating TMA storage and dam raise schedule. Tailings properties were interpreted by BGC based on observed conditions measured by LiDAR and bathymetric surveys as well as mill throughput tonnages are provided by New Gold. The IDF and freeboard requirements are determined by BGC in accordance with Canadian Dam Association guidelines. The EDF and maximum normal operating water level (MNOWL) are operational criteria selected by New Gold. 18.7.2.1 Tailings management planning The Tailings Management Plan (BGC, October 1, 2021) used historical tonnage records from mill start-up on August 9, 2017 to April 1, 2021 as provided by New Gold on April 20, 2021. Forecasted tailings production tonnages to the end-of-mine (EOM) are based on the updated life of mine (LOM) plan as provided by New Gold on April 20, 2021. LOM cumulative tailings tonnage provided to BGC was estimated to be 93.4 Mt. BGC estimated an average dry settled density of 1.35 t/m3, a beach above water (BAW) slope = 0.50%, and beach below water (BBW) slope = 0.90%. In addition, BGC assumed the 99th percentile pond to be contained below the spillway invert elevation. Table 18.1 provides a summary of the current dam raise schedule based on the tailings deposition modeling completed by BGC (October 1, 2021). Table 18.1 – TMA dam raise schedule Year Dam Crest Elevation (m) Raise Height (m) Spillway Invert Elevation (m) Dams to be Raised 2022 375.1 1.5 373.3 TMA Perimeter Dams(1) 2023 376.6 1.5 374.8 TMA Perimeter Dams 2024 377.9 1.3 376.1 TMA Perimeter Dams 2025 379.1 1.2 377.3 TMA Perimeter Dams Note:  TMA perimeter dams include the TMA South Dam, TMA West Dam (Dams 4 and 5), and TMA North Dam. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 406 18.7.3 Foundation Characterization and Geotechnical Parameters The following item provides a brief summary of the TMA foundation characterization and geotechnical parameters which are documented in BGC (October 29, 2021). Given the variability of foundation conditions along the TMA dams, geotechnical Design Zones were defined in areas with similar topographic and foundation conditions (see Item 2.2.2.2). 18.7.3.1 Surficial Geology The surficial geology at the Rainy River Mine consists of glacial sediments deposited during advance and retreat of the Laurentide Ice Sheet during the Late-Wisconsinan, between approximately 20,000 and 11,500 years before present (Bajc, 2001). Glacial advance and retreat led to the deposition of fine-grained glaciolacustrine soils and glacial (till) deposits. The typical stratigraphic units (from oldest to youngest) observed in the TMA and Water Management Dam foundations are listed below. • The Whiteshell Till (WST) generally comprises a dense, granular lodgement till deposited by Labradorean ice advancing from northeast to southwest at the start of the Late-Wisconsinan age. WST sediments were derived from igneous and metamorphic rocks of the Canadian Shield. • The Wylie Formation (WYL) generally comprises interbedded silt and clay deposited in a glaciolacustrine environment present during the retreat of the Labradorean ice. The clay fraction was generally sourced from advancing Keewatin ice. • The Whitemouth Lake Till (WML) generally comprises a massive, dark grey, high plastic silty clay lodgement till with trace amounts of sand and gravel. Following retreat of Labradorean ice, the WML was deposited by Keewatin ice advancing from west to east. WML sediments were derived from soft sedimentary rocks of the Williston Basin, which occupies a portion of southern Manitoba. The till was also partly derived from Wylie Formation sediments. Bajc (2001), and BGC have noted that the WML contains sheared and softened zones attributed to glacial deposition processes. • The Brenna Formation (BRE) comprises variable silt and fine sand to higher plasticity silts and clays deposited in a glaciolacustrine environment present during the retreat of the Keewatin ice. The sediment is sourced from Keewatin ice eroding to emergent land. BRE sediments varied as the lake basin became more distal to the ice front during progressive retreat of the Keewatin ice. The depositional environments also varied laterally across the site, depending on proximity to the lake shoreline. • The Poplar River Formation comprises glaciofluvial sands and gravels deposited in a fluvial environment present during a low period in the lake level. The features associated with the Poplar River Formation include erosional surfaces, boulder lags, paleosols, and channel-fills. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 407 • The Sherack Formation comprises variable silt and clay sediments deposited in a glaciolacustrine environment present during a re-advance of the Labradorean ice. The shoreline elevation is estimated at approximately 350 m to 352 m, suggesting a near shore environment with subaerial exposure to the north and west of the site (i.e., near the TMA). • Organics (peat/topsoil) 18.7.3.2 Geotechnical Design Zones The TMA North Dam, TMA West Dam, and TMA South Dam were divided into geotechnical Design Zones having similar stratigraphic and topographic conditions anticipated to exhibit similar geotechnical behavior. This allows design optimization by isolating unfavorable foundation conditions which require relatively large downstream stabilizing buttresses from areas with more favorable foundation conditions. Unfavourable foundation conditions are encountered in low-lying topographic areas with tall dam heights and thick surficial soils including lightly overconsolidated to normally consolidated1 overburden soils at depth. Favourable foundation conditions pertain to overburden soils typically encountered in high topographic areas which are relatively thin and moderately to heavily overconsolidated1 and having lower dam heights (5 m to 20 m). The shear strength and PWP conditions for lightly overconsolidated to normally consolidated overburden soils are generally lower, and as a result unfavourable for stability. Based on reviewing the PWP data measured from vibrating wire piezometers (VWPs) installed within the TMA dam footprints (BGC, September 8, 2021), relatively high excess PWPs and low rates of PWP dissipation are observed in low-lying topographic areas, which is attributed to the lower degree of overconsolidation and exacerbated by higher embankments (10 m to 22 m) across the localized valleys. Table 18.2 summarizes the geotechnical Design Zones for each dam, including the maximum dam height and foundation soil thickness. Further detail regarding the selection and basis for each Design Zone is documented in (BGC, October 29, 2021). Table 18.2 – Summary of geotechnical Design Zones TMA Dam Design Zone Sta. From (m) Sta. To (m) Max. Dam Height(3) at Ultimate (m) Max. Foundation Soil Thickness(1) (m) Unfavourable Foundation Conditions(2) TMA North Dam Zone 1 0+045 0+600 16 35 Yes Zone 2 0+600 0+975 14 45 Yes Zone 3 0+975 1+250 12 20 Zone 4 1+250 1+860 10 25 Zone 5 1+860 2+540 9 25 1 The consolidated conditions of the overburden soils are defined by the overconsolidation ratio (OCR). OCRs ranging from <1 to 2 correspond to normally consolidated conditions. OCRs ranging from 2 to 4 correspond to lightly overconsolidated conditions. OCRs ranging from 4 to 10 correspond to moderately overconsolidated conditions and OCRs >10 correspond to heavily overconsolidated conditions. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 408 TMA Dam Design Zone Sta. From (m) Sta. To (m) Max. Dam Height(3) at Ultimate (m) Max. Foundation Soil Thickness(1) (m) Unfavourable Foundation Conditions(2) TMA West Dam Dam 4 0+015 0+980 16 30 Yes Dam 5 0+980 1+861 16 30 Yes TMA South Dam Zone 1 0+000 0+815 18 15 Zone 1A 0+815 1+400 16 - Zone 2 1+400 1+600 26 35 Yes Zone 3 1+600 1+900 24 30 Zone 4 1+900 2+050 22 35 Yes Zone 5 2+050 2+350 24 40 Yes Zone 5B 2+350 2+500 24 28 Yes Zone 6 2+500 2+600 24 30 Zone 7 2+600 3+000 22 30 Zone 8 3+000 3+585 14 - Notes:  Foundation soil thickness generally based on refusal depths of cone penetration tests (CPTs), test pits, and boreholes completed within the dam footprint. TMA South Dam Design Zone 1A and 8 foundation thickness not interpreted due to limited site investigation information.  For Design Zones with unfavorable foundation conditions, additional stability analyses will be completed to meet an EOC FOSmin = 1.3 considering lower-bound shear strengths.  Height is defined as the elevation difference between the lowest extent of the downstream buttress and the TMA Ultimate crest elevation. 18.7.4 Ultimate Footprint The feasibility level Ultimate Design Report (BGC, January 28, 2022) was also intended to identify areas where the ultimate footprint of the TMA dams might be constrained, such as the Rainy River mine property boundary, environmental site assessment boundary, and critical mine infrastructure (e.g., biochemical reactor (BCR) #1, and the West Creek Diversion Channel (WCDC)). As part of the Ultimate Design Report (BGC, January 28, 2022), stability modelling was completed for selected geotechnical Design Zones for the TMA South Dam, TMA West Dam (Dams 4 and 5), and TMA North Dam at the ultimate crest elevation of 379.1 m. At the time of preparing the report New Gold requested that BGC assume the design transitions from a low permeability clay core to a geosynthetic liner system for the 2023 TMA Stage 5 raise. The proposed feasibility design consists of transitioning from a clay core centerline raise to a downstream raise with the geosynthetic liners placed on 3H:1V upstream slope. As noted, New Gold wishes to maintain the current clay core design with downstream filters and downstream rockfill shell following a centerline raise design concept. The TMA ultimate dams were designed to satisfy the end of construction static, pseudo-static, and post-earthquake stability criteria. The stability criteria, loading conditions, geotechnical parameters and analysis methodologies are consistent with the design basis (BGC, January 12, 2022b). As noted above, stability modeling was completed on the geosynthetic liner system and not on the revised clay core cross

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 409 section. Further, the stability modeling undertaken for the geosynthetic liner system was only for the ultimate crest elevation and not completed for the interim dam raises. For updating the estimated material quantities, the estimated downstream buttressing required at the ultimate crest elevation for the geosynthetic liner system was assumed to be adequate to support the revised clay core cross section. Changes to the ultimate design assumptions should be captured in the annual dam raise designs and in future updates of the ultimate design report, which may require upstream and downstream buttressing to be modified to satisfy required factors of safety. Results of stability modeling for the ultimate design with the geosynthetic liner system are presented in the Ultimate Design Report (BGC, January 28, 2022). The minimum ultimate buttress requirements to satisfy the downstream stability of the TMA Dams are summarized in BGC (January 28, 2022) with the TMA ultimate footprint shown Figure 18.3 and additional ultimate buttressing shown in Figure 18.4. Note, the presented results are intended as guidance for planning purposes as detailed designs will be required for future dam raises at the TMA. Based on the design assumptions and stability analyses completed for the TMA ultimate design, the following areas have been identified as having downstream impacts and will need to be addressed during detailed design. Detailed design and planning, including updating the stability analyses, should be completed to refine the buttressing requirements considering changes to the design basis (i.e., clay core rather than geosynthetic liner), any additional site investigation and align with updated non-acid generating (NAG) rockfill quantities and fill placement schedule. • The TMA North Dam ultimate footprint extends to the property boundary near Sta. 1+000 m and encroaches into the existing seepage collection system Sump 4 near Sta. 1+200 m and into the seepage collection system ditch from approximately Sta. 0+300 m to Sta. 0+550 m. Although infilling along portions of the seepage collection system is anticipated, the pre-load recommendations for the ultimate crest elevation provided by BGC (BGC, January 12, 2022a) indicated to not infill the seepage collection system at this time; however, stability should be assessed during future design stages to assess whether infilling of the seepage collection system is necessary. • The ultimate footprint for the TMA South Dam is adjacent to the WCDC between approximately Sta. 2+500 m and Sta. 2+600 m, which is based on estimated PWP dissipation. The PWP dissipation assumptions will need to be verified in future detailed design stages and buttressing updated as required. If PWPs do not dissipate as expected, additional buttress fills may be required that will encroach on the 80 m setback from the WCDC. • The current ultimate pipeline corridor will be impacted by the TMA South Dam buttress fill from approximately Sta. 0+300 m to Sta. 2+350 m due to the slope of the pipeline corridor. Detailed design and planning should be completed to refine downstream fills or to address potentially raising the pipeline corridor to the required elevation. • For the TMA West Dam (Dam 4), stability modeling indicated the ultimate dam footprint would need to extend into the downstream nitrification cells or BCR #1 of the water treatment system to meet the minimum required FOS. The infilling of the nitrification cells or the BCR #1 was not required for the pre-load recommendations provided by BGC (January 12, 2022a), PWP dissipation in this area should be monitored, and buttressing requirements refined during NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 410 future detailed design stages. If the extent of the buttressing cannot be modified to avoid placement of buttress material into the nitrification cells or BCR #1, the design cross section should be re-evaluated. • Downstream buttressing to satisfy the TMA West Dam (Dam 5) stability for the ultimate crest elevation is predicted to extend into the WMP pond. The reduced WMP storage volume and the constructability of placing buttress fills sub- aqueously into the WMP will need to be considered. • Slope stability was not assessed for the TMA Saddle Dam and the TMA Flood Protection Berm, which will need to be completed during future detailed designs. Additional site investigation to support detailed design of the TMA Flood Protection Berm footprint is required as there is currently no site investigation for this proposed structure. Refer to the Ultimate Design Report (BGC, January 28, 2022) for a discussion of all identified risks and opportunities for the TMA design, including design basis, closure, seepage collection and analyses 18.7.5 Construction Material Quantities The estimated construction material quantities are based on the stability assessments completed for the feasibility level Ultimate Design Report (BGC, January 28, 2022). LOM quantities were then updated to account for the clay core design (BGC, March 14, 2022). However, no additional stability assessments were completed and buttressing requirements were assumed to be consistent with the Ultimate Design Report (BGC, January 28, 2022). The estimated construction quantities for 2023, 2024, and 2025 presented are a Class 4 estimate with accuracy ranging from -30% to +50% % (AACE International, August 7, 2020). The estimated construction quantities for 2022 are based on the 2022 TMA Stage 4 design (BGC, January 12, 2022a), and are considered to be a Class 1 estimate with accuracy ranging from -5% to +15% (AACE International, August 7, 2020). The estimated material take-offs (MTOs) for construction materials are summarized in Table 18.1. Detailed assumptions for the development of the estimates are provided in BGC (March 14, 2022). The key assumptions and limitations related to the MTOs are listed below: • Clearing and grubbing areas have been estimated based on the TMA ultimate footprint. This was assumed to occur in 2022 for the 2022 pre-load placement, and in 2023 for the construction of the TMA Saddle Dam and TMA Flood Protection Berm. • The estimated volumes do not account for settlement that will occur during operations or after the final dam raise or mine closure phase. • Buttress construction based on the Pre-loading Design (BGC, January 12, 2022a) is assumed to be completed by November 2022. • Subsurface conditions of the TMA Flood Protection Berm assumed the structure will be founded in soil and will not require tie-in to bedrock. • The emergency spillway construction for operations assumes a similar or same design as the 2022 TMA Stage 4 design. BGC assumed the lock blocks will NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 411 not be reused, and that approximately 75% of Zone 7 (Cobbles and Boulders) and Zone 10 (Boulders) materials can be reused. • Material quantity estimates for the closure spillway are not included. • Construction of the TMA Saddle Dam and TMA Flood Protection Berm is assumed to start in 2023. • The quantities provided are estimates based on neat line, straight measures, and compacted in place. Allowances for contingencies, over building, access ramps, or wastage are not considered. New Gold provided annual volumes of available NAG rockfill for construction on September 24, 2021. Consistent with previous NAG supply estimates, BGC assumed 70% of the total NAG available will be suitable for construction. Based on volumes provided, BGC understands that after 2023, NAG rockfill availability will decrease significantly. A summary of the NAG rockfill (Zone 3 and Zone 3A) supply and requirements are provided below in Table 18.3. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 412 Table 18.3 – Summary of TMA Dams Life of Mine Quantities – All Dams Material Type Units Total (2022-2025) Year 2022 Crest El. 375.1 m 2023 Crest El. 376.6 m 2024 Crest El. 377.9 m 2025 Crest El. 379.1 m Stage 4 Raise Pre- Loading Dam - Earthworks Clearing and Grubbing ha 6.3 0.4 5.5 0.2 0.2 Common Excavation m3 32,665 1,350 29,365 1,125 825 Bedrock Cleaning m2 6,585 2,040 4,220 145 180 Dental Concrete m3 783 222 516 20 25 Slush Grout m3 5,770 1,775 3,705 125 165 Zone 1: Core – Select Clay m3 312,500 80,400 113,700 65,800 52,600 Zone 2: Upstream Shell – Random Granular Fill m3 1,024,000 263,000 321,900 233,600 205,500 Zone 2A: Upstream Shell – Select Granular Fill m3 133,800 32,100 44,100 29,900 27,700 Zone 3: Downstream Shell – Clean Mine Rock m3 2,334,100 288,500 1,790,000 226,200 22,200 7,200 Zone 3A: Downstream Shell – Select Clean Mine Rock m3 209,700 52,800 62,300 49,000 45,600 Zone 4: Chimney Fine Filter m3 67,600 16,500 22,200 15,000 13,900 Zone 4A: Blanket Fine Filter m3 11,890 2,090 8,700 600 500 Zone 5: Transition/Drain – Processed Rock m3 77,100 20,100 27,000 15,500 14,500 Zone 7: Cobbles and Boulders – Spillway m3 1489 850 213 213 213 Zone 10: Boulders – Spillway m3 2450 1,400 350 350 350 Dam - Geosynthetics and Anchoring Non-Woven Geotextile m2 3200 800 800 800 800 Precast Concrete Lock Blocks ea. 100 25 25 25 25 Seepage Collection System – Earthworks and Geosynthetics Clearing and Grubbing ha 5.7 5.7

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 413 Material Type Units Total (2022-2025) Year 2022 Crest El. 375.1 m 2023 Crest El. 376.6 m 2024 Crest El. 377.9 m 2025 Crest El. 379.1 m Stage 4 Raise Pre- Loading Common Excavation m3 14,100 14,100 Zone 1: Core – Select Clay m3 11,100 11,100 Zone 3: Downstream Shell – Clean Mine Rock m3 430 430 Zone 3A: Downstream Shell – Select Clean Mine Rock m3 80 80 Zone 7: Cobbles and Boulders m2 45 45 Notes: • The quantities presented herein are estimates only based on neat line, straight measures, and compacted in place. Allowances for contingencies, over building, access ramps, or wastage are not considered. • Definitions: “ha” = hectares, “ea” = each. • 2022 – Stage 4 Raise and Preloading refers to material quantities required as per BGC’s TMA Stage 4 Detail Design Rev. 1 Issued for Construction Drawings, dated January 12, 2022. • TMA Life-of-Mine quantities are based on feasibility level design and will be refined based on detailed raise designs. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 414 Table 18.4 – NAG Rockfill Supply and Requirements for TMA Construction Description Units(1) 2022 2023 2024 2025 Total NAG Volume available for TMA Construction(2) Mm3 3.3 2.6 0.5 0.1 6.5 NAG Suitable for Construction(4) Mm3 2.3 1.8 0.3 0.1 4.5 NAG Volume required for TMA Construction(5) Mm3 2.1 0.3 0.1 0.1 2.6(6) Notes:  Mm = megameter  LOM NAG tonnages provided by New Gold (email communication from Brent McFarlane, September 24, 2021). Quantities includes 20% bulking factor.  NAG volume based on a unit weight of 2.04 t/m3.  Based on direction from New Gold, 70% of total NAG is assumed to be suitable for TMA construction.  Based on Zone 3 and Zone 3A rockfill required for annual raise construction and buttress pre-loading. This includes all rockfill required for Zone 3 and Zone 3A above the 2021 TMA Stage 3 Raise as-built configuration.  Total Zone 3 and Zone 3A required for the ultimate configuration and above the original ground surface based on the September 2021 Lidar surface. Based on the NAG rock volumes and timing of availability provided by New Gold, BGC anticipates sufficient supply of NAG rockfill in 2022, but if changes are required, there is a risk of insufficient supply. This would delay the construction of the 2022 pre-load (BGC, January 12, 2022b), which is considered optional for placement in 2022. However, since pre-loading is intended to reduce overall fill quantities in the future, BGC recommends constructing as much as reasonable in 2022 to allow PWPs to dissipate. Extending the pre-load construction plan beyond 2022 may require additional volume of NAG rockfill to meet future stability requirements. 18.7.5.1 MTO Considerations The following risks, opportunities, and recommendations have been identified based on the MTOs presented above: • The TMA ultimate configuration, footprint, and quantities are provided for feasibility level design and will need to be updated during the detailed design for annual raises of the TMA, incorporation of the centerline, clay core raise, and as more data becomes available. • NAG volumes provided in Table 18.4 indicates the available volume of NAG in 2022 is approximately equal to the amount required for construction. Based on discussions with New Gold, BGC understands that NAG quantities available for TMA construction may change from what was assumed for this TMA Ultimate Design Update. • The additional buttressing shown on the Pre-load Drawings (BGC, January 12, 2022a) is considered optional, but if placed in 2022 would reduce the overall fill quantities required in the future. • Extending the pre-loading plan beyond 2022 will extend the period of PWP dissipation which will likely require additional buttressing and additional NAG volumes compared to those presented. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 415 • Based on the NAG rock volumes and timing of availability provided by New Gold, BGC anticipates that in 2025 New Gold will have a potential shortage of suitable NAG for construction. A plan to allocate sufficient NAG for dam construction should be developed to mitigate this risk. • The TMA Dams are expected to continue to settle after the last crest raise in 2025. Material quantity requirements in 2025 will increase if the crest is overbuilt to accommodate this settlement. This may result in a shortage of suitable NAG for construction. • The ultimate buttressing plan is considered a feasibility level design, which should be revisited depending on NAG availability, scheduling requirements, and detailed design stages. • Additional materials will be required for constructing the closure spillway. These quantities will need to be considered and planned for once the closure spillway design is developed. 18.8 Integrated water treatment train Discharge to the Pinewood River is currently targeted to a minimum 1:1 receiver to final effluent mixing ratio. The Pinewood River is required to have surpassed a minimum flow of 10,000 m3/day before site water discharge begins for the year. Discharged water is also required to meet water quality guidelines in order to minimize or avoid impacts to the receiving environment. The total annual volume discharged through the treatment system is predicted to be between approximately 2.07 and 2.12 Mm3 (Contango 2019). In order to meet both the discharge rate and quality requirements, Contango Strategies Ltd. (Contango) designed an integrated water treatment train that consists of a water treatment plant (WTP), a nitrification cell, and two (2) BCRs. All systems in the water treatment train are operational from April through to November and is shut down during the winter months. Key sources of water being treated by this system are: • Water from TMA and sources that pump to the TMA including sediment ponds 1, 2, and 3. • Surface runoff and seepage from the TMA. • Surface runoff and seepage from the TMA that have reported to the water discharge pond. 18.9 Mine rock and overburden stockpiles Storage of mine rock (waste rock and Low-Grade Ore (LGO)) and overburden waste is provided at two locations, the East Mine Rock Stockpile (EMRS) and the West Mine Rock Stockpile (WMRS) as shown in Figure 18.1. At the end of year 2022, following mining of the open pit north lobe to elevation 70 m, an in-pit waste rock stockpile will be established. The conceptual level design of the in-pit waste stockpile provides an additional 22 Mt (about 10.0 Mm3) of mine waste rock capacity. The implementation of the in-pit waste dump will allow additional time for foundation strength gain at the existing mine waste stockpiles and relieve strict NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 416 scheduling requirements of PAG waste rock placement in the EMRS. Also, the TMA is planned to receive 3.1 Mm3 of NAG and 1.4 Mm3 of PAG. The capacities of the EMRS, the WMRS, the in-pit waste dump and the TMA to receive mine waste rock (NAG and PAG) as well as overburden (OVB) and LGO are summarized in Table 18.5. Table 18.5 – Capacities of Waste Storage Facilities Structure Available Capacity (Mm3) Overburden NAG PAG LGO Totals EMRS 0.9 19.1 12.1 32.1 WMRS 13.6 11.9 - - 25.5 TMA - 3.1 1.4 - 4.5 In-pit Waste Stockpile - - 10.0 - 10.0 Totals 14.5 15.0 30.5 12.1 72.1 Note: The remaining quantities shown are as at the end of 2021 The EMRS and WMRS utilize an extensive geotechnical instrumentation monitoring and surveillance system consisting of slope inclinometers, vibrating wire piezometers and settlement plates to continually assess the performance of the structures. Trigger action response plans are in place for the instrumentation to inform mine operations should any abnormal measurements be detected so that appropriate actions can be taken to ensure safe operation of the facilities. 18.9.1 East Mine Rock Stockpile The EMRS was designed to accommodate a combination of overburden waste and PAG mine rock. The mine rock includes both waste rockfill and LGO. The low-grade ore stockpile (LGOS) is located in the centre of the west side of the EMRS. Overburden waste is currently stored internally in an overburden waste dump. The internal dump accommodates up to 25 m height of overburden. Additional overburden capacity is available through placement of 3 m thick lifts of overburden alternating with 3 m lifts of waste rock above the internal dump and within the south-east shear key area. Waste rock is being placed either internally above the overburden dump, or around the perimeter of the EMRS where it serves to buttress the internal overburden dump. The EMRS typical section is provided in Figure 18.5. The EMRS design crest elevation varies, from a minimum elevation of 402 m in the east and the west, to a maximum elevation of 411 m in the north and the south. The EMRS design perimeter slopes vary from 4H:1V (Horizontal: Vertical) to 5H:1V below 15 m stockpile height, and from 5H:1V to 7H:1V above 15 m stockpile height. Benches are typically 3 m in height and of similar width below and above the 15 m height bench. The internal overburden dump has a 10H:1V internal slope, and a maximum height of 25 m. Due to the presence of historically placed overburden fill near the EMRS perimeter at the south end of the LGOS area, a 95 m wide intermediate bench is required at elevation 376 m. Ground improvement measures have been implemented to improve the shearing resistance of the foundation of the EMRS perimeter (as shown in Figure 18.6). EMRS

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 417 ground improvement measures comprised constructing waste rock shear keys (in areas where foundation clay thicknesses are between 3 m and 8 m), and installing wick drains at 2 m spacing (in areas where more than 8 m of foundation clay is present). No ground improvement measures were required where the clay thickness is less than 3 m. The wick drain area width varies from 138 m to 203 m. A controlled rate of stockpile raising is required within the perimeter area to allow time for the dissipation of excess porewater pressures due to loading, and the associated consolidation strength gain. A maximum rate of raise of 9 m/year within the EMRS perimeter has been considered in the design. Source: Golder 2020a. Figure 18.5 – EMRS typical cross sections NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 418 Source: Golder 2020a. Figure 18.6 – EMRS ground improvement layout plan NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 419 18.9.2 West Mine Rock Stockpile The WMRS provides storage for a combination of NAG waste rock and overburden waste. The design provides storage for overburden waste internally in an overburden waste dump, with waste rock to be stockpiled around the perimeter, where it functions to buttress the overburden waste. The WMRS has been designed with a stockpile height and slope geometry which does not require foundation improvement measures. The WMRS geometry plan is provided in Figure 18.7. The WMRS has been designed to a maximum height of 24.5 m. The internal overburden dump may extend to the full height of the WMRS. The overburden dump will have a minimum 180 m setback from the ultimate WMRS perimeter, and it will be constructed with 10H:1V side slopes. Waste rock will be stockpiled within this setback area and will form the exterior WMRS side slope geometry. The waste rock perimeter slope are 6H:1V and 22H:1V slopes for heights below and above 9 m, respectively. The design includes two typical design sections (Sections A and B on Figure 18.8), considering maximum foundation clay thicknesses of 26 m and 37 m, respectively. A revised design of the WMRS northeast area is currently ongoing due to the presence of a historical fill within this area. Source: Golder 2021. Figure 18.7 – WMRS plan view NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 420 Source: Golder 2021. Figure 18.8 – WMRS design sections

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 421 19 METAL PRICES Project economics have been assessed using the following metal prices: • Gold price = $1,400/oz • Silver price = $19/oz According to the London Bullion Market Association (LBMA), the average daily PM Fix gold price for 2021 was $1,799 per troy ounce. The three-year and five-year rolling average prices through the end of December 2021 are $1,651 and $1,496 per troy ounce, respectively. The volatility of the gold price over these periods can be seen illustrated in Figure 19.1, and shows the low of $1,151 and the high of $2,067 during the five-year period. Source: kitco.com 2022. Figure 19.1 – LBMA PM Fix gold price (daily) According to LBMA, the average daily silver price for 2021 was $25.14 per troy ounce. The three-year and five-year rolling average prices through the end of December 2021 are $20.71 and $18.98 per troy ounce, respectively. The volatility of the silver price over these periods can be seen illustrated in Source: kitco.com, 2022. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 422 Figure 19.2, and shows the low of $12.01 and the high of $29.59 during the five-year period. Source: kitco.com, 2022. Figure 19.2 – LBMA silver price (daily) Based on the undertaken review, the metal prices selected by New Gold are reasonable, particularly given the recent appreciation in metal prices. 19.1 Markets Gold and silver markets are mature global markets with reputable refiners located throughout the world. Gold output from the Rainy River Mine operation is in the form of doré containing approximately 40% gold and 60% silver on average. Silver credits are received from the Refiner. The doré is shipped to either Asahi Refining Canada Ltd. in Brampton, ON or to the Royal Canadian Mint in Ottawa, ON. Transportation of the doré to either refinery is contracted out by the respective refineries. Responsibility for the doré changes hands at the gold room gate upon signed acceptance by the Refiner or its Transport Provider. The mill at Rainy River is expected to produce an annual average of 296 k oz gold and 520 k oz silver over the period 2022 – 2028 and an annual average of 150 k oz of gold NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 423 and 145 k oz of silver over the period 2029 to the end of the life of mine, for a total annual average of 252 k oz gold and 407 k oz of silver. 19.2 Contracts 19.2.1 Gold price option contracts New Gold no longer participates in precious metals options contracts for Rainy River production. Metal production is thus sold at ‘spot’ prices. 19.2.2 Metal streaming contracts In 2015, New Gold entered into a $175M streaming transaction with Royal, a wholly- owned subsidiary of Royal Gold. Under the terms of the agreement, New Gold will deliver to Royal Gold 6.5% of gold production from Rainy River up to a total of 230,000 ounces of gold and then 3.25% of the mine’s gold production thereafter. New Gold will also deliver to Royal Gold 60% of the mine’s silver production to a maximum of 3.1 million ounces and then 30% of silver production thereafter. In addition to the upfront deposit, Royal Gold will pay 25% of the average spot gold or silver price at the time each ounce of gold or silver is delivered under the stream. The difference between the spot price of metal and the cash received from Royal Gold will reduce the $175M deposit over the life of the mine. Upon expiry of the 40-year term of the agreement (which may be extended in certain circumstances), any balance of the $175M upfront deposit remaining unpaid will be refunded to Royal Gold. 19.2.3 Other contracts As of 31 December 2021, the main contracts involved with the mine are: • Refining: Asahi Refining Canada Ltd. and Royal Canadian Mint • Electricity: Independent Electricity System Operator • Fuel supply: Shell • TMA construction: currently in tender • Tire supply: Michelin North America, Inc. • Explosive supply: Dyno Nobel Canada Inc. • Lubricant supply / support: Anokiigamig / Petro • Sodium cyanide supply: Chemours • TMA engineering: Currently in Tender • Camp catering / housekeeping: Anokiigamig New Gold and Rainy River have policies and procedures in place for the letting of contracts. These are awarded based on pricing, supplier competencies and their ability to address where applicable, New Gold’s commitments with respect to Aboriginal groups NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 424 regarding business, employment, and other opportunities relating to the operation of the Rainy River Mine.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 425 20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT 20.1 Introduction New Gold is committed to environment, social and community resources and relations in and around the Rainy River Mine. This commitment is mandated and assessed against New Gold’s Sustainability and Safety Policy approved by the Board of Directors on March 8, 2021. The Environmental Department is adequately staffed, and has accountabilities including water resource management, ambient air quality, wildlife monitoring, surface water, and groundwater monitoring using current staff and contracts several external consultants to conduct specialized work. From 2020 to 2021, the Rainy River Mine has recorded 22 non-compliance related issues associated with an unauthorized effluent discharge, surface water quality exceedance, air quality particulate matter exceeding permit limits and noise level threshold exceedances. New Gold has reported all non-compliances to the appropriate regulatory agencies. No charges or fines were levied. On July 31, 2020, the Impact Assessment Agency of Canada issued a Notice of Non- Compliance for New Gold’s Rainy River Mine not compensating for the loss of fish habitat in accordance with the Metal and Diamond Mining Effluent Regulations by failing to achieve the success criteria of recreating functional fish habitat in the Stockpile Pond. Investigation into the fish habitat of Stockpile Pond was started in Q3 2020 and continued through 2021. Remediation measures are planned to be installed in Q3 and Q4 of 2022. 20.2 Environmental Studies New Gold is committed to complying with various permits, licenses, authorizations, approvals, and assessments to avoid and / or mitigate environmental impacts associated with the Rainy River Mine activities. The following outlines past studies and ongoing monitoring that is programmed to continue during operations. 20.2.1 Meteorology and Air Quality Climate information is suppled and correlated with the Environment Canada climate station at Barwick, ON and an on-site meteorological station located 5 km south-east of the Process Plant. The on-site station provides real-time site wind speed, wind direction, temperature, relative humidity, and precipitation data. Air quality at the mine site is generally influenced by offsite meteorological conditions and by volatile organic emissions from insects, vegetation, and natural fires. The greatest impact on air quality is increased particulate matter generated from vehicle traffic and crusher operations, with less significant impacts from other site generated activities. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 426 Background air quality data for particulate matter is reported from three on site ambient air monitoring stations. 20.2.2 Acoustics Annual acoustic audits are performed at locations in and surrounding the mine site to ensure mine activities do not exceed applicable regulatory sound level criteria. Significant noise sources include equipment associated with construction activities at the TMA and mine rock stockpile development. 20.2.3 Geochemistry As part of the environmental approvals process, New Gold was required to prepare and implement a geochemical monitoring plan to meet permit requirements. The purpose of the plan is to; assess the potential acid generating conditions of all mine rock materials extracted during the mine life, and to ensure proper segregation and management of these materials as per best industry practices for metal leaching / acid rock drainage sampling and characterizations. Since 2017 geochemical monitoring data has been collected and assessed as per requirements defined in the Geochemical Monitoring Plan (Wood 2016). New Gold continues to meet all geochemical monitoring requirements stipulated under permitting conditions. The Independent Technical Review Board, comprised of external consultants who report to New Gold corporate management, reviews updates on mine rock geochemistry and acid rock drainage studies to determine the effects on water quality and closure planning. 20.2.4 Hydrogeology Under the conditions of the Environmental Compliance Approval (ECA) permit, updates to the hydrogeological model (i.e., groundwater flow model) are to occur every 3 years during mine operations. Wood PLC (Wood) provided the first update in the 2017. Klohn Crippen Berger Ltd. (KCB) developed the latest 1-D and 3-D transient groundwater model in 2020. The model has been reported to the regulator on March 2021 as part of the annual groundwater monitoring report. The next model update will be in 2023 as required by the permit. Based on the 2020 assessment by KCB, the extent of the zone of influence (ZOI) has changed when compared to the previous steady state model predictions by Wood. Specifically, the ZOI extends further to west and southeast, and does not extend as far to the east and south. Site wide groundwater monitoring wells will continue monitoring groundwater levels and confirm any changes to the predicted drawdown cone from dewatering of the open pit. 20.2.5 Surface Water Seventeen surface water monitoring stations are located both upstream and downstream of current plant and mine facilities, positioned accordingly along the Rainy River, Pinewood River and major tributaries, to evaluate impact of the operations on local NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 427 drainage systems. Comparisons of current and historical surface water sampling results with applicable permit benchmark limits and provincial objectives show that water quality is generally good. Parameter concentrations are generally below standards for the protection of aquatic life, except for iron and phosphorus, which commonly exceeded permitted limits. As well, pH, aluminium, cadmium, copper, cobalt, uranium, vanadium, zinc, and zirconium occasionally exceed ECA permitted limits. Site effluent discharge monitoring results were within final effluent limits and all acute toxicity tests results registered with passing grades. Surface water quality is proactively monitored within the TMA, WMP, MRP, water discharge ponds, and sediment ponds for corporate due diligence and management purposes, but not for effluent quality and comparison to effluent limits, as there are no discharges. 20.2.6 Groundwater Monitoring Groundwater monitoring is regularly completed by site personnel at 45 monitoring wells and 3 VWP arrays. Groundwater level measurements and field chemical parameters are manually recorded. Continuous groundwater level measurements using transducers are recorded for 15 monitoring wells as per permit requirements. Groundwater water chemistry sampling is completed 3 times per year as required by permit conditions. Water samples are analyzed for a complete suite of parameters. The 2021 groundwater quality monitoring results are very similar to 2016 baseline results, indicating minimal change in conditions. Results from neighbouring private wells showed generally good water quality, with occasional exceedances of some parameters. 20.2.7 Aquatic Resources As part of the environmental monitoring program, annual performance monitoring for constructed fish habitat and fish tissue monitoring activities is conducted as outlined in Federal Regulations, Fishery Act Offset Plan Authorizations and ECA permit conditions. Constructed fish habitat monitoring is comprised of fish community surveys, fish habitat surveys, and associated reporting. Fish community and fish habitat surveys are conducted at the West Creek, Stockpile, Clark and Teeple Ponds and associated diversion. All constructed fish habitat and communities have met approved criteria except for Stockpile and Teeple Ponds and associated diversions. Further contingencies and monitoring will be completed in 2022. Fish tissue monitoring is comprised of two components, a large-bodied and small-bodied fish tissue survey. The objective of the large-bodied fish tissue quality monitoring is to characterize concentrations of contaminants of potential concern in tissues of two sentinel sport fish species, northern pike and walleye, collected downstream of historical effluent discharge. Recent studies indicate that the mine activities have not influenced concentrations of metals in large bodied sentinel fish species. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 428 The objective of the small-bodied fish tissue survey is to quantify mercury concentrations in a single fish species. Fish tissue samples will be collected upstream, midstream, and downstream of effluent discharge points. Data collected will be used to determine if mine activities influence small bodied fish. 20.2.8 Vegetation Studies Closure activities and reclamation require revegetation of all disturbed areas. In 2017, New Gold constructed two test stockpiles made from PAG rock, overlain by an engineer designed cover, as per the Closure Plan. The western stockpile was identified as a suitable location to establish a vegetation trial program. A field trial was designed and implemented in 2017. Planting of vegetation was completed in fall of 2019. Monitoring of the vegetation trial plot has continued throughout operations until a mature vegetation community is established. 20.2.9 Wildlife Bird monitoring studies suggest that the operations have not had an adverse effect on several of the most commonly occurring bird species. Data collected suggests that most birds are not avoiding areas associated with mine activities, other than where habitats have been directly impacted. Mine related construction activities appear to provide increased habitats for some birds. Some forest bird species may have been impacted by the mine activities and moved further away from mine activities to establish breeding territories. Some grassland and open country bird species show population increases. This increase may be attributed to grasslands habitat established by New Gold for species at risk habitat compensation. In 2018 a wildlife exclusion fence was constructed around the TMA. The fence was designed to prevent access by wildlife and reptiles into the ponds. New Gold is responsible for monitoring the fence perimeter monthly and reporting any wildlife casualties to federal regulators. 20.2.10 Species at Risk and Critical Habitat The Species at Risk known to occur on the site are listed in Table 20.1. Until 2019, New Gold worked with the Ministry of Natural Resources and Forestry (MNRF) to meet all permitting requirements related to the Ontario Endangered Species Act (ESA). In 2019, the Ministry of Environment, Conservation and Parks (MECP) became the regulatory agency responsible for enforcing the Act and all permits issued under the Act. A condition of the ESA permit required New Gold to establish overall benefit lands for two bird species (Bobolink and Eastern Whip-poor-will) to compensate for the effects of habitat loss by construction of the mine site. New Gold is responsible for management of these lands. Condition of the ESA permit defines the requirements to satisfy the primary objectives of the monitoring program. These are: (a) quantifying any adverse effects to these species and (b) confirming that the overall benefit lands are providing compensatory habitats.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 429 Table 20.1 – Species at risk Species common name Endangered Species Act Species at Risk Act Birds Barn Swallow Threatened - Bobolink Threatened - Whip-poor-will Threatened Threatened American White Pelican Threatened Not at risk Bald Eagle Special concern Not at risk Canada Warbler Special concern Threatened Common Nighthawk Special concern Threatened Golden-winged Warbler Special concern Threatened Olive-sided Flycatcher Special concern Threatened Peregrine Falcon (migrant) Special concern Special concern Red-headed Woodpecker Special concern Threatened Short-eared Owl Special concern Special concern Mammals Little Brown Myotis (bat) Endangered - Northern Myotis (bat) Endangered - Reptiles Snapping Turtle Special concern Special concern New Gold continues to work with the MECP to satisfying the terms and conditions of the ESA permit related to the Eastern Whip-poor-will habitant management plan. 20.2.11 Traditional Knowledge and Traditional Land Use (social license) Traditional Knowledge (TK) and Traditional Land Use (TLU) sessions were held with several Indigenous groups to discuss the inclusion of native species and traditional medicine plant species in closure plan vegetation studies. At the request of Indigenous groups, wild rice was planted in two water diversion ponds in 2017. New Gold has undertaken a joint water quality monitoring and reporting program with the area First Nations. The program is funded by New Gold and employs First Nations environmental monitors as an integral part of the sitewide environmental management program. 20.2.12 Cultural Heritage During 2018, a stage 4 archaeological study was conducted on two inventoried and registered sites located within the boundary of the mine site infrastructure. Both sites were fully excavated and documented as per provincial archaeological assessment requirements. Preliminary reporting met the provincial standards and guidelines, resulting in the sites holding no further cultural heritage value or interest. Final reports documenting the mitigation of the sites were made available in 2020. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 430 20.2.13 Overall Environmental Sensitivities Increase in regulatory required monitoring and reporting during mine operations phase requires trained and competent staffing. Guidance for meeting ESA permit conditions for approval of Eastern Whip-poor-will habitat management plan may be at risk with the change of provincial regulators responsible for enforcement of Ontario Species at Risk Act. Contingency planning for loss of staff and cross-training of job responsibilities is being implemented and tracked. Delays in obtaining approvals for amendments to permits, authorizations, and closure plan changes is substantial and may affect the ability to remain compliant. 20.3 Project Permitting The mine has received all the permits and authorizations needed to construct major infrastructure and operate, with exception of periodic dam raises, which are requested annualy. Active permits and authorizations are listed in Table 20.2. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 431 Table 20.2 – Permit list Title Permit type Aggregate Dewatering Out Crop 3 and Roen Pit Permit to Take Water Aggregate Dewatering - Tait Quarry Permit to Take Water Mine Dewatering Permit to Take Water SAR Eastern Whip-poor-will and Bobolink Endangered Species Act Permit Air and Noise Environmental Compliance Approval Sewage Works Environmental Compliance Approval Fisheries Act 35(2)(b) Authorization (Offset Plan) Authorization Effluent Mixing Structure & Hydrology Gauge Work Permit – Letter of authority Aggregate Resources – Tait Quarry Aggregate Resources License Aggregate Resources – Laydown 4 Quarry Aggregate Resources License Fish Collection Permits Authorization Wildlife Scientific Collectors Authorization Authorization Authorization for Wildlife Interference Authorization Nuclear Substance and Radiation Device Nuclear Radiation License Electricity Wholesaler License Land Use Permit Provincial EA Commitments Environmental Assessment Federal EA Commitments Environmental Assessment Follow Up Monitoring EA Commitments Environmental Assessment Final EA Commitments Environmental Assessment Closure Plan Commitments Environmental Assessment Occupancy Municipal Permit New Gold has almost fully implemented an Environmental Management System (EMS) that will manage permits, licenses, and environmental commitments at the Mine. 20.4 Social or Community Requirements The Mine tracks and reports good standing with the local community, including local First Nations bands and the Métis Nation of Ontario. As of December 2021, the mine work force was 23% Indigenous. Engagement of neighbours, Indigenous communities, local municipalities, and employees remains a priority for New Gold. Tours of the site and facilities are provided to the public, business partners, school groups, neighbours, Indigenous community members and to families of employees. New Gold annually distributes two newsletters throughout the local communities. New Gold is committed to providing opportunities to Indigenous communities through various existing partnerships with Indigenous groups. The company continues to engage through participation and implementation committee meetings, site visits, business development assistance, and participation in community events. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 432 20.5 Mine Closure The Rainy River Closure Plan, dated 22 January 2015, was filed by the ENDM on 23 February 2015. A Comprehensive Closure Plan Amendment was prepared in support of the Rainy River Project transition to early production. It was submitted to the ENDM in October of 2017 for comments. Further Comprehensive Closure Plan Amendment comments were received from MENDM, MNRF, and MECP on 21 August 2018. In December 2019, New Gold continued the consultation process and submitted responses to a second round of comments received from government agencies. Once provided, it was filed by ENDM. The Closure Plan has included consultation with agencies, the Aboriginal Community(s) and the public. These consultations will continue through to closure and beyond. A groundwater monitoring network, developed in 2015 and 2016, will continue to be used to monitor conditions through operations phases and into reclamation and closure. Additional environmental monitoring and water management programs will be established near the end of the operations phase and continue into closure. The cost estimate for implementing project closure in the Environmental Assessment (EA) was estimated to be $123M, and assumed third party implementation costs, no resale or scrap values, and that all materials will be treated as waste. Certain items, such as mobile equipment may have residual resale value. Financial assurance will be phased in over the life of the mine. The financial assurance provided to ENDM will also be increased as needed at that time, although there is the potential that a request may be made for reduction to reflect completed progressive / concurrent reclamation activities. The current financial assurance obligation / commitment is $104M based on current disturbance as of 31 December 2021.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 433 21 CAPITAL AND OPERATING COSTS Capital and operating costs have been estimated by New Gold throughout their 2022 Budget and LOM planning process and have been reviewed by AMC and InnovExplo. All costs presented in this Item are presented in constant Q1-2022 US$, with no inflation or escalation factors considered. Where applicable a foreign exchange rate of C$:US$ of 1.25 was utilized. Project capital mentioned in this item refers to growth capital for the expansion of the current mine. 21.1 Capital Costs Capital costs have been estimated based on existing work contracts, manufacturer / provider quotes or recent actual construction / installation costs. Where none of the preceding were available, budgetary estimates were made by New Gold based on experience. Total LOM capital costs are estimated to total $718M as summarized in Table 21.1. This excludes $104M in funds identified for progressive and final closure. Details for each category follow in this Item. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 434 Table 21.1 – Capital Costs Summary Description Unit 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 LOM Total Open Pit USD $M 89.9 86.9 8.6 2.0 3.9 1.6 0.0 192.9 Underground USD $M 17.6 39.9 86.2 67.8 64.9 50.7 34.5 15.9 10.6 3.2 391.2 Process Plant USD $M 1.3 1.3 TMA, Infrastructure & Other USD $M 38.4 34.5 27.9 22.6 123.4 Capital Exploration USD $M 1.7 1.1 2.8 Working capital USD $M 0.7 -2 1.7 2.3 1.9 1.3 0.6 6.5 Grand Total USD $M 148.3 160.5 124.4 94.7 70.7 53.6 36.4 15.9 10.6 3.2 718.2 Project Capital USD $M 16.6 27.2 25.3 2.3 71.4 Sustaining Capital USD $M 131.7 133.2 99.2 92.4 70.7 53.6 36.4 15.9 10.6 3.2 646.9 Grand Total USD $M 148.3 160.5 124.4 94.7 70.7 53.6 36.4 15.9 10.6 3.2 718.2 Note: Totals may not add exactly due to rounding. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 435 21.1.1 Open Pit Capital Costs The open pit capital cost is estimated to total $193M as summarized in Table 21.2. Table 21.2 – Open Pit Capital Costs Description Unit 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 LOM Total Mobile Maintenance, Parts & Components USD $M 20.6 23.3 8.6 2 3.9 1.6 60.0 Capital & Deferred Stripping USD $M 65.5 63.6 129.1 Overburden Sloping USD $M 3.8 3.8 Grand Total USD $M 89.9 86.9 8.6 2.0 3.9 1.6 0.0 192.9 Note: Totals may not add exactly due to rounding. Principal open pit capital costs include, but are not limited to the following principal items: • Principal parts and component repairs and replacements that are contemplated for sustaining capital including: engines, wheel motors, large compressors, buckets, under-carriages, etc. • Mobile maintenance capital for new and / or replacement equipment including, but not limited to: a replacement water truck, drill automation systems, dewatering pumps,, etc. • Capitalized / deferred stripping costs associated with the extraction of 43 Mt of waste. • Overburden costs to profile current and future excavated slopes in overburden to the required design criteria. The capital cost estimate is considered to be appropriate for the open pit operation. 21.1.2 Underground Capital Costs The underground LOM capital cost is estimated to total $391M, inclusive of contingency, with $65M in project capital and $326M in sustaining capital, as summarized in Table 21.3. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 436 The development cost and initial infrastructure costs for each zone is classified as project capital (non-sustaining) For simplification, when ore is realized, all infrastructure cost and continued development (with the exception of main decline ramp) is, thereafter, classified as sustaining capex. Table 21.3 – Underground Capital Costs Description Unit 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 LOM Total Intrepid- horizontal development USD $M 10.2 11.6 7.5 9.7 10.0 0.0 0.0 48.9 Intrepid- vertical development USD $M 0.6 0.6 0.4 0.5 0.6 0.0 0.0 2.7 Intrepid- infrastructure & equipment USD $M 3.3 1.3 0.7 0.9 1.1 0.0 0.0 7.3 Intrepid - other USD $M 3.4 0.1 3.5 Below Pit- horizontal development USD $M 10.7 27.3 34.9 37.9 35.4 23.0 7.2 3.9 0.0 180.3 Below Pit- vertical development USD $M 1.4 4.8 3.7 3.5 3.5 3.8 1.9 0.5 0.0 23.0 Below Pit- infrastructure & equipment USD $M 9.0 39.5 18.2 11.8 11.8 7.7 6.8 6.2 3.2 114.2 Below Pit - other USD $M 0.1 5.1 6.1 0.0 0.0 0.0 0.0 0.0 0.0 0 11.3 Underground USD $M 17.6 39.9 86.2 67.8 64.9 50.7 34.5 15.9 10.6 3.2 391.2 Project Capital USD $M 14.7 26.1 24.6 65.4 Sustaining USD $M 2.9 13.8 61.6 67.8 64.9 50.7 34.5 15.9 10.6 3.2 325.8 Grand Total USD $M 17.6 41.0 86.2 67.8 64.9 50.7 34.5 15.9 10.6 3.2 391.2 21.1.3 Process Capital Costs The process capital costs are estimated to total USD$1.3M and relate to capital investment required to down-size the mill facility as summarized in Table 21.4.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 437 Table 21.4 – Process Capital Costs Description Unit 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 LOM Total Process USD $M 1.3 1.3 21.1.4 Tailings Management Area and Infrastructure Capital Costs The tailings management area and infrastructure capital cost are estimated to total $127M, as summarized in Table 21.5. Table 21.5 – Tailings Management Area and Infrastructure Capital Costs Description Unit 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 LOM Total TMA USD $M 31.4 31.8 24.4 22.6 110.2 Stockpile Diversion Dam USD $M 1.3 1.3 Other USD $M 5.7 2.7 3.5 11.9 Grand Total USD $M 38.4 34.5 27.9 22.6 123.4 Principal Tailings Management Area and Infrastructure capital costs include, but are not limited to the following principal items: • TMA represents the expansion of the current tailings facility to accommodate the tailings generated from the processing of an additional 70 Mt of ore in the current mine plan via annual tailings dam raises. The capital cost estimate is considered to be appropriate for process functions. 21.2 Operating Cost Operating costs have been estimated using first principal estimates, where applicable, based upon the annual mine production schedule, equipment availability, utilization and equipment productivities. Principal reagent costs and contractor rates utilized have been based on current contract prices and agreements where available. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 438 21.2.1 Summary A summary of the estimated LOM operating costs is shown in Table 21.6. Estimated unit operating costs, plus the LOM average, are shown in Process Capital Costs. Table 21.6 – Estimated Unit Operating Costs Description Unit 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 LOM Total Open Pit USD $M 98.9 101.9 118.2 43.7 24.1 24.5 16.0 427.3 Underground USD $M 17.3 23.9 52.3 84.8 100.7 103.4 93.2 81.2 75.1 49.5 681.4 Process USD $M 71.6 71.1 67.0 65.6 64.6 64.4 49.4 24.7 24.4 18.2 521.0 G&A USD $M 32.6 29.0 28.2 26.4 26.1 24.9 24.2 17.2 17.3 15.1 240.9 Grand Total USD $M 220.6 225.8 265.8 220.4 215.5 217.2 182.9 123.0 116.8 82.8 1,871.3 Table 21.7 – LOM Average Description Unit 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 LOM Avg. Open Pit USD $/t mined $2.94 $3.10 $3.63 $13.41 $4.18 Underground USD $/t mined $83.99 $70.69 $72.74 $55.64 $52.65 $52.68 $52.27 $49.41 $46.23 $40.97 $52.73 Total Mining (including rehandle) USD $t/milled $12.28 $12.76 $17.30 $13.03 $12.66 $12.98 $15.61 $49.40 $46.23 $40.83 $15.79 Process USD $t/milled $7.56 $7.21 $6.80 $6.66 $6.55 $6.53 $7.06 $15.03 $15.03 $14.98 $7.42 G&A USD $/t milled $3.47 $2.94 $2.86 $2.68 $2.65 $2.52 $3.46 $10.46 $10.61 $12.49 $3.44 Grand Total USD $/t milled $23.31 $22.91 $26.97 $22.37 $21.86 $22.04 $26.13 $74.89 $71.88 $68.31 $26.65 NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 439 Table 21.8 shows expected metal production by year and additional information. Gold, silver and gold equivalent ounces produced are shown by period. Gold Equivalent ounces production is calculated from the value of the silver ounces produced, converted to gold ounces, and added to gold ounces produced. Also shown in the table are the direct operating expenses related to mining (OP and UG), processing and G&A. Other operating expenses include Royalties, inventory fluctuations and other costs. OPEX per gold equivalent ounces is the summation of operating expenses divided by gold equivalent ounces. The sustaining capital is also shown by year, and when added to OPEX, forms the basis of the AISC per gold equivalent ounce calculation. Table 21.8 – LOM Production & Operating Costs Description Unit 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 LOM Avg. Gold Production oz 261,981 271,129 309,927 321,489 323,199 324,816 262,850 155,525 171,465 122,230 252,461 Silver Production oz 421,242 550,678 529,604 550,829 543,765 575,936 465,560 200,380 131,123 104,218 407,333 Gold Equivalent Production oz 267,697 278,603 317,114 328,965 330,579 332,632 269,169 158,244 173,245 123,644 257,989 Operating Expenses (Mining, Processing, G&A) US$ M 220.6 225.8 265.8 220.4 215.5 217.2 182.9 123.0 116.8 82.8 187.1 Other Operating Expenses US$ M 6.7 9.8 -7.9 27.5 5.3 6.5 8.8 3.2 3.2 1.8 6.5 OPEX/Au. Eq. Oz US$ / oz $849 $846 $813 $754 $668 $672 $712 $798 $693 $651 749 Sustaining Capital US$ M $132 $133 $99 $92 $71 $54 $36 $16 $11 $3 65 AISC/Au. Eq. Oz US$ / oz $1,428 $1,410 $1,181 $1,093 $922 $884 $889 $898 $754 $676 1,047 Note: • Gold Equivalent Production (oz) = gold production (oz) + [ silver production (oz) x silver price ($/oz) ] / gold price ($/oz) • Where: Gold price used = US$ 1,400 / oz; Silver price used = $US 19 / oz NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 440 22 ECONOMIC ANALYSIS Under NI 43-101 rules, producing issuers may exclude the information required in Item 22 – Economic Analysis on properties currently in production, unless the Technical Report includes a material expansion of current production. InnovExplo notes that New Gold is a producing issuer, the Rainy River Mine is currently in production, and a material expansion is not being planned. InnovExplo has performed an economic analysis of the Mine using the estimates presented in this report and confirms that the outcome is a positive cash flow that supports the statement of Mineral Reserves.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 441 23 ADJACENT PROPERTIES There are no adjacent properties to report in this Item. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 442 24 OTHER RELEVANT DATA AND INFORMATION There is no additional information or explanation necessary to make the technical report understandable and not misleading. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 443 25 INTERPRETATION AND CONCLUSION 25.1 Introduction The QPs have provided the following interpretations and conclusions in their respective areas of expertise, based on the review of data available for this report 25.2 Geology The Rainy River deposit is an auriferous VMS system with a primary syn-volcanic source and possibly a secondary syn-tectonic mineralization event. 25.2.1 Quality Assurance/Quality Control Drilling programs completed on the Property between 2005 and 2017 have included QA/QC monitoring programs which have incorporated the insertion of CRMs, blanks, and duplicates into the sample streams. In general, the QA/QC sample insertion rates used at Rainy River fall below the general accepted industry standards. The performance of several CRMs currently in use by New Gold show good precision but poor accuracy. New Gold believes that this is an issue with the CRMs and not a function of lab performance. The CRMs used by previous operators have not adequately covered the COG of the open pit Mineral Resource. Overall performance of one of the assay labs was inadequate. This was recognized and remedial action taken. Between 2005 and 2011, blank material was sourced from a local granite. Analytical results indicate that this material contained low levels of gold. Blank material was switched to a coarse marble in 2011, and results from this date onwards are considered acceptable and suggest that no systematic contamination occurred throughout the analytical process. Duplicate sample results show suboptimal performance which is a probable result of the heterogenous nature of the mineralization. Umpire samples show no bias and indicate that the primary lab currently in use is performing accurately. Despite the concerns highlighted above, the QP does not consider these issues to be material to the global, long term Mineral Resource estimate. There is however no guarantee that there are no material impacts on the local scale. Overall, the QP considers the assay database to be acceptable for Mineral Resource estimation. 25.2.2 Data verification and Mineral Resources The Mineral Resource database is sufficiently reliable for grade modelling and Mineral Resource estimation from the checks carried out by the QP. Reconciliation is carried out monthly and on a global basis the comparisons are good. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 444 The geology block model has not been updated for some years and the interpretation should be revisited to include any new interpretation gained though mining of the deposit. There is also some new data that should be included. The data handling and estimating has been done in a fair manner and the modifying factors including cut-offs applied are reasonable. Measured and Indicated Mineral Resources are estimated to total 19.2 Mt at grades of 2.50 g/t Au and 6.3 g/t Ag, containing 1,543 koz of gold and 3,894 koz of silver. Inferred Mineral Resources are estimated to total 2.5 Mt at grades of 2.37 g/t Au and 2.5 g/t Ag, containing 189 koz of gold and 196 koz of silver. The Mineral Resources are exclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. The block model has been performing adequately and presents low risk to the project. The opportunity for growth of Mineral Resources on the deposit are mainly price and cost driven. Otherwise, exploration elsewhere on the property presents the next best opportunity for further mine life extension. 25.3 Mining and Mineral Reserves 25.3.1 Open pit mining and Mineral Reserves Open pit Proven and Probable Mineral Reserves, including stockpile, total 57.6 Mt grading 0.84 g/t gold and 2.1 g/t silver, containing 1,558 koz and 3,938 koz of gold and silver, respectively. The mine planning resource model reconciliation provides a better overall prediction of tonnes, grade, and contained metal when compared to the regularized resource model. The reconciliation of the grade control model is relatively good compared to the mine planning resource model. However, mining and / or metal accounting practices during reconciliation appear to be impacting the DOM recorded metal mined from the deposit. New Gold has undertaken additional drilling in 2021, particularly in the East Lobe to improve model predictability and is focusing attention on mining practices for the open pit and metal accounting practices during reconciliation to improve results. Results of the drilling program are expected in Q1-2022 and according to New Gold will be included within an updated Mineral Resource model during 2022. Modifying factors should be reviewed as new mining areas are exposed and additional reconciliation information is gathered to continue validating the model performance. The current pit design has been developed on a mine planning resource model employing representative modifying factors, updated metallurgical recovery curves and geotechnical slope design criteria as well as actual costs developed with reasonable productivity improvements included. The phase designs are reasonable; however, some further optimization should be undertaken to confirm the best pit bottom elevation upon which to transition from open

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 445 pit mining to underground. This will permit additional pit limit optimization, particularly related to the south-west area of the final pit limit design. The open pit overburden design slopes have been designed to meet or exceed slope stability criteria. The design requires placement of a toe berm / slope buttress shortly following the completion of excavation. Timely placement of the rockfill toe berm is critical; delays in rockfill placement may result in slope instability. Control of the surface water is important to good performance, stability, and to decrease the need for maintenance of overburden pit slopes. The open pit hard rock pit slope stability and resulting design is defined by: • The orientation of the regional south-southwest dipping foliation structures (North Wall). • The kinematic stability related to the major joint sets (all pit walls). Current IRA angles range from 37 degrees in the northeast domain of the north lobe (almost completed excavation) to 54 degrees in sectors of various other domains. Currently, there are recommendations to perform blast trials to evaluate potential back- break and bench-scale rock hazards through the IMV prior to excavation in the southwest design sectors. Based on these trials there may be requirements to modify the design recommendations to improve performance and safety around the planned Phase 4 southwest ramps. Approximately 145 Mt of material is scheduled to be extracted from the open pit using conventional truck and shovel mining methods. Open pit mining is executed by a fleet of 220 t payload haul trucks combined with diesel powered hydraulic excavators and large FELs as primary loading units. LGO mined and stockpiled is processed generally to supplement excess processing capacity. After completion of open pit mining, the stockpile represents the principal ore feed to the mill, providing mill feed in excess of that possible from the underground operation. After the stockpiles are depleted, the mill will be re-sized to only accommodate underground mill feed for the duration of the mine plan. Mine equipment requirements were developed from the annual mine production schedule, based on equipment availability, utilization, and equipment productivities. No further additional nor replacement open pit mine principal equipment fleet is considered for purchase during the remaining LOM plan. Fleet size and age are suitable to execute the proposed mine plan. The principal fleet is capable of the productivity requirements to execute the LOM plan. The vertical advance of mine development is within industry norms for large-scale gold mines, albeit at the upper range, with peak yearly vertical advance ranging from 7 to 11 benches per year in a single phase. Rainy River has achieved these rates of vertical advance in the past and will need to ensure maintenance of their short- to mid-range planning practices to manage this quantity of bench turn-over, which is achievable with best-in-class planning practices. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 446 NAG quantities for TMA construction are available from in-pit. No mining of the EOC is included in the current mine plan. However, NAG quantities being extracted from the mine after 2023 will be significantly reduced and it is recommended that New Gold review mitigating strategies to ensure sufficient quantities are available when required, should the NAG material not present itself as identified in the mine planning resource model or should the expected recovery rate be less than anticipated. 25.3.2 Underground mining and Mineral Reserves The underground Probable Mineral Reserves are estimated to be 12.7 Mt grading 3.05 g/t Au and 7.6 g/t Ag. The Mineral Reserves include factors for COG, dilution, minimum mining width, and mining extraction. The underground Mineral Reserves are stated at a COG of 1.74 g/t gold equivalent for Phase 1 and 2.25 g/t gold equivalent for Phase 2, which is higher than the initially calculated breakeven COG of 1.7 g/t gold equivalent. The use of two COG allows an underground schedule to continue after pit processing is completed. Access to the underground is via three portals (i.e. ODM Main Zone, 17 East Upper Zone, and Intrepid Zone). The underground will be a mechanized operation utilizing longitudinal long hole stoping for areas less than 20 m wide and transverse long hole stopes (ODM Main Zone only) where the ore body is thicker than 20m. The design parameters, development, and mining method are considered appropriate for the deposit. The overall rock mass quality in terms of RQD for the underground is classified as “Fair” to predominantly “Good”, with RQD typically ranging from 90% to 100% throughout all stoping domains. To achieve the underground mining schedule, some key activities will need to be closely monitored. Of these activities, the planned single heading advance rate and the rapid production build-up to the design production rate pose a moderate risk to the project schedule. However, there are multiple stoping areas that will be operated concurrently, which will provide significant flexibility in the event of delays in any one area. Additional time may be required in the production schedule to allow for infill drilling and analysis prior to the commencement of production in an area. Areas where the dip is less than 55° may suffer some additional ore loss and / or dilution, or higher costs to recover all the ore in the stope designs. Geotechnical analyses and modelling support the planned open stope designs. Modelling should be calibrated with additional geotechnical data from underground operations. 25.4 Process and metallurgy Rainy River’s current focus (for the periods in which Open Pit ores are to be processed) is to operate at higher throughputs than the original plant design throughput. This produces a coarser grind size P80 than the design criteria grind P80 of 75 μm, which NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 447 reduces gold recovery. Rainy River has determined that an increase in throughput at the expense of gold recovery is the most economically viable option. Dust from the crushed ore stockpile has been identified as an environmental and health concern. Solutions to the dust problem include installation of dry fog system and dust control curtains at discharge point of coarse ore stockpile feed conveyor, CV 11. This modification has been planned to be planned to be installed in 2nd and 3rd quarter of 2022. Rainy River expects these measures should largely remove the dust issue. After Open Pit ores and Open Pit stockpiles materials are exhausted, the process plan will be downsized and operated on a ‘batch’ concept. This approach has been evaluated to be practical and achievable with minimal capital expenditure. Ongoing effort will be required to better specify operational details of the batch concept. 25.5 Infrastructure Regarding general infrastructure, primary access roads, mine haul roads, truck shop, truck wash bay, fuel bays, explosive magazine and emulsion plant, warehousing, lubricant and fuel storage, principal buildings, assay lab, camp, ceremonial roundhouse, emergency power arrangements and communications facilities are all in place and appropriate to support ongoing mining operations. The TMA and related water management structures are well described in Item 18. Tailings deposition in TMA Cell 1 commenced in November 2017 with placement into TMA Cell 2 beginning in May 2018. Tailings placement into TMA Cell 3 began in May 2019. Generally, the tailings deposition strategy is to establish tailings beaches upstream of the perimeter dams (i.e., TMA North Dam, TMA West Dam [Dams 4 and 5], and TMA South Dam), while maintaining a pond around the fixed reclaim located at TMA Cell 2. Since 2017, the dams have been constructed sequentially every year. The TMA is designed to provide sufficient containment for the projected tailings storage requirements and operational pond volume. The Environmental Design Flood (EDF) is to be stored below the TMA emergency spillway invert level (also referred as the EDF Level or EDFL) and the TMA emergency spillway is designed to pass Inflow Design Flood (IDF). By 2025 the TMA is projected to have reached a crest elevation of 379.1m. The material quantities required for construction are well known, available, sufficient and the site teams are experienced in ongoing dam construction. TMA construction costs are well known and well managed. Construction costs for subsequent TMA storage to accommodate UG mined tonnage have been included in the Rainy River capital cost model and the UG cut- off grade calculations. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 448 • Integrated water treatment train: o Discharge to the Pinewood River is currently targeted to a minimum 1:1 receiver to final effluent mixing ratio. The Pinewood River is required to have surpassed a minimum flow of 10,000 m3/day before site water discharge begins for the year. Discharged water is also required to meet water quality guidelines in order to minimize or avoid impacts to the receiving environment. The total annual volume discharged through the treatment system is predicted to be between approximately 2.07 and 2.12 Mm3 (Contango 2019). • Mine rock and overburden stockpiles: o Storage of mine rock (waste rock and LGO) and overburden waste is provided at two locations, the EMRS and the WMRS. 25.6 Environmental, Social, Community, and Reclamation / Closure New Gold is committed to environment, social and community resources and relations in and around the Rainy River Mine. This commitment is mandated and assessed against New Gold’s Sustainability and Safety Policy approved by the Board of Directors on March 8, 2021. The Environmental Department is adequately staffed, and has accountabilities including water resource management, ambient air quality, wildlife monitoring, surface water, and groundwater monitoring using current staff and contracts several external consultants to conduct specialized work. 25.6.1 Environmental studies New Gold is committed to complying with various permits, licenses, authorizations, approvals, and assessments to avoid and / or mitigate environmental impacts associated with the Rainy River Mine activities. The following is a list of past studies and ongoing monitoring that is programmed to continue during operations: • Meteorology and Air Quality • Acoustics • Geochemistry • Hydrogeology • Surface Water • Groundwater Monitoring • Aquatic Resources • Vegetation Studies • Wildlife • Species at Risk and Critical Habitat • Traditional Knowledge and Traditional Land Use (social license) • Cultural Heritage • Overall Environmental Sensitivities

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 449 Project Permitting: The mine has received all the permits and authorizations needed to construct major infrastructure and operate, with the exception of annual tailing dam raises. 25.6.2 Social or community requirements The Mine tracks and reports good standing with the local community, including local First Nations bands and the Métis Nation of Ontario. As of December 2021, the mine work force was 23% Indigenous. New Gold is committed to providing opportunities to Indigenous communities through various existing partnerships with Indigenous groups. The company continues to engage through participation and implementation committee meetings, site visits, business development assistance, and participation in community events. 25.6.3 Mine closure The Rainy River Closure Plan, dated 22 January 2015, was filed by the ENDM on 23 February 2015. A Comprehensive Closure Plan Amendment was prepared in support of the Rainy River Project transition to early production. It was submitted to the ENDM in October of 2017 for comments. Further Comprehensive Closure Plan Amendment comments were received from MENDM, MNRF, and MECP on 21 August 2018. In December 2019, New Gold continued the consultation process and submitted responses to a second round of comments received from government agencies. Once provided, it was filed by ENDM. The cost estimate for implementing project closure in the Environmental Assessment (EA) was estimated to be $118M, and assumed third party implementation costs, no resale or scrap values, and that all materials will be treated as waste. Certain items, such as mobile equipment may have residual resale value. Financial assurance will be phased in over the life of the mine. The financial assurance provided to ENDM will also be increased as needed at that time, although there is the potential that a request may be made for reduction to reflect completed progressive / concurrent reclamation activities. The current financial assurance obligation / commitment is $104M based on current disturbance as of 31 December 2021. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 450 25.7 Risks and Mitigation Area Risks Description and Potential Impact Mitigation Approach Geology and Mineral Resources Potential variability and grade continuity within the mineral resource due to local wide drilling spacing. Future infill drilling program will reduce the spacing between samples informing the mineral resource. Reconciliation variance experienced within the East Lobe impacted the mine production profile during 2021 and may continue through the end of the open pit operation. Additionally possible variance on other areas of the open pit could further impact the operation. Reverse circulation infill drilling program to support an updated block model, which will assess possible difference with the actual one and properly predict the ore material inventory. Potential to have underperforming or overperforming areas of the deposit against the resource estimate. Reconciliation of the model, short term controls and production on 3-month basis. Updating the geological model based upon new mapping, observation, and new drilling data. Revise the classification of Mineral Resource by smoothing the outlines and removing the isolated blocks of Mineral Resources based upon single drill hole. Potential variance on the shape and distribution of the mineralization within the underground resources could impact the planned mine design Open Pit Mining Mining practices and / or metal accounting practices during reconciliation appear to be impacting the DOM recorded metal mined from the deposit vs the polygon release model. Tonnage and metal is being lost between the polygon realease model and the DOM accounting. Review procedures related to: (1) Polygon delineation to ensure polygon shapes support mining direction and minimum excavation widths; (2) Operating procedures are aligned to recover selectively higher-grade material; and (3) Reconciliation procedures account for the transfer of any residual polygon tonnes and grade to / from adjacent polygons. Currently, there are recommendations to perform blast trials to evaluate potential back- break and bench-scale rock hazards through the IMV prior to excavation in the southwest design sectors. Based on these trials there may be requirements to modify the design recommendations to improve performance and safety around the planned Phase 4 southwest ramps. Use best-practice wall control practices in the blast trials to minimize wall damage and impact of any possible back-break. Continue using best practice on all wall control blasts. Localized loss of surface water control above the crest of the ODM shear zone area has occurred where the rock mass is more altered and weaker, leading to operational disruption at times in active lower benches and the pit bottom. This zone along the West wall should be reviewed to identify any alteration / weathering influence or fallts which could contribute to the loss of surface water control. Where possible, the lower benches of the mine should not be advanced during freshnet periods and preferabley used as in-pit sumps for water collection and pumping. There is only a single-ramp access to the pit bottom which may impact future operations in the case of a geotechnical event on the Phase 4 south and west walls. Undertake a risk assessment of the probability of such an event occurring and determine if a secondary ramp access is required. Underground Mining Uncertainties related to geomechanical knowledge could lead to delays in production, additional dilution, or additional support requirement. Additional information will be gathered through future drilling campaigns and extension of the brittle-structural geology model to below the open pit; ground support and sequence will be validated with new information. Current Block Model is built for OP The updated Block Model will need to have NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 451 Area Risks Description and Potential Impact Mitigation Approach optimization; cells are too big for proper UG optimization; discontinuities in the Block Model leads to uncertain stopes shapes smaller sub cells suitable to UG optimization; new drilling will also improve the confidence in the Block Model All underground reserves are probable only – Risk of losing ore once proven Diamond drilling necessary to promote indicated to measured resources Proximity with the active open pit could lead to excessive stressed in stopes and / or instability in the pit Tight monitoring and geotechnical evaluation of horizontal and vertical pillars will allow to confirm and optimize the safety distance between excavations. If the mined out Open Pit is to be used as a waste storage area, the impact of the added mass of the waste and any water will need to be considered with regard to the stability of UG excavations Geotechnical evaluation of horizontal and vertical pillars will allow to confirm and optimize the safety distance between excavations. Simultaneous open pit and underground production could lead to delays and / or safety concerns (blasting, traffic, etc.) Adjustment to safety parameters regarding the simultaneous production will permit a safe exploitation; new procedures will be implemented for all unsafe or hazardous activities Important quantity of consumables needed, especially when only one portal is available, may cause traffic delays; Important quantity of backfill to be brought down from the North Pit waste reserve may create additional undesired traffic. Traffic management will be optimized beforehand with optimization tools to validate the risk-level to congestion in main ramps; additional passing bays may be added in the final ramp design to alleviate the traffic load; prioritizing procedure to promote a preferential traffic direction between the two portals. Manpower shortage is a current risk for any new underground operation; the location of the project does not profit from a vast experienced underground worker’s pool; Personnel operational readiness / capability risk during the transitioning process from open pit to underground. Plan as soon as possible the contractor calls for tender to ensure numerous responses and more accurate quotes; plan for hiring experienced supervisors or key employees for the technical staff; training and formation of existing open pit staff will facilitate the crew build up by transitioning the OP staff to UG. Backfill operating costs may be higher if the ratio of CRF / RF is ultimately greater than estimated. May affect specifically narrow stope, experiences and ground control will dictate the best compromise between high CRF volume and cost efficiency. Planned single heading advance and timeframe to reach the ventilation raises pose a moderate risk to the project schedule. Priorities need to be maintained and monitored closely; optimize the development methods used by the contractor (mainly for the main ramp and ventilation raises access); prioritize faster methods and alternative tools to accelerate development rate (automation, critical ground support only, rapid cycling, longer round, etc.) In-pit rock stockpile in the North Lobe may present additional stress to the crown pillar, especially if combined with water accumulation in the North Lobe. Evaluate and optimize the crown pillar dimensions considering the in-pit rock stockpile and potential water accumulation in the North Lobe. Backfill operation maynot be cost efficient or sustainable CRF main component being rock and cement, a trade off study will be done to determine if another of binder could not be use to reduce operating cost. Pulling a control void in between the backfill block and the new block to be blasted could reduce all together the use of cement. Impact on ore lost and dilution will need to be done. Tailing Management area The TMA is now a mature operation. An experienced review Board monitors the operation. The Dams and foundations are highly instrumented. Amounts of processed ore High levels of ongoing monitoring and review are required for this structure. It will be necessary to retain – in house – the key individuals to NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 452 Area Risks Description and Potential Impact Mitigation Approach from the UG operations are relatively small compared to that of the Open Pit. maintain, monitor and build the TMA. Other The slope stability design of the EMRS assumed a rate of raise of about 9 m per year as this will allow sufficient time for the porewater pressures in the foundation to dissipate before more waste rock or overburden is placed. Depending on the mass flow from the open pit mine, there may be times when a faster rate of placement is required in certain areas. This will require careful management of the mass flow to the EMRS as well as detailed stability analysis to verify faster placement can be accommodated in certain areas. Two portals are planned from the open pit. Design of the portals including any needed wider catch-benches directly above openings to install ground support/rock fall retainment is still required. There is a risk that the current pit design will need to be locally stepped in to accommodate future in-pit portals. Detailed portal design and evaluation of the rock mass, structural geology, and predicted groundwater conditions are required. Establish a ground support and excavation strategy. Costs, metal prices and other variables change constantly. The Mine Operations team needs to further cultivate stability to manage the impact of external changes. Mitigation measures include retention of key talent, better understanding of gold distribution in the deposit and reduction – where appropriate - of stockpiled materials.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 453 25.8 Opportunities and Benefits Opportunities Explanation Benefits Geomechanical detailed assessment; improve knowledge of ground conditions to validate and optimize design parameters, ground support and scheduling criteria. Better estimation for dilution, recovery, support requirements, drilling pattern, infrastructure location, capital, and operating costs, etc. Optimization of the number of trucks and LHDs for the UG; get a more accurate estimation of the number of trucks and LHDs required for the life of mine. Ongoing UG fleet validation depending on ventilation and production centres availability will allow for an optimal amount of equipment for each phase of the project Ventilation network optimization: should be reassessed in future phases to ensure optimal disposition, raises diameters and equipment selection. Optimization to ensure sufficient airflow, while avoiding excessive pressure or airflow in airways. Backfill process may benefit from a waste pass daylighting directly in the pit. Will be considered to accelerate backfill material sent into the mine when the pit is finished; will reduce traffic in ramp and may improve backfill performance. Numerous alternative mining methods such as ‘Muckahi’ (from Rhyolite Ressources) appear viable but require critical evaluation. This is an UG mining transportation system which operates at a high angle – which reduces development costs - and offers potentially higher productivity with lower material handling cost. All UG mining activities will require excellent geological control, through delineation / definition drilling. Lessons learned while mining “Intrepid’ will be applied to the Main Zones’. Definition drilling information will help to validate and reposition orebody for proper ore development and better stope design to optimize ore recovery. Several diamond drill bays are planned in various locations to provide proper drilling angle to the orebody. High levels of cost control will be required to manage the UG mining areas. Detailed knowledge of mining cost will enable the UG mining areas to be developed and sequenced in an ‘optimal’ manner. Optimal sequencing of UG zones may rely on further trade-offs between long development excavations and shorter routes via portals. Will depend on evolving development costs for long accessways vs. complexity, expense and inconvenience (to OP operations) of additional portals. When OP activities cease, the milling capacity of the process plant will greatly exceed the ore tonnage from the UG mines. This creates an opportunity for ‘toll milling’ of materials from nearby properties. This strategy is observed to be working well in British Columbia, simplifying many of the permitting arrangements (especially tailings) for smaller firms. An extensive geotechnical instrumentation system has been installed in the foundations of the EMRS. In addition, records of refusal depths of the many wick drains have provided detailed spatial information about the base of the clay layers. This information, together with ongoing piezometer readings provides a basis for engineering analysis that may indicate that the placement of mine rock can be accelerated in certain areas, while maintaining adequate stability. Some of the mine rock that is produced in the open pit will be directly placed as buttresses against the open pit overburden slopes. This will somewhat reduce the storage capacity required for mine rock in the EMRS and WMRS. It will also reduce the haul distance and operating costs associated with the disposal of waste rock. Geotechnical design sectors in the Northeast and Southeast continue to be well performing with good excavation performance. Future slope design optimization maybe considered where geotechnical risks remain low. An inpit dump is considered when North lobe will be fully excavated. Haulage cost reduction with shorter haul from ODM main zone while mining towards pit bottomd NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 454 Opportunities Explanation Benefits The acceleration of Intrepid in comparison with the 2020 Tech report allow for the complete mining of Intrepid. Mill all Intrepid while the stockpile is being process and benefit from reduce milling costs Second inpit Portal is planned for March 2026 Possibility to pull into summer of 2025 depending on pit progression and productivity in the prior years Due to the spare capacity in the downsized mill, toll milling of ore for third parties could be offered as a service. Gain additional revenue tied in with the downsized mill (evaluation to confirm economic viability) Ongoing improvement in mining practices Improvement in identification and separation of DPO from LGO materials for improved segregation and sending to the mill increased quantities of better quality material preferentially. Optimization of the open pit / underground transition level. Increased overall mine economics by optimizing the combined open pit / underground econimics. This will result in the optimization of the open pit final limit design in addition to optimization of the underground mine design directly below the open pit. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 455 26 RECOMMENDATIONS 26.1 Overall The results presented herein demonstrate that the Rainy River Project is technically and economically viable. The main recommendation is linked to the current Block Model and the confidence in the geological and geotechnic knowledge for the current open pit, particularly the East Lobe, and also below the pit for the underground mining (mentioned several times in Items 25.7 & 25.8). Additional drilling needs to be conducted to confirm geological continuity and grade. Interpretation of the UG mine will also be extended from this new block model and based on smaller ore block and influence zone. In addition to this, several trade-off studies are recommended, including the possibility for a third portal in the West lobe and the use of a backfill raise daylighting in the pit to optimize backfill operation. Table 26.1 presents a summary of recommended tasks, detailed in the subsections that follow. Table 26.1 – Recommended Tasks Item Item 26.1.1 Bench by Bench study 26.1.2 New Block Model (Interpretation of UG Mine) 26.1.3 Third Portal in West Lobe 26.1.4 Geotechnical Detailed Assessment 26.1.5 Ventilation Network Optimization 26.1.6 Feasibility for in-pit waste passes 26.1.7 Open Pit and Underground Mining Transition Optimization 26.1.8 Delineation Drilling to support UG operations planning 26.1.9 Reverse Circulation Drilling to support OP operations planning 26.1.1 Bench by bench study During Q2 of 2022 a study will be performed on a bench-by-bench approach to understand and improve our mining practices. This includes a wide range of tasks but not limited to block model interpretation, blast pattern and sequencing, dig shape identification, equipment size per pit location, SOP reviews and operators training. 26.1.2 New block model (Interpretation of UG Mine) A new block model will be created, and performance of this block model will be reviewed in light of previous year’s production. Interpretation of the UG mine will also be extended from this new block model and based on smaller ore blocks and influence zone. Definition drilling information done in Intrepid during February and March of 2022 will be included. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 456 Following the new block model for the UG mine, stope design will also be reviewed and re-interpreted with this new drilling. 26.1.3 Third portal in west lobe The positioning of a third portal on the West side of the open pit will be analyzed to see if any upside can be achieved regarding the fast tracking the West zone. A long ventilation raise is planned in the NI 43-101 to allow for proper ventilation in the West end portion of the UG. The excavation of a third portal could alter this scenario by providing better air flow, another escape way and improve material movement. 26.1.4 Geotechnical detailed assessment In parallel with the new block model, a full geotechnical analysis needs to be conducted to better understand the different parameters used in the UG project. To validate ground conditions, dilution, and recovery factors (and other parameters such as efficiencies of equipment, drilling patterns and location of major infrastructures), a full geomechanical program is to be established. This can be realized concurrently with the proposed geological drilling. This work should also consider extension of the brittle-structural geology model to below the open pit. The stability and design of the portals that are planned from within the open pit require detailed assessment. This includes the local bench configuration requirements adjacent to portals, ground support designs, and interaction with the underground development plan. Similarly, 3D stability analyses for the southwest wall are recommended to confirm the Phase 4 design conditions. This will incorporate monitoring data from new VWP installations that are planned in 2022. This work will support the long-term access considerations for the open pit and the portals. 26.1.5 Ventilation network optimization Ventilation design could currently be optimized; some of the assumptions and ventilation phases could pose an operational risk if ventilation installations are not as efficient as theorized. Raise dimensions, air velocity, number of fans versus number of booster fans are all aspects that need to be reviewed and validated. Additional options and solutions can be looked at to ensure the feasibility of the ventilation design. For example, a third portal could significantly reduce the load on the ventilation network. 26.1.6 Feasibility for in-pit waste passes To improve backfill performance and to reduce traffic in the main ramps, the option of a network of waste pass needs to be evaluated to validate the feasibility.

 
NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 457 26.1.7 Open pit and underground transition optimization The transition between open pit mining and underground mining could currently be optimized to maximize the economics of the deposit. Although the current transition depth is supported by highl-level analysis, no detailed analysis has been completed to-date. 26.1.8 Delineation Drilling to support UG operations planning To support underground operations and planning, delineation drilling will be required. 26.1.9 Reverse Circulation Drilling to support OP operations planning To support open pit operations and planning, reverse circulation drilling will be required. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 458 27 REFERENCES AACE International. (2020, August 7). Cost Estimate Classification System AMC 2020 , “NI 43-101 Technical Report for Rainy River Mine in Ontario, Canada” prepaired for New Gold Inc., 12 March 2020 AMC 2022, “Report for Rainy River UG Block Model Eastimation” prepared for New Gold Inc., December 2021 AMEC 2013, “Rainy River Gold Project, Geotechnical and Hydrogeological, Site Investigations, Rainy River, Ontario”, Version 3.1 – Draft, [100126-000- DT00- RPT-0002], 25 February 2013. AMEC 2013, “Rock Mechanics Underground Mine Design Report, Rainy River Resources Limited Rainy River Feasibility Study”. AMEC 2014, “Rainy River Project, 2013/2014 Geotechnical Site Investigations, Rainy River, Ontario”, [100126-4000-DT00-STY-0001], 11 July 2014. AMEC 2016, “Geotechnical Investigations Report – Tailings Management Area”, Volume 2 – Investigation Data and Interpretations, [RRP-GEO-REP-001B], 30 August 2016. AMEC 2017, “As-Built Report, Start-Up Cell (TMA Cell 1), Rainy River Project”, [RRP- GEO-REP-032 R1], 6 December 2017. AMEC 2017, “As-Built Report, Water Management Pond, Rainy River Project”, [RRP-GEO-REP- 030], 31 October 2017. Bajc, A. (2001). Quaternary Geology, Fort Frances - Rainy River Area. Ontario Geological Survey, Report 286: Queen's Printer for Ontario. Barnett, P.J. 1992, Quaternary geology of Ontario in “Geology of Ontario, Ontario Geological Survey”, special volume 4, part 2, pp. 1,011-1,090. Barton, N., Lien, R., and Lunde, J. 1974, “Engineering Classification of Rock masses for the design of Tunnel Support”, Journal of Rock Mechanics, Vol 6, p. 189-236. BBA, Inc., in collaboration with AMEC, SRK Consulting (Canada) Inc. & AMC Mining Consultants (Canada) Ltd. 2014, “NI 43-101 Feasibility Study of the Rainy River Project, Ontario, Canada”, prepared for New Gold Inc., 14 February 2014. BGC Engineering Inc. (2019, September 10). Surficial Geological Model Development LT-0921051.0052. [Letter]. Prepared for New Gold Inc. BGC Engineering Inc. (2021, October 1). Tailings Deposition Plan and Dam Raise Schedule - 2021 Update - FINAL LT-0921090.0127. [Letter]. Prepared for New Gold Inc. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 459 BGC Engineering Inc. (2021, October 29). TMA Foundation Characterization and Geotechnical Parameters Report. RP-0921090.0126 Rev. 1. [Report]. Prepared for New Gold Inc. BGC Engineering Inc. (2022, January 28). TMA Ultimate Design Report – 2021 Update, DRAFT. RP-0921051.0132 - Rev A. [Report]. Prepared for New Gold Inc. BGC Engineering Inc. (2022, March 14). NI 43-101 2022 Update for the Tailings Managent Area – DRAFT. LT-0921090.0146 - Rev A. [Letter]. Prepared for New Gold Inc. BGC Engineering Inc. (2022a, January 12). TMA Stage 4 Raise Detailed Design Report RP-0921051.0136 - Rev 1. [Report]. Prepared for New Gold Inc. BGC Engineering Inc. (2022b, January 12). TMA 2021 Design Basis Report RP- 0921051.0135 - Rev 1. [Report]. Prepared for New Gold Inc. BGC Engineering Inc. 2017, “Rainy River Project – Stockpile and Open-Pit Excavation Geotechnical Report”, prepared for New Gold Inc. 9 June 2017. BGC Engineering Inc. 2017, “Stockpiles and Open Pit Overburden Excavation Geotechnical Report”, [RP-0921035.0016], report prepared for New Gold Inc., 17 July 2017. BGC Engineering Inc. 2018, “TMA Stage 2 Raise – Detailed Design Report”, [RP- 0921051.0021], report prepared for New Gold Inc., 21 December 2018. BGC Engineering Inc. 2019, “TMA Stage 1 Raise and Stage 2 Raise – Downstream Buttress Design Update Report”, [LT-0921051.0047], report prepared for New Gold Inc., 16 May 2019. BGC Engineering Inc. 2020, “NI 43-101 Life of Mine Material Quantities”, [LT- 0921051.0071], letter report prepared for New Gold Inc., 31 January 2020. BGC Engineering Inc. 2020, “Tailings Deposition Plan and Dam Raise Schedule” 2019 Update – Rev. 1 DRAFT, letter report prepared for New Gold Inc., 25 January 2020. BGC Engineering Inc. 2020, “TMA Stage 1 Raise and Stage 2 Raise – Downstream Buttress Design Update Report – Addendum A: 2020 Raise”, report prepared for New Gold Inc., 11 January 2020. Bishop, A.W. 1954, “The Use of Pore-Pressure Coefficients in Practice. Géotechnique”, Vol. 4, No. 4, p. 143-147. Blackburn, C.E., Johns, G.W., Ayer, J., and Davis, D.W. 1991, Wabigoon Suprovince In: Geology of Ontario, Ontario Geological Survey, Special Volume 4, Part 1, p.303- 382. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 460 Bray, J.D. and Travasarou, T. 2009, “Pseudostatic Coefficient for Use in Simplified Seismic Slope Stability Evaluation”, Journal of Geotechnical and Geoenvironmental Engineering, ASCE, 135(9), 1336-1340, September 2009. Canadian Dam Association (CDA) 2014, “Technical Bulletin: Application of Dam Safety Guidelines to Mining Dams”. Caracle Creek International Consulting Inc. 2008, Independent Technical Report for the Rainy River Property in North-Western Ontario, Canada prepared for Rainy River Resources Ltd. Public document filed on SEDAR, 30 April 2008. CIM 2014, CIM Definition Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions, adopted by CIM Council on 10 May 2014. CIM 2019, CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, prepared by the CIM Mineral Resource and Mineral Reserve Committee, adopted by the CIM Council on 29 November 2019. Clark, L. and Pakalnis, R. 1997, “An empirical design approach for estimating unplanned dilution from open stope hangingwalls and footwalls”, 99th Annual AGM–CIM conference, Vancouver. Contango Strategies Ltd. 2019, “Rainy River Mine – Water Treatment Train Design Report, Report. Document #053_719_20B”, prepared for New Gold Inc., July 2019, p. 46. 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NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 461 Golder Associates Ltd. 2020a, “Detailed Design Report for East Mine Rock Stockpile”, May 8, 2020. Golder Associates Ltd. 2020b, “Detailed Design Report for Open Pit Overburden Slopes”, July 6, 2020. Golder Associates Ltd. 2021, “Detailed Design Report for West Mine Rock Stockpile”, December 21, 2021. Grimstad, E. and Barton, N. 1993, “Updating of the Q-System for NMT”, Proceedings of the International Symposium on Sprayed Concrete - Modern Use of Wet Mix Sprayed Concrete for Underground Support, Fagernes. Hadjigeorgiou, J., Leclaire, J. & Y. and Potvin, Y. 1995, “An update of the stability graph method of open stope design, 97th Annual General Meeting, CIM, Halifax, Nova Scotia, p. 154-161. Hannington, M.D., Poulsen, K.H., Thompson, J.F.H., and Sillitoe, R.H. 1999, “Volcanogenic Gold in Massive Sulfide Environment: Reviews in Economic Geology”, v. 8, p. 325-356. Hrabi, B. and Vos, I. 2010, Rainy River Structural Study Interim Results, Northwestern Ontario. Internal presentation by SRK Consulting (Canada) presented to Rainy River personnel, June 2010. Huston, David L. 2000, Gold in Volcanic-Hosted Massive Sulfide Deposits: Distribution, Genesis, and Exploration, 2000, p. 401-426. Johns, G.W. 1988, “Precambrian Geology of the Rainy River area, District of Rainy River, Ontario Geological Survey”, Map P. 3110, scale 1:50,000 in OGS Miscellaneous Paper 137, p. 45-48. Kaufman, A. and Stoker, P. 2009, Improving quality assurance and quality control practices ‑ Basic Methodology using worked examples, The AusIMM New Leaders’ Conference. Brisbane, Queensland, 29 - 30 April 2009. Kenny, T. 2016, New Gold Inc., “2016 Silver Recovery Calculations – New Formulas Proposed”, Memo, 21 June 2016. Kulhawy, F.H. and Mayne, P.W. 1990, “Manual on Estimating Soil Properties for Foundation Design”, Report No. EL-6800. Electric Power Research Institute, Palo Alto, CA, August 1990. Leps, T.M. 1970, Review of the shearing strength of rockfill. J.Soil Mech. Div., ASCE, 96(4), p. 1159-1170. Long, S.D. Parker, H.M. and Françis-Bongarçon, D. 1997, “Assay quality assurance quality control programme for drilling projects at the prefeasibility to feasibility report level”, Prepared by Mineral Resources Development Inc. (MRDI) August 1997. NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada – March 2022 462 Mackie, B., Puritch, E., and Jones, P. 2003, “Rainy River Project, Exploration Summary and Mineral Resource Estimate for the #17 Zone”, prepared for Nuinsco Resources Ltd. Mercier-Langevin 2005, “Géologie du gisement de sulfurs massifs volcanogènes aurifères LaRonde, Abitibi, Québec”, Ph.D. thesis, Institut National de la Recherche Scientifique, Centre Eau, Terre, Environnement, Quebec, p. 694. Mercier-Langevin et al. 2007, “The LaRonde Penna Au-rich volcanogenic massive sulfide deposit, Abitibi greenstone belt, Quebec: Part II”, Lithogeochemistry and paleotectonic setting. Economic Geology 102, p. 611-631. Mercier-Langevin et al. 2011, “The gold content of volcanogenic massive sulfide deposits”, Mineralium Deposita 46, p. 509-539. Mercier-Langevin et al. 2015, Precious metal enrichment processes in volcanogenic massive sulphide deposits – A summary of key features, with an emphasis on TGI-4 research contributions, In: Targeted Geoscience Initiative 4: Contributions to the understanding of volcanogenic massive sulphide deposit genesis and exploration methods development, (ed.) J.M. Peter and P. Mercier-Langevin. Geological Survey of Canada, Open File 7853, pp. 117-130. New Gold Inc. 2015, Rainy River QA/QC Report. Internal Report by New Gold Inc. New Gold Inc. 2018, Technical Report on the Rainy River Mine, NI 43-101 Report Ontario, Canada, 25 July 2018. New Gold Inc., “ODME Block Model Factor Proposal”, 04 January 2022. Nickson, S. D. 1992, “Cablebolt Support Guidelines for Underground Hard Rock Mine Operations”, MASc thesis, University of British Columbia, Vancouver, British Columbia, Canada. NRMS 2018, “Rainy River Underground Project, Ground Control Management Plan Rev.2”, December 2018. NRMS 2018, “Rainy River Underground Project, Stope Geotechnics Rev. 2”, January 2018. Orway Mineral Consultants Canada Ltd 2019, “7237.30-RPT-001 Rev 1 - Rainy River Grinding Circuit Audit Site Trip Report and Modelling”, 3 September 2019. Pelletier, M. 2016, The Rainy River Gold Deposit, Wabigoon Subprovince, Western Ontario: Style, Geometry, Timing and Structural Controls on Ore Distribution and Grades, Mémoire présenté pour l’obtention du grade de Maȋtre ès sciences (M.Sc.) en sciences de la Terre, Université du Québec, Institut National de la Recherche Scentifique, Centre Eau Terre Environnement, M.Sc thesis. 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