53 Overview Principal Producing Development  Highlighted Evaluation Evaluation/Exploration  Mineral Resources and Reserves For more information, please visit: www.newgold.com . DEVELOPMENTS AND POTENTIAL New Gold continues to ramp up underground operations at Rainy River with ramp development to connect the Intrepid Zone to the Main Zone continuing; initial production from the underground Main Zone remains on track for the fourth quarter of 2024. New Gold intends to test near-surface opportunities for open-pit extraction, including high-quality targets previously de-prioritized during the construction and production ramp-up period. These targets include the Western Zone, North Target, 280 Zone, and ODM East. Further extension of open-pit mining could sustain operating the processing plant at full capacity beyond 2030. Additionally, New Gold also intends to grow underground mineral resources and reserves by targeting the down-plunge extension of current ore zones that remain open at depth, including ODM Main and 17 East, and also explore for potential new zones, such as the Gap zone located between the Intrepid and underground Main Zones. 2 MINER AL RESOURCES AND RESERVES As of December 31, 2023 CONTAINED Au (koz) Ag (koz) AGEOs* (koz) Proven and Probable 2,422 6,343 146 Measured and Indicated 837 2,219 26 Inferred 123 115 3 * AGEOs do not consider adjustments that may impact the economic viability of the AGEO interest. See page 9 for a description of AGEO calculation methodology. FINANCIAL AND OPER ATING RESULTS As of December 31, 2023 Revenue to Royal Gold Since Inception US$M $182.4 Historic Revenue to Royal Gold US$M 2022: $31.8 2023: $38.8 Metal Deliveries to Royal Gold Since Inception 91.8 koz Au 1,395.4 koz Ag Advance Payment US$M $175.0 Investment Recovered % 78% Net Book Value US$M $100.9