Operator: New Gold Inc.

Location: Ontario, Canada

6.5% of Gold Produced until 230,000 ounces delivered, 3.25% thereafter; and 60% of Silver Produced until 3,100,000 ounces delivered, 30% thereafter

Term of Stream: Life of Mine

Rainy River is an open-pit and underground mine operated by New Gold Inc. (“New Gold”). The mine is located 65 kilometers northwest of Fort Frances, Ontario, Canada. The Rainy River Mine occupies approximately 61 square kilometers, comprising 100 patented mining rights and surface rights claims.

Rainy River commenced processing open-pit ore in September 2017, and commercial production followed in October 2017. Underground production commenced from the Intrepid Zone with the first stope blasted in September 2022.

The open-pit mine is a conventional truck-and-shovel mining operation, while the underground is designed as a mechanized, ramp-access mine that uses longitudinal long-hole openstoping with unconsolidated waste backfill.

The Rainy River process plant includes crushing, grinding, gravity separation, cyanide leaching, carbon-in-pulp (CIP), carbon stripping and regeneration, electrowinning, and doré production. Tailings are deposited in the tailings management area (TMA), and TMA water is reclaimed and returned to the process plant.