LEGAL*45286474.2
CORPORATE STRUCTURE ................................................................................................................................................. 8 GENERAL DEVELOPMENT OF THE BUSINESS .................................................................................................................... 9 DESCRIPTION OF THE BUSINESS .................................................................................................................................... 11 MINERAL PROPERTIES ................................................................................................................................................... 19 RISK FACTORS ................................................................................................................................................................ 33 NOTES ........................................................................................................................................................................... 55 DIVIDENDS .................................................................................................................................................................... 55 DESCRIPTION OF CAPITAL STRUCTURE .......................................................................................................................... 56 MARKET FOR SECURITIES .............................................................................................................................................. 57 DIRECTORS AND OFFICERS ............................................................................................................................................ 58 LEGAL PROCEEDINGS AND REGULATORY ACTIONS ........................................................................................................ 66 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .................................................................... 66 TRANSFER AGENT AND REGISTRAR ............................................................................................................................... 66 MATERIAL CONTRACTS .................................................................................................................................................. 66 TECHNICAL REPORTS ..................................................................................................................................................... 67
Annual Information Form CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCES NI 43-101 SEC NON-GAAP MEASURES Total Cash Costs per Gold Equivalent Ounce IFRS
Sustaining Capital Growth Capital All-in Sustaining Costs per Gold Equivalent Ounce WGC
CURRENCY PRESENTATION AND EXCHANGE RATE INFORMATION TECHNICAL INFORMATION
. ADDITIONAL INFORMATION RRRL
New Gold Company Rainy River Mine New Afton Mine Cerro San Pedro Mine DEVELOPMENTS – MINES AND PROJECTS Rainy River Mine New Afton Mine
TAT New Afton PA Ontario Teachers’ JV Interest Option New Afton Transaction Peak Mines Mesquite Mine Blackwater Project DEVELOPMENTS – FINANCIAL Credit Facility Credit Facility
Senior Notes Gold and Copper Hedging Equity Offerings Common Shares Offering
PRINCIPAL PRODUCTS SPECIALIZED SKILLS AND KNOWLEDGE COMPETITIVE CONDITIONS OPERATIONS Mineral Reserves and Mineral Resources Foreign Operations Employees
Total As at December 31, 2020, 74 employees at the Cerro San Pedro Mine belonged to a union. Environmental Protection and Social and Environmental Practices MAC ITRB
TECHNICAL INFORMATION CIM Standards Definitions CIM Standards Technical Terms and Abbreviations
SUMMARY OF MINERAL RESERVES AND MINERAL RESOURCES Mineral Reserves and Mineral Resources Summary (1) Proven and Probable Mineral Reserves As at Dece Gold koz mber 31, 2020 Silver koz Copper Mlbs As at December 31, 2019 Gold Silver koz koz Copper Mlbs Rainy River 2,598 7,152 - 2,636 6,266 - Open Pit 1,599 3,518 - 1,748 3,602 - Underground 672 1,795 - 549 1,034 - Low grade and stockpile 327 1,839 - 339 1,629 - New Afton 958 2,670 758 1,005 2,844 802 Blackwater(3) - - - 8,170 60,800 - Total Proven and Probable Reserves 3,556 9,822 758 11,811 69,909 802 Measured and Indicated Mineral Resources (exclusive of Mineral Reserves) (1) Rainy River 2,005 5,125 - 1,914 5,120 - Open Pit 187 562 - 245 789 - Underground 1,818 4,563 - 1,669 4,331 - New Afton 1,182 4,246 1,003 1,118 3,754 933 Blackwater - - - 1,402 8,915 - Total Measured and Indicated Mineral Resources 3,187 9,371 1,003 4,434 17,788 933 Total Inferred Mineral Resources 412 917 143 754 3,124 121 1. Refer to the detailed Mineral Reserve and Mineral Resource tables as at December 31, 2020 that follow in this Annual Information Form. 2. The Mineral Reserves and Mineral Resources stated above are as at December 31, 2020 and do not reflect any events subsequent to that date. 3. The Blackwater Project was sold to Artemis Gold on August 21, 2020.
Mineral Reserves Metal grade Contained Metal Tonnes 000s Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs RAINY RIVER Direct processing reserves Open Pit Proven 14,333 1.22 2.5 - 563 1,137 - Probable 27,273 1.18 2.7 - 1,036 2,381 - Open Pit P&P (direct proc.) Stockpile DPO 41,606 1.20 2.6 - 1,599 3,518 - Proven 599 0.73 3.2 - 14 62 - Probable - - - - - - - Total Stockpile Low grade reserves 599 0.73 3.2 - 14 62 - Open Pit Proven 5,401 0.35 2.0 - 61 346 - Probable 12,924 0.35 2.3 - 144 967 - Open Pit P&P (low grade) Stockpile 18,325 0.35 2.2 - 205 1,313 - Proven 7,987 0.42 1.8 - 108 464 - Probable - - - - - - - Open Pit P&P (stockpile) 7,987 0.42 1.8 - 108 464 - Open Pit P&P (Direct proc. & Low grade) 68,517 0.87 2.4 - 1,926 5,357 - Underground Proven - - - - - - - Probable 5,399 3.87 10.3 - 672 1,795 - Underground P&P (direct proc.) Combined Direct proc. & Low 5,399 3.87 10.3 - 672 1,795 - grade Proven 28320 0.82 2.2 - 746 2,009 - Probable 45,596 1.26 3.5 - 1,852 5,143 - Total Rainy River P&P 73,916 1.09 3.0 - 2,598 7,152 - NEW AFTON A&B Zones Proven Probable - 8,047 - 0.49 - 2.3 - 0.69 - 126 - 593 - 122 B3 Zone Proven - - - - - - - Probable 9,325 0.63 1.4 0.74 189 418 152 C-Zone Proven - - - - - - - Probable 29,252 0.68 1.8 0.75 643 1,659 484 Total New Afton P&P 46,624 0.64 1.8 0.74 958 2,670 758 TOTAL PROVEN & PROBABLE RESERVES 3,556 9,822 758
Measured and Indicated Mineral Resources (Exclusive of Mineral Reserves) Tonnes 000s Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs RAINY RIVER Direct processing resources Open Pit Measured 592 1.51 2.4 - 29 46 - Indicated 3,696 1.11 3.1 - 132 370 - Open Pit M&I (direct proc.) 4,288 1.17 3.0 - 161 416 - Underground Measured - - - - - - - Indicated 18,494 3.06 7.7 - 1,818 4,563 - Underground M&I (direct proc.) 18,494 3.06 7.7 - 1,818 4,563 - Low grade resources Open Pit Measured 236 0.34 1.9 - 3 15 - Indicated 2,054 0.35 2.0 - 23 131 - Open Pit M&I (low grade) 2,290 0.35 2.0 - 26 146 - Combined M&I Measured 828 1.20 2.3 - 32 61 - Indicated 24,244 2.53 6.5 - 1,973 5,064 - Total Rainy River M&I 25,072 2.49 6.4 - 2,005 5,125 - NEW AFTON A&B Zones Measured 19,920 0.52 1.4 0.72 335 867 314 Indicated 11,691 0.36 2.5 0.56 135 933 145 A&B Zone M&I 31,612 0.46 1.8 0.66 470 1,800 460 C-Zone Measured 6,156 0.82 2.1 0.99 163 417 135 Indicated 16,398 0.68 2.4 0.82 356 1,261 295 C-Zone M&I 22,554 0.72 2.3 0.86 519 1,678 430 HW Lens Measured - - - - - - - Indicated 12,333 0.49 1.9 0.42 194 769 114 HW Lens M&I 12,333 0.49 1.9 0.42 194 769 114 Combined M&I Measured 26,076 0.59 1.5 0.78 497 1,281 449 Indicated 40,422 0.53 2.3 0.62 684 2,965 554 Total New Afton M&I 66,498 0.55 2.0 0.68 1,182 4,246 1,003 TOTAL M&I RESOURCES 3,187 9,371 1,003 Metal grade Contained metal
Inferred Mineral Resources Tonnes 000s Gold g/t Silver g/t Copper % Gold Koz Silver Koz Copper Mlbs RAINY RIVER Direct processing Open Pit Underground 797 1,599 0.97 3.30 2.4 2.8 - - 25 170 82 146 - - Total Direct Processing Low grade resources Open Pit Rainy River Inferred 2,396 681 3,077 2.52 0.35 2.05 2.7 1.4 2.6 - - - 195 8 203 228 30 258 - - - NEW AFTON A&B Zones 7,671 0.34 1.3 0.33 83 311 56 C-Zone 10,640 0.37 1.0 0.37 126 349 87 HW Lens 3 0.49 0.6 0.19 - - - New Afton Inferred 18,313 0.36 1.1 0.36 209 659 143 TOTAL INFERRED RESOURCES 412 917 143 Notes to Mineral Reserve and Resource Estimates FX Contained metal Metal grade Copper FX $/pound CAD:USD Silver $/ounce Gold $/ounce Mineral Resources Lower Cut-off Mineral Reserves Lower cut-off Mineral Property
RAINY RIVER MINE, CANADA Project Description, Location, Access and Other Information
Royal Gold History Nuinsco Bayfield Geological Setting, Mineralization and Deposit Types
Exploration and Drilling
Sampling, Analysis and Data Verification Mineral Processing and Metallurgical Testing Infrastructure, Permitting and Compliance Activities
TMA EPA ENDM
Mineral Reserve and Mineral Resource Estimates Mining Operations Mining Methods Recovery Methods
Capital and Operating Costs Development and Exploration NE Trend
NEW AFTON MINE, CANADA Project Description, Location, Access and Other Information Afton Mining Lease History
Geological Setting, Mineralization and Deposit Types Exploration and Drilling
Sampling, Analysis and Data Verification Mineral Processing and Metallurgical Testing
Infrastructure, Permitting and Compliance Activities Mineral Reserve and Mineral Resource Estimates
Mining Operations Mining Methods LHD
Recovery Methods Capital and Operating Costs
Development and Exploration CERRO SAN PEDRO MINE, MEXICO MSX Mine Closure
COVID-19
CHANGES IN METAL PRICES
PRODUCTION ESTIMATES COST ESTIMATES CONSTRUCTION RISKS
VOLATILITY IN THE MARKET PRICE OF THE COMPANY’S SECURITIES GOVERNMENT REGULATION
PERMITTING permits
DEPENDENCE ON THE RAINY RIVER AND NEW AFTON MINES OPERATING RISKS EXPLORATION AND DEVELOPMENT RISKS
Investment Risk FINANCING RISKS NEED FOR ADDITIONAL MINERAL RESERVES AND MINERAL RESOURCES UNCERTAINTY IN THE ESTIMATION OF MINERAL RESERVES AND MINERAL RESOURCES
UNCERTAINTY RELATING TO INFERRED MINERAL RESOURCES IMPAIRMENT CGU
TITLE CLAIMS AND RIGHTS OF INDIGENOUS PEOPLES ENVIRONMENTAL RISKS
INSURANCE AND UNINSURED RISKS
RECLAMATION COSTS FOREIGN CURRENCY EXCHANGE RATES transaction exposure exposure to currency risk translation exposure
GLOBAL ECONOMIC CONDITIONS IMPACT OF PANDEMIC DISEASE ON GLOBAL ECONOMIC CONDITIONS AND ECONOMIC PERFORMANCE GLOBAL FINANCIAL CONDITIONS
DEBT AND LIQUIDITY RISK TAXATION
RISKS RELATED TO FURTHER PROCESSING Unrefined Product AVAILABILITY AND PRICE OF INPUTS INFRASTRUCTURE
COMMUNITY RELATIONS, LICENSE TO OPERATE AND REPUTATION NGOs CLIMATE CHANGE RISKS
GEOTECHNICAL RISKS LABOUR AND EMPLOYMENT MATTERS LITIGATION AND DISPUTE RESOLUTION
TITLE RISKS COMPETITION RETENTION OF KEY PERSONNEL HEDGING
COUNTERPARTY RISK INVESTMENT RISK DISCLOSURE AND INTERNAL CONTROLS SOX
CONFLICTS OF INTEREST CORRUPTION AND BRIBERY LAWS ACQUISITION AND INTEGRATION RISKS
FOREIGN OPERATIONS INFORMATION SYSTEMS SECURITY THREATS IT
7.50% SENIOR NOTES DUE 2027 2027 Notes 2027 Note Indenture 6.375% SENIOR NOTES DUE 2025 2025 Notes 2025 Note Indenture
COMMON SHARES RATINGS S&P Moody’s
SGL TRADING PRICE AND VOLUME Common Shares
2020 High (C$) Low (C$) Volume
RENAUD ADAMS NICHOLAS CHIREKOS GILLIAN DAVIDSON
JAMES GOWANS MARGARET MULLIGAN
IAN PEARCE MARILYN SCHONBERNER
ROBERT CHAUSSE ANNE DAY SEAN KEATING ANKIT SHAH
ERIC VINET STANDING COMMITTEES OF THE BOARD Board Committee Committee Members Status
CORPORATE CEASE TRADE ORDERS, BANKRUPTCIES, PENALTIES OR SANCTIONS CONFLICTS OF INTEREST AUDIT COMMITTEE Audit Committee Charter Composition of the Audit Committee (1) A member of an Audit Committee is independent if the member has no direct or indirect material relationship with the Company which could, in the view of the Company’s board of directors, reasonably interfere with the exercise of the member’s independent judgment.
(2) An individual is financially literate if he or she has the ability to read and understand a set of financial statements that present a breadth of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company’s financial statements. Relevant Education and Experience Pre-Approval Policies and Procedures Auditors and External Auditor Service Fees (by category) Financial Years Ending December 31 Audit Fees (1) Audit Related Fees (2) Tax Fees (3) All Other Fees(4) (1) The aggregate fees billed for the performance of the audit or review of the Company’s financial statements. (2) The aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements which are not included under the heading “Audit Fees”, including fees related to the equity and debt offerings of the Company, in each of the respective years. Also included are the securities and audit related fees relating to the Blackwater Project Carve-out Financial Statements, which were included in both the Base Shelf Prospectus and Business Acquisition Report of Artemis Gold, the fees of which were reimbursed by Artemis Gold to the Company. (3) The aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning. (4) In 2019, All Other Fees consists of a strategic planning workshop organized by Monitor Deloitte.
Technical Reports Rainy River Mine Technical Report New Afton Mine Technical Report
SCHEDULE A AUDIT COMMITTEE CHARTER Purpose and Authority Committee Board Company Composition, Procedures and Organization Audit Committees NI 52-110 IFRS
Chair Meetings CEO CFO Duties and Responsibilities Financial Reporting and Disclosure i. ii. iii. iv. v.
MD&A External Auditor
i. ii. iii. Internal Controls and Audit
Financial Risk Management General Foreign Corrupt Practices Act Corruption of Foreign Public Officials Act Extractive Sector Transparency Measures Act Oversight Function
Chair of the Committee Review
SCHEDULE B DEFINITIONS Term Definition assay atomic absorption (AA) ball mill batholith block cave block model bornite breccia bullion by-product calc-alkalic Cenozoic chalcocite chalcopyrite concentrate
Term Definition core Cretaceous crushing crust cyanidation decline deformation Devonian dilution doré electrowinning fault Feasibility Study felsic fire assay flotation
Term Definition formation geophysical survey grade grinding (milling) hectares hedging Indicated Mineral Resource* Inferred Mineral Resource* infill intrusive low-grade mafic Measured Mineral Resource*
Term Definition mill mineral claim / property / concession Mineral Reserve* Mineral Resource* Modifying Factors open pit mine ore Paleozoic porphyry Pre-Feasibility Study
Term Definition Probable Mineral Reserve* Proven Mineral Reserve* pyrite pyroclastic Qualified Person* quality assurance and quality control (QA/QC) reclamation reclamation and closure costs recovered grade recovery
Term Definition refining reverse circulation run-of-mine (ROM) sample scoping study sedimentary rocks semi-autogenous (SAG) mill shear zone stock stockpile tailings tailings facility tonne ton tuff vein volcanics
SCHEDULE C ABBREVIATIONS AND MEASUREMENT CONVERSION
Imperial Converts to Metric
SCHEDULE D EXCHANGE RATE AND METAL PRICE INFORMATION Exchange Rate 2020 2019 2018 (1) Calculated as an average of the daily noon rates for each period. Gold Prices LBMA 2020 ($) 2019 ($) 2018 ($) Copper Prices 2020 ($) 2019 ($) 2018 ($)
