New Gold Achieves 2025 Production Guidance

Press Release

January 16, 2026

TORONTO, – New Gold Inc. (“New Gold” or the “Company”) (TSX: NGD) (NYSE: NGD) reports fourth quarter and full year operational results for the Company for the three months and year ended December 31, 2025. Fourth quarter production¹ was 107,778 ounces of gold and 11.0 million pounds of copper. The strong quarterly results delivered quarterly free cash flow² of $240 million.

Strong Operational Exit to 2025 with Growth Initiatives Well Positioned Entering 2026

“New Gold delivered as planned in the fourth quarter, allowing the Company to achieve its 2025 Strategic Goals set out at our Technical Session at the start of the year. We delivered on our 2025 production guidance with incredible commitment to health and safety. The total recordable injury frequency rate³ (TRIFR) was 0.65 for the year, a reduction of 10% compared to the prior year, achieving the lowest ever recorded consolidated TRIFR for the Company,” stated Patrick Godin, President & CEO. “Rainy River delivered another standout quarter of free cash flow generation, surpassing the previous record set in the third quarter, leading to the Company generating over $532 million in free cash flow in a year that prioritized ramping up growth initiatives.”

“Growth initiatives continued to make tremendous progress towards completion during the fourth quarter. New Afton’s C-Zone cave construction remains on track for completion in early-2026. Rainy River underground saw a 45% improvement quarter-over-quarter in development rates in the fourth quarter, driven by all business improvement initiatives outlined in the third quarter. New Gold operations remain well positioned to deliver another strong year in 2026,” added Mr. Godin.

• Fourth quarter 2025 consolidated production was 107,778 ounces of gold and 11.0 million pounds of copper. Full year consolidated production was 353,772 ounces of gold and 50.1 million pounds of copper, achieving the consolidated guidance ranges of 325,000 to 365,000 ounces of gold and 50 to 60 million pounds of copper, respectively.
• New Afton fourth quarter production was 13,355 ounces of gold and 11.0 million pounds of copper. Full year production was 63,536 ounces of gold and 50.1 million pounds of copper, achieving the production guidance ranges of 60,000 to 70,000 ounces of gold and 50 to 60 million pounds of copper, respectively.
• Rainy River fourth quarter production was 94,423 ounces of gold. Full year production was 290,236 ounces of gold, achieving the top end of the production guidance range of 265,000 to 295,000 ounces.
• During the fourth quarter, the Company generated free cash flow² of $240 million after investing over $67 million in total capital. For the full year 2025, the Company generated $532 million in free cash flow² after investing over $310 million in total capital, which included growth capital involved with ramping up C-Zone production at New Afton and advancing Rainy River underground Main. Cash generated from operations was $327 million and $898 million for the quarter and full year, respectively.
• For the full year 2025, consolidated exploration expense totaled $38 million, consisting of over 126,000 metres drilled. 2025 exploration investment was approximately 27% higher than the initial $30 million guidance for the year, as the Company increased the budget and scope throughout the year to follow up on successful exploration targets.

Operational Highlights

Consolidated	Q4 2025	FY 2025	2025 Guidance
Gold production (ounces)1	107,778	353,772	325,000 – 365,000
Gold sold (ounces) 1	104,886	350,127	–
Copper production (Mlbs) 1	11.0	50.1	50 – 60
Copper sold (Mlbs) 1	10.3	48.2	–

New Afton Mine	Q4 2025	FY 2025	2025 Guidance
Gold production (ounces) 1	13,355	63,536	60,000 – 70,000
Gold sold (ounces) 1	12,654	62,693	–
Copper production (Mlbs) 1	11.0	50.1	50 – 60
Copper sold (Mlbs) 1	10.3	48.2	–

Rainy River Mine	Q4 2025	FY 2025	2025 Guidance
Gold production (ounces) 1	94,423	290,236	265,000 – 295,000
Gold sold (ounces) 1	92,232	287,434	–

Operating Key Performance Indicators

New Afton Mine	Q4 2025	Q4 2024	FY 2025	FY 2024
Tonnes mined per day (ore and waste)	11,147	11,890	11,904	10,616
Tonnes milled per calendar day	10,984	13,189	12,176	11,439
Gold grade milled (g/t)	0.47	0.58	0.52	0.61
Gold recovery (%)	87	85	86	87
Copper grade milled (%)	0.54	0.62	0.57	0.65
Copper recovery (%)	92	87	89	89
Gold production (ounces)	13,355	19,652	63,536	72,609
Copper production (Mlbs)	11.0	14.5	50.1	54.0

Rainy River Mine	Q4 2025	Q4 2024	FY 2025	FY 2024
Open Pit Only
Tonnes mined per day (ore and waste)	84,512	75,644	86,663	91,895
Ore tonnes mined per day	47,181	21,774	28,304	20,092
Operating waste tonnes per day	16,610	53,870	29,805	53,443
Capitalized waste tonnes per day	20,721	–	28,553	18,361
Total waste tonnes per day	37,331	53,870	58,358	71,803
Strip ratio (waste:ore)	0.79	2.47	2.06	3.57
Underground Only
Ore tonnes mined per day	2,170	1,068	1,505	834
Waste tonnes mined per day	2,213	1,506	1,770	1,251
Lateral development (metres)	2,941	1,602	8,662	5,235
Open Pit and Underground
Tonnes milled per calendar day	26,480	22,656	25,294	24,563
Gold grade milled (g/t)	1.29	0.97	1.05	0.85
Gold recovery (%)	94	93	93	92

About New Gold

New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in Canada, the New Afton copper-gold mine and the Rainy River gold mine. New Gold’s vision is to be the most valued intermediate gold and copper producer through profitable and responsible mining for our shareholders and stakeholders. For further information on the Company, visit www.newgold.com.

For further information, please contact:
Ankit Shah	Brandon Throop
Executive Vice President and Chief Strategy Officer	Director, Investor Relations
Direct: +1 (416) 324-6027	Direct: +1 (647) 264-5027
Email: ankit.shah@newgold.com	Email: brandon.throop@newgold.com

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