New Gold Achieves Updated Production Guidance

Press Release

TORONTO, Jan. 10, 2023 – New Gold Inc. (“New Gold” or the “Company”) (TSX: NGD) (NYSE American: NGD) reports fourth quarter and annual operational results for the Company as of December 31, 2022. The Company is also providing notice that it will release its fourth quarter and full year 2022 financial results and 2023 operational outlook before markets open on Thursday, February 16, 2023.

“New Gold was faced with several challenges in 2022, but our teams remained resilient executing on our plans, and as a result, our operations met all updated production guidance targets”, stated Patrick Godin, President and CEO. “In the fourth quarter, Rainy River delivered the strongest quarter of the year, driven by a 25% increase in quarter-over-quarter grades as higher grade underground ore was introduced to the mill, which was partially offset by lower throughput. At New Afton, the team achieved revised guidance for both copper and gold, and successfully ramped up B3 production to the targeted rate of 8,000 tonnes per day, ahead of plan. New Gold and its operations exit 2022 on a strong note, well positioned for the new year.”

Operational Highlights

Consolidated	Q4 2022	FY 2022	2022 Revised Guidance
Gold eq. production (ounces)¹	97,824	347,054	325,000 – 365,000
Gold production (ounces)	80,694	271,373	260,000 – 290,000
Copper production (Mlbs)	6.9	31.1	25 – 35

Rainy River Mine

Q4 2022

FY 2022

2022 Revised Guidance

Gold eq. production (ounces)¹

71,221

235,194

230,000 – 250,000

Gold production (ounces)

69,753

229,822

225,000 – 245,000

New Afton Mine	Q4 2022	FY 2022	2022 Revised Guidance
Gold eq. production (ounces)¹	26,603	111,860	95,000 – 115,000
Gold production (ounces)	10,941	41,551	35,000 – 45,000
Copper production (Mlbs)	6.9	31.1	25 – 35

1. Total gold eq. ounces include silver and copper produced/sold converted to a gold equivalent. All copper is produced/sold by the New Afton Mine. Gold eq. ounces for Rainy River in Q4 2022 includes production of 110,133 ounces of silver converted to a gold eq. based on a ratio of $1,800 per gold ounce and $24.00 per silver ounce used for 2022 guidance estimates. Gold eq. ounces for New Afton in Q4 2022 includes 6.9 million pounds of copper produced and 18,012 ounces of silver produced converted to a gold eq. based on a ratio of $1,800 per gold ounce, $4.00 per copper pound and $24.00 per silver ounce used for 2022 guidance estimates.

Operating Key Performance Indicators

Rainy River Mine	Q4 2022	Q4 2021	FY 2022	FY 2021
Tonnes mined per day (ore and waste)	110,536	129,775	112,826	147,131
Ore tonnes mined per day	34,667	33,885	22,965	39,716
Operating waste tonnes per day	56,547	62,348	39,017	71,869
Capitalized waste tonnes per day	19,323	33,542	50,843	35,546
Total waste tonnes per day	75,870	95,890	89,860	107,415
Strip ratio (waste:ore)	2.19	2.83	3.91	2.70
Tonnes milled per calendar day	22,225	24,492	23,568	25,342
Gold grade milled (g/t)	1.16	1.03	0.91	0.88
Gold recovery (%)	92	92	91	89
Gold eq. production (ounces)¹	71,221	70,500	235,194	242,961
Gold production (ounces)	69,753	68,356	229,822	234,469

New Afton Mine	Q4 2022	Q4 2021	FY 2022	FY 2021
Tonnes mined per day (ore and waste)	7,978	13,705	7,003	13,271
Tonnes milled per calendar day	6,938	13,125	9,105	13,386
Gold grade milled (g/t)	0.62	0.41	0.47	0.41
Gold recovery (%)	86	81	84	81
Copper grade milled (%)	0.57	0.67	0.51	0.70
Copper recovery (%)	87	80	83	81
Gold eq. production (ounces)¹	26,603	41,074	111,860	175,972
Gold production (ounces)	10,941	12,716	41,551	52,452
Copper production (Mlbs)	6.9	14.2	31.1	61.7

Fourth Quarter 2022 Conference Call and Webcast

The Company will release its fourth quarter 2022 financial results before markets open on Thursday, February 16, 2023. A conference call and webcast will follow at 8:30 am Eastern Time.

Participants may listen to the webcast by registering on our website at www.newgold.com or via the following link https://app.webinar.net/mX1v9XP9zGK
Participants may also listen to the conference call by calling North American toll free 1-888-664-6383, or 1-416-764-8650 outside of the U.S. and Canada, passcode 24329001
To join the conference call without operator assistance, you may register and enter your phone number at https://connectnow1.accutel.com/EventMeet/rest/users/login?password=h5hnf4cq8qa76 to receive an instant automated call back.
A recorded playback of the conference call will be available until March 16, 2023 by calling North American toll free 1-888-390-0541, or 1-416-764-8677 outside of the U.S. and Canada, passcode 329001. An archived webcast will also be available at www.newgold.com.

About New Gold

New Gold is a Canadian-focused intermediate mining company with a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine. The Company also holds an approximately 5% equity stake in Artemis Gold Inc. and other Canadian-focused investments. New Gold’s vision is to build a leading diversified intermediate gold company based in Canada that is committed to the environment and social responsibility. For further information on the Company, visit www.newgold.com.

Technical Information

The scientific and technical information contained in this news release has been reviewed and approved by John Ritter, General Manager of the New Afton Mine and Gord Simms, General Manager of the Rainy River Mine. Mr. Ritter is a Professional Engineer and member of the Engineers and Geoscientists BC and Mr. Simms is a Professional Engineer and member of the Engineers and Geoscientists BC. Mr. Ritter and Mr. Simms are each a “Qualified Person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

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