New Gold Reports First Quarter Operational Results

Press Release

TORONTO, April 10, 2023– New Gold Inc. (“New Gold” or the “Company”) (TSX: NGD) and (NYSE American: NGD) reports first quarter operational results for the Company as of March 31, 2023. The Company is also providing notice that it will release its first quarter 2023 financial results after market close on Wednesday, April 26, 2023. The Company will host its first quarter 2023 earnings conference call and webcast on Thursday April 27, 2023 at 8:30 am Eastern Time.

“The first quarter of 2023 saw both of our operations excel, delivering gold equivalent production of 104,857 ounces, the strongest start to a year for our Company over the last four years, and a 20% increase over the prior year period,” stated Patrick Godin, President & CEO. “At Rainy River, we achieved our strongest first quarter of any year in the operation’s history and delivered production growth of nearly 13% over the same period last year as greater underground ore tonnes contributed to better-than-expected grade, which more than offset lower tonnes milled. The milling rate was impacted during the quarter by mechanical maintenance on the SAG mill and crusher. At New Afton, gold and copper production improved meaningfully over the same period last year, as the operation’s focus remained on steady state mining of B3 and C-Zone development. In short, I’m proud of how our operations and teams delivered during the first quarter, and we remain well positioned to meet all annual production guidance metrics outlined earlier this year.”

The Company will release its first quarter 2023 financial results after market close on Wednesday, April 26, 2023. A conference call and webcast will be hosted on Thursday, April 27, 2023 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/1WzxeYqeXnB
• 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 03648094
• To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3lcb9RU to receive an instant automated call back
• A recorded playback of the conference call will be available until May 27, 2023 by calling North American toll free 1-888-390-0541, or 1-416-764-8677 outside of the U.S. and Canada, passcode 648094. An archived webcast will also be available at www.newgold.com

The Company will hold its annual general and special meeting of shareholders on Tuesday, May 9, 2023 at 4:00 pm Eastern Time (the “Meeting”). The Meeting will not include a formal presentation by management.

The Meeting will be conducted virtually to maximize shareholder accessibility to the meeting. Participants will be able to join via the following link https://web.lumiagm.com/416913277.

A virtual Meeting affords all shareholders the ability to attend and participate in the Meeting equally, regardless of geographic location. At the virtual Meeting, registered shareholders, non-registered (or beneficial) shareholders and their duly appointed proxyholders will be able to participate, ask questions and vote in “real time” through an online portal. Non-registered shareholders must carefully follow the procedures set out in the management information circular (the “Circular”) if they wish to appoint themselves as a proxyholder to vote at the Meeting and ask questions through the live webcast. Non-registered shareholders who do not follow the procedures set out in the Circular, along with other stakeholders who do not own common shares, will nonetheless be able to view a live webcast of the Meeting but will not be able to ask questions or vote.

New Gold’s Circular, as well as a virtual annual general meeting user guide, may be found on New Gold’s website at https://newgold.com/news-events/annual-meeting-of-shareholders/default.aspx or under New Gold’s profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

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 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.

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