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New Gold Reports First Quarter Operational Results

Press Release

TORONTO, April 12, 2022 – 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, 2022. The Company is also providing notice that it will be releasing its first quarter 2022 financial results before markets open on Monday, May 2, 2022.

“The first quarter saw both of our operations deliver total gold equivalent production of 87,696 ounces as we begin a year focused on operational excellence and optimization at both assets,” stated Renaud Adams, President & CEO. “At Rainy River, we achieved quarter over quarter production growth despite lower tonnes mined as a result of an increase in COVID-19 cases at site in the first part of the quarter, which impacted equipment utilization, and the cold weather affecting drilling productivity. The milling rate was also impacted during the quarter due to mechanical maintenance on the SAG mill and crusher, and weather conditions impacting stockpile movement. At New Afton, the planned closure of the Lift 1 cave was completed with the exception of the recovery level, commissioning of the thickened and amended tailings facility was completed, and we continued to advance the B3 ramp-up and C-Zone development. Lastly, we released an updated Rainy River technical report where Rainy River’s mine life has extended to 2031 with the conversion of an additional 569,000 gold ounces in the underground main zones.”

Q1 2022

Q1 2021

Gold eq. production (ounces)1

87,696

96,026

Gold production (ounces)

68,101

66,650

Copper production (Mlbs)

8.2

13.8

Rainy River Mine

Rainy River Mine (Open Pit Mine only)

Q1 2022

Q1 2021

Tonnes mined per day (ore and waste)

118,657

150,767

Ore tonnes mined per day

20,019

35,681

Operating waste tonnes per day

35,199

65,643

Capitalized waste tonnes per day

63,438

49,442

Total waste tonnes per day

98,637

115,085

Strip ratio (waste:ore)

4.93

3.23

Tonnes milled per calendar day

24,318

26,301

Gold grade milled (g/t)

0.92

0.80

Gold recovery (%)

91

89

Mill availability (%)

93

89

Gold eq. production (ounces)1

59,895

56,513

Gold production (ounces)

58,834

54,656

New Afton Mine

New Afton Mine

Q1 2022

Q1 2021

Tonnes mined per day (ore and waste)

7,028

11,395

Tonnes milled per calendar day

10,299

13,564

Gold grade milled (g/t)

0.38

0.39

Gold recovery (%)

83

79

Copper grade milled (%)

0.49

0.64

Copper recovery (%)

81

80

Mill availability (%)

97

96

Gold eq. production (ounces)1

27,800

39,512

Gold production (ounces)

9,267

11,994

Copper production (Mlbs)

8.2

13.8

First Quarter 2022 Conference Call and Webcast

The Company will release its first quarter 2022 financial results before markets open on Monday, May 2, 2022. 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://produceredition.webcasts.com/starthere.jsp?ei=1536194&tp_key=0e2e702de9
  • 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 93425158
  • A recorded playback of the conference call will be available until June 2, 2022 by calling North American toll free 1-888-390-0541, or 1-416-764-8677 outside of the U.S. and Canada, passcode 425158. An archived webcast will also be available at www.newgold.com.
2022 Annual Meeting of Shareholders

The Company will hold its annual general meeting of shareholders on Tuesday, May 3, 2022 at 4:00 pm Eastern Time. The meeting will not include a formal presentation by management.

Due to the continuing public health impact of the COVID-19 pandemic and having regard to the health and safety of the Company’s employees and shareholders, the meeting will be held virtually at https://web.lumiagm.com/453499456.

At the virtual meeting, registered shareholders, non-registered (or beneficial) shareholders, and their duly appointed proxyholders will be able to ask questions and otherwise participate in “real time” through an online portal. Non-registered shareholders must carefully follow the procedures set out in the Company’s management information circular in order to ask questions and otherwise participate in the meeting through the live webcast. Non-registered shareholders who do not follow these procedures will nonetheless be able to view a live webcast of the meeting but will not be able to ask questions or vote. New Gold firmly believes that a virtual meeting gives all shareholders an equal opportunity to participate regardless of their geographic location or the particular constraints, circumstances or risks that they may be facing as a result of COVID-19.

New Gold’s management information 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 a 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.

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 Q1 2022 includes production of 79,621 ounces of silver (78,640 ounces sold) 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 Q1 2022 includes 8.2 million pounds of copper produced (9.2 million pounds sold) and 29,890 ounces of silver produced (32,575 ounces of silver sold) 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.

IBF4

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