New Gold Reports Strong Second Quarter Operational Results

Press Release

TORONTO, July 11, 2023 – New Gold Inc. (“New Gold” or the “Company”) (TSX: NGD) (NYSE American: NGD) reports strong second quarter operational results for the Company as of June 30, 2023. The Company is also providing notice that it will release its second quarter 2023 financial results after market close on Wednesday, July 26, 2023. The Company will host its second quarter 2023 earnings conference call and webcast on Thursday, July 27, 2023 at 8:30 am Eastern Time.

“We had another excellent quarter, delivering gold equivalent production of 102,374 ounces, a 45% increase over the prior year period,” stated Patrick Godin, President & CEO. “At Rainy River, strong quarterly production results were attributed to higher mill availability due to the team’s proactive measures taken during the planned maintenance activities. In addition to a great operating quarter, we continued to make meaningful progress advancing our growth initiatives, securing the future production of our Company. C-Zone development at New Afton continued and remains on-track for first ore production in the fourth quarter of this year, and development of the underground Main Zone at Rainy River has commenced as planned. Continuity is key to our success, and as evidenced from our strong first half results, both the Rainy River and New Afton teams are delivering. As a result, we remain well positioned to meet all annual production guidance metrics outlined earlier this year.”

Operational Highlights

Second Quarter 2023 Conference Call and Webcast

The Company will release its second quarter 2023 financial results after market close on Wednesday, July 26, 2023. A conference call and webcast will be hosted on Thursday, July 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/9LrQ1zOndev
• 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 482413
• To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3qbFfHx to receive an instant automated call back
• A recorded playback of the conference call will be available until August 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 482413. 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 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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