Mr. Patrick Godin reports

NEW GOLD REPORTS FIRST QUARTER OPERATIONAL RESULTS

New Gold Inc. has released 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 a.m. Eastern Time. (All amounts are in U.S. dollars unless otherwise indicated.)

"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-per-cent increase over the prior-year period," stated Patrick Godin, president and chief executive officer. "At Rainy River, we achieved our strongest first quarter of any year in the operation's history and delivered production growth of nearly 13 per cent 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 [semi-autogenous grinding] 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."

              OPERATIONAL HIGHLIGHTS 
  
Consolidated                        Q1 2023   Q1 2022

Gold eq. production (ounces) (1)    104,857    87,696 
Gold production (ounces)             82,477    68,101 
Copper production (Mlb)                10.3       8.2 

Rainy River mine                    Q1 2023    Q1 2022

Gold eq. production (ounces) (1)     67,596     59,895 
Gold production (ounces)             66,201     58,834 

New Afton mine                      Q1 2023    Q1 2022

Gold eq. production (ounces) (1)     37,261     27,800 
Gold production (ounces)             16,276      9,267 
Copper production (Mlb)                10.3        8.2  

         OPERATING KEY PERFORMANCE INDICATORS
  
Rainy River mine                       Q1 2023   Q1 2022
Open pit only                                        
Tonnes mined per day (ore and waste)   118,481   118,657
Ore tonnes mined per day                36,380    20,019 
Operating waste tonnes per day          60,360    35,199 
Capitalized waste tonnes per day        21,741    63,438 
Total waste tonnes per day              82,101    98,637 
Strip ratio (waste to ore)                2.26      4.93  
Open pit and underground                             
Tonnes milled per calendar day          22,400    24,318 
Gold grade milled (g/t)                   1.12      0.92  
Gold recovery (%)                           91        91   
Gold eq. production (ounces) (1)        67,596    59,895 
Gold production (ounces)                66,201    58,834 

New Afton mine                         Q1 2023   Q1 2022

Tonnes mined per day (ore and waste)     9,185     7,028 
Tonnes milled per calendar day           8,142    10,299 
Gold grade milled (g/t)                   0.78      0.38  
Gold recovery (%)                           89        83   
Copper grade milled (%)                   0.70      0.49  
Copper recovery (%)                         91        81   
Gold eq. production (ounces) (1)        37,261    27,800 
Gold production (ounces)                16,276     9,267 
Copper production (Mlb)                   10.3       8.2  

First quarter 2023 conference call and webcast

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 a.m. Eastern Time.

• Participants may listen to the webcast by registering on the company's website.
• 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 United States and Canada, passcode 03648094.
• To join the conference call without operator assistance, you may register and enter your phone number to receive an instant automated callback.
• 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 the Newgold website.

2023 annual general and special meeting of shareholders

The company will hold its annual general and special meeting of shareholders on Tuesday, May 9, 2023, at 4 p.m. Eastern Time. 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 on-line.

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 on-line portal. Non-registered shareholders must carefully follow the procedures set out in the management information 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 or under New Gold's profile on SEDAR and on EDGAR.

About New Gold Inc.

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.

Endnote

(1) Total gold equivalent ounces include silver and copper produced/sold converted to a gold equivalent. All copper is produced/sold by the New Afton mine. Gold equivalent ounces for Rainy River in first quarter 2023 include production of 110,976 ounces of silver converted to a gold equivalent based on a ratio of $1,750 per gold ounce and $22 per silver ounce used for 2023 guidance estimates. Gold equivalent ounces for New Afton in Q1 2023 include 10.3 million pounds of copper produced and 26,722 ounces of silver produced converted to a gold equivalent based on a ratio of $1,750 per gold ounce, $3.50 per copper pound and $22 per silver ounce used for 2023 guidance estimates.

Technical information

The scientific and technical information contained in this news release as it relates to the New Afton mine has been reviewed and approved by John Ritter, general manager of the New Afton mine, and the scientific and technical information contained in this news release as it relates to the Rainy River mine has been reviewed and approved by Gord Simms, general manager of the Rainy River mine. Mr. Ritter is a professional engineer and member of the Engineers and Geoscientists British Columbia, and Mr. Simms is a professional engineer and member of the Engineers and Geoscientists British Columbia. Mr. Ritter and Mr. Simms are each a qualified person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

We seek Safe Harbor.