Mr. Patrick Godin reports

NEW GOLD REPORTS STRONG SECOND QUARTER OPERATIONAL RESULTS

New Gold Inc. has released 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 a.m. ET.

All amounts are in United States dollars unless otherwise indicated.

"We had another excellent quarter, delivering gold equivalent production of 102,374 ounces, a 45-per-cent increase over the prior-year period," stated Patrick Godin, president and chief executive officer. "At Rainy River, strong quarterly production results were attributed to higher mill availability due to the team's pro-active 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."

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 a.m. ET:

• 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 U.S. and Canada, passcode 482413;
• To join the conference call without operator assistance, you may register and enter your phone number on-line to receive an instant automated call back;
• A recorded playback of the conference call will be available until Aug. 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 the company's website.

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 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.

Note:

1. Total gold equivalent (AuEq) 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 Q2 2023 includes production of 122,211 ounces of silver (120,579 ounces sold) converted to AuEq 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 Q2 2023 includes 12 million pounds of copper produced (10.1 million pounds sold) and 29,997 ounces of silver produced (22,805 ounces of silver sold) converted to AuEq 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.
2. Key performance indicator data are inclusive of ounces from ore purchase agreements for New Afton. The New Afton mine purchases small amounts of ore from local operations, subject to certain grade and other criteria. These ounces represented approximately 6 per cent of total ounces produced at New Afton during the quarter, using New Afton's excess mill capacity. All other ounces are mined and produced at New Afton.

Technical information

The scientific and technical information contained in this news release has been reviewed and approved by Yohann Bouchard, executive vice-president and chief operating officer of New Gold. Mr. Bouchard is a professional engineer and member of the Ordre des ingenieurs du Quebec. Mr. Bouchard is a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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