Mr. Patrick Godin reports

NEW GOLD REPORTS STRONG THIRD QUARTER OPERATIONAL RESULTS

New Gold Inc. has released its third-quarter operational results for the company as of Sept. 30, 2023. The company is also providing notice that it will release its third quarter 2023 financial results after market close on Wednesday, Oct. 25, 2023. The company will host its third quarter 2023 earnings conference call and webcast on Thursday, Oct. 26, 2023, at 8:30 a.m. ET.

"We had a strong third quarter, with both operations continuing to achieve consistent quarterly production. Operationally, we delivered solid production results of 111,204 gold equivalent ounces, a 22-per-cent increase over the prior-year period. We remain on track to meet our annual production guidance," stated Patrick Godin, president and chief executive officer. "Rainy River delivered on plan with a continued focus on operational discipline, cost control and cost-saving initiatives. New Afton delivered above plan, as mining from B3 continues to perform above expectations.

"The company also continued to advance on our development plans at both assets during the quarter and deliver important milestones. Rainy River continued to advance the connection ramp to the underground main zone from Intrepid. At New Afton, we successfully blasted the first draw bell from C zone, an important milestone in delivering significant production growth in the coming years. With C zone transitioning to the production ramp-up phase, I look forward to providing updates on the ramp-up over the coming quarters."

Third quarter 2023 conference call and webcast

The company will release its third quarter 2023 financial results after market close on Wednesday, Oct. 25, 2023. A conference call and webcast will be hosted on Thursday, Oct. 26, 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 1-888-664-6383 (toll-free) in North America, or 1-416-764-8650 outside of the United States and Canada (passcode 21119260).
• 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 Nov. 26, 2023, by calling 1-888-390-0541 (toll-free) in North America, or 1-416-764-8677 outside of the U.S. and Canada (passcode 119260). 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 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.

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. Mr. Bouchard is a professional engineer and a member of the Professional Engineers of Ontario. Mr. Bouchard is a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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