Mr. Patrick Godin reports

NEW GOLD ACHIEVES TOP END OF CONSOLIDATED PRODUCTION GUIDANCE

New Gold Inc. has released its fourth quarter and full year operational results for the company as of Dec. 31, 2023. The company is also providing notice that it will release its fourth quarter and full year 2023 financial results after market close on Tuesday, Feb. 13, 2024. The company will host its fourth quarter and full year 2023 earnings conference call and webcast on Wednesday, Feb. 14, 2024, at 8:30 a.m. ET. All monetary amounts are in United States dollars.

Continued strong quarterly operational performance leads to New Gold achieving the top end of 2023 consolidated production guidance

"Our strong fourth quarter production results mark our sixth consecutive quarter of delivering to our plan, with a 7-per-cent increase in gold equivalent production over the prior-year period," stated Patrick Godin, president and chief executive officer. "As a result, New Gold achieved the top end of its 2023 gold equivalent production guidance set at the start of 2023."

Fourth quarter consolidated gold equivalent production of 105,082 ounces (79,187 ounces of gold, 12.0 million pounds of copper and 157,788 ounces of silver), a 7-per-cent increase over the prior-year period.

Another excellent quarter from New Afton as a result of higher tonnes processed, higher gold and copper grades and higher recovery rates. B3 extraction rates continue to exceed plan. For the year, gold production exceeded 2023 guidance, with copper production achieving the top end.

Rainy River continues to deliver stable production quarter over quarter. Both the open-pit and underground mines delivered in the quarter, aided by another strong performance from the processing plant. Gold production achieved the top end of 2023 guidance.

As a result of the strong fourth quarter operating results, 2023 consolidated gold equivalent production was 423,517 ounces (321,178 ounces of gold, 47.4 million pounds of copper and 593,146 ounces of silver), achieving the top end of 2023 consolidated production guidance.

Entering final year of growth project execution, near-term significant free cash flow thesis remains intact

"Both operations exit 2023 performing well and having made excellent progress on growth initiatives. I expect 2024 to be transformational for our company and position us well to increase production at decreasing costs and significantly less capital spend, allowing us to maximize our free cash flow generation in the years to come," added Mr. Godin.

At Rainy River, phase 4 of the open pit is under way, with overburden removal complete and waste stripping well advanced. Phase 4 waste stripping activities are expected to significantly decrease after 2024. Rainy River's underground Main zone remains on track for first production in the fourth quarter of 2024 and is expected to ramp up production throughout 2025.

At New Afton, C-zone production commenced at the end of September, 2023, with the first draw bell blast. Commercial production remains on track for H2 2024, ramping up to full production by the end of 2025.

The company's near-term free cash flow thesis remains intact. Capital spending is expected to taper off significantly upon completion of growth projects and a significant reduction in open pit waste stripping at Rainy River after 2024. Together with increasing production profiles at both operations and decreasing costs, free cash flow is expected to increase significantly in the coming years.

The company will provide additional details with the release of its inaugural three-year operational outlook in early-February.

Fourth quarter and full year 2023 conference call and webcast

The company will release its fourth quarter and full year 2023 financial results after market close on Tuesday, Feb. 13, 2024. A conference call and webcast will be hosted on Wednesday, Feb. 14, 2024, at 8:30 a.m. ET.

Participants may listen to the webcast by registering on the 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 03373344.

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 March 14, 2024, by calling North American toll free 1-888-390-0541, or 1-416-764-8677 outside of the U.S. and Canada, passcode 373344.

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.

We seek Safe Harbor.