Mr. Nick Chirekos reports

NEW GOLD APPOINTS RICHARD O'BRIEN TO THE BOARD OF DIRECTORS

New Gold Inc. has appointed Richard O'Brien to its board of directors effective immediately and will stand for election by shareholders at New Gold's annual general meeting on May 14, 2024 (the AGM). Ian Pearce has informed the board that he will retire from the board on Aug. 1, 2024. Following the AGM, it is expected that the board will appoint Mr. O'Brien as chair upon Mr. Pearce's retirement from the board. Mr. Pearce will assist Mr. O'Brien in transitioning into the role over the coming months.

Mr. O'Brien has over 40 years of experience in the mining and energy sectors, including more than 20 years in chief executive officer and chief financial officer roles. He served as president and chief executive officer of Newmont Mining Corp. from 2007 to 2013, executive vice-president and chief financial officer from 2006 to 2007, and senior vice-president and chief financial officer from 2005 to 2006. Mr. O'Brien also served as president and chief executive officer of boart Longyear Ltd., the world's leading provider of drilling services, drilling equipment and performance tooling for mining and drilling companies, from 2013 to 2015. He is currently a corporate director, serving on the boards of Vulcan Materials Co., Xcel Energy Inc. and Ma'aden, The Saudi Arabian Mining Company. He was also chair of the board of Pretivm Resources Inc. from 2019 to 2022, until its acquisition by Newcrest Mining Ltd.

"On behalf of the board and the team at New Gold, I would like to welcome Richard to our board. I am confident he will provide valuable leadership as the company prepares for increasing production and decreasing costs, transitioning to a significant free cash flow generator," said Nick Chirekos, chair of the corporate governance and nominating committee of the board. "I would also like to thank Ian for his commitment, resilience and invaluable contributions to our company since joining the board of directors in 2016."

"It has been an honor to serve as chair of the board of New Gold. Two thousand twenty-three was a year of strong performance at our company's operations. With the completion of the company's growth projects this year and the release of three-year guidance, I believe now is the right time to look to the longer-term future of the company and it is prudent to refresh leadership at the board periodically," said Ian Pearce, chair of the board. "Richard has an excellent reputation and track record of value creation and I'm looking forward to working closely with him during this transition period."

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.

We seek Safe Harbor.