Mr. Patrick Godin reports

NEW GOLD ANNOUNCES MINE LIFE EXTENSION AT BOTH NEW AFTON AND RAINY RIVER; OUTLINES STRONG FREE CASH FLOW PROFILE OVER NEXT THREE YEARS

New Gold Inc. has provided its three-year operational outlook and filed technical reports for the New Afton and Rainy River mines. The technical reports were prepared in compliance with National Instrument 43-101 (NI 43-101). The company is also providing its updated mineral reserve and mineral resource statement as of Dec. 31, 2024. The technical reports are available on SEDAR+ and on the company's website. The company will be hosting a conference call and webcast on Thursday, Feb. 13, 2025, at 1 p.m. Eastern Time to discuss its operational outlook and technical report highlights.

New projects drive mine life extensions at both assets with significant upside remaining

"Today's life-of-mine plans successfully outline New Gold's strong production profile with reducing costs, strong free cash flow generation and increasing net asset value, while also highlighting exciting opportunities to build on over the longer term," stated Patrick Godin, president and chief executive officer. "Our exploration efforts translated to successfully replacing mining depletion of reserves in 2024. At New Afton, the East Extension expansion adds high-grade material to a low-risk, low-cost operation while C-zone's increased draw height extends mine life at no additional capital. At Rainy River, the phase 5 expansion extends the open pit, accomplishing our main mine plan objectives to push processing of the low-grade stockpile into the future and keep the mill full to the end of 2029. The life-of-mine plans described in the two technical reports provide an excellent base on which the company can build in the years to come. Significant upside and opportunities have been outlined at each project and I look forward to updating you on our progress."

New Afton life-of-mine highlights

• Copper and gold mineral reserves increased by 15 per cent and 13 per cent, respectively, compared with year-end 2023.
• C-zone mineral reserves tonnes increased by 27 per cent year over year with an increase in draw height to 450 metres, extending the New Afton reserve mine life to 2031. These additional mineral reserves come at no additional capital cost.
• The East Extension zone is added to mineral reserves for the first time, following completion of a technical study in 2024. East Extension, with copper and gold grades more than double C-zone grades, adds high-grade, supplementary mill feed during the C-zone production period, while providing a platform for further growth in the Eastern sector of the mine.
• The increased mineral reserves are the basis for the life-of-mine plan outlined in the updated New Afton technical report. With the C-zone block cave ramping-up production as planned, copper and gold production are expected to increase significantly through 2025 and over the next three-years.
• With the production rate returning to 16,000 tonnes per day by 2026, New Afton is established to deliver strong operating margins, driven by life-of-mine total operating costs averaging less than $30 per tonne. Together with a tapering capital cost profile, New Afton is expected to generate significant cash flow.
• Upside to the technical report remains with opportunities to optimize and extend mine life from the prospective K-zone, HW zone and D-zone. K-zone, the focus of drilling in 2024, is not yet included in the mineral reserve and mineral resource estimates as the zone remains open at depth and to the east and further drilling is required to define the extent of the mineralization. Drilling will benefit from the completion of a new underground exploration drift expected to be completed in 2025.

Rainy River life-of-mine highlights

• The Rainy River mineral reserve, mineral resource, and technical report updates are the culmination of a comprehensive technical review, resulting in a 2-per-cent reduction in mineral reserves on top of mining depletion and providing a solid foundation for the life-of-mine plan.
• Open pit mineral reserves have decreased compared with year-end 2023, partly offset by increased mineral reserves in the planned phase 5 pushback. The phase 5 pit design has been optimized to reduce the strip ratio. No additional open pit mining equipment is required for mining phase 5 and total capital waste stripping, for phase 4 and phase 5 combined, is estimated at $116-million.
• Underground mineral reserves increased to approximately 1.34 million ounces of gold, more than replacing depletion from underground mining, mostly through the expansion of underground mining zones.
• Gold mineral resources have increased by 76 per cent compared with year-end 2023, driven by a significant expansion of the open pit resource pit shell. technical studies are planned to evaluate these opportunities, with an objective to further extend the open pit mine life.
• The updated Rainy River life-of-mine plan maintains a strong gold production profile, averaging approximately 300,000 ounces per year over the next three years. Inclusion of phase 5 for the first time extends open pit mining to 2028, defers processing of the low-grade stockpile, and keeps the mill at full capacity until the end of 2029, while providing a platform for further open pit extension.
• The total unit operating cost is expected to remain relatively flat at $27 to $34 per tonne over the next five years, increasing from 2030 when only higher-grade underground ore is processed. Underground unit mining costs are expected to reduce as the underground mine ramps up to a steady-state production rate of approximately 5,800 tonnes per day by 2027, and as development requirements taper off.
• In addition to the open pit conversion opportunities noted above, further potential exists to expand existing near-surface and underground zones and identify new targets. Two thousand twenty-four was the first major drilling campaign at Rainy River since 2017, and initial results are already providing promising results.

2025 to highlight increasing production and decreasing costs leading to strong free cash flow generation

"In 2024, the company reached a free cash flow inflection point and 2025 will continue to build on that. This year, we expect to see the value from the significant investments made in recent years on our growth projects through increased production, decreasing costs and substantial free cash flow generation," added Mr. Godin.

• Consolidated gold production is expected to increase by approximately 16 per cent to 325,000 to 365,000 ounces in 2025, compared with 2024, driven by increasing production at Rainy River.
• Copper production is expected to be in line with 2024 at 50 million to 60 million pounds as the ramp up in C-zone throughput is offset by planned lower grades from both the exhaustion of the B3 cave and first draw bells from C-zone.
• All-in sustaining costs (on a byproduct basis) are expected to decrease by $215 per ounce or 17 per cent compared with the 2024 midpoint of guidance to between $1,025 to $1,125 per ounce in 2025, driven by higher production and lower operating costs from the New Afton C-zone crusher and conveyor system and as the Rainy River phase 4 strip ratio decreases.
• Total capital is expected to be $270-million to $315-million, in line with the 2024 guidance range, as New Afton C-zone and Rainy River underground Main continue to ramp up and as development starts at the New Afton East Extension and Rainy River phase 5 expansions.

Strong free cash flow yield over three-year period

"Our three-year outlook illustrates the significant margins our low-cost operations plan to achieve. Given the significant reduction in costs and expanding margins, at current commodity prices, New Gold is expected to generate significant cash flow over the next three years, translating to an impressive free cash flow yield through 2027," added Mr. Godin.

• Two thousand twenty-six and 2027 consolidated gold production is expected to be 55 per cent higher (435,000 to 490,000 ounces) and 37 per cent higher (375,000 to 445,000 ounces), respectively, compared with 298,303 ounces in 2024 driven by increasing production profiles at both Rainy River and New Afton as growth projects are completed and ramped up in the near term.
• Copper production continues to increase with 2027 copper production expected to be between 95 million to 115 million pounds, approximately 94-per-cent higher than 2024 driven by increased grade and throughput from New Afton's C-zone.
• All-in sustaining costs (on a byproduct basis) are expected to decrease by approximately 70 per cent compared with the 2024 midpoint of guidance to between $400 and $500 per ounce driven by lower total cash costs, higher production from both operations, higher copper byproduct and lower sustaining capital as the Rainy River phase 5 expansion is completed in 2026.
• Two thousand twenty-seven total capital is expected to be $70-million to $95-million, decreasing significantly compared with 2024 as the New Afton C-zone and East Extension infrastructure, Rainy River underground Main infrastructure, and Rainy River phase 5 expansion are completed.
• The higher production, lower costs and lower capital spend over the 2025 to 2027 period are expected to drive increasing margins and generate significant free cash flow for the company.

Continuing to prioritize organic growth through exploration

"With the free cash flow inflection point behind us and a clear corporate road map outlined in our updated technical reports, the company remains focused on unlocking long-term value for our shareholders. Our 2025 exploration program is robust and will build on the successful results we released throughout 2024. At New Afton, there is a strong focus on advancing K-zone, while continuing to explore for new copper-gold zones. At Rainy River, we are building on recent near-surface exploration successes, while continuing to target underground extension opportunities," added Mr. Godin.

• Consolidated exploration budget is approximately $30-million for 2025, building on the successful 2024 exploration program.
• Two thousand twenty-five exploration efforts at New Afton will build on discoveries of 2024, specifically around K-zone. The company reported encouraging results in the spring and again in the fall of 2024, in the area now known as the Eastern sector. Two thousand twenty-five exploration will continue to prioritize and advance these organic growth targets, focusing on mine life extension with minimal incremental capital spend. Development of a second exploration drift utilizing the C-zone infrastructure at the 4500 level will accelerate underground drilling and provide the ideal drill platforms to support and maximize exploration efforts.
• Rainy River exploration efforts will continue to focus on adding high-tonnage open pit material to maintain mill feed at full capacity beyond 2029. The inclusion of phase 5 into mineral reserves last year and into the mine plan this year exemplifies the company's near-surface exploration success leading to mill feed extension. In addition, the company is reviewing the viability of additional pushbacks to the open pit which could represent significant additions to the life of mine without requiring additional exploration drilling. The 2025 exploration program will also focus on enhancing the production profile by targeting high-grade underground growth. Following the successful conversion to reserves at the Intrepid zone, an underground drilling platform is being developed to accelerate exploration and definition drilling, and is expected be in operation in the fourth quarter of 2025.

Consolidated three-year operational outlook

The company has assumed $30.00 per silver ounce and $4.00 per copper pound, and a foreign exchange rate of $1.40 to $1.00 (U.S.) in its outlook.

2025 consolidated outlook

Gold production is expected to be 325,000 to 365,000 ounces, approximately 16-per-cent higher than 2024 driven by increased production at Rainy River. Production is expected to strengthen in the second half of the year, with the first half of 2025 representing approximately 38 per cent of annual production and the first quarter representing approximately 14 per cent, as significant waste stripping at Rainy River is sequenced in the first quarter, and New Afton expedites exhaustion of the B3 cave. Copper production is expected to be between 50 million to 60 million pounds, in line with 2024 as the increased throughput from C-zone at New Afton is offset by lower grades from the remaining life of the B3 cave. Copper production is expected to strengthen in the second half of the year, with the first half of 2025 representing approximately 43 per cent of annual production and the first quarter representing approximately 20 per cent

Two thousand twenty-five total cash costs (on a byproduct basis) are expected to decrease by approximately 20 per cent compared with the 2024 midpoint of guidance to between $600 and $700 per ounce driven by increased production from both operations. Two thousand twenty-five all-in sustaining costs (on a byproduct basis) are expected to decrease by approximately 17 per cent compared with the 2024 midpoint of guidance to between $1,025 and $1,125 per ounce driven by lower total cash costs and higher production from both operations. Total cash costs (on a byproduct basis) and all-in sustaining costs (on a byproduct basis) are expected to decrease quarter over quarter throughout 2025 due to increasing production and a lower strip ratio at Rainy River in the second half of 2025.

Total capital is expected to be $270-million to $315-million, of which, sustaining capital is expected to be $95-million to $110-million, and growth capital is expected to be $175-million to $205-million.

Sustaining capital is expected to be approximately $15-million or 13 per cent lower than the 2024 midpoint of guidance. The sustaining capital spend primarily relates to capital stripping activities at Rainy River and tailings dam raises and maintenance. As previously disclosed, 2024 sustaining capital is expected to be $20-million lower than the low end of the guidance range and included lower capitalized stripping at Rainy River. Two thousand twenty-five sustaining capital includes approximately $40-million in phase 4 capital stripping due to the focus on waste stripping in the first quarter at Rainy River (and the resulting capitalization of mining costs) and approximately $10-million related to the phase 5 expansion. Sustaining capital is expected to trend lower through the second half of the year, as phase 4 stripping activities at Rainy River are completed. The first half of 2025 is expected to represent approximately 75 per cent of the sustaining capital spend.

Growth capital at New Afton relates to completing the C-zone development and starting East Extension development and at Rainy River relates to advancing underground development at the Intrepid and underground Main zones. The first half of 2025 is expected to represent approximately 55 per cent of the growth capital spend.

New Afton operational outlook

Gold production is expected to be 60,000 to 70,000 ounces, in line with 2024 (excluding gold produced from ore purchase agreements). Copper production is expected to be 50 million to 60 million pounds, in line with 2024. Higher throughput from C-zone is offset by lower grades as the B3 cave is exhausted during the first half of 2025. C-zone is expected to average approximately 8,300 tonnes per day in 2025 and remains on track to reach the throughput rate of 16,000 tonnes per day in 2026. Production is expected to significantly strengthen in the second half of the year as the B3 cave is exhausted and C-zone continues its ramp-up. The first half of 2025 is expected to represent approximately 45 per cent of the annual gold and copper production, with the first quarter expected to represent approximately 20 per cent.

Total cash costs (on a byproduct basis) are expected to decrease compared with the 2024 midpoint of guidance to between ($675) and ($575) per ounce due to C-zone production increasing at lower mining costs and as a result of the elimination of truck haulage from the B3 cave. All-in sustaining costs (on a byproduct basis) are expected to decrease compared with the 2024 midpoint of guidance to between ($625) and ($525) per ounce due to lower total cash costs, higher production and lower sustaining capital. Total cash costs and all-in sustaining costs are expected to decrease on a quarterly basis throughout 2025 as throughput increases as C-zone continues to ramp-up.

Total capital is expected to be $115-million to $135-million. Sustaining capital is expected to be $5-million to $10-million, including approximately $5-million related to tailings management and $5-million related to equipment. Growth capital is expected to be $110-million to $125-million related to the completion of the C-zone project and starting the East Extension expansion. East Extension capital is expected to be $10-million to $20-million. C-zone project capital is primarily focused on mine development and other infrastructure installation, and continued progress on stabilization and includes $15-million of carryover from 2024. East Extension capital is primarily related to mine development and equipment purchases. Growth capital is expected to be generally consistent throughout the year, with C-zone spend the focus of the first half and East Extension the second half.

The exhaustion of B3 earlier in the year and the continued ramp-up of mining at C-zone through the year position New Afton to generate increasing free cash flow quarter over quarter through 2025.

2025 New Afton exploration outlook

Two thousand twenty-five exploration expenditures at New Afton are expected to be approximately $17-million. New Afton is continuing to advance its organic growth strategy focusing on new mining zones that have the potential to extend mine life with minimal capital investment. There is a strong focus on K-zone in 2025, where the company is strengthening its position to delineate the zone's high-grade core and grow its overall footprint. Two thousand twenty-five K-zone drilling will benefit from the development of a 700-metre exploration drift located at the 4500 level. The new drift will accelerate underground exploration drilling and provide ideal drill platforms for delineation. Drift development has commenced, and the first exploration drill bay is expected to be operational in the second quarter of 2025, with full completion scheduled for the third quarter.

In addition, the company is applying its vectoring knowledge to explore for new zones of copper-gold porphyry mineralization within its land package and advance other strategic opportunities for mine life extension. New Afton's processing plant, infrastructure and tailings storage facility have sufficient capacity to process significantly more ore beyond the current New Afton mine life.

Rainy River operational outlook

Gold production is expected to be 265,000 to 295,000 ounces, an increase of 20 per cent over the prior year due to a 25-per-cent increase in gold grade as the underground mining rate is expected to increase. Production is expected to significantly strengthen in the second half of the year as significant waste stripping activities are sequenced in the first quarter. The first half of 2025 is expected to represent approximately 37 per cent of the annual production, with the first quarter expected to represent approximately 11 per cent. Ore from the low-grade stockpile will be processed in the first quarter as phase 4 stripping during the first quarter will set up the open pit for low strip, high ore extraction for the balance of this phase. After the first quarter, the remaining 2025 average phase 4 strip ratio is expected to be approximately 1:1, increasing production for the balance of the year. Production in the second half of the year is expected to be consistent between the third and fourth quarter.

Total cash costs (on a byproduct basis) are expected to decrease by approximately 8 per cent compared with the midpoint of the 2024 guidance range to $875 to $975 per ounce driven by higher production. All-in sustaining costs (on a byproduct basis) are expected to decrease by approximately 10 per cent compared with the 2024 midpoint of guidance to $1,250 and $1,1350 per ounce due to higher production. Total cash costs (on a byproduct basis) and all-in sustaining costs (on a byproduct basis) are expected to decrease significantly on a quarterly basis throughout 2025 as low strip, open pit production increases and as the underground contribution increases throughout the year.

Total capital is expected to be $155-million to $180-million. Sustaining capital is expected to be $90 to $100-million, including $10-million related to phase 5 expansion, approximately $40-million in phase 4 capitalized waste (with phase 4 stripping from 2024 $25-million below plan), $25-million toward the annual tailings dam raise, $10-million in capital parts and components replacement programs and $10-million related to equipment and other. Growth capital is expected to be $65-million to $80-million, related to the continued development of the Intrepid and underground Main zones and also includes $10-million in additional equipment purchases, to eliminate future rental costs and increase equipment availability, and $5-million carried forward from 2024. As the mine continues to update sequencing for 2025 production, an additional $25-million is included in growth capital for access meters and owners costs that was previously planned as operating costs.

Sustaining capital is expected to be heavily first half weighted, trending lower in the second half of the year, with the first half of 2025 expected to represent approximately 75 per cent of the 2025 sustaining capital spend. Similarly, growth capital is expected to be first half weighted, with the first half expected to represent approximately 65 per cent of the growth capital spend.

2025 Rainy River exploration outlook

Two thousand twenty-five exploration expenditures at Rainy River are expected to be approximately $14-million. The company is pursuing its objective to increase high-tonnage open pit ore to keep the processing plant operating at full capacity beyond 2029. Near-surface exploration is continuing in 2025, building on recent exploration success at phase 5 and NW trend which saw both mineral reserve and resource growth, respectively. In addition, the company is reviewing the viability of additional pushbacks to the open pit which could represent significant additions to the life of mine without requiring additional exploration drilling.

The 2025 exploration strategy also includes initiatives to increase feed grades and enhance the production profile. This includes converting inferred resources within the ODM core, following up on high-grade intervals recently intersected down plunge of existing ore zones, and growing strike extents at Intrepid to increase the ounces per vertical metre. Exploration at Intrepid will benefit from an underground drilling platform being developed to accelerate exploration and definition drilling. The new underground platform is scheduled to be operational in the fourth quarter.

Looking beyond the existing operational footprint, the company will explore for untested targets on the property, focusing on finding quality ounces that can quickly be added to Rainy River's mine life. Soil and till geochemistry work will be carried out to generate targets, a proven method that led to the discovery of the Rainy River deposit.

2025 sensitivities

A summary of key assumption sensitivities to all-in sustaining costs can be found in the attached table.

New Afton

• New Afton mineral reserves increased, replacing mining depletion by a factor of 209 per cent for gold and 231 per cent for copper compared with year-end 2023 due to the conversion of the East Extension zone and the increase of the C-zone draw height to 450 metres. With this addition, the mine life has extended to 2031 at an increased processing rate of 16,000 tonnes per day beginning in 2026.
• The B3 draw strategy has been accelerated, prioritizing cave exhaustion to allow for the faster ramp up of C-zone. B3 is planned to be exhausted in the first half of 2025. C-zone will continue to ramp up through 2025, with mine development scheduled for completion in the second half of 2025 and production continuing through mid-2031.
• The East Extension project at New Afton adds high-grade ore, more than double the average grade of C-zone, during the C-zone production period, to a low-risk, low-cost operation, while simultaneously providing a platform for further growth in the Eastern sector. Inclusion of the East Extension into the mine mid-2026 through to the start of 2031 to complement C-zone material. East Extension will be mined using the long-hole stoping method and ore production will commence in mid-2026 through to the start of 2031 at an average rate of 500 tonnes per day. East extension ore will be trucked to C-zone crusher, and waste will be backhauled from C-zone extraction for stope filling.
• The processing plant is planned to return to previously achieved throughput rates of approximately six Mtpa (million tonnes per annum), or 16,000 tonnes per day by 2026. Average recoveries for the updated life-of-mine plan are 88.6 per cent copper and 84.5 per cent gold, lower than recent periods primarily driven by the increased processing rates. The cleaner circuit will be upgraded in 2025 to increase recoveries, partially offsetting the reduction due to higher processing rates.
• The thickened and amended tailings (TAT) plant has sufficient capacity to accommodate the increased processing rate. The site has sufficient tailings storage capacity for the updated life-of-mine plan, with approximately 30 million tonnes of capacity remaining at the end of the current mine plan.
• Capital expenditures include the completion of the C-zone project in 2025 and the development of the East Extension zone in 2025 and 2026. Two thousand twenty-five represents approximately 65 per cent of life-of-mine capital with 2026 representing 22 per cent with capital significantly decreasing from 2027 onward. East Extension total capital is expected to be approximately $41-million; it will benefit from the ability to utilize the C-zone materials handling, ventilation, and dewatering systems and other mine infrastructure. East Extension ramp development will take advantage of the exploration drift to drill K-zone. East Extension is the first zone from the prospective Eastern sector to be added to mineral reserves.
• Total block cave mining and processing costs are expected to remain comparable with 2024 actual costs over the next three years despite the increased production rate, due to lower fixed costs per tonne and the elimination of truck haulage from the B3 cave. As a result, unit operating costs per tonne are expected to decrease to be comparable with historical unit operating costs per tonne during production of the East and West block caves prior to 2022. All-in sustaining costs decrease significantly year over year as production increases and operating costs remain relatively consistent.
• The company plans to continue to look for and identify opportunities to optimize and extend the mine plan including extending mine life from the prospective K-zone, HW zone and D-zone, increasing mineral reserves and resources via the identification of new zones during future exploration programs, processing improvements including recovery rates and thickened and amended tailings optimization, and improving cave performance.
• For a detailed breakdown of annual production, unit cost and capital cost estimates, please see the full technical report filed on SEDAR+ and on the company's website.

Rainy River

• The updated mine plan is based on a higher degree of confidence in the updated resource block model and is based on the latest face positions. This includes grade-capping on open pit mineral reserve blocks to mitigate risk associated with the remaining high-grade pockets.
• The updated open pit mine plan includes the addition of phase 5, which was previously incorporated in mineral reserves at year-end 2023. Phase 5 adds 6.5 Mt of open pit ore at an average grade of 0.64 g/t (gram per tonne) gold and an average strip ratio of 4.05:1, including overburden. Phase 5 involves a pushback to the west of the main pit. Phase 4 of the open pit is expected to be completed in 2026. phase 5 waste stripping is expected to commence in late 2025 and ramp up through 2026 until completion in 2028.
• The underground mine plan is based on the 2024 mineral reserves, updated using revised resource domains, estimation parameters and additional drilling data. This resulted in additional underground ore tonnes at a lower average grade, for a 49,000-ounce increase in contained gold, net of depletion. The underground mine remains on track to ramp up to approximately 5,800 tonnes per day in 2027 (previously 5,500 tonnes per day).
• The additional ore from phase 5 maintains full mill capacity to the end of 2029 when the low-grade stockpile is depleted. The mill is operated at reduced tonnage from 2030 to 2034 when only underground ore is processed.
• All tailings are routed to the tailings management facility. Three tailings dam raises are planned, one raise each year for the next three years, which provides sufficient tailings storage capacity for the life of mine.
• The low strip ratio from phase 4 and increase in production decreases total cash costs and all-in sustaining costs over the next three years. Underground mining costs per tonne continue to decrease over the next five years as underground tonnes increase, with open pit costs per tonne increasing as tonnes decrease post 2028.
• Capital expenditures primarily include capital and deferred waste stripping, underground development, equipment purchases, and maintenance and tailing management area capital. Total capital spending is relatively flat for the next two years, as phase 4 and phase 5 stripping are completed and the major underground Main zone infrastructure is completed, before reducing significantly for the remainder of the life of mine.
• The company plans to continue to look for and identify opportunities to optimize and extend the mine life by expanding known mineral resources and adding mineral reserves to the open pit, to explore further pushbacks to the main pit, and for the establishment of additional satellite pits, which are currently excluded from the mineral reserve inventory, expand underground mineral resources and mineral reserves through exploration could provide additional mining flexibility and maximize opportunities for higher grade zones, and underground optimization has the potential to increase underground mineral reserves, reduce waste development, and/or increase underground production rates.
• For a detailed breakdown of annual production, unit cost and capital cost estimates, please see the full technical report filed on SEDAR+ and on the company's website.

Mineral reserves and mineral resources (as at Dec. 31, 2024)

As at Dec. 31, 2024, New Gold is reporting mineral reserves and mineral resources as summarized in the attached table. Detailed mineral reserve and mineral resource tables follow at the end of this press release.

As of Dec. 31, 2024, New Gold reported total mineral reserves of 2,954,000 ounces of gold, 7.8 million ounces of silver and 631 million pounds of copper. Measured and indicated mineral resources, exclusive of mineral reserves, totals 2,646,000 ounces of gold, 9.0 million ounces of silver and 1,100 million pounds of copper, and inferred mineral resources of 399,000 ounces of gold, 910,000 ounces of silver and one million pounds of copper.

New Afton reported mineral reserves of 828,000 ounces of gold and 631 million pounds of copper in the B3 and C-zone block caves, and the newly incorporated East Extension, forming the basis for a reserves mine life to 2031. Mineral reserves increased by 94,000 ounces of gold and 81 million pounds of copper in 2024 primarily due to the increase in C-zone draw height and inclusion of East Extension, fully offsetting mining depletion for the year.

Rainy River reported total mineral reserves of 2,126,000 ounces of gold for year-end 2024. The impact of the updated block model and capping of reserve blocks resulted in a reduction in remaining phase 4 mineral reserves, partially offset by the phase 5 design, which has been optimized to increase gold mineral reserves, adding 42,000 ounces of gold. Underground mineral reserves increased from 1,322,000 ounces of gold at the end of 2023 to 1,344,000 ounces of gold at the end of 2024, more than offsetting depletion from underground mining primarily as a result of exploration drilling completed in 2024 which has extended several zones at depth and along strike. Rainy River indicated mineral resources increased 55 per cent year over year in 2024, with a 470-per-cent increase in open pit resources primarily due to a potential pushback to the south of the open pit as a result of higher gold price assumptions and the inclusion of NW trend following successful near-surface exploration.

The company continues to target replacing mining depletion over the next few years, through extension of existing zones and inclusion of new mining zones.

Operational outlook and life-of-mine technical session webcast details

The company will host a technical Session via webcast Thursday, Feb. 13, 2025, at 1 p.m. Eastern Time to discuss the operational outlook.

• 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 1-888-699-1199, or 1-416-945-7677 outside of the United States and Canada, pass code 52116.
• 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 13, 2025, by calling North American toll-free 1-888-660-6345, or 1-289-819-1450 outside of the United States and Canada, pass code 52116. 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. 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.

Mineral reserves and mineral resources

New Gold's mineral reserve estimates as at Dec. 31, 2024, are presented in the attached table.

Mineral resources

New Gold's mineral resource estimates as at Dec. 31, 2024, are presented in the attached table.

Technical information

The scientific and technical information with respect to mineral reserves and mineral resources are those qualified persons set out in the notes to the mineral reserves and mineral resources estimates as at Dec. 31, 2024, above, each of whom is a qualified persons for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

The scientific and technical information relating to the exploration has been reviewed and approved by Dr. Jean-Francois Ravenelle, vice-president, geology, for the company. Dr. Ravenelle is a professional geologist and a member of the Association of Professional Geoscientists of Ontario and the Ordre des Geologues du Quebec. All other scientific and technical information contained in this news release has been reviewed and approved by Travis Pastachak, senior director, project development, for the company. Mr. Pastachak is a professional geoscientist and a member of the Professional Engineers and Geoscientists of Saskatchewan (APEGS). Dr. Ravenelle and Mr. Pastachak are each a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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