Mr. Ankit Shah reports

NEW GOLD ANNOUNCES TENDER OFFER FOR ITS 7.50% SENIOR NOTES DUE 2027

New Gold Inc. has commenced a cash tender offer to purchase any and all of the outstanding senior notes listed in the following table upon the terms and conditions described in New Gold's Offerto purchase, dated March 4, 2025. (All amounts are in U.S. dollars unless otherwise indicated.)

The tender offer is being made pursuant to the terms and conditions contained in the offer to purchase and notice of guaranteed delivery, copies of which may be obtained from D.F. King & Co. Inc., the tender agent and information agent for the tender offer, by e-mailing NGD@dfking.com or by calling 800-207-2872 or, for banks and brokers, 212-269-5550. Copies of the offer to purchase and notice of guaranteed delivery are also available at the D.F. King website.

The tender offer will expire at 5 p.m. New York time on March 13, 2025, unless extended or earlier terminated. Tendered notes may be withdrawn at any time before the expiration time. Holders of notes must validly tender and not validly withdraw their notes (or comply with the procedures for guaranteed delivery) before the expiration time to be eligible to receive the consideration for their notes.

Settlement for notes tendered prior to the expiration time and accepted for purchase will occur promptly after the expiration time, which is expected to be March 18, 2025, assuming that the tender offer is not extended or earlier terminated. The settlement date for any notes tendered pursuant to a notice of guaranteed delivery is expected to also be on March 18, 2025, subject to the same assumption.

Additionally, New Gold intends, but is not obligated, to redeem any notes that are not tendered in the tender offer on or about July 15, 2025, at the then applicable redemption price of 100.00 per cent of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date. However, there can be no assurance that any notes will be redeemed.

The tender offer is conditioned upon the satisfaction of certain conditions, including the completion of a contemporaneous notes offering by New Gold on terms and conditions (including, but not limited to, the amount of proceeds raised in such note offering) satisfactory to New Gold. The tender offer is not conditioned upon any minimum amount of notes being tendered. The tender offer may be amended, extended, terminated or withdrawn. New Gold intends to use the net proceeds of the note offering to finance the tender offer and redemption and to pay related fees and expenses.

New Gold has retained BofA Securities and BMO Capital Markets to serve as dealer managers for the tender offer. Questions regarding the terms of the tender offer may be directed to BofA Securities at 1-980-387-9534 (collect), 1-888-292-0070 (toll-free) or debt_advisory@bofa.com or BMO Capital Markets at 1-212-702-1840 (collect), 1-833-418-0762 (toll-free) or LiabilityManagement@bmo.com.

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.

We seek Safe Harbor.