Mr. Ankit Shah reports

NEW GOLD ANNOUNCES PRICING OF $400 MILLION SENIOR NOTES OFFERING TO FUND TENDER OFFER FOR OUTSTANDING 7.50% SENIOR NOTES

New Gold Inc. has priced its previously announced offering of $400-million aggregate principal amount of 6.875 per cent senior notes due 2032. The offering is expected to close on or about March 18, 2025, subject to customary closing conditions. New Gold intends to use the net proceeds from the offering of the notes, together with cash on hand, to finance the purchase of any and all of its outstanding 7.50 per cent senior notes due 2027, and to pay related fees and expenses. New Gold intends to use the remainder of the net proceeds, if any, to redeem any existing notes remaining outstanding following the tender offer (as defined below) at 100 per cent of the principal amount thereof on or about July 15, 2025. (All amounts are in U.S. dollars unless otherwise indicated.)

As previously announced, New Gold has commenced a tender offer to purchase for cash any and all of the existing notes, subject to, among other conditions, the successful completion of the offering of the notes. The tender offer is being made only by and pursuant to the terms and conditions of the related offer to purchase. The offering of the notes is not conditional upon any minimum principal amount of existing notes being tendered and purchased in the tender offer.

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.