Mr. Ankit Shah reports

NEW GOLD ANNOUNCES EXPIRATION AND RESULTS OF ITS TENDER OFFER FOR ITS 7.50% SENIOR NOTES DUE 2027

New Gold Inc.'s tender offer commenced on March 4, 2025, to purchase any and all of its outstanding 7.50 per cent senior notes due 2027 expired at 5 p.m. New York time on March 13, 2025. (All amounts are in U.S. dollars unless otherwise indicated.)

According to D.F. King & Co. Inc., the tender agent for the offer, valid tenders had been received at the expiration of the offer in the amount and percentage set forth in the table below.

New Gold expects to accept for purchase all notes validly tendered and not validly withdrawn as of the expiration time and expects to make payment for any such notes on Tuesday, March 18, 2025. The settlement date for notes tendered pursuant to guaranteed delivery procedures is expected to also be March 18, 2025.

New Gold will use a portion of the proceeds from the issuance of $400-million aggregate principal amount of its 6.875 per cent senior notes due 2032, which is expected to close on March 18, 2025, for the payment of all notes to be purchased in the tender offer. New Gold's obligation to accept and pay for the tendered notes is conditioned on, among other things, the closing of the offering of the new notes. New Gold intends to, but is not obligated to, redeem any notes that were 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 was 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 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 on D.F. King's website.

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.