New Gold Reports Strong Third Quarter Operational Results.

TORONTO: New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) reports third quarter operational results for the Company as of September 30, 2023. The Company is also providing notice that it will release its third quarter 2023 financial results after market close on Wednesday, October 25, 2023. The Company will host its third quarter 2023 earnings conference call and webcast on Thursday, October 26, 2023 at 8:30 am Eastern Time.

"We had a strong third quarter, with both operations continuing to achieve consistent quarterly production. Operationally, we delivered solid production results of 111,204 gold equivalent ounces, a 22% increase over the prior year period. We remain on track to meet our annual production guidance," stated Patrick Godin, President and CEO. "Rainy River delivered on plan with a continued focus on operational discipline, cost control, and cost saving initiatives. New Afton delivered above plan as mining from B3 continues to perform above expectations".

"The Company also continued to advance on our development plans at both assets during the quarter and deliver important milestones. Rainy River continued to advance the connection ramp to the underground Main Zone from Intrepid. At New Afton, we successfully blasted the first draw bell from C-Zone, an important milestone in delivering significant production growth in the coming years. With C-Zone transitioning to the production ramp-up phase, I look forward to providing updates on the ramp-up over the coming quarters," added Mr. Godin.

Operational Highlights

Consolidated

Q3 2023

Q3 2022

9M 2023

9M 2022

Gold eq. production (ounces)1

111,204

91,021

318,435

249,230

Gold eq. sold (ounces)1

107,562

92,634

311,677

247,678

Gold production (ounces)

82,986

70,147

241,991

190,679

Gold sold (ounces)

79,821

68,816

241,247

190,641

Copper production (Mlbs)

13.2

8.5

35.5

24.1

Copper sold (Mlbs)

13.0

9.9

32.5

23.5

Rainy River Mine

Q3 2023

Q3 2022

9M 2023

9M 2022

Gold eq. production (ounces)1

66,374

60,319

195,389

163,973

Gold eq. sold (ounces)1

63,790

56,932

198,247

165,396

Gold production (ounces)

64,970

58,719

191,053

160,069

Gold sold (ounces)

62,426

55,421

193,846

161,573

New Afton Mine

Q3 2023

Q3 2022

9M 2023

9M 2022

Gold eq. production (ounces)1

44,830

30,701

123,046

85,257

Gold eq. sold (ounces)1

43,772

35,702

113,430

82,282

Gold production (ounces)

18,016

11,427

50,937

30,610

Gold sold (ounces)

17,395

13,395

47,401

29,068

Copper production (Mlbs)

13.2

8.5

3...