Upcoming Catalysts to Showcase Significant Near-Term Free Cash Flow Generation

New Gold Inc. (TSX: NGD) (NYSE American: NGD) reports fourth quarter and full year operational results for the Company as of December 31, 2024.

The Company is providing notice that it will release its operational outlook, technical report summaries for Rainy River and New Afton, and updated Mineral Reserve and Mineral Resource Statement for the Company as of December 31, 2024 after market close on Wednesday, February 12, 2025. A conference call and webcast will be hosted on Thursday, February 13, 2025 at 1:00 pm Eastern Time.

The Company is also providing notice that it will release its fourth quarter and full year 2024 financial results after market close on Wednesday, February 19, 2025. The Company will host its fourth quarter and full year 2024 earnings conference call and webcast on Thursday, February 20, 2025 at 8:30 am Eastern Time.

Highest Production Quarter of the Year Highlighted by New Afton Beating Gold Production Guidance, Partially Offsetting Rainy River Underperformance

“The fourth quarter was our highest production quarter of the year. This was during a quarter that saw New Gold deliver on key growth milestones including commercial production at New Afton’s C-Zone and first ore from Rainy River underground, both ahead of schedule,” stated Patrick Godin, President & CEO. “New Afton delivered a standout quarter for gold production, beating the top end of its gold production guidance range. Rainy River experienced operational challenges in December impacting processing capabilities, leading to a slight miss on updated consolidated gold production guidance for the year.”

“The Company continues to advance initiatives to shape its future. We will release two updated technical reports later this quarter, one for Rainy River and one for New Afton, to illustrate our ability to increase our production, decrease our costs, and maximize our free cash flow generation in the years to come,” added Mr. Godin.

• Fourth quarter consolidated production was 80,438 ounces of gold and 14.5 million pounds of copper, representing the highest gold and copper production quarter of 2024, resulting in a 2% and 20% increase over the prior-year period, and 3% and 15% increase over the third quarter of 2024, respectively.
• New Afton fourth quarter production was 19,652 ounces of gold and 14.5 million pounds of copper, an increase of 19% gold production and 15% copper production over the third quarter. The B3 cave performed as planned, and C-Zone ore production is ramping up as planned following commercial production and crusher commissioning early in the fourth quarter. Gold production beat the top end of the original 2024 guidance, with copper production achieving the midpoint.
• Rainy River fourth quarter production was 60,786 ounces of gold. Fourth quarter operations were adversely impacted by unexpected mechanical down-time on the crushing and conveying system in December, leading to lower than expected throughput. As a result, fourth quarter production, specifically December production, was below plan, leading to gold production slightly below the updated 2024 guidance range.
• 2024 consolidated gold production of 298,303 ounces of gold was slightly below the updated consolidated guidance range of 300,000 to 310,000 ounces, while 54.0 million pounds of copper achieved the midpoint of initial copper production guidance range outlined at the start of 2024. Consolidated all-in sustaining costs³ are expected to be at the low end of the guidance range of $1,240 to $1,340 per gold ounce sold on a by-product basis.

Operational Highlights

Operating Key Performance Indicators

Operational Outlook and Life-of-Mine Technical Session Webcast

The Company will release its operational outlook, technical report summaries for Rainy River and New Afton, and updated Mineral Reserve and Mineral Resource Statement for the Company as of December 31, 2024 after market close on Wednesday, February 12, 2025. A conference call and webcast will be hosted on Thursday, February 13, 2025 at 1:00 pm Eastern Time.

• Participants may listen to the webcast by registering on our website at www.newgold.com or via the following link https://app.webinar.net/LpXO3lgJWEK
• 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 U.S. and Canada, passcode 52116
• To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3V9yGSb 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 U.S. and Canada, passcode 52116. An archived webcast will also be available at www.newgold.com

About New Gold

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.

Endnotes

1. Production is shown on a total contained basis while sales are shown on a net payable basis, including final product inventory and smelter payable adjustments, where applicable.
2. Key performance indicator data is inclusive of gold ounces from ore purchase agreements for New Afton. The New Afton Mine purchases small amounts of ore from local operations, subject to certain grade and other criteria. These ounces represented approximately 2% of total gold ounces produced at New Afton during the quarter, using New Afton’s excess mill capacity. All other ounces are mined and produced at New Afton.
3. “All-in sustaining costs per gold ounce sold” is a non-GAAP financial performance measure that is used in this news release. This measure does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For more information about this measure, and why it is used by the Company, see the “Non-GAAP Financial Performance Measures” section of this news release. New Gold will provide applicable historical information and reconciliation to the most directly comparable GAAP measure in its fourth quarter and full year 2024 financial results to be released on February 19, 2025