. Provides Updated Reserves and Resources
TORONTO, Feb. 14, 2019 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX and NYSE American: NGD) reports fourth quarter and year-end results for the Company and provides updated Mineral Reserves and Resources as of December 31, 2018. (All amounts are in U.S. dollars unless otherwise indicated)

A conference call and webcast will follow to discuss these results at 8:30 a.m. Eastern time. A technical discussion of the Company's 2019 guidance outlook will follow the presentation of the fourth quarter and year-end financial results (details are provided at the end of this press release).

(For detailed information, please refer to the Company's Fourth Quarter and Year-End Management's Discussion and Analysis (MD&A) and Financial Statements that are available on the Company's website at www.newgold.com and on SEDAR at www.sedar.com. The Company uses certain non-GAAP financial performance measures throughout this press release. Please refer to the "Non-GAAP Financial Performance Measures" section of this press release and in the MD&A.)

Fourth Quarter and Year-End Highlights (Continuing Operations)

The Company reported gold production of 97,428 ounces (84,421 ounces sold) for the quarter at an average realized gold price of $1,230 per ounce. Annual gold production was 315,483 ounces (298,002 ounces sold), at an average realized gold price of $1,263 per ounce.
The Company produced 20.8 million pounds of copper (19.7 million pounds sold) for the quarter at an average realized copper price of $2.96 per pound and 85.1 million pounds (81.1 million pounds sold) for the year at an average realized copper price of $3.06 per pound.
Revenues for the quarter were $157.4 million and $604.5 million for the year.
Operating expense per gold ounce was $568 for the quarter and $648 for the year. Operating expense per copper pound was $1.37 for the quarter and $1.57 for the year.
All-in sustaining costs (AISC)1 per gold ounce were $688 for the quarter and $961 for the year. AISC per gold ounce on a co-product basis were $857 for the quarter and $1,051 for the year.
Net loss from continuing operations was $727.7 million ($1.26 per share) for the quarter, which includes a $671.1 million ($1.16 per share) impairment loss related to the Rainy River Mine ($452.9 million) and the Blackwater project ($218.2 million). Net loss from continuing operations for the year was $1,070.8 million ($1.85 per share), which includes a $953.2 million ($1.65 per share) after tax impairment loss related to the Rainy River Mine ($735.0 million) and the Blackwater project ($218.2 million).
Adjusted net earnings from continuing operations for the quarter, which excludes the impairment loss noted above, was $22.7million ($0.04 per share) and adjusted net loss for the year from continuing operations was $10.6 million ($0.02 per share).
For the fourth quarter, operating cash flow was $57.8 million ($0.10 per share) and $193.0 million ($0.33 per share) for the year. Operating cash flow, before changes in working capital, was $74.8 million ($0.13 per share) and $264.6 million ($0.47 per share) for the year.
The Company's current available liquidity of $392.9 million secures the implementation of the Company's 2019 operational plan.
In late 2018, the Company implemented a hedging strategy whereby it entered into gold and copper price option contracts to reduce exposure to fluctuations in gold and copper prices in 2019.
1. Refer to the "Non-GAAP Performance Measures section of this press release.

"The fourth quarter was a turning point for the Company as operations at Rainy River continued to improve as part of our short-term operational strategy to establish this asset for efficient and sustainable mining. Combined with the solid performance from the New Afton Mine, the Company reported a fourth quarter that delivered very encouraging results and we will build on that momentum in 2019," stated Renaud Adams, President and CEO. "Our liquidity position will support the execution of our operational plan in 2019, which includes the completion of all remaining construction and mill upgrades at Rainy River that will position the asset for profitable operations beginning in 2020. We begin 2019 with a renewed vision for the future of the Company that is supported by a renewed focus on driving profitable mining at all our operations that will create sustainable value for shareholders."

Financial Highlights
Continuing Operations1
Fourth Quarter 2018 Fourth Quarter 2017 Year-end 2018 Year-end 2017
Revenues from mining operations 157.4 123.5 604.5 388.7
Net earnings (loss), per share (1.26) (0.39) (1.85) (0.28)
Adj. net earnings (loss)2, per share 0.04 (0.04) (0.02) (0.04)
Operating cash flow, per share 0.10 0.10 0.33 0.35
Adj. operating cash flow2,3, per share 0.13 0.07 0.46 0.27

Total Operations 3 Fourth Quarter 2018 Fourth Quarter 2017 Year-end 2018 Year-end 2017
Net earnings (loss), per share (1.26) (0.34) (2.12) (0.19)
Operating cash flow, per share 0.11 0.21 0.42 0.61
Adj. operating cash flow2,3, per share 0.14 0.16 0.58 0.53

1. Continuing operations are the Rainy River, New Afton and Cerro San Pedro Mines.
2. Refer to the "Non-GAAP Performance Measures section of this press release. Operating cash flow before changes in working capital.
3. Total operations include continuing operations and the Mesquite and Peak Mines that were sold in 2018 and presented as Discontinued Operations.

Revenue from continuing operations increased by $33.9 million, or 27%, for the quarter and $215.8 million, or 56%, for the year due to the increase in sales volumes from Rainy River.
Impairment loss recorded during the quarter was $452.9 million relating to Rainy River and $218.2 million relating to Blackwater. For the year, the Company recorded impairment losses of $836.6 million at Rainy River and $218.2 million at Blackwater, totaling $1,054.8 million pre-tax ($953.2 million after-tax). There was no tax recovery associated with the impairment losses at Rainy River and Blackwater recorded during the fourth quarter of 2018 as the Company has not recognized any deferred tax assets as at December 31, 2018. Refer to the consolidated financial statements for further information.
For the quarter and year, the net loss was impacted by the impairment loss at Rainy River and Blackwater, an inventory write-down at Cerro San Pedro, an increase in depreciation and depletion expenses and finance costs, which were partially offset by a higher operating margin when compared to the prior period.
Adjusted net earnings from continuing operations for the quarter increased compared to the prior-year quarter as the increase in operating margin and tax recovery was only partially offset by an increase in finance costs less finance income, depreciation and depletion expenses and exploration, business development, and corporate general and administrative expenses.
Adjusted net loss for the year decreased when compared to the prior year primarily due to an increase in the operating margin, a decrease in exploration, business development, and corporate general and administrative expenses, and an increase in income tax recovery when compared to the prior year. This was partially offset by an increase in depreciation and depletion expenses and an increase in finance costs less finance income, as the Company ceased capitalization of interest to its qualifying development property due to the commencement of commercial production at Rainy River.
The Company's December 31, 2018 cash balance of $103.7 million, together with the $114.2 million available for drawdown under its credit facility at December 31, 2018, provided the Company with approximately $217.9 million of liquidity. The liquidity increased to $392.9 million with $175 million of additional Credit Facility availability upon the perfection of the Rainy River security in February 2019.

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New Gold Provides 2019 Operational Outlook
Repositioning New Gold for Long-term Success
February 14, 2019 – New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) announces 2019
guidance that includes an increase in gold production from the Rainy River Mine and another year of solid performance from the
New Afton Mine. During the year the Company will continue to advance its strategy of re-positioning the Company for long-term
success that will include: completion of all remaining construction capital at the Rainy River Mine in order to position the operation
for efficient and sustainable mining; optimizing the Rainy River life of mine plan with a clear focus on lowering future capital
requirements while delivering strong free cash flow generation starting in 2020; re-launching an internally funded development
program for the New Afton C-zone and delivering an optimized life of mine plan; and returning the Company’s focus to organic
growth opportunities by launching strategic exploration programs at both assets. (All amounts are in U.S. dollars unless otherwise
indicated).
New Gold Consolidated Operational Estimates
In 2019, the Company will report production on a gold equivalent basis as well as on a per-metal basis. Operating expense per
ounce will be presented on a per-metal basis. Cash costs(i) and all-in sustaining costs (AISC)(i) will be reported on a per gold
equivalent ounce basis. AISC and cash costs will also be presented on a per gold ounce, by-product basis.
Material assumptions include: Spot prices of $1,300 per gold ounce, and $2.75 per copper pound, and a foreign exchange
rate of 1.30 Canadian dollars to the US dollar.
Operational Estimates Rainy River New Afton 2019 Consolidated
Guidance1
Gold Produced (ounces) 245,000 – 270,000 55,000 – 65,000 300,000 – 335,000
Copper Produced (Mlbs) - 75 – 85 75 - 85
Gold Eq. Produced (ounces)2 250,000 – 275,000 215,000 – 245,000 465,000 – 520,000
Operating Expense per gold ounce $870 - $950 $480 - $520 $690 - $770
Operating Expense per copper pound - $0.95 - $1.15 -
Cash Costs per gold ounce (with by-product credits)(i) $870 - $950 ($1,350) – ($1,310) $470 - $540
Cash Costs per gold eq. ounce (on a co-product basis)(i) $870 - $950 $600 - $640 $740 - $820
Corporate G&A per gold eq. ounce - - $30 - $50
All-in Sustaining Costs per gold ounce (with by-product credits)(i) $1,690 - $1,790 ($500) – ($420) $1,370- $1,470
All-in Sustaining Costs per gold eq. ounce (on a co-product basis)(i) $1,690 - $1,790 $810 - $890 $1,330 - $1,430
Capital Investment & Exploration Expense Estimates Rainy River New Afton 2019 Consolidated Guidance1
Sustaining Capital ($M) (i) $210 - $230 $45 - $55 $255 - $285
Growth Capital ($M) (i) ~$3 $40 - $45 $50 - $553
Exploration ($M) ~$5 ~$4 ~$9 1. All production and cost estimates exclude potential production from Cerro San Pedro residual leaching. 2. Gold equivalent ounces includes approximately 245,000 to 270,000 ounces of silver at Rainy River and approximately 255,000 to 265,000 ounces of silver at New Afton.
3. Consolidated growth capital includes ~$7 for Blackwater permitting.
“2019 is a pivotal year for the Company as we reposition New Gold for long-term success. In 2019, we will work to establish
Rainy River as a profitable and sustainable mining operation and renew our commitment to unlocking the potential of the New
Afton C-zone. We will return our focus to advancing organic growth initiatives and launch strategic exploration programs at
both assets with a view of enhancing the quality of our resource base and extending mine life,” stated Renaud Adams,
President and CEO. “Our available liquidity position secures the execution of our 2019 operational strategy that is focused on
optimizing both operations in order to deliver increased margins and positive future cash flow streams that will drive longterm, sustainable shareholder value.”

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