Provides Notice of Release of Third Quarter Financial Results

(All amounts are in U.S. dollars unless otherwise indicated)

TORONTO, Oct. 5, 2023 /CNW/ - 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

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