Strong Results Generate Positive Free Cash Flow, Consolidated 2023 Production Tracking to the Top End of Guidance with All-In Sustaining Cost Tracking to the Low End of Guidance

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

TORONTO, Oct. 25, 2023 /CNW/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) reports third quarter results for the Company as of September 30, 2023. Production totaled 111,204 gold equivalent1 ("gold eq.") ounces at all-in sustaining costs2 of $1,477 per gold eq. ounce. Due to the strong operational performance over the first nine months of the year, consolidated 2023 production is tracking to the top end of guidance and all-in sustaining costs are tracking to the low end of the guidance range. Solid production and low costs in the third quarter resulted in strong cash flow from operations of $100 million and free cash flow2 of $22 million, highlighting the cash generation profile as growth projects are completed in the coming years, which is expected to lead to production growth and tapering capital costs.

Strong Operational Performance Positions New Gold to Achieve Top End of 2023 Production Guidance and Low End of Cost Guidance

Third quarter consolidated gold eq.1 production of 111,204 ounces (82,986 ounces of gold, 13.2 million pounds of copper and 145,452 ounces of silver), the highest quarterly production since 2021 and a 22% increase over the prior-year period
All-in sustaining costs2 of $1,477 per gold eq. ounce, including total cash costs2 of $1,044 per gold eq. ounce
Standout quarter from New Afton, exceeding planned copper and gold production, mostly as a result of higher tonnes processed. B3 extraction rates continue to exceed plan. Production is tracking to the top end of 2023 guidance
Rainy River continues to deliver stable production quarter-over-quarter. Both the open pit and underground mines are well positioned to deliver fourth quarter mill feed and the processing plant is running well. Production is tracking to the top end of 2023 guidance
The Company is currently tracking to the top end of consolidated production guidance for gold, copper, and gold eq.1 production and all-in sustaining costs2 are tracking to the low end of the guidance range
Positive Free Cash Flow Achieved in the Quarter, Underscoring the Near-term Cash Generation Profile as Both Operations Execute on Growth Projects

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