Strong Fourth Quarter Results Lead to Achieving Top End of Consolidated 2023 Production Guidance, Growth.
Initiatives Nearing Completion

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

TORONTO, Jan. 9, 2024 /CNW/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) reports fourth quarter and full year operational results for the Company as of December 31, 2023. The Company is also providing notice that it will release its fourth quarter and full year 2023 financial results after market close on Tuesday, February 13, 2024. The Company will host its fourth quarter and full year 2023 earnings conference call and webcast on Wednesday, February 14, 2024 at 8:30 am Eastern Time.

Continued Strong Quarterly Operational Performance Leads to New Gold Achieving the Top End of 2023 Consolidated Production Guidance
"Our strong fourth quarter production results mark our sixth consecutive quarter of delivering to our plan, with a 7% increase in gold equivalent production over the prior-year period," stated Patrick Godin, President & CEO. "As a result, New Gold achieved the top end of its 2023 gold equivalent production guidance set at the start of 2023."

Fourth quarter consolidated gold eq.1 production of 105,082 ounces (79,187 ounces of gold, 12.0 million pounds of copper and 157,788 ounces of silver), a 7% increase over the prior-year period.
Another excellent quarter from New Afton as a result of higher tonnes processed, higher gold and copper grades and higher recovery rates. B3 extraction rates continue to exceed plan. For the year, gold production exceeded 2023 guidance, with copper production achieving the top end.
Rainy River continues to deliver stable production quarter-over-quarter. Both the open pit and underground mines delivered in the quarter, aided by another strong performance from the processing plant. Gold production achieved the top end of 2023 guidance.
As a result of the strong fourth quarter operating results, 2023 consolidated gold eq.1 production was 423,517 ounces (321,178 ounces of gold, 47.4 million pounds of copper and 593,146 ounces of silver), achieving the top end of 2023 consolidated production guidance.
Entering Final Year of Growth Project Execution, Near-Term Significant Free Cash Flow Thesis Remains Intact
"Both operations exit 2023 performing well and having made excellent progress on growth initiatives. I expect 2024 to be transformational for our Company and position us well to increase production at decreasing costs and significantly less capital spend, allowing us to maximize our free cash flow generation in the years to come," added Mr. Godin.

At Rainy River, Phase 4 of the open pit is underway, with overburden removal complete and waste stripping well advanced. Phase 4 waste stripping activities are expected to significantly decrease after 2024. Rainy River's underground Main Zone remains on-track for first production in the fourth quarter of 2024 and is expected to ramp-up production throughout 2025.
At New Afton, C-Zone production commenced at the end of September 2023 with the first draw bell blast. Commercial production remains on-track for H2/2024, ramping up to full production by the end of 2025.
The Company's near-term free cash flow thesis remains intact. Capital spending is expected to taper off significantly upon completion of growth projects and a significant reduction in open pit waste stripping at Rainy River after 2024. Together with increasing production profiles at both operations and decreasing costs, free cash flow is expected to increase significantly in the coming years.
The Company will provide additional details with the release of its inaugural three-year operational outlook in early-February.
Operational Highlights.

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