- (All dollar figures are in US dollars unless otherwise indicated)

TORONTO--(BUSINESS WIRE)-- June 10, 2020 - New Gold Inc. ("New Gold" or the “Company”) (TSX and NYSE American: NGD) today announces the pricing of its offering of $400 million aggregate principal amount of 7.50% Senior Notes due 2027 (the "Notes"). The offering is expected to close on or about June 24, 2020. New Gold intends to use the net proceeds from the offering of the Notes, together with cash on hand, to fund the redemption of its outstanding 6.25% Senior Notes due 2022 (the "Existing Notes"), and to pay related fees and expenses.

Pursuant to the terms of the indenture governing the Existing Notes, New Gold has issued a conditional notice of redemption to redeem the outstanding Existing Notes, which redemption will be conditional upon the successful completion of the offering of the Notes.

The Notes will be offered and sold in the United States only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes will be offered and sold in Canada on a private placement basis pursuant to certain prospectus exemptions.

The offer and sale of the Notes will not be registered under the Securities Act and the Notes may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any offer or sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.