New Afton C-Zone Remains On Track for Initial Production in the Second Half of 2023
October 7, 2022 – New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) is pleased to announce
that the Mines Act M229 Permit Amendment enabling mining of the C-Zone was received from the Ministry of Energy, Mines and
Low Carbon Innovation.
“The receipt of the Mines Act M229 Permit Amendment is a significant milestone for New Afton and allows for mining of the
C-Zone,” stated Renaud Adams, President & CEO. “The New Afton team continues to advance development of the C-Zone, with
commencement of production expected in the second half of 2023. I would like to express my gratitude to our team, communities,
partners, and the Ministry for their collaborative efforts to complete this permitting process.”

About New Gold
New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in Canada, the Rainy River gold mine
and the New Afton copper-gold mine. The Company also holds a 5% equity stake in Artemis Gold Inc., and other Canadian-focused investments.
New Gold's vision is to build a leading diversified intermediate gold company based in Canada that is committed to the environment and social
responsibility. For further information on the Company, visit www.newgold.com