Provides Notice of Release of Third Quarter Financial Results

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

TORONTO, Oct. 12, 2022 /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, 2022. The Company is also providing notice that it will release its third quarter 2022 financial results before markets open on Thursday, November 3, 2022.

"We continued the positive momentum experienced in the summer months and finished the third quarter on a strong note," stated Renaud Adams, President & CEO. "At Rainy River, underground mining commenced during the quarter, and we continue to anticipate underground material to start feeding the mill beginning in the fourth quarter. With mining of the open pit main ODM zone continuing its ramp-up, I look forward to Rainy River finishing the year strong. New Afton had solid production improvement over the second quarter with the continual ramp-up of B3. Last week we received the C-Zone permit, a significant milestone for the mine, and our priority at New Afton continues to be ramping up B3 production and advancing C-Zone development. We remain on track to deliver on our updated guidance."

Consolidated Operational Highlights

Q3 2022 Q3 2021 9M 2022 9M 2021

Gold eq. production (ounces)1,2 91,021 105,628 249,230 307,359
Gold production (ounces)2. 70,147 72,210 190,679 205,849
Copper production (Mlbs) 8.5 15.6 24.1 47.5

Rainy River Mine
Rainy River Mine (Open Pit Mine only)
Q3 2022 Q3 2021 9M 2022 9M 2021
Tonnes mined per day (ore and waste) 112,055 149,630 113,597 152,980

Ore tonnes mined per day 24,701 52,917 19,022 41,681
Operating waste tonnes per day 44,469 88,216 33,110 75,077
Capitalized waste tonnes per day 42,885 8,497 61,465 36,222
Total waste tonnes per day 87,354 96,713 94,575 111,299
Strip ratio (waste:ore) 3.54 1.83 4.97 2.67
Tonnes milled per calendar day 24,439 25,245 24,020 25,628

Gold grade milled (g/t) 0.89 0.89 0.83 0.83
Gold recovery (%) 91 89 91 89
Gold eq. production (ounces)1. 60,319 60,785 163,973 172,462
Gold production (ounces) 58,719 58,557 160,069 166,113

New Afton Mine
New Afton Mine
Q3 2022 Q3 2021 9M 2022 9M 2021
Tonnes mined per day (ore and waste) 6,523 12,861 6,674 13,125
Tonnes milled per calendar day 7,764 13,068 9,836 13,474
Gold grade milled (g/t) 0.59 0.43 0.43 0.42
Gold recovery (%) 85 83 83 81
Copper grade milled (%) 0.64 0.72 0.50 0.72
Copper recovery (%) 85 82 81 82
Gold eq. production (ounces)1 30,701 44,843 85,257 134,898
Gold production (ounces) 11,427 13,653 30,610 39,735
Copper production (Mlbs) 8.5 15.6 24.1 47.5

Third Quarter 2022 Conference Call and Webcast

The Company will release its third quarter 2022 financial results before markets open on Thursday, November 3, 2022. A conference call and webcast will follow at 8:30 am Eastern Time.

Participants may listen to the webcast by registering on our website at www.newgold.com or via the following link https://app.webinar.net/rVqwoXNKjA9
Participants may also listen to the conference call by calling North American toll free 1-888-664-6383, or 1-416-764-8650 outside of the U.S. and Canada, passcode 79467062
A recorded playback of the conference call will be available until December 3, 2022 by calling North American toll free 1-888-390-0541, or 1-416-764-8677 outside of the U.S. and Canada, passcode 79467062. An archived webcast will also be available at www.newgold.com
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 an approximately 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.

Endnotes

1.Total gold eq. ounces include silver and copper produced/sold converted to a gold equivalent. All copper is produced/sold by the New Afton Mine. Gold eq. ounces for Rainy River in Q3 2022 includes production of 120,000 ounces of silver converted to a gold eq. based on a ratio of $1,800 per gold ounce and $24.00 per silver ounce used for 2022 guidance estimates. Gold eq. ounces for New Afton in Q3 2022 includes 8.5 million pounds of copper produced and 22,672 ounces of silver produced converted to a gold eq. based on a ratio of $1,800 per gold ounce, $4.00 per copper pound and $24.00 per silver ounce used for 2022 guidance estimates.

2.Numbers may not add up due to rounding.

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this news release, including any information relating to New Gold's future financial or operating performance are "forward-looking". All statements

see & read more on
https://newgold.com/news-events/news/news-details/2022/New-Gold-Reports-Third-Quarter-Operational-Results/default.aspx