Provides Notice of Release of Fourth Quarter Financial Results and 2023 Operational Outlook

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

TORONTO, Jan. 10, 2023 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) reports fourth quarter and annual operational results for the Company as of December 31, 2022. The Company is also providing notice that it will release its fourth quarter and full year 2022 financial results and 2023 operational outlook before markets open on Thursday, February 16, 2023.

"New Gold was faced with several challenges in 2022, but our teams remained resilient executing on our plans, and as a result, our operations met all updated production guidance targets", stated Patrick Godin, President and CEO. "In the fourth quarter, Rainy River delivered the strongest quarter of the year, driven by a 25% increase in quarter-over-quarter grades as higher grade underground ore was introduced to the mill, which was partially offset by lower throughput. At New Afton, the team achieved revised guidance for both copper and gold, and successfully ramped up B3 production to the targeted rate of 8,000 tonnes per day, ahead of plan. New Gold and its operations exit 2022 on a strong note, well positioned for the new year."

Operational Highlights

Consolidated
Q4 2022 FY 2022 2022 Revised Guidance

Gold eq. production (ounces)1 97,824 347,054 325,000 - 365,000

Gold production (ounces) 80,694 271,373 260,000 - 290,000

Copper production (Mlbs) 6.9 31.1 25 - 35
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