Provides 2023 Operational Outlook and Updated Mineral Reserves and Resources

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

TORONTO, Feb. 16, 2023 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) reports fourth quarter and full year 2022 results, updates Mineral Reserves and Mineral Resources for the Company as of December 31, 2022, and provides its 2023 operational outlook. The Company will host a conference call and webcast today at 8:30 am Eastern Time to discuss these items (details are provided at the end of this news release). For detailed information, please refer to the Company's Management's Discussion and Analysis ("MD&A") and consolidated financial statements for the year ended December 31, 2022 that are available on the Company's website at www.newgold.com and on SEDAR at www.sedar.com. The Company uses certain non-GAAP financial performance measures throughout this release. Please refer to the "Non-GAAP Financial Performance Measures" section of this news release and the MD&A for more information. Numbered note references throughout this news release are to endnotes which can be found at the end of this news release.

Consolidated Fourth Quarter and Full Year Highlights

Total production for the fourth quarter was 97,824 gold equivalent1 ("gold eq.") ounces (80,694 ounces of gold, 128,145 ounces of silver and 6.9 million pounds of copper). For the year, production was 347,054 gold eq.1 ounces (271,373 ounces of gold, 497,647 ounces of silver and 31.1 million pounds of copper), achieving the updated annual guidance for all metals
Operating expenses4 for the quarter were $1,140 per gold eq. ounce and $1,116 per gold eq. ounce for the year, below the updated annual guidance range of $1,120 to $1,200 per gold eq. ounce
Total cash costs2 for the quarter were $1,167 per gold eq. ounce and $1,150 per gold eq. ounce for the year
All-in sustaining costs2 for the quarter were $1,668 per gold eq. ounce and $1,818 per gold eq. ounce for the year, below the updated annual guidance range of $1,875 to $1,975 per gold eq. ounce
Average realized gold price2 was $1,751 per ounce and average realized copper price2 was $3.74 per pound for the quarter. Average realized gold price2 was $1,808 per ounce and average realized copper price2 was $3.94 per pound for the year
Cash generated from operations for the quarter was $32 million ($0.05 per share) and $191 million ($0.28 per share) for the year
Cash generated from operations for the quarter, before changes in non-cash operating working capital2 was $44 million ($0.06 per share) and $182 million ($0.27 per share) for the year
Net loss for the quarter was $17 million ($0.02 per share) and $67 million ($0.10 per share) for the year
Adjusted net loss2 for the quarter was $6 million ($0.01 per share) and $26 million ($0.04 per share) for the year
2022 year-end Mineral Reserves of 3.3 million ounces of gold and 607 million pounds of copper
December 31, 2022 cash and cash equivalents of $201 million
"Although the year presented several challenges for New Gold, our teams remained resilient, accomplishing a number of key objectives, including meeting or beating all updated annual production and cost guidance ranges," stated Patrick Godin, President and CEO. "This was underpinned by a strong fourth quarter which included Rainy River's strongest production quarter of the year, as we began to incorporate higher grade material from the Intrepid zone, as well as New Afton ramping up production from B3 to its targeted rate of 8,000 tonnes per day, ahead of schedule."

"Looking ahead to 2023, our core strategy and objectives remain unchanged. We will advance key priorities at both sites with the health and safety of our team at the forefront. At Rainy River, we will continue to advance underground production from the Intrepid zone and begin developing the Main zone below the pit with the first in-pit portal to be completed in the second half of the year. This year will also be the last significant capital waste stripping year which will reduce sustaining capital in future years. We will continue to focus on improving the reliability of the processing plant while looking for opportunities to optimize our costs. At New Afton, the focus remains on steady state mining rates from B3, first ore from C-Zone in the second half of the year and continuing to advance and grow our exploration program based on the positive results seen to date. Achieving these objectives is expected to lead to a 10% increase in production with lower costs compared to 2022 and secure strong future production at both assets. I remain confident in our team's ability to deliver on these objectives and look forward to updating the market on our progress through the year."

Consolidated Financial Highlights
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https://newgold.com/news-events/news/news-details/2023/New-Gold-Achieves-Updated-2022-Guidance-and-Reports-Fourth-Quarter-and-Full-Year-2022-Results/default.aspx

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