NEW GOLD PROVIDES EXPLORATION UPDATE FOR NEW AFTON AND RAINY RIVER MINES, HIGHLIGHTED BY SIGNIFICANT GROWTH AT NEW AFTON’S K-ZONE

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NewAfton's K-Zone More Than Doubles in Size, Rainy River Advancing Objective of Offsetting Mining Depletion

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

New Gold Inc. (“New Gold” or the “Company”) (TSX: NGD) (NYSE American: NGD) is pleased to provide an update on its ongoing exploration programs at the 100%-owned New Afton and Rainy River mines in Canada.

At New Afton, new underground drilling has confirmed the width and continuity of previously reported mineralization at K-Zone and discovered additional copper-gold porphyry mineralization emanating from the roots of the zone, which have more than doubled the known extent of the system. The K-Zone mineralized system now reaches approximately 600 metres in strike length and 900 metres in vertical extent, while exploration drill holes from surface have intersected new mineralization 550 metres to the east of the current footprint, demonstrating the potential for further growth.

At Rainy River, surface drilling has extended the NW Trend mineralization and underground drilling has extended underground mining zones, which continues to remain open at depth. Infill drilling continues to progress the conversion of near-surface and underground Inferred Mineral Resources to Indicated, which is expected to have a positive impact on year-end Mineral Reserve and Mineral Resource estimates.

“The remarkable exploration success at New Afton exemplifies the high quality of this asset and demonstrates the upside potential not yet captured in the reserve and resource statement,” stated Patrick Godin, President and CEO. “Rainy River, having only recently restarted exploration campaigns of significant scale, is already contributing to offsetting mining depletion through incremental extensions of existing mining zones. Based on these strong results, we plan to increase this year's consolidated exploration budget by $6 million, mostly for an additional 15,000 metres of exploration drilling at K-Zone which will enable us to define the expanded envelope ahead of a maiden K-Zone mineral resource, which is expected to be announced with our year-end Mineral Reserve and Mineral Resource estimate update early in 2026. The continued exploration success supports the Company's strategic objectives to extend the mine lives of our two operations.”

New Afton's K-Zone More Than Doubles in Size, New Copper-Gold Porphyry Mineralization Intersected 550 Metres to the East

Recent exploration drilling has significantly expanded the K-Zone mineralized system both eastward and at depth with the discovery of new porphyry mineralization emanating from the roots of the system (“K-Zone Footwall” shown in green in Figure 1 and Figure 2). K-Zone Footwall is characterized by multiple zones of chalcopyrite mineralization hosted in potassic-altered volcanic rocks, analogous to the style of mineralization found at C-Zone. The addition of this new mineralization doubles the size of the previously-reported K-Zone mineralized system and grows its horizontal thickness to 180 metres (Figure 2). Together with the K-Zone expansion drilling, underground infill drilling is confirming the grades and widths of previously reported drill results in the intrusive-hosted bornite-dominant porphyry mineralization at Upper K-Zone (shown in orange in Figure 1 and Figure 2). With the discovery of K-Zone Footwall, and with New Afton drilling at an all-time high, the overall K-Zone system is rapidly evolving into a significant growth opportunity for New Afton.

Additionally, exploration drilling intersected newcopper-gold porphyry mineralization in previously unexplored areas to the east of K-Zone. Borehole AF24-596E, drilled from surface, intersected 0.75% copper mineralization and 0.59 g/t gold (1.17% CuEq) over 55 metres core length in volcanic rocks located 550 metres to the east of the current K-Zone footprint.

Following the expansion of the K-Zone mineralized envelope and the outstanding exploration success, the Company is increasing New Afton's 2025 exploration budget by $5 million to $22 million – totaling 63,000 metres of drilling – with the objective of reporting a maiden mineral resource for K-Zone in the 2025 year-end Mineral Reserve and Mineral Resource estimates and to advance a feasibility study for K-Zone later in 2026. Future development of K-Zone could leverage existing C-Zone infrastructure, including the thickened-and-amended tailings (“TAT”) plant, crusher and conveyor system, and Integrated Operations Centre (“IOC”).

K-Zone Footwall Drilling Highlights1,2

— 2.72% copper and 2.89 g/t gold (4.90% CuEq) over 48.0 metres core length (35 metres estimated true width) in Borehole EA24-538

— 2.65% copper and 0.42 g/t gold (3.01% CuEq) over 65.2 metres core length (41 metres estimated true width) in Borehole EA25-574

— 1.17% copper and 0.75 g/t gold (1.71% CuEq) over 156.0 metres core length (40 metres estimated true width) in Borehole EA24-545 including:

— 1.60% copper and 1.01 g/t gold (2.32% CuEq) over 98.0 metres core length (25 metres estimated true width)

— 1.03% copper and 0.67 g/t gold (1.51% CuEq) over 184.0 metres core length (52 metres estimated true width) in Borehole EA25-552 including:

— 1.42% copper and 0.87 g/t gold (2.04% CuEq) over 94.0 metres core length (27 metres estimated true width)

— 0.81% copper and 0.59 g/t gold (1.23% CuEq) over 312.6 metres core length (55 metres estimated true width) in Borehole EA25-572B including:

— 1.26% copper and 0.89 g/t gold (1.89% CuEq) over 126.6 metres core length (22 metres estimated true width)

New Upper K-Zone Drilling Highlights1,2

— 2.73% copper and 1.48 g/t gold (3.87% CuEq) over 155.0 metres core length (50 metres estimated true width) in Borehole EA25-568 including:

— 3.38% copper and 1.80 g/t gold (4.76% CuEq) over 121.9 metres core length (43 metres estimated true width)

— 2.00% copper and 1.02 g/t gold (2.79% CuEq) over 67.0 metres core length (56 metres estimated true width) in Borehole EA25-564 including:

— 2.82% copper and 1.47 g/t gold (3.96% CuEq) over 44.3 metres core length (37 metres estimated true width)

— 1.32% copper and 1.60 g/t gold (2.44% CuEq) over 81.9 metres core length (62 metres estimated true width) in Borehole EA25-575

— 2.34% copper and 1.51 g/t gold (3.49% CuEq) over 42.1 metres core length (30 metres estimated true width) in Borehole EA25-585

— 1.38% copper and 1.12 g/t gold (2.21% CuEq) over 54.0 metres core length (48 metres estimated true width) in Borehole EA25-570

— 1.61% copper and 0.92 g/t gold (2.30% CuEq) over 32.9 metres core length (30 metres estimated true width) in Borehole EA25-578

— 2.39% copper and 1.01 g/t gold (3.20% CuEq) over 27.9 metres core length (27 metres estimated true width) in Borehole EA25-577

1All gold and copper grades are reported uncapped. It has yet to be determined whether further exploration will result in the target being delineated as a mineral resource. Additional data and further interpretation work are expected to better define the geometry and extent of the mineralized zones.2Indicative copper equivalent (CuEq) grades are included for context, estimated using price assumptions of US$4.20 per pound of copper, US$1,980 per ounce of gold, and US$24.00 per ounce of silver.

All new notable New Afton drilling intercepts are summarized in Table 1 below. Locations and orientations of all drilling are listed in Table 4.

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Rainy River Exploration On-Track to Offset Mining Depletion

Rainy River's exploration strategy remains focused on sustaining its recent success in mineral reserve replacement. The 2025 program emphasizes infill drilling to convert Inferred Mineral Resources to Indicated Mineral Resources, and exploration drilling to expand both open pit and underground ore zones, thereby generating new inferred resources. Concurrently, engineering studies are advancing to support the conversion of Measured and Indicated Resources into Mineral Reserves.

As of the end of August, Rainy River has completed approximately 45,000 metres of its planned 58,000-metre 2025 exploration program, its most extensive drilling campaign since 2017. Encouraging results from the NW Trend open pit area, located west of the Phase 5 pushback, and extensions of the UG Main and Intrepid underground zones are expected to contribute positively to year-end Mineral Resource and Mineral Reserve estimates.

Positive results from the 2025 NW Trend exploration campaign, both within and beyond the 2024 resource pit shell, are anticipated to upgrade the classification to Indicated Mineral Resources and expand the zone's footprint (Figure 3).All new notable NW Trend drilling intercepts are summarized in Table 2 below.

In the underground mine, new surface drilling has confirmed strike and down-plunge extensions of the ODM Main, ODM East, 17 East, and Intrepid zones. Infill drilling is also supporting the ongoing conversion of inferred to indicated resources across all zones. With additional underground exploration platforms becoming available in 2026 and 2027, the next phases of drilling are expected to accelerate Mineral Resource and Mineral Reserve development across the ODM and Intrepid systems. All new notable drilling intercepts in the underground mine are summarized in Table 3 below. All Rainy River Locations and orientations of drilling are listed in Table 5.

NW-Trend Expansion Highlights (Outside 2024 Resource Pit Shell)1

— 3.15 g/t gold and 4.22 g/t silver (3.20 AuEq) over 10.0 metres core length (8 metres estimated true width) in Borehole RC25-0121

— 1.67 g/t gold and 0.59 g/t silver (1.68 AuEq) over 16.0 metres core length (12 metres estimated true width) in Borehole RC25-0095

— 1.84 g/t gold and 2.47 g/t silver (1.87 AuEq) over 20.0 metres core length (15 metres estimated true width) in Borehole RC25-2049 including:

— 18.20 g/t gold 20.70 g/t silver (18.45 AuEq) over 1.5 metres core length (1 metre estimated true width)

NW-Trend Infill Highlights (Within 2024 Resource Pit Shell)1

— 3.34 g/t gold and 2.24 g/t silver (3.37 AuEq) over 11.0 metres core length (9 metres estimated true width) in Borehole RR25-2044 including:

— 20.10 g/t gold and 3.80 g/t silver (20.15 AuEq) over 1.3 metres core length (1 metre estimated true width)

— 5.88 g/t gold and 1.14 g/t silver (5.89 AuEq) over 10.0 metres core length (8 metres estimated true width) in Borehole RC25-0085 including:

— 28.40 g/t gold and 3.40 g/t silver (28.44 AuEq) over 2.0 metres core length (<2 metres estimated true width)

— 1.82 g/t gold and 2.93 g/t silver (1.86 AuEq) over 18.0 metres core length (14 metres estimated true width) in Borehole RC25-0084 including:

— 7.73 g/t gold and 16.40 g/t silver (7.93 AuEq) over 2.0 metres core length (<2 metres estimated true width)

— 5.06 g/t gold (no silver reported) over 20.0 metres core length (16 metres estimated true width) in Borehole RC25-0129 including:

— 46.60 g/t over 2.0 metres core length (<2 metres estimated true width)

ODM Main Drilling Highlights1

— 6.88 g/t gold and 5.08 g/t silver (6.94 AuEq) over 10.5 metres core length (8 metres estimated true width) in Borehole RR25-2066A including:

— 37.90 g/t gold and 6.40 g/t silver (37.98 AuEq) over 1.3 metre core length (1 metre estimated true width)

— 6.31 g/t gold and 3.05 g/t silver (6.35 AuEq) over 6.0 metres core length (5 metres estimated true width) in Borehole RR25-2066-W1 including:

— 17.90 g/t gold and 2.40g/t silver (17.93 AuEq) over 1.5 metre core length (1 metre estimated true width)

— 3.65 g/t gold and 4.32 g/t silver (3.70 AuEq) over 7.5 metres core length (6 metres estimated true width) in Borehole RR24-2020-W1 including:

— 11.60 g/t gold and 13.70g/t silver (11.77 AuEq) over 1.5 metre core length (1metre estimated true width)

— 5.97 g/t gold and 4.87 g/t silver (6.03 AuEq) over 4.5 metres core length (4 metres estimated true width) in Borehole RR24-2018 including:

— 13.80 g/t gold and 10.80g/t silver (13.93 AuEq) over 1.5 metre core length (1 metre estimated true width)

— 4.71 g/t gold (no reported silver) over 6.0 metres core length (5 metres estimated true width) in Borehole RR24-2070-W1

ODM East Drilling Highlights1

— 9.05 g/t gold and 14.83 g/t silver (9.23 AuEq) over 6.5 metres core length (5 metres estimated true width) in Borehole RR25-2055-W1 including:

— 36.30 g/t gold and 62.00 g/t silver (37.05 AuEq) over 1.5 metre core length (1 metre estimated true width)

17 East Drilling Highlights1

— 5.74 g/t gold and 5.97 g/t silver (5.81 AuEq) over 4.5 metres core length (4 metres estimated true width) in Borehole RC25-2059B including:

— 14.10 g/t gold and 12.40 g/t silver (14.25 AuEq) over 1.5 metre core length (1 metre estimated true width)

Intrepid Drilling Highlights1

— 4.10 g/t gold and 1.60 g/t silver (4.12 AuEq) over 7.5 metres core length (6 metres estimated true width) in Borehole RR25-2057 including:

— 17.90 g/t gold and 4.10 g/t silver (17.95 AuEq) over 1.5 metre core length (1 metre estimated true width)

1All gold and silver grades are reported uncapped. It has yet to be determined whether further exploration will result in the target being delineated as a mineral resource. Additional data and further interpretation work are expected to better define the geometry and extent of the mineralized zones. Indicative gold equivalent (AuEq) grades are included for context, estimated using price assumptions of US$1,980 per ounce of gold and US$24.00 per ounce of silver.

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Table 1: New Afton Notable Exploration Drilling Results1,2

Zone Drill Hole From (m) To (m) Interval (m) Estimated True Width (m) Au (g/t) Cu (%) Ag (g/t) CuEq (%) AuEq (g/t)Upper K-Zone EA24-524B 346.0 360.0 14.0 6 1.20 1.29 4.63 2.15 3.13EA24-524B 424.0 460.0 36.0 NA 0.19 0.41 1.86 0.56 0.81EA24-533 460.0 526.0 66.0 18 1.22 0.90 4.69 1.78 2.59including 494.0 508.0 14.0 4 2.37 1.82 10.14 3.53 5.14EA24-537 274.0 290.0 16.0 NA 0.15 0.72 1.14 0.83 1.21EA24-537 330.0 346.0 16.0 NA 0.11 0.38 0.96 0.46 0.67EA24-539 282.0 304.0 22.0 19 0.37 0.73 1.63 1.00 1.45EA24-543 754.0 830.0 76.0 NA 0.55 0.47 1.03 0.86 1.25EA24-545 282.0 292.0 10.0 NA 1.26 0.09 0.47 0.96 1.40EA24-546 348.0 364.0 16.0 9 0.43 0.46 1.80 0.77 1.12EA25-552 444.0 490.0 46.0 NA 0.79 0.68 2.04 1.24 1.80including 468.0 488.0 20.0 NA 1.48 1.09 2.64 2.13 3.10EA25-552 520.0 530.0 10.0 NA 0.98 0.11 0.84 0.79 1.15EA25-552 591.0 601.0 10.0 NA 0.57 0.16 1.88 0.57 0.83EA25-559 182.0 194.0 12.0 NA 0.57 0.45 1.79 0.86 1.25EA25-560 269.0 280.0 11.0 6 0.83 0.03 0.63 0.61 0.88EA25-560 335.0 353.0 18.0 NA 0.53 0.08 0.62 0.45 0.65EA25-561 132.9 220.0 87.1 73 0.43 0.36 1.29 0.67 0.97EA25-562 153.2 178.0 24.8 18 1.27 0.87 2.47 1.76 2.57EA25-562 202.0 242.0 40.0 21 0.62 0.51 1.53 0.95 1.38EA25-563 141.9 221.0 79.1 43 0.30 0.35 1.12 0.57 0.82EA25-564 139.0 206.0 67.0 56 1.02 2.00 10.26 2.79 4.05including 151.7 196.0 44.3 37 1.47 2.82 15.07 3.96 5.75EA25-565 399.7 414.4 14.7 8 1.64 1.90 5.41 3.07 4.47EA25-566 468.0 485.4 17.4 NA 0.61 0.03 0.28 0.45 0.66EA25-566 539.0 576.0 37.0 NA 0.31 0.42 1.56 0.65 0.94EA25-568 380.0 535.0 155.0 50 1.48 2.73 14.16 3.87 5.62including 409.7 531.6 121.9 43 1.80 3.38 17.55 4.76 6.93EA25-570 135.0 189.0 54.0 48 1.12 1.38 7.26 2.21 3.22EA25-575 158.1 240.0 81.9 62 1.60 1.32 2.74 2.44 3.55EA25-577 112.0 139.9 27.9 27 1.01 2.39 14.32 3.20 4.66EA25-578 172.0 204.9 32.9 30 0.92 1.61 6.96 2.30 3.35EA25-585 166.9 209.0 42.1 30 1.51 2.34 13.74 3.49 5.08Zone Drill Hole From (m) To (m) Interval (m) Estimated True Width (m) Au (g/t) Cu (%) Ag (g/t) CuEq (%) AuEq (g/t)K-Zone Footwall EA24-527 601.0 659.0 58.0 37 0.60 0.51 1.52 0.94 1.36EA24-529B 560.0 594.0 34.0 NA 1.57 0.04 0.42 1.12 1.63EA24-529B 718.0 750.0 32.0 12 1.25 1.17 2.89 2.05 2.99EA24-529B 790.0 900.0 110.0 47 0.40 0.49 1.30 0.78 1.13EA24-529B 944.0 1012.0 68.0 NA 0.48 0.39 0.89 0.73 1.06EA24-529B 1044.0 1084.0 40.0 15 0.33 0.48 1.67 0.72 1.05EA24-529B 1120.0 1130.0 10.0 NA 0.34 0.58 1.54 0.83 1.20EA24-538 394.0 418.0 24.0 NA 0.27 0.44 1.30 0.64 0.93EA24-538 482.0 530.0 48.0 35 2.89 2.72 22.61 4.90 7.12EA24-543 975.0 1071.0 96.0 44 0.58 0.75 1.71 1.16 1.69EA24-545 654.0 810.0 156.0 40 0.75 1.17 2.60 1.71 2.48including 708.0 806.0 98.0 25 1.01 1.60 3.31 2.32 3.38EA24-545 838.0 854.0 16.0 7 0.88 0.14 0.73 0.75 1.09EA24-546 640.0 652.0 12.0 NA 0.20 0.44 2.12 0.60 0.87EA25-547B 808.0 882.0 74.0 NA 0.54 0.66 1.73 1.05 1.52including 864.0 880.0 16.0 NA 0.92 1.83 4.41 2.50 3.64EA25-552 841.0 1025.0 184.0 52 0.67 1.03 2.55 1.51 2.20including 913.0 1007.0 94.0 27 0.87 1.42 3.02 2.04 2.97EA25-558 566.0 624.0 58.0 34 0.15 0.25 1.78 0.37 0.54EA25-558 945.0 987.0 42.0 NA 0.21 0.39 1.54 0.55 0.80EA25-560 239.4 259.8 20.4 15 0.62 1.61 4.85 2.08 3.02EA25-565 556.0 572.0 16.0 NA 0.63 0.05 0.28 0.49 0.71EA25-565 615.0 629.0 14.0 8 0.72 0.15 0.54 0.65 0.94EA25-565 676.0 693.2 17.2 10 1.55 1.89 3.60 2.99 4.34EA25-565 740.6 768.3 27.7 8 0.59 0.62 2.27 1.04 1.52EA25-565 971.0 1017.0 46.0 20 0.24 0.44 1.07 0.61 0.89EA25-565 1047.0 1077.0 30.0 15 0.18 0.32 1.55 0.46 0.66EA25-566 256.0 332.5 76.5 30 0.46 0.43 1.29 0.76 1.10EA25-567 375.0 450.0 75.0 12 0.44 0.54 1.86 0.86 1.25EA25-567 518.0 638.0 120.0 29 0.47 0.86 2.24 1.20 1.75EA25-568 545.0 591.4 46.4 NA 0.18 0.42 1.18 0.55 0.81EA25-568 624.0 640.0 16.0 NA 0.59 0.98 3.68 1.42 2.06Zone Drill Hole From (m) To (m) Interval (m) Estimated True Width (m) Au (g/t) Cu (%) Ag (g/t) CuEq (%) AuEq (g/t)K-Zone Footwall EA25-568 745.0 822.0 77.0 38 0.80 0.91 3.78 1.49 2.17(cont'd)EA25-568 864.9 895.0 30.1 NA 0.24 0.51 1.66 0.69 1.00EA25-568 1107.0 1252.2 145.2 40 0.60 0.67 1.18 1.09 1.59EA25-571 187.0 229.0 42.0 21 0.34 1.30 4.06 1.57 2.28EA25-572 342.5 360.0 17.5 NA 0.88 0.94 2.40 1.57 2.28EA25-572B 389.5 399.5 10.0 NA 0.38 1.14 2.13 1.42 2.06EA25-572B 416.4 729.0 312.6 55 0.59 0.81 1.85 1.23 1.79including 416.4 543.0 126.6 22 0.89 1.26 2.63 1.89 2.75EA25-573 799.0 817.0 18.0 10 0.96 1.01 2.82 1.69 2.46EA25-573 924.0 966.0 42.0 17 0.35 0.38 1.18 0.63 0.92EA25-573 1032.4 1088.7 56.3 30 0.49 0.49 2.17 0.84 1.23EA25-573 1104.0 1143.5 39.5 18 0.53 0.80 1.81 1.18 1.72EA25-574 503.6 568.8 65.2 41 0.42 2.65 8.38 3.01 4.38EA25-574 835.0 850.0 15.0 NA 0.11 0.43 2.06 0.52 0.76EA25-576 410.0 453.5 43.5 NA 0.39 0.43 1.62 0.71 1.04EA25-576 547.0 589.0 42.0 NA 0.49 0.64 1.53 0.99 1.44EA25-576B 621.0 650.0 29.0 NA 0.71 0.43 1.47 0.93 1.35EA25-576B 688.0 706.9 18.9 NA 0.38 0.69 1.42 0.96 1.40New Mineralization EA24-596E 1521.0 1576.0 55.0 NA 0.59 0.75 2.22 1.17 1.71East of K-ZoneEA24-596 1409.0 1429.0 20.0 NA 0.24 0.21 1.08 0.38 0.56EA24-596 1497.0 1567.0 70.0 NA 0.16 0.18 1.16 0.30 0.44EA24-596 1633.5 1644.0 10.5 NA 0.38 0.24 1.67 0.52 0.751 Notable drilling intervals are defined by intervals with average grade above grade of 0.4% CuEq over core length greater than 10 metres, or if occurs in new areas2 Indicative gold equivalent (AuEq) grades are included for context, estimated using price assumptions of US$4.20 per pound of copper, US$1,980 per ounce of gold and US$24.00 per ounce of silver.

Table 2: Rainy River Notable Exploration Drilling Results at NW Trend1,2

Zone Drill Hole From (m) To (m) Interval (m) Estimated True Width (m) Au (g/t) Ag (g/t) AuEqRC NW Trend RC25-0084 107 125 18 14 1.82 2.93 1.86Including 109 111 2 2 7.73 16.4 7.93RC25-0085 63 73 10.0 8 5.88 1.14 5.89Including 71 73 2.0 1.6 28.4 3.4 28.44 101 117 16 12 0.60 2.09 0.63RC25-0088 47 65 18 14 0.56 1.44 0.58RC25-0090 37 61 24 19 0.63 1.84 0.65RC25-0108 49 61 12 9 0.85 1.64 0.87RC25-0110 77 93 16 12 0.74 1.95 0.76RC25-0107 89 113 24 19 0.59 1.48 0.61RC25-0086 81 87 6 5 0.86 1.93 0.88RC25-0097 113 125 12 9 0.89 2.38 0.92RC25-0098 57 69 12 9 0.49 0.84 0.50RC25-0100 75 87 12 9 0.49 0.26 0.49RC25-0109 89 99 10 8 1.29 2.36 1.32RC25-0092 65 71 6 5 1.16 3.87 1.21 81 99 18 14 1.03 2.2 1.06RC25-0094 99 115 16 12 0.45 1.34 0.47RC25-0095 185 201 16 12 1.67 0.59 1.68RC25-0082 125 157 32 25 0.39 0.30 0.40RC25-0106 55 63 8 6 1.86 1.88 1.88RC25-0083 167 183 16 12 0.73 0.42 0.74RC25-0116 73 95 22 17 0.64 3.12 0.68RC25-0118 51 57 6 5 0.82 1.37 0.84 93 107 14 11 0.73 1.77 0.75RC25-0119 131 137 6 5 0.72 1.23 0.73RC25-0117 47 55 8 6 0.47 1.25 0.49 99 113 14 11 0.77 1.69 0.79RC25-0121 141 151 10 8 3.15 4.22 3.20RC25-0122 193 197 4 3 2.00 NA NARC25-0123 73 87 14 11 0.69 1.56 0.71Zone Drill Hole From (m) To (m) Interval (m) Estimated True Width (m) Au (g/t) Ag (g/t) AuEqRC NW Trend(cont'd) RC25-0124 99 117 18 14 0.80 1.32 0.82RC25-0125 73 79 6 5 1.35 0.87 1.36RC25-0126 73 79 6 5 1.17 3.20 1.21RC25-0128 91 107 16 12 1.27 0.58 1.28RC25-0129 93 113 20 16 5.06 NA NAIncluding 95 97 2 2 46.60 NA NARC25-0130 77 83 6 5 1.31 NA NARC25-0131 67 73 6 5 0.80 1.82 0.82RC25-0132 79 89 10 8 0.72 1.32 0.74Dimond Drilling NWT RR25-2035 180.5 191 11 8 0.89 0.71 0.90RR25-2036 82.5 94.5 12 9 0.45 0.94 0.46RR25-2039 143 156.5 14 11 1.49 1.51 1.51RR25-2040 219 235.5 17 13 0.47 2.78 0.50RR25-2041 102.5 116 14 11 0.51 1.10 0.52 203 216.5 14 11 0.43 2.47 0.46RR25-2044 68 86 18 14 0.40 1.23 0.41 101 112 11 9 3.34 2.24 3.37Including 110 111 1.3 1 20.10 3.80 20.15RR25-2045 130.5 153 22.5 18 0.45 1.26 0.47RR25-2046 116 137 21 16 0.40 1.41 0.42 141.5 162.5 21 16 1.20 1.80 1.22RR25-2047 140 159.5 19.5 15 0.56 1.29 0.58RR25-2049 132.5 146 13.5 11 0.80 1.06 0.81 203 222.5 19.5 15 1.84 2.47 1.87 Including 203 204.5 1.5 1 18.20 20.70 18.45 240.5 254 13.5 11 0.83 1.81 0.85RR25-2050 126.5 140 13.5 11 0.39 0.81 0.40 200 218 18 14 0.54 0.47 0.551Notable drilling intervals are defined by 6-metre-long composites with average grade above 0.4 g/t gold. Rainy River Open Pit Mineral Reserves cut-off grade is 0.3 g/t AuEq.2Indicative gold equivalent (AuEq) grades are included for context, estimated using price assumptions of US$1,980 per ounce of gold and US$24.00 per ounce of silver.

Table 3: Rainy River Notable Exploration Drilling Results in the Underground Mine1,2

Zone Drill Hole From (m) To (m) Interval (m) Estimated True Width (m) Au (g/t) Ag (g/t) AuEqMain RR24-2017-W1 1014.5 1019 4.5 4 1.77 2.30 1.80RR24-2018 981.5 986 4.5 4 5.97 4.87 6.03Including 984.5 986 1.5 1 13.80 10.80 13.93RR24-2019 827 837 10.1 8 2.20 3.39 2.24RR24-2020-W1 949.5 957 7.5 6 3.65 4.32 3.70Including 952.5 954 1.5 1 11.60 13.70 11.77RR24-2021 912 919 6.5 5 2.03 1.54 2.05RR24-2021-W1 927.5 934 6.0 5 1.92 2.00 1.94RR25-2051A 977 983 6.0 5 2.17 3.88 2.22RR25-2063B 798 803 4.5 4 2.43 3.40 2.47RR25-2065 936.5 941 4.5 4 1.72 1.40 1.74RR25-2066A 801.5 812 10.5 8 6.88 5.08 6.94Including 803 804 1.3 1 37.90 6.40 37.98RR25-2066-W1 777 786 9.0 7 3.66 3.37 3.70 793.5 800 6.0 5 2.10 4.08 2.15 804 810 6.0 5 6.31 3.05 6.35Including 808.5 810 1.5 1 17.90 2.40 17.93RR25-2068A 929 934 4.5 4 2.69 NA NARR25-2069-W2 964 967 3.0 2 2.83 NA NARR25-2070B 875 880 4.5 4 2.34 11.90 2.48RR25-2070-W1 855.5 862 6.0 5 4.71 NA NA 882.5 887 4.5 4 2.61 NA NARR25-2071 862.5 867 4.5 4 2.51 NA NAMain East RR24-2026 885.5 892 6.0 5 1.95 3.08 1.99RR25-2055 879.8 883 3.2 2 11.33 158.00 13.25 Including 879.8 881 0.8 0.6 43.50 158.00 45.42RR25-2055-W1 872 878 6.0 5 3.23 2.62 3.26 885.0 891.5 6.5 5 9.05 14.83 9.23Including 890 892 1.5 1 36.30 62.00 37.05RR25-2067-W1 836.7 843 6.0 5 2.09 NA NA Including 836.7 838 1.5 1 7.03 NA NAZone Drill Hole From (m) To (m) Interval (m) Estimated True Width (m) Au (g/t) Ag (g/t) AuEqZone 17 RR24-2031 971 983 12.0 9 2.22 5.45 2.29 RR25-2054A 1008 1011 3.0 2 3.04 15.60 3.23 RR25-2059B 996 1001 4.5 4 5.74 5.97 5.81 Including 996 998 1.5 1 14.10 12.40 14.25 1006.5 1011 4.5 4 2.97 2.13 3.00Intrepid RRUG24-0013 195 198 3.0 2 2.85 1.30 2.87RR25-2057 711.5 719 7.5 6 4.10 1.60 4.12 Including 711.5 713 1.5 1 17.90 4.10 17.951Nottable drilling intervals are defined by 3-metre-long composites with average grade above 1.70 g/t gold. Rainy River underground Mineral Reserves cut-off grade is 1.68 g/t AuEq, minimum mining width is 2.4 metres.2Indicative gold equivalent (AuEq) grades are included for context, estimated using price assumptions of US$1,980 per ounce of gold and US$24.00 per ounce of silver.

Table 4: All New Exploration Drilling Location and Orientation at New Afton

Drill Hole Azimuth Dip Length (m) UTM Easting (m) UTM Northing (m) Elevation (m)EA24-524B 324 -74 567 675,760 5,615,017 -38EA24-527 360 -68 708 675,761 5,615,018 -39EA24-529B 295 -79 1130 675,767 5,615,018 -38EA24-533 246 -77 646 675,760 5,615,015 -38EA24-537 339 -57 491 675,767 5,615,020 -38EA24-538 356 -57 566 675,768 5,615,020 -38EA24-539 300 -58 587 675,759 5,615,016 -38EA24-543 235 -73 1094 675,760 5,615,014 -38EA24-545 322 -80 903 675,767 5,615,019 -38EA24-546 302 -70 683 675,760 5,615,017 -38EA25-547B 206 -77 887 675,768 5,615,018 -34EA25-550 150 -75 851 675,761 5,615,016 -38EA25-552 261 -80 1133 675,760 5,615,015 -38EA25-558 13 -62 1025 675,761 5,615,016 -36EA25-559 117 -59 449 675,413 5,614,947 -436EA25-560 102 -39 556 675,434 5,615,046 -423EA25-561 115 -40 299 675,414 5,614,947 -436EA25-562 116 -51 341 675,413 5,614,947 -436EA25-563 133 -47 476 675,413 5,614,947 -434EA25-564 115 -17 251 675,490 5,615,067 -420EA25-565 319 -78 1099 675,767 5,615,018 -38EA25-566 110 -61 626 675,431 5,615,047 -422EA25-567 114 -72 680 675,431 5,615,047 -422EA25-568 282 -79 1283 675,759 5,615,016 -38EA25-570 135 -21 282 675,491 5,615,066 -421EA25-571 136 -55 537 675,491 5,615,066 -422EA25-572 88 -62 384 675,485 5,615,097 -421EA25-572B 91 -62 743 675,485 5,615,097 -421EA25-573 80 -26 1209 674,848 5,614,954 -494EA25-574 342 -63 936 675,768 5,615,018 -38EA25-575 138 -43 284 675,491 5,615,065 -424EA25-576 138 -43 284 675,491 5,615,065 -424Drill Hole Azimuth Dip Length (m) UTM Easting (m) UTM Northing (m) Elevation (m)EA25-576B 83 -63 717 675,431 5,615,047 -422EA25-577 137 -2 245 675,491 5,615,066 -420EA25-578 98 -16 275 675,492 5,615,068 -421EA25-585 90 -1 248 675,489 5,615,069 -420AF24-596 4 -67 1724 676,229 5,614,877 690AF24-596E 8 -61 1578 676,229 5,614,877 690

Table 5: All New Exploration Drilling Location and Orientation at Rainy River

Drill Hole Azimuth Dip Length (m) UTM Easting (m) UTM Northing (m) Elevation (m)RC24-0054 35.0 69.0 119.0 423,925 5,410,249 364RC24-0055 45.0 65.0 113.0 423,944 5,410,260 363RC24-0060 34.0 69.0 139.0 424,071 5,410,324 363RC24-0061 34.0 67.0 151.0 424,072 5,410,359 363RC24-0064 47.0 75.0 133.0 424,164 5,410,266 357RC24-0066 40.0 72.0 135.0 424,204 5,410,347 357RC24-0067 40.0 58.0 125.0 424,212 5,410,356 357RC24-0068 40.0 65.0 145.0 424,319 5,410,094 360RC24-0078 40.0 60.0 111.0 424,266 5,410,305 357RC24-0070 40.0 60.0 111.0 424,238 5,410,339 358RC25-0082 40.0 64.0 195.0 424,263 5,409,915 357RC25-0083 35.0 60.0 211.0 424,255 5,409,866 356RC25-0084 40.0 65.0 201.0 424,405 5,409,811 351RC25-0085 40.0 60.0 127.0 424,496 5,409,849 350RC25-0086 35.0 57.0 121.0 424,487 5,409,892 350RC25-0087 40.0 61.0 139.0 424,225 5,410,069 365RC25-0088 20.0 52.0 151.0 424,435 5,409,878 350RC25-0089 40.0 64.0 131.0 424,477 5,409,875 350RC25-0090 40.0 60.0 151.0 424,444 5,409,876 350RC25-0092 43.0 54.0 131.0 424,537 5,409,810 350RC25-0093 40.0 57.0 159.0 424,260 5,409,933 357RC25-0094 40.0 63.0 139.0 424,153 5,410,107 369RC25-0095 50.0 64.0 211.0 424,252 5,409,861 356RC25-0096 40.0 76.0 131.0 424,281 5,410,122 363RC25-0097 40.0 62.0 141.0 424,486 5,409,816 349RC25-0098 40.0 50.0 131.0 424,507 5,409,857 350RC25-0099 45.0 50.0 191.0 424,088 5,410,355 363RC25-0100 37.0 52.0 191.0 424,150 5,410,187 367RC25-0104 24.0 57.0 171.0 424,143 5,410,272 358RC25-0105 46.0 63.0 171.0 424,193 5,410,266 356RC25-0106 35.0 60.0 141.0 424,274 5,410,128 364RC25-0107 37.5 63.5 191.0 424,397 5,409,853 351RC25-0108 40.0 63.0 165.0 424,461 5,409,841 350RC25-0109 24.0 65.0 109.0 424,526 5,409,801 350Drill Hole Azimuth Dip Length (m) UTM Easting (m) UTM Northing (m) Elevation (m)RC25-0110 24.0 57.0 171.0 424,401 5,409,867 351RC25-0111 44.0 79.0 141.0 424,298 5,410,073 361RC25-0112 38.0 80.0 161.0 424,310 5,410,101 361RC25-0113 42.0 80.0 127.0 424,229 5,409,949 356RC25-0114 20.0 70.0 115.0 424,224 5,409,954 356RC25-0115 29.0 65.0 121.0 424,273 5,409,998 356RC25-0116 10.0 55.0 171.0 424,707 5,409,559 348RC25-0117 5.0 63.0 171.0 424,676 5,409,581 348RC25-0118 5.0 65.0 171.0 424,636 5,409,603 349RC25-0119 0.0 53.0 143.0 424,607 5,409,623 349RC25-0120 17.0 50.0 139.0 424,623 5,409,613 349RC25-0121 40.0 60.0 191.0 424,457 5,409,783 349RC25-0122 33.0 71.5 201.0 424,455 5,409,780 349RC25-0123 25.0 48.0 141.0 424,540 5,409,812 350RC25-0124 40.0 62.0 155.0 424,499 5,409,769 349RC25-0125 40.0 66.0 121.0 424,575 5,409,781 350RC25-0126 40.0 61.0 137.0 424,532 5,409,780 349RC25-0127 40.0 70.0 191.0 424,479 5,409,773 349RC25-0128 21.0 66.0 151.0 424,347 5,409,921 357RC25-0129 6.0 51.0 161.0 424,395 5,409,858 351RC25-0130 15.0 66.0 181.0 424,460 5,409,795 349RC25-0131 36.0 47.0 131.0 424,554 5,409,790 350RC25-0132 7.0 63.0 161.0 424,462 5,409,815 349RC25-0134 12.0 54.0 125.0 424,106 5,410,502 359RC25-0138 11.0 72.5 145.0 424,115 5,410,483 359RC25-0141 40.0 50.0 145.0 424,288 5,409,937 357RC25-0145 351.0 61.0 101.0 424,198 5,410,344 357RR25-2035 40.0 59.0 242.0 424,060 5,410,361 363RR25-2036 41.0 60.0 234.0 424,100 5,410,326 363RR25-2037 30.0 75.0 170.0 423,994 5,410,225 367RR25-2038 40.0 73.0 104.0 424,001 5,410,254 365RR25-2039 40.0 65.0 269.0 424,090 5,410,104 364RR25-2040 33.0 70.0 261.0 424,119 5,410,071 359RR25-2041 35.0 64.0 302.0 424,111 5,410,018 368Drill Hole Azimuth Dip Length (m) UTM Easting (m) UTM Northing (m) Elevation (m)RR25-2042 40.0 62.0 267.0 424,140 5,409,995 355RR25-2043 40.0 55.0 260.0 424,149 5,410,000 368RR25-2044 20.0 60.0 242.0 424,349 5,409,809 351RR25-2045 44.0 50.5 255.0 424,350 5,409,811 349RR25-2046 42.0 60.0 251.0 424,371 5,409,796 349RR25-2047 20.0 60.0 311.0 424,325 5,409,734 349RR25-2048 30.0 61.0 296.0 424,359 5,409,752 350RR25-2049 40.0 59.0 311.0 424,286 5,409,777 356RR25-2050 30.0 53.0 284.0 424,279 5,409,789 355RR24-2017D 29.0 83.0 1100.0 424,881 5,408,981 347RR24-2017-W1 30.0 81.0 1046.0 424,881 5,408,981 347RR24-2018 4.0 81.0 1134.5 425,053 5,408,839 347RR24-2019 4.0 81.0 1034.0 424,880 5,408,982 347RR24-2019-W1 4.5 79.0 1043.0 424,880 5,408,982 347RR24-2019-W2 4.0 81.0 1031.0 424,880 5,408,982 347RR24-2020B 17.0 78.0 1115.0 425,054 5,408,841 349RR24-2020-W1 17.0 75.0 1077.0 425,054 5,408,841 349RR24-2021 358.0 77.5 1097.0 425,054 5,408,842 351RR24-2021-W1 359.0 76.0 1067.0 425,054 5,408,842 351RR24-2021-W2 357.5 76.5 1061.0 425,054 5,408,842 351RR24-2022 17.0 61.0 614.0 427,345 5,409,429 379RR24-2023 16.0 68.0 611.0 427,343 5,409,427 386RR24-2024 8.0 74.5 611.0 427,345 5,409,428 381RR24-2025 12.0 70.5 596.0 427,345 5,409,429 379RR24-2026 355.0 81.0 1010.0 425,566 5,408,961 352RR24-2026-W1 354.5 80.0 981.0 425,566 5,408,961 352RR24-2027 352.0 78.0 722.0 427,344 5,409,411 378RR24-2028 5.0 66.5 590.0 424,606 5,409,348 350RR24-2029 352.0 80.0 1078.5 425,054 5,408,841 347RR24-2030A 20.5 73.0 602.0 424,606 5,409,347 348RR24-2031 336.0 78.5 1034.0 425,995 5,408,892 349RR24-2032 356.0 69.0 599.0 424,545 5,409,348 348RR24-2033 337.0 76.0 1037.0 425,996 5,408,891 352Drill Hole Azimuth Dip Length (m) UTM Easting (m) UTM Northing (m) Elevation (m)RR24-2034 12.0 76.0 635.0 424,546 5,409,348 348RR25-2051A 353.0 81.0 1100.0 425,007 5,408,875 346RR25-2052 348.0 72.5 830.0 427,017 5,409,191 368RR25-2053 345.0 80.0 1056.0 425,006 5,408,877 351RR25-2054A 355.0 81.0 1086.0 425,852 5,408,843 348RR25-2055 351.0 78.0 993.0 425,524 5,408,905 348RR25-2055-W1 352.0 75.0 968.0 425,524 5,408,905 348RR25-2056 1.0 74.0 792.0 427,072 5,409,216 367RR25-2057 4.0 72.0 810.0 427,072 5,409,216 367RR25-2059B 350.0 83.0 1104.0 425,849 5,408,843 348RR25-2060 354.0 72.5 903.0 425,576 5,408,963 348RR25-2061 347.0 65.0 710.0 427,249 5,409,273 375RR25-2063B 353.0 77.0 900.0 425,223 5,408,948 349RR25-2063-W1 354.0 74.0 905.0 425,223 5,408,948 349RR25-2064 7.0 74.5 911.0 425,575 5,408,963 349RR25-2065 21.0 78.0 1020.0 425,054 5,408,842 347RR25-2066A 343.0 73.0 899.0 425,224 5,408,949 349RR25-2066-W1 344.0 71.0 882.0 425,224 5,408,949 349RR25-2067 9.0 76.0 965.0 425,525 5,408,905 348RR25-2067-W1 11.0 74.0 938.7 425,525 5,408,905 348RR25-2068A 21.0 78.0 1040.0 425,054 5,408,842 351RR25-2069 25.0 75.0 1031.0 425,056 5,408,843 351RR25-2069-W2 28.0 75.0 1012.0 425,056 5,408,843 351RR25-2070B 21.0 76.0 950.0 425,009 5,408,878 347RR25-2070-W1 23.0 76.0 995.0 425,009 5,408,878 347RR25-2071 7.0 75.5 921.0 425,223 5,408,950 349RRUG24-0012 142.0 16.0 185.0 427,072 5,409,775 40RRUG24-0013 150.0 23.0 205.5 427,071 5,409,775 40RRUG24-0014 156.0 28.0 220.0 427,071 5,409,775 40RRUG24-0015 157.0 18.0 180.0 427,071 5,409,775 40RRUG24-0016 165.0 25.0 205.0 427,071 5,409,774 40RRUG24-0017 150.0 14.0 150.0 426,851 5,409,668 4RRUG24-0018 151.0 32.0 215.0 426,851 5,409,668 3RRUG24-0019 164.0 35.0 225.0 426,850 5,409,668 3Drill Hole Azimuth Dip Length (m) UTM Easting (m) UTM Northing (m) Elevation (m)RRUG24-0020 174.0 31.0 205.0 426,850 5,409,668 3RRUG24-0021 175.0 5.0 130.0 426,850 5,409,668 4RRUG24-0022 184.0 33.0 230.0 426,849 5,409,668 3RRUG24-0023 187.0 24.0 185.0 426,849 5,409,668 4

About New Gold

New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in Canada, the New Afton copper-gold mine and the Rainy River gold mine. New Gold's vision is to be the most valued intermediate gold and copper producer through profitable and responsible mining for our shareholders and stakeholders. For further information on the Company, visit www.newgold.com.

For further information, please contact:

Ankit ShahExecutive Vice President and Chief Strategy OfficerDirect: +1 (416) 324-6027Email: ankit.shah@newgold.com

Brandon ThroopDirector, Investor RelationsDirect: +1 (647) 264-5027Email: brandon.throop@newgold.com

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 in this news release, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “targeted”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: expectations regarding the continued exploration upside around the New Afton mine and the eastern sector of the mine successfully developing into a promising opportunity for new high-grade mineralized area; the Company's expectation that the overall K-Zone system at New Afton will continue to rapidly expand into a significant future growth opportunity; accuracy of expectations regarding the minimized capital and time required to bring the eastern high-grade zones into production; intentions to allocate additional funds to the 2025 consolidated exploration budget and expected use of and benefits of funds; the Company successfully drilling 63,000 metres at New Afton and reporting initial mineral resources at K-Zone for year-end 2025; expectation that exploration progress at Rainy River and New Afton mines will have a positive impact on 2025 year-end Mineral Reserves and Mineral Resource estimates; expectations regarding the positive results from Rainy River mines 2025 NW Trend exploration campaign are anticipated to upgrade the classification to indicated mineral resources and expand the zone's footprint; expectation that additional underground exploration platforms will become available at Rainy River in 2026 and 2027; expectation that the next phase of drilling at Rainy River will accelerate resource and reserve development across the ODM and Intrepid systems; anticipated focus areas and priorities for the Company's exploration program and planned exploration activities; and successfully advancing the Company's strategic opportunities for mine life extension.

All forward-looking statements in this news release are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this news release, New Gold's most recent Annual Information Form and NI 43-1010 Technical Reports for New Afton Mine and Rainy River Mine filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold's operations, including material disruptions to the Company's supply chain, workforce or otherwise; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold's current expectations; (3) the accuracy of New Gold's current Mineral Reserve and Mineral Resource estimates and the grade of gold, copper and silver expected to be mined; (4) the exchange rate between the Canadian dollar and U.S. dollar and commodity prices being approximately consistent with current levels and expectations for the purposes of guidance and otherwise; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and material costs increasing on a basis consistent with New Gold's current expectations; (7) arrangements with First Nations and other Indigenous groups in respect of the Rainy River Mine and the New Afton Mine being consistent with New Gold's current expectations; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments or obstacles during any applicable regulatory processes; and (9) the results of the life of mine plans for the Rainy River Mine and the New Afton Mine described herein being realized.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: price volatility in the spot and forward markets for metals and other commodities; discrepancies between actual and estimated production, between actual and estimated costs, between actual and estimated Mineral Reserves and Mineral Resources and between actual and estimated metallurgical recoveries; equipment malfunction, failure or unavailability; accidents; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements; changes in project parameters as plans continue to be refined; changing costs, timelines and development schedules as it relates to construction; the Company not being able to complete its construction projects at the Rainy River Mine or the New Afton Mine on the anticipated timeline or at all; the ability to successfully implement strategic plans; volatility in the market price of the Company's securities; changes in national and local government legislation in the countries in which New Gold does or may in the future carry on business; compliance with public company disclosure obligations; controls, regulations and political or economic developments in the countries in which New Gold does or may in the future carry on business; the Company's dependence on the Rainy River Mine and the New Afton Mine; the Company not being able to complete its exploration drilling programs on the anticipated timeline or at all; inadequate water management and stewardship; tailings storage facilities and structure failures; failing to complete stabilization projects according to plan; geotechnical instability and conditions; disruptions to the Company's workforce at either the Rainy River Mine or the New Afton Mine, or both; significant capital requirements and the availability and management of capital resources; additional funding requirements; diminishing quantities or grades of Mineral Reserves and Mineral Resources; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies including the Technical Reports for the Rainy River Mine and the New Afton Mine; impairment; unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other Indigenous groups; climate change, environmental risks and hazards and the Company's response thereto; ability to obtain and maintain sufficient insurance; management and reporting of environmental, social and governance matters; actual results of current exploration or reclamation activities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States; global economic and financial conditions and any global or local natural events that may impede the economy or New Gold's ability to carry on business in the normal course; inflation; tariffs; compliance with debt obligations and maintaining sufficient liquidity; the responses of the relevant governments to any disease, epidemic or pandemic outbreak not being sufficient to contain the impact of such outbreak; disruptions to the Company's supply chain and workforce due to any disease, epidemic or pandemic outbreak; an economic recession or downturn as a result of any disease, epidemic or pandemic outbreak that materially adversely affects the Company's operations or liquidity position; taxation; fluctuation in treatment and refining charges; transportation and processing of unrefined products; rising costs or availability of labour, supplies, fuel and equipment; information systems security threats; adequate infrastructure; relationships with communities, governments and other stakeholders; perceived reputation amongst stakeholders; labour disputes; effectiveness of supply chain due diligence; the uncertainties inherent in current and future legal challenges to which New Gold is or may become a party; defective title to mineral claims or property or contests over claims to mineral properties; competition; loss of, or inability to attract, key employees; risks with respect to the Company's compensation systems; use of derivative products and hedging transactions; reliance on third-party contractors; counterparty risk and the performance of third party service providers; investment risks and uncertainty relating to the value of equity investments in public companies held by the Company from time to time; the adequacy of internal and disclosure controls; conflicts of interest; the lack of certainty with respect to foreign operations and legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; and the successful acquisitions and integration of business arrangements and realizing the intended benefits therefrom. In addition, there are risks and hazards associated with the business of mineral exploration, development, construction, operation and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding or drought and gold bullion losses (and, in each case, the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as “Risk Factors” included in New Gold's Annual Information Form and other disclosure documents filed on and available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

QA/QC Procedure

New Gold maintains a Quality Assurance / Quality Control (“QA/QC”) program at its Rainy River Mine operation using industry best practices and is consistent with the QA/QC protocols in use at all of the Company's exploration and development projects. Key elements of New Gold's QA/QC program include chain of custody of samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is sampled at lengths varying from 0.5 to 1.5 m, halved and shipped in sealed bags to Activation Laboratories Ltd. in Thunder Bay, Ontario. Reverse Circulation (“RC”) drill rock chips are sampled at the drill at regular two metre intervals and shipped in sealed bags to Activation Laboratories Ltd. in Thunder Bay, Ontario. Additional information regarding the Company's data verification and quality assurance processes is set out in the February 10, 2025 Rainy River National Instrument 43-101 Technical Report titled “NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada” available on SEDAR+ atwww.sedarplus.ca.

New Gold maintains a Quality Assurance / Quality Control (“QA/QC”) program at its New Afton Mine operation using industry best practices and is consistent with the QA/QC protocols in use at all of the Company's exploration and development projects. Key elements of New Gold's QA/QC program include chain of custody of samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is sampled at regular two metre intervals, halved and shipped in sealed bags to Activation Laboratories Ltd. in Kamloops, British Columbia. Additional information regarding the Company's data verification and quality assurance processes is set out in the February 10, 2025 New Afton National Instrument 43-101 Technical Report titled “Technical Report on the New Afton Mine, British Columbia, Canada” available on SEDAR+ atwww.sedarplus.ca.

Technical Information

The scientific and technical information relating to the drilling update on New Afton and Rainy River has been reviewed and approved by Dr. Jean-François Ravenelle, Vice President, Geology for the Company. Dr. Ravenelle is a Professional Geologist and a member of the Association of Professional Geoscientists of Ontario and the Ordre des Géologues du Québec. Dr. Ravenelle is a “Qualified Person” for the purposes of National Instrument 43-101 -Standards of Disclosure for Mineral Projects.

For additional technical information on New Gold's material properties, including a detailed breakdown of Mineral Reserves and Mineral Resources by category, as well as key assumptions, parameters, and risks, refer to New Gold's Annual Information Form for the year ended December 31, 2024 dated February 24, 2025 filed and available on SEDAR+ atwww.sedarplus.caand on EDGAR atwww.sec.gov.

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SOURCE New Gold Inc.

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