NEW GOLD APPOINTS CHRISTIAN MILAU TO THE BOARD OF DIRECTORS

TORONTO, July 29, 2024 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) is pleased to announce that Christian Milau was appointed to its Board of Directors (the "Axis") with immediate effect.

Christian has over 25 years of experience in finance, capital markets and mining. He is a mining executive with experience leading growth-oriented exploration, development and operations companies with a focus on gold and copper. His mining experience includes serving as Chief Executive Officer of Equinox Gold from 2016 to 2022, leading the company through five mergers and acquisitions and growing from a single asset developer to a multi-mine producer with eight operating mines. Prior to Equinox, he served as Chief Executive Officer of True Gold Mining from 2015 until its acquisition by Endeavour Mining in 2016. He also served as Chief Financial Officer of Endeavour Mining from 2011 to 2015 and as Vice President, Treasurer at New Gold from 2008 to 2011. He is currently the Chief Executive Officer and Founder of Saudi Discovery Company, a privately held copper exploration company focused on exploration in Saudi ArabiaHe is also a corporate director and serves on the boards of Copper Standard Resources, Arras Minerals Corp., Carbon Streaming Corporation and Northern Dynasty Minerals.

"On behalf of the Board and the New Gold team, I am pleased to welcome Christian back to New Gold and to our Board at a very exciting time for our Company. I am confident that his strategy and capital markets experience will prove an asset to our Board as the Company transitions into a significant free cash flow generator and looks to our future as a leading intermediate gold producer," said Nick Chirekos, Chair of the Board's Corporate Governance and Nominating Committee.

About New Gold

New Gold is a Canada-focused mid-market mining company with a portfolio of two primary producing assets in Canadathe Rainy River gold mine and the New Afton copper and gold mine. The Company also holds other investments focused on Canada. New Gold's vision is to build a leading diversified intermediate gold company headquartered in Canada that is committed to the environment and social responsibility. For more information about the Company, visit www.newgold.com.

Cautionary Note Regarding Forward-Looking Statements

Certain information in this press release, including information regarding New Gold's future financial or operating performance, is "forward-looking." All statements in this press release, other than statements of historical fact, that address events, results, outcomes or developments that New Gold anticipates will 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 contained in this press release include, among other things, statements regarding: the Company's successful transition to a significant generator of free cash flow; and expectations regarding the Company's future success.

All forward-looking statements contained in this press release are based on management's beliefs and estimates, which, while deemed reasonable as of the date of this press release in light of management's experience and perception of current conditions and anticipated developments, are inherently subject to important risks and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions relating to such forward-looking statements are discussed in this press release, New Gold's most recent annual discussion and analysis report ("MD&A"), its most recent annual information form and the technical reports on the Rainy River Mine and the New Afton Mine filed on SEDAR+ at www.sedarplus.ca and on EDGAR to www.sec.gov. In addition to, and subject to, those assumptions discussed in more detail elsewhere, the forward-looking statements contained in this press release are also subject to the following assumptions: (1) there are 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 the jurisdictions in which New Gold operates, or may operate in the future, consistent with New Gold's current expectations; (3) the accuracy of New Gold's current estimates of mineral reserves and mineral resources and the grade of gold, silver and copper expected to be mined; (4) the exchange rate between the Canadian dollar and the U.S. dollar and, to a lesser extent, the Mexican peso and commodity prices are approximately consistent with current levels and expectations for purposes of the 2024 guidance and otherwise; (5) prices of diesel, natural gas, heating oil, electricity and other key supplies are approximately consistent with current levels; (6) equipment, labor and material costs increasing in a manner consistent with New Gold's current expectations; (7) agreements with First Nations and other Indigenous groups in connection with the New Afton Mine and the Rainy River Mine consistent with New Gold's current expectations; (8) all required permits, licenses and authorizations obtained from the relevant governments and other interested parties within the expected timeframes and the absence of adverse comments or material impediments during applicable regulatory processes; and (9) the results of the mine life plans for the Rainy River Mine and the New Afton Mine implemented.

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, the "risk factors" included in New Gold's most recent annual information form, MD&A and other information documents filed and available on SEDAR+ at www.sedarplus.ca and on EDGAR to www.sec.gov. Forward-looking statements are not guarantees of future performance, and actual results and future events could differ materially from those projected in such statements. All forward-looking statements contained in this press 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.

SOURCE New Gold Inc.