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New Gold Inc

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

New Afton'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)

TORONTO , September 8, 2025 /PRNewswire/ - 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 new copper-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.

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 Highlights 1

  • 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.

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

3.13

EA24-524B


424.0

460.0

36.0

NA

0.19

0.41

1.86

0.56

0.81

EA24-533


460.0

526.0

66.0

18

1.22

0.90

4.69

1.78

2.59

including

494.0

508.0

14.0

4

2.37

1.82

10.14

3.53

5.14

EA24-537


274.0

290.0

16.0

NA

0.15

0.72

1.14

0.83

1.21

EA24-537


330.0

346.0

16.0

NA

0.11

0.38

0.96

0.46

0.67

EA24-539


282.0

304.0

22.0

19

0.37

0.73

1.63

1.00

1.45

EA24-543


754.0

830.0

76.0

NA

0.55

0.47

1.03

0.86

1.25

EA24-545


282.0

292.0

10.0

NA

1.26

0.09

0.47

0.96

1.40

EA24-546


348.0

364.0

16.0

9

0.43

0.46

1.80

0.77

1.12

EA25-552


444.0

490.0

46.0

NA

0.79

0.68

2.04

1.24

1.80

including

468.0

488.0

20.0

NA

1.48

1.09

2.64

2.13

3.10

EA25-552


520.0

530.0

10.0

NA

0.98

0.11

0.84

0.79

1.15

EA25-552


591.0

601.0

10.0

NA

0.57

0.16

1.88

0.57

0.83

EA25-559


182.0

194.0

12.0

NA

0.57

0.45

1.79

0.86

1.25

EA25-560


269.0

280.0

11.0

6

0.83

0.03

0.63

0.61

0.88

EA25-560


335.0

353.0

18.0

NA

0.53

0.08

0.62

0.45

0.65

EA25-561


132.9

220.0

87.1

73

0.43

0.36

1.29

0.67

0.97

EA25-562


153.2

178.0

24.8

18

1.27

0.87

2.47

1.76

2.57

EA25-562


202.0

242.0

40.0

21

0.62

0.51

1.53

0.95

1.38

EA25-563


141.9

221.0

79.1

43

0.30

0.35

1.12

0.57

0.82

EA25-564


139.0

206.0

67.0

56

1.02

2.00

10.26

2.79

4.05

including

151.7

196.0

44.3

37

1.47

2.82

15.07

3.96

5.75

EA25-565


399.7

414.4

14.7

8

1.64

1.90

5.41

3.07

4.47

EA25-566


468.0

485.4

17.4

NA

0.61

0.03

0.28

0.45

0.66

EA25-566


539.0

576.0

37.0

NA

0.31

0.42

1.56

0.65

0.94

EA25-568


380.0

535.0

155.0

50

1.48

2.73

14.16

3.87

5.62

including

409.7

531.6

121.9

43

1.80

3.38

17.55

4.76

6.93

EA25-570


135.0

189.0

54.0

48

1.12

1.38

7.26

2.21

3.22

EA25-575


158.1

240.0

81.9

62

1.60

1.32

2.74

2.44

3.55

EA25-577


112.0

139.9

27.9

27

1.01

2.39

14.32

3.20

4.66

EA25-578


172.0

204.9

32.9

30

0.92

1.61

6.96

2.30

3.35

EA25-585


166.9

209.0

42.1

30

1.51

2.34

13.74

3.49

5.08













Zone

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

1.36

EA24-529B


560.0

594.0

34.0

NA

1.57

0.04

0.42

1.12

1.63

EA24-529B


718.0

750.0

32.0

12

1.25

1.17

2.89

2.05

2.99

EA24-529B


790.0

900.0

110.0

47

0.40

0.49

1.30

0.78

1.13

EA24-529B


944.0

1012.0

68.0

NA

0.48

0.39

0.89

0.73

1.06

EA24-529B


1044.0

1084.0

40.0

15

0.33

0.48

1.67

0.72

1.05

EA24-529B


1120.0

1130.0

10.0

NA

0.34

0.58

1.54

0.83

1.20

EA24-538


394.0

418.0

24.0

NA

0.27

0.44

1.30

0.64

0.93

EA24-538


482.0

530.0

48.0

35

2.89

2.72

22.61

4.90

7.12

EA24-543


975.0

1071.0

96.0

44

0.58

0.75

1.71

1.16

1.69

EA24-545


654.0

810.0

156.0

40

0.75

1.17

2.60

1.71

2.48

including

708.0

806.0

98.0

25

1.01

1.60

3.31

2.32

3.38

EA24-545


838.0

854.0

16.0

7

0.88

0.14

0.73

0.75

1.09

EA24-546


640.0

652.0

12.0

NA

0.20

0.44

2.12

0.60

0.87

EA25-547B


808.0

882.0

74.0

NA

0.54

0.66

1.73

1.05

1.52

including

864.0

880.0

16.0

NA

0.92

1.83

4.41

2.50

3.64

EA25-552


841.0

1025.0

184.0

52

0.67

1.03

2.55

1.51

2.20

including

913.0

1007.0

94.0

27

0.87

1.42

3.02

2.04

2.97

EA25-558


566.0

624.0

58.0

34

0.15

0.25

1.78

0.37

0.54

EA25-558


945.0

987.0

42.0

NA

0.21

0.39

1.54

0.55

0.80

EA25-560


239.4

259.8

20.4

15

0.62

1.61

4.85

2.08

3.02

EA25-565


556.0

572.0

16.0

NA

0.63

0.05

0.28

0.49

0.71

EA25-565


615.0

629.0

14.0

8

0.72

0.15

0.54

0.65

0.94

EA25-565


676.0

693.2

17.2

10

1.55

1.89

3.60

2.99

4.34

EA25-565


740.6

768.3

27.7

8

0.59

0.62

2.27

1.04

1.52

EA25-565


971.0

1017.0

46.0

20

0.24

0.44

1.07

0.61

0.89

EA25-565


1047.0

1077.0

30.0

15

0.18

0.32

1.55

0.46

0.66

EA25-566


256.0

332.5

76.5

30

0.46

0.43

1.29

0.76

1.10

EA25-567


375.0

450.0

75.0

12

0.44

0.54

1.86

0.86

1.25

EA25-567


518.0

638.0

120.0

29

0.47

0.86

2.24

1.20

1.75

EA25-568


545.0

591.4

46.4

NA

0.18

0.42

1.18

0.55

0.81

EA25-568


624.0

640.0

16.0

NA

0.59

0.98

3.68

1.42

2.06













Zone

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
(cont'd)

EA25-568


745.0

822.0

77.0

38

0.80

0.91

3.78

1.49

2.17

EA25-568


864.9

895.0

30.1

NA

0.24

0.51

1.66

0.69

1.00

EA25-568


1107.0

1252.2

145.2

40

0.60

0.67

1.18

1.09

1.59

EA25-571


187.0

229.0

42.0

21

0.34

1.30

4.06

1.57

2.28

EA25-572


342.5

360.0

17.5

NA

0.88

0.94

2.40

1.57

2.28

EA25-572B


389.5

399.5

10.0

NA

0.38

1.14

2.13

1.42

2.06

EA25-572B


416.4

729.0

312.6

55

0.59

0.81

1.85

1.23

1.79

including

416.4

543.0

126.6

22

0.89

1.26

2.63

1.89

2.75

EA25-573


799.0

817.0

18.0

10

0.96

1.01

2.82

1.69

2.46

EA25-573


924.0

966.0

42.0

17

0.35

0.38

1.18

0.63

0.92

EA25-573


1032.4

1088.7

56.3

30

0.49

0.49

2.17

0.84

1.23

EA25-573


1104.0

1143.5

39.5

18

0.53

0.80

1.81

1.18

1.72

EA25-574


503.6

568.8

65.2

41

0.42

2.65

8.38

3.01

4.38

EA25-574


835.0

850.0

15.0

NA

0.11

0.43

2.06

0.52

0.76

EA25-576


410.0

453.5

43.5

NA

0.39

0.43

1.62

0.71

1.04

EA25-576


547.0

589.0

42.0

NA

0.49

0.64

1.53

0.99

1.44

EA25-576B


621.0

650.0

29.0

NA

0.71

0.43

1.47

0.93

1.35

EA25-576B


688.0

706.9

18.9

NA

0.38

0.69

1.42

0.96

1.40

New Mineralization  
East of K-Zone  

EA24-596E


1521.0

1576.0

55.0

NA

0.59

0.75

2.22

1.17

1.71

EA24-596


1409.0

1429.0

20.0

NA

0.24

0.21

1.08

0.38

0.56

EA24-596


1497.0

1567.0

70.0

NA

0.16

0.18

1.16

0.30

0.44

EA24-596


1633.5

1644.0

10.5

NA

0.38

0.24

1.67

0.52

0.75

1 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 areas

2 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) 

AuEq 

RC NW Trend

RC25-0084


107

125

18

14

1.82

2.93

1.86

Including

109

111

2

2

7.73

16.4

7.93

RC25-0085


63

73

10.0

8

5.88

1.14

5.89

Including

71

73

2.0

1.6

28.4

3.4

28.44


101

117

16

12

0.60

2.09

0.63

RC25-0088


47

65

18

14

0.56

1.44

0.58

RC25-0090


37

61

24

19

0.63

1.84

0.65

RC25-0108


49

61

12

9

0.85

1.64

0.87

RC25-0110


77

93

16

12

0.74

1.95

0.76

RC25-0107


89

113

24

19

0.59

1.48

0.61

RC25-0086


81

87

6

5

0.86

1.93

0.88

RC25-0097


113

125

12

9

0.89

2.38

0.92

RC25-0098


57

69

12

9

0.49

0.84

0.50

RC25-0100


75

87

12

9

0.49

0.26

0.49

RC25-0109


89

99

10

8

1.29

2.36

1.32

RC25-0092


65

71

6

5

1.16

3.87

1.21


81

99

18

14

1.03

2.2

1.06

RC25-0094


99

115

16

12

0.45

1.34

0.47

RC25-0095


185

201

16

12

1.67

0.59

1.68

RC25-0082


125

157

32

25

0.39

0.30

0.40

RC25-0106


55

63

8

6

1.86

1.88

1.88

RC25-0083


167

183

16

12

0.73

0.42

0.74

RC25-0116


73

95

22

17

0.64

3.12

0.68

RC25-0118


51

57

6

5

0.82

1.37

0.84


93

107

14

11

0.73

1.77

0.75

RC25-0119


131

137

6

5

0.72

1.23

0.73

RC25-0117


47

55

8

6

0.47

1.25

0.49


99

113

14

11

0.77

1.69

0.79

RC25-0121


141

151

10

8

3.15

4.22

3.20

RC25-0122


193

197

4

3

2.00

NA

NA

RC25-0123


73

87

14

11

0.69

1.56

0.71











Zone

Drill Hole


From (m)

To (m)

Interval (m)

Estimated True Width (m)

Au (g/t)

Ag (g/t)

AuEq

RC NW Trend (cont'd) 

RC25-0124


99

117

18

14

0.80

1.32

0.82

RC25-0125


73

79

6

5

1.35

0.87

1.36

RC25-0126


73

79

6

5

1.17

3.20

1.21

RC25-0128


91

107

16

12

1.27

0.58

1.28

RC25-0129


93

113

20

16

5.06

NA

NA

Including 

95

97

2

2

46.60

NA

NA

RC25-0130


77

83

6

5

1.31

NA

NA

RC25-0131


67

73

6

5

0.80

1.82

0.82

RC25-0132


79

89

10

8

0.72

1.32

0.74

Dimond Drilling NWT  

RR25-2035


180.5

191

11

8

0.89

0.71

0.90

RR25-2036


82.5

94.5

12

9

0.45

0.94

0.46

RR25-2039


143

156.5

14

11

1.49

1.51

1.51

RR25-2040


219

235.5

17

13

0.47

2.78

0.50

RR25-2041


102.5

116

14

11

0.51

1.10

0.52


203

216.5

14

11

0.43

2.47

0.46

RR25-2044


68

86

18

14

0.40

1.23

0.41


101

112

11

9

3.34

2.24

3.37

Including

110

111

1.3

1

20.10

3.80

20.15

RR25-2045


130.5

153

22.5

18

0.45

1.26

0.47

RR25-2046


116

137

21

16

0.40

1.41

0.42


141.5

162.5

21

16

1.20

1.80

1.22

RR25-2047


140

159.5

19.5

15

0.56

1.29

0.58

RR25-2049


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

0.85

RR25-2050


126.5

140

13.5

11

0.39

0.81

0.40


200

218

18

14

0.54

0.47

0.55

1Notable 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) 

AuEq 

Main

RR24-2017-W1


1014.5

1019

4.5

4

1.77

2.30

1.80

RR24-2018


981.5

986

4.5

4

5.97

4.87

6.03

Including

984.5

986

1.5

1

13.80

10.80

13.93

RR24-2019


827

837

10.1

8

2.20

3.39

2.24

RR24-2020-W1


949.5

957

7.5

6

3.65

4.32

3.70

Including

952.5

954

1.5

1

11.60

13.70

11.77

RR24-2021


912

919

6.5

5

2.03

1.54

2.05

RR24-2021-W1


927.5

934

6.0

5

1.92

2.00

1.94

RR25-2051A


977

983

6.0

5

2.17

3.88

2.22

RR25-2063B


798

803

4.5

4

2.43

3.40

2.47

RR25-2065


936.5

941

4.5

4

1.72

1.40

1.74

RR25-2066A


801.5

812

10.5

8

6.88

5.08

6.94

Including

803

804

1.3

1

37.90

6.40

37.98

RR25-2066-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

6.35

Including

808.5

810

1.5

1

17.90

2.40

17.93

RR25-2068A


929

934

4.5

4

2.69

NA

NA

RR25-2069-W2


964

967

3.0

2

2.83

NA

NA

RR25-2070B


875

880

4.5

4

2.34

11.90

2.48

RR25-2070-W1


855.5

862

6.0

5

4.71

NA

NA


882.5

887

4.5

4

2.61

NA

NA

RR25-2071


862.5

867

4.5

4

2.51

NA

NA

Main East 

RR24-2026


885.5

892

6.0

5

1.95

3.08

1.99

RR25-2055


879.8

883

3.2

2

11.33

158.00

13.25

Including

879.8

881

0.8

0.6

43.50

158.00

45.42

RR25-2055-W1


872

878

6.0

5

3.23

2.62

3.26


885.0

891.5

6.5

5

9.05

14.83

9.23

Including

890

892

1.5

1

36.30

62.00

37.05

RR25-2067-W1


836.7

843

6.0

5

2.09

NA

NA

Including

836.7

838

1.5

1

7.03

NA

NA











Zone

Drill Hole


From (m)

To (m)

Interval (m)

Estimated True Width (m)

Au (g/t)

Ag (g/t)

AuEq

Zone 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

3.00

Intrepid

RRUG24-0013


195

198

3.0

2

2.85

1.30

2.87

RR25-2057


711.5

719

7.5

6

4.10

1.60

4.12

Including

711.5

713

1.5

1

17.90

4.10

17.95

1Nottable 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

-38

EA24-527

360

-68

708

675,761

5,615,018

-39

EA24-529B

295

-79

1130

675,767

5,615,018

-38

EA24-533

246

-77

646

675,760

5,615,015

-38

EA24-537

339

-57

491

675,767

5,615,020

-38

EA24-538

356

-57

566

675,768

5,615,020

-38

EA24-539

300

-58

587

675,759

5,615,016

-38

EA24-543

235

-73

1094

675,760

5,615,014

-38

EA24-545

322

-80

903

675,767

5,615,019

-38

EA24-546

302

-70

683

675,760

5,615,017

-38

EA25-547B

206

-77

887

675,768

5,615,018

-34

EA25-550

150

-75

851

675,761

5,615,016

-38

EA25-552

261

-80

1133

675,760

5,615,015

-38

EA25-558

13

-62

1025

675,761

5,615,016

-36

EA25-559

117

-59

449

675,413

5,614,947

-436

EA25-560

102

-39

556

675,434

5,615,046

-423

EA25-561

115

-40

299

675,414

5,614,947

-436

EA25-562

116

-51

341

675,413

5,614,947

-436

EA25-563

133

-47

476

675,413

5,614,947

-434

EA25-564

115

-17

251

675,490

5,615,067

-420

EA25-565

319

-78

1099

675,767

5,615,018

-38

EA25-566

110

-61

626

675,431

5,615,047

-422

EA25-567

114

-72

680

675,431

5,615,047

-422

EA25-568

282

-79

1283

675,759

5,615,016

-38

EA25-570

135

-21

282

675,491

5,615,066

-421

EA25-571

136

-55

537

675,491

5,615,066

-422

EA25-572

88

-62

384

675,485

5,615,097

-421

EA25-572B

91

-62

743

675,485

5,615,097

-421

EA25-573

80

-26

1209

674,848

5,614,954

-494

EA25-574

342

-63

936

675,768

5,615,018

-38

EA25-575

138

-43

284

675,491

5,615,065

-424

EA25-576

138

-43

284

675,491

5,615,065

-424








Drill Hole

Azimuth

Dip

Length (m)

UTM Easting (m)

UTM Northing (m)

Elevation (m)

EA25-576B

83

-63

717

675,431

5,615,047

-422

EA25-577

137

-2

245

675,491

5,615,066

-420

EA25-578

98

-16

275

675,492

5,615,068

-421

EA25-585

90

-1

248

675,489

5,615,069

-420

AF24-596

4

-67

1724

676,229

5,614,877

690

AF24-596E

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

364

RC24-0055

45.0

65.0

113.0

423,944

5,410,260

363

RC24-0060

34.0

69.0

139.0

424,071

5,410,324

363

RC24-0061

34.0

67.0

151.0

424,072

5,410,359

363

RC24-0064

47.0

75.0

133.0

424,164

5,410,266

357

RC24-0066

40.0

72.0

135.0

424,204

5,410,347

357

RC24-0067

40.0

58.0

125.0

424,212

5,410,356

357

RC24-0068

40.0

65.0

145.0

424,319

5,410,094

360

RC24-0078

40.0

60.0

111.0

424,266

5,410,305

357

RC24-0070

40.0

60.0

111.0

424,238

5,410,339

358

RC25-0082

40.0

64.0

195.0

424,263

5,409,915

357

RC25-0083

35.0

60.0

211.0

424,255

5,409,866

356

RC25-0084

40.0

65.0

201.0

424,405

5,409,811

351

RC25-0085

40.0

60.0

127.0

424,496

5,409,849

350

RC25-0086

35.0

57.0

121.0

424,487

5,409,892

350

RC25-0087

40.0

61.0

139.0

424,225

5,410,069

365

RC25-0088

20.0

52.0

151.0

424,435

5,409,878

350

RC25-0089

40.0

64.0

131.0

424,477

5,409,875

350

RC25-0090

40.0

60.0

151.0

424,444

5,409,876

350

RC25-0092

43.0

54.0

131.0

424,537

5,409,810

350

RC25-0093

40.0

57.0

159.0

424,260

5,409,933

357

RC25-0094

40.0

63.0

139.0

424,153

5,410,107

369

RC25-0095

50.0

64.0

211.0

424,252

5,409,861

356

RC25-0096

40.0

76.0

131.0

424,281

5,410,122

363

RC25-0097

40.0

62.0

141.0

424,486

5,409,816

349

RC25-0098

40.0

50.0

131.0

424,507

5,409,857

350

RC25-0099

45.0

50.0

191.0

424,088

5,410,355

363

RC25-0100

37.0

52.0

191.0

424,150

5,410,187

367

RC25-0104

24.0

57.0

171.0

424,143

5,410,272

358

RC25-0105

46.0

63.0

171.0

424,193

5,410,266

356

RC25-0106

35.0

60.0

141.0

424,274

5,410,128

364

RC25-0107

37.5

63.5

191.0

424,397

5,409,853

351

RC25-0108

40.0

63.0

165.0

424,461

5,409,841

350

RC25-0109

24.0

65.0

109.0

424,526

5,409,801

350








Drill 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

351

RC25-0111

44.0

79.0

141.0

424,298

5,410,073

361

RC25-0112

38.0

80.0

161.0

424,310

5,410,101

361

RC25-0113

42.0

80.0

127.0

424,229

5,409,949

356

RC25-0114

20.0

70.0

115.0

424,224

5,409,954

356

RC25-0115

29.0

65.0

121.0

424,273

5,409,998

356

RC25-0116

10.0

55.0

171.0

424,707

5,409,559

348

RC25-0117

5.0

63.0

171.0

424,676

5,409,581

348

RC25-0118

5.0

65.0

171.0

424,636

5,409,603

349

RC25-0119

0.0

53.0

143.0

424,607

5,409,623

349

RC25-0120

17.0

50.0

139.0

424,623

5,409,613

349

RC25-0121

40.0

60.0

191.0

424,457

5,409,783

349

RC25-0122

33.0

71.5

201.0

424,455

5,409,780

349

RC25-0123

25.0

48.0

141.0

424,540

5,409,812

350

RC25-0124

40.0

62.0

155.0

424,499

5,409,769

349

RC25-0125

40.0

66.0

121.0

424,575

5,409,781

350

RC25-0126

40.0

61.0

137.0

424,532

5,409,780

349

RC25-0127

40.0

70.0

191.0

424,479

5,409,773

349

RC25-0128

21.0

66.0

151.0

424,347

5,409,921

357

RC25-0129

6.0

51.0

161.0

424,395

5,409,858

351

RC25-0130

15.0

66.0

181.0

424,460

5,409,795

349

RC25-0131

36.0

47.0

131.0

424,554

5,409,790

350

RC25-0132

7.0

63.0

161.0

424,462

5,409,815

349

RC25-0134

12.0

54.0

125.0

424,106

5,410,502

359

RC25-0138

11.0

72.5

145.0

424,115

5,410,483

359

RC25-0141

40.0

50.0

145.0

424,288

5,409,937

357

RC25-0145

351.0

61.0

101.0

424,198

5,410,344

357

RR25-2035

40.0

59.0

242.0

424,060

5,410,361

363

RR25-2036

41.0

60.0

234.0

424,100

5,410,326

363

RR25-2037

30.0

75.0

170.0

423,994

5,410,225

367

RR25-2038

40.0

73.0

104.0

424,001

5,410,254

365

RR25-2039

40.0

65.0

269.0

424,090

5,410,104

364

RR25-2040

33.0

70.0

261.0

424,119

5,410,071

359

RR25-2041

35.0

64.0

302.0

424,111

5,410,018

368








Drill 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

355

RR25-2043

40.0

55.0

260.0

424,149

5,410,000

368

RR25-2044

20.0

60.0

242.0

424,349

5,409,809

351

RR25-2045

44.0

50.5

255.0

424,350

5,409,811

349

RR25-2046

42.0

60.0

251.0

424,371

5,409,796

349

RR25-2047

20.0

60.0

311.0

424,325

5,409,734

349

RR25-2048

30.0

61.0

296.0

424,359

5,409,752

350

RR25-2049

40.0

59.0

311.0

424,286

5,409,777

356

RR25-2050

30.0

53.0

284.0

424,279

5,409,789

355

RR24-2017D

29.0

83.0

1100.0

424,881

5,408,981

347

RR24-2017-W1

30.0

81.0

1046.0

424,881

5,408,981

347

RR24-2018

4.0

81.0

1134.5

425,053

5,408,839

347

RR24-2019

4.0

81.0

1034.0

424,880

5,408,982

347

RR24-2019-W1

4.5

79.0

1043.0

424,880

5,408,982

347

RR24-2019-W2

4.0

81.0

1031.0

424,880

5,408,982

347

RR24-2020B

17.0

78.0

1115.0

425,054

5,408,841

349

RR24-2020-W1

17.0

75.0

1077.0

425,054

5,408,841

349

RR24-2021

358.0

77.5

1097.0

425,054

5,408,842

351

RR24-2021-W1

359.0

76.0

1067.0

425,054

5,408,842

351

RR24-2021-W2

357.5

76.5

1061.0

425,054

5,408,842

351

RR24-2022

17.0

61.0

614.0

427,345

5,409,429

379

RR24-2023

16.0

68.0

611.0

427,343

5,409,427

386

RR24-2024

8.0

74.5

611.0

427,345

5,409,428

381

RR24-2025

12.0

70.5

596.0

427,345

5,409,429

379

RR24-2026

355.0

81.0

1010.0

425,566

5,408,961

352

RR24-2026-W1

354.5

80.0

981.0

425,566

5,408,961

352

RR24-2027

352.0

78.0

722.0

427,344

5,409,411

378

RR24-2028

5.0

66.5

590.0

424,606

5,409,348

350

RR24-2029

352.0

80.0

1078.5

425,054

5,408,841

347

RR24-2030A

20.5

73.0

602.0

424,606

5,409,347

348

RR24-2031

336.0

78.5

1034.0

425,995

5,408,892

349

RR24-2032

356.0

69.0

599.0

424,545

5,409,348

348

RR24-2033

337.0

76.0

1037.0

425,996

5,408,891

352








Drill 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

348

RR25-2051A

353.0

81.0

1100.0

425,007

5,408,875

346

RR25-2052

348.0

72.5

830.0

427,017

5,409,191

368

RR25-2053

345.0

80.0

1056.0

425,006

5,408,877

351

RR25-2054A

355.0

81.0

1086.0

425,852

5,408,843

348

RR25-2055

351.0

78.0

993.0

425,524

5,408,905

348

RR25-2055-W1

352.0

75.0

968.0

425,524

5,408,905

348

RR25-2056

1.0

74.0

792.0

427,072

5,409,216

367

RR25-2057

4.0

72.0

810.0

427,072

5,409,216

367

RR25-2059B

350.0

83.0

1104.0

425,849

5,408,843

348

RR25-2060

354.0

72.5

903.0

425,576

5,408,963

348

RR25-2061

347.0

65.0

710.0

427,249

5,409,273

375

RR25-2063B

353.0

77.0

900.0

425,223

5,408,948

349

RR25-2063-W1

354.0

74.0

905.0

425,223

5,408,948

349

RR25-2064

7.0

74.5

911.0

425,575

5,408,963

349

RR25-2065

21.0

78.0

1020.0

425,054

5,408,842

347

RR25-2066A

343.0

73.0

899.0

425,224

5,408,949

349

RR25-2066-W1

344.0

71.0

882.0

425,224

5,408,949

349

RR25-2067

9.0

76.0

965.0

425,525

5,408,905

348

RR25-2067-W1

11.0

74.0

938.7

425,525

5,408,905

348

RR25-2068A

21.0

78.0

1040.0

425,054

5,408,842

351

RR25-2069

25.0

75.0

1031.0

425,056

5,408,843

351

RR25-2069-W2

28.0

75.0

1012.0

425,056

5,408,843

351

RR25-2070B

21.0

76.0

950.0

425,009

5,408,878

347

RR25-2070-W1

23.0

76.0

995.0

425,009

5,408,878

347

RR25-2071

7.0

75.5

921.0

425,223

5,408,950

349

RRUG24-0012

142.0

16.0

185.0

427,072

5,409,775

40

RRUG24-0013

150.0

23.0

205.5

427,071

5,409,775

40

RRUG24-0014

156.0

28.0

220.0

427,071

5,409,775

40

RRUG24-0015

157.0

18.0

180.0

427,071

5,409,775

40

RRUG24-0016

165.0

25.0

205.0

427,071

5,409,774

40

RRUG24-0017

150.0

14.0

150.0

426,851

5,409,668

4

RRUG24-0018

151.0

32.0

215.0

426,851

5,409,668

3

RRUG24-0019

164.0

35.0

225.0

426,850

5,409,668

3








Drill 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

3

RRUG24-0021

175.0

5.0

130.0

426,850

5,409,668

4

RRUG24-0022

184.0

33.0

230.0

426,849

5,409,668

3

RRUG24-0023

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 Shah
Executive Vice President and Chief Strategy Officer
Direct: +1 (416) 324-6027
Email: ankit.shah@newgold.com

Brandon Throop
Director, Investor Relations
Direct: +1 (647) 264-5027
Email: 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+ at www.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+ at www.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+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

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SOURCE New Gold Inc.