Provides Notice of Release of Third Quarter Financial Results
(All amounts are in U.S. dollars unless otherwise indicated)
October 13, 2021 – New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) reports third quarter
operational results for the Company as of September 30, 2021. The Company is also providing notice that it will release its third
quarter 2021 financial results before market on Friday, November 12, 2021. A conference call and webcast will follow at 8:30 am
Eastern Time (details are provided at the end of this news release).
“The third quarter had its challenges, particularly as Rainy River addressed the grade reconciliation issues experienced in July and
August”, stated Renaud Adams, President & CEO. “Rainy River’s third quarter gold grade was up 10% compared to the first half,
and with lower contribution expected from the East Lobe in the fourth quarter compared to the third quarter, we should see a stepup in production and a stronger finish to the year at Rainy River.”
“We remain on track to deliver on our updated guidance, and we continue to make progress towards securing the Company’s
future growth at both assets. Our liquidity position improved for a third consecutive quarter, and I continue to expect meaningful
free cash flow generation from our operations in the near-term," added Mr. Adams.
Third Quarter Highlights
• Total production was 105,628 gold equivalent1
("gold eq.") ounces (72,210 ounces of gold, 226,679 ounces of silver and 15.6
million pounds of copper)
• The Rainy River Mine produced 60,785 gold eq.1 ounces (58,557 ounces of gold and 160,461 ounces of silver)
• The New Afton Mine produced 44,843 gold eq.1 ounces (13,653 ounces of gold and 15.6 million pounds of copper)
• During the quarter, the Company provided an update to its 2021 operational outlook for the Rainy River Mine and the
consolidated operational outlook (refer to the Company's September 13, 2021 news release for further information)
• On August 23, the Company received the final C$50 million cash payment from Artemis Gold Inc. as part of the divestment of
the Blackwater Project
• At the end of the quarter, the Company had a cash position of $151 million and a strong liquidity position of $477 million
Consolidated Operational Highlights
Q3 2021 Q3 2020 9M 2021 9M 2020
Gold eq. production (ounces)1
105,628 115,536 307,359 317,050
Gold production (ounces) 72,210 78,959 205,849 210,043
Copper production (Mlbs) 15.6 18.2 47.5 53.6

Rainy River Mine
Operational Highlights
Rainy River Mine Q3 2021 Q3 2020 9M 2021 9M 2020
Gold eq. production (ounces)1
60,785 64,221 172,462 164,960
Gold eq. sold (ounces)1
57,800 61,726 168,682 163,137
Gold production (ounces) 58,557 63,004 166,113 162,185
Gold sold (ounces) 55,597 60,592 162,454 160,438
Operating Key Performance Indicators
Rainy River Mine (Open Pit Mine only) Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Tonnes mined per day (ore and waste) 145,701 158,638 150,767 158,556 149,630
Ore tonnes mined per day 36,515 42,918 35,681 36,256 52,917
Operating waste tonnes per day 62,818 73,921 65,643 71,124 88,216
Capitalized waste tonnes per day 46,368 41,799 49,442 51,176 8,497
Total waste tonnes per day 109,186 115,720 115,085 122,300 96,713
Strip ratio (waste:ore) 2.99 2.70 3.23 3.37 1.83
Tonnes milled per calendar day 26,998 26,999 26,301 25,349 25,245
Gold grade milled (g/t) 0.88 0.93 0.80 0.82 0.89
Gold recovery (%) 89 90 89 87 89
Mill availability (%) 90 94 89 88 91
Gold production (ounces) 63,004 66,734 54,656 52,901 58,557
Gold eq. production (ounces)1
64,221 68,241 56,513 55,163 60,785
• Third quarter gold eq.1 production was 60,785 ounces (58,557 ounces of gold and 160,461 ounces of silver), a decrease
compared to the prior-year period due to lower tonnes milled.
• The open pit mine achieved 149,630 tonnes per day during the quarter, in-line with the 2021 overall target of ~151,000 tonnes
per day. Approximately 4.9 million ore tonnes and 8.9 million waste tonnes (including 0.8 million capitalized waste tonnes) were
mined from the open pit at an average reduced strip ratio of 1.83:1. As planned, the strip ratio is expected to remain approximately
2:1 for the remainder of the year to achieve the original 2021 guidance of 2.7:1.
• The mill processed 25,245 tonnes per day for the quarter, a decrease compared to the prior-year period due to maintenance
activities performed on the gyratory crusher impacting mill throughput. The mill processed an average grade of 0.89 grams per
tonne at a gold recovery of 89%. Mill availability for the quarter averaged 91%.
• The East Lobe represents approximately 25% of planned production for the fourth quarter. During the fourth quarter, mining will
focus on the ODM Center and ODM North zones and the gold grade is expected to increase in the quarter.
• Rainy River remains on-track to meet its updated gold eq.
1 production guidance range of 240,000 to 255,000 ounces and all-in
sustaining cost2 guidance range of $1,365 to $1,440 per gold eq. ounce.
• There are currently no active cases of COVID-19 at the Rainy River Mine. Rainy River has implemented measures to mitigate
and limit the spread of COVID-19 to protect the well-being of its employees, contractors, their families, local communities, and
other stakeholders. For more information see: http://newgold.com/covid-19/.

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