Provides Notice of Release of First Quarter Financial Results and Details of Annual General and Special Meeting of Shareholders

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

TORONTO, April 10, 2023 /CNW/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) and (NYSE American: NGD) reports first quarter operational results for the Company as of March 31, 2023. The Company is also providing notice that it will release its first quarter 2023 financial results after market close on Wednesday, April 26, 2023. The Company will host its first quarter 2023 earnings conference call and webcast on Thursday April 27, 2023 at 8:30 am Eastern Time.

"The first quarter of 2023 saw both of our operations excel, delivering gold equivalent production of 104,857 ounces, the strongest start to a year for our Company over the last four years, and a 20% increase over the prior year period," stated Patrick Godin, President & CEO. "At Rainy River, we achieved our strongest first quarter of any year in the operation's history and delivered production growth of nearly 13% over the same period last year as greater underground ore tonnes contributed to better-than-expected grade, which more than offset lower tonnes milled. The milling rate was impacted during the quarter by mechanical maintenance on the SAG mill and crusher. At New Afton, gold and copper production improved meaningfully over the same period last year, as the operation's focus remained on steady state mining of B3 and C-Zone development. In short, I'm proud of how our operations and teams delivered during the first quarter, and we remain well positioned to meet all annual production guidance metrics outlined earlier this year."

Operational Highlights
Consolidated
Q1 2023 Q1 2022

Gold eq. production (ounces)1 104,857 87,696

Gold production (ounces) 82,477 68,101

Copper production (Mlbs) 10.3 8.2

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