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

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 Highlights^1,2

• 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 Highlights^1,2

• 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

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 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)

Table 1: New Afton Notable Exploration Drilling Results^1,2

 Table 2: Rainy River Notable Exploration Drilling Results at NW Trend^1,2