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: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

Table 3: Rainy River Notable Exploration Drilling Results in the Underground Mine^1,2

Table 4: All New Exploration Drilling Location and Orientation at New Afton

Table 5: All New Exploration Drilling Location and Orientation at Rainy River

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: [email protected]

Brandon Throop

Director, Investor Relations

Direct: +1 (647) 264-5027

Email: [email protected]

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-gold-provides-exploration-update-for-new-afton-and-rainy-river-mines-highlighted-by-significant-growth-at-new-aftons-k-zone-302548606.html

SOURCE New Gold Inc.