New Gold Inc. reported the filing of a Technical Report for the Company's Rainy River Mine (the "Technical Report"). The Technical Report was prepared in compliance with National Instrument 43-101 ("NI 43-101") and has an effective date of March 28, 2022. The primary objective of the Technical Report is to provide an update on the open pit and expanded underground mine plans.

The life of mine ("LOM") has extended to 2031 with the conversion of an additional 569,000 gold ounces in the underground main zones to Mineral Reserves. The remaining open pit will be mined using an optimized selective mining approach which, combined with stockpile movement, leads to both a smoother and sustainable mill grade and gold production profile, before transitioning to a cost-effective batch processing underground operation. The updated Technical Report was prepared using the Mineral Reserves and Mineral Resources as at December 31, 2021 and assuming metal prices of $1,400 per gold ounce and $19.00 per silver ounce, and a foreign exchange rate of $1.25 Canadian dollars to $1.00 US dollar.

Mining and Processing Summary Open pit mining has historically focused on segregating higher grade ore and medium grade ore ("direct processing ore") from lower grade ore ("LGO"), which has allowed for higher grade ore being milled and the LGO material being stockpiled for future processing. In 2021, this approach was particularly challenging with reconciliation issues and with the ability to selectively mine and recover material from certain peripheral ore zones within the open pit. As the open pit continues to deepen, mining areas become narrower and the selective mining approach becomes more difficult and less efficient, resulting in an impact on productivity, costs increases, and potentially an inability to recover all ore material.

In order to minimize the challenges from the segregation approach, the updated mine plan was prepared using the following approach: For the open pit mine plan, the direct processing ore cut-off grade has been lowered providing for an optimized selective mining approach when direct feed ore material will continue to be mined separately from the LGO. Direct processing ore and LGO to be mined together when efficient selective mining is no longer possible. The updated approach, along with processing of the stockpile ore material, produces a balanced average mill grade to support a smoother and sustainable gold eq.

production profile. Annual gold eq. production is expected to average approximately 310,000 ounces per year during the 2022 to 2027 period.

The updated mine plan predominately focuses on the remaining ounces from the main ODM zone, which has historically reconciled well with the resource model, from the second half of 2022 to 2025. The previously reported correction factor has been applied on the ODM East Lobe zone, which is expected to be completed in 2023. Production from the Intrepid underground zone has been accelerated compared to the 2020 technical report.

Development of the main ramp and the first ore panel continues to advance on plan with initial production commencing in 2022. The underground main zones have been incorporated via two in-pit portals (previously four), as well as the Intrepid underground zone portal located to the east of the open pit. The development of the first in-pit portal is expected to be initiated in the first quarter of 2023 with the second portal planned to be initiated in the first quarter of 2026.

The underground production profile has extended to 2031 with the conversion of Mineral Resources to Mineral Reserves in the underground main zones and their inclusion into the mine plan. Mill throughput is planned to average approximately 27,000 tonnes per day during the 2022 to 2027 period, with LGO stockpile supplementing underground mill feed from 2026 to 2028. Beginning in 2029, a cost-effective batch processing approach is expected to be implemented to mill the underground material.

The updated Technical Report utilized an average gold recovery factor in line with the 2020 technical report of 89%. The Company continues to look for and identify opportunities to further optimize the mine plan and resource model. Underground stope design optimization will be undertaken with the support of data collected through delineation drilling already planned and budgeted within the updated Technical Report.

Operating and Capital Costs Summary: LOM sustaining capital2 is estimated to be $647 million, primarily consisting of: $193 million is related to open pit stripping and mobile maintenance. Approximately 90% of these costs occur in 2022 and 2023 with sustaining capital significantly decreasing beginning in 2024. $110 million is related to tailings construction, which is planned to be completed in 2025.

$326 million is related to underground mining, primarily for underground ramp development, ventilation and pumping requirements. LOM growth capital2 is estimated to be $71 million, primarily related to complete pre-production development of the underground Intrepid and main zones from 2022 to 2024. LOM operating expense and all-in sustaining costs2 are expected to be $749 and $1,047 per gold eq.

ounce, respectively. All-in sustaining costs2 are expected to significantly decrease beginning in 2024, consistent with the sustaining capital profile. Technical Information: The scientific and technical information in the Technical Report was developed through the combined efforts of the Company's internal technical team and several independent consultants.

InnovExplo Mining Consultants led the preparation of the underground portion of the mine plan while AMC Mining Consultants led the preparation of the open pit portion of the mine plan.