New Gold Increases Exposure In New Afton Copper/Gold Mine To 80.01%, Ontario Teachers' Free Cash Flow Interest In New Afton Will Be Reduced From 46.0% To 19.9% In Exchange For An Upfront Cash Payment Of $255M From New Gold; Launches $150M Bought Deal Financing

(All dollar figures are in US dollars unless otherwise indicated)

TORONTO, May 13, 2024 (GLOBE NEWSWIRE) -- New Gold Inc. ("New Gold" or the "Company") (NYSE:NGD) is pleased to announce that it has entered into an agreement relating to its strategic partnership with Ontario Teachers' Pension Plan ("Ontario Teachers'") at the New Afton Mine ("New Afton"), whereby New Gold will increase its effective free cash flow interest in New Afton to 80.1% (the "Transaction").

On closing of the Transaction, Ontario Teachers' free cash flow interest in New Afton will be reduced from 46.0% to 19.9% in exchange for an upfront cash payment of $255 million from New Gold. New Gold will fund the cash payment with cash on hand, borrowings from its existing revolving credit facility and net proceeds from a concurrent bought deal equity financing of common shares of New Gold ("Common Shares") for approximately $150 million.