New Gold Completes Redemption Of Its Remaining Outstanding 6.375% Senior Notes

TORONTO


,


May 16, 2022


/PRNewswire/ –

New Gold Inc. (“New Gold” or the “Company”)

(TSX: NGD) (NYSE American: NGD) announces completion of the previously announced redemption of its outstanding

$100 million

aggregate principal amount of its 6.375% Senior Notes due 2025 (the “2025 Notes”). The redemption of the 2025 Notes was funded with cash on hand. Following the completion of the redemption, the Company has approximately

$326 million

of cash

¹

and a strong liquidity position of approximately

$702 million


²

.

Endnotes

1. Based on cash and equivalents as at
   
   March 31, 2022
   
   of
   
   $432 million
   
   less redemption principal, redemption premium, and accrued interest.
2. Approximately
   
   $24 million
   
   of the Company’s
   
   $400 million
   
   credit facility is currently used for Letters of Credit related to mine closure costs.

About New Gold


New Gold is a Canadian-focused intermediate mining company with a portfolio of two core producing assets in

Canada

, the Rainy River gold mine and the New Afton copper-gold mine. The Company also holds a 5% equity stake in Artemis Gold Inc., and other Canadian-focused investments. New Gold’s vision is to build a leading diversified intermediate gold company based in

Canada

that is committed to the environment and social responsibility. For further information on the Company, visit



www.newgold.com



.

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SOURCE New Gold Inc.