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

TORONTO, May 16, 2022 /CNW/ – 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 cash¹ and a strong liquidity position of approximately $702 million².

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.