New Gold Announces Closing of $300 million Partnership with Ontario Teachers’ Pension Plan at the New Afton Mine

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

March 31, 2020 - New Gold Inc. (?New Gold? or the ?Company?) (TSX and NYSE American: NGD) today reports that it has closed the previously announced strategic partnership with Ontario Teachers? Pension Plan at the New Afton Mine for upfront cash proceeds of $300 million.

New Gold now has approximately $590 million in total available liquidity, including approximately $390 million in cash and cash equivalents.

About New Gold Inc.

New Gold is a Canadian-focused intermediate gold mining company. The Company has a portfolio of two core producing assets in top-rated jurisdictions, the Rainy River and New Afton Mines in Canada. The Company also operates the Cerro San Pedro Mine in Mexico (which transitioned to residual leaching in 2016). In addition, New Gold owns 100 percent of the Blackwater project located in Canada. New Gold?s objective is to be a leading intermediate gold producer, focused on the environment and social responsibility. For further information on the Company, please visit www.newgold.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this press release are ?forward-looking?. All statements in this press 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. Often, but not always, forward-looking statements can be 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 press release include New Gold?s total available liquidity, cash and cash equivalents following closing of the partnership.

All forward-looking statements in this press 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 New Gold?s latest annual and quarterly management's discussion and analysis (?MD&A?), Annual Information Form and Technical Reports filed at www.sedar.com and on EDGAR at www.sec.gov.

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: the ?Risk Factors? included in New Gold's Annual Information Form, MD&A and other disclosure documents filed on and available at www.sedar.com 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 press 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.

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Anne Day
Vice President, Investor Relations
Direct: +1 (416) 324-6003
Email: anne.day@newgold.com