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. 

SOURCE New Gold Inc.

Ankit Shah, Vice President, Strategy & Business Development, Direct: [phone], Email: [email protected]; Brandon Throop, Director, Investor Relations, Direct: [phone], Email: [email protected]