NEW GOLD REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

Core Viewpoint - New Gold Inc. demonstrated strong cost discipline in 2024, achieving all-in sustaining costs below guidance and generating significant free cash flow while continuing to invest in growth projects [2][5][6]. Financial Highlights - Full year 2024 production totaled 298,303 gold ounces at all-in sustaining costs of $1,239 per gold ounce, beating the low end of the guidance range [1][3]. - Revenue for Q4 2024 was $262.2 million, up from $199.2 million in Q4 2023, and full year revenue increased to $924.5 million from $786.5 million [3]. - Operating expenses decreased to $112.4 million in Q4 2024 from $120.8 million in Q4 2023, contributing to improved net earnings of $55.1 million compared to a loss of $27.4 million in the prior year [3][6]. - Free cash flow for 2024 was $84.9 million, significantly higher than $16.6 million in 2023 [3][5]. Operational Highlights - Q4 2024 gold production was 80,438 ounces, a slight increase from 79,187 ounces in Q4 2023, while copper production rose to 14.5 million pounds from 12.0 million pounds [4][5]. - All-in sustaining costs for Q4 2024 were $1,018 per gold ounce, a 31% decrease from the prior year [5][9]. - The New Afton Mine achieved its lowest all-in sustaining costs of the year in Q4 2024, while Rainy River Mine faced production challenges due to mechanical downtime [5][19]. Cost Management - The company maintained strong cost performance, with operating expenses per gold ounce sold decreasing to $1,093 in Q4 2024 from $1,154 in Q4 2023 [4][8]. - All-in sustaining costs per gold ounce sold on a by-product basis for the full year were well below the guidance range of $1,425 to $1,525 [9][19]. - Sustaining capital expenditures for the year were $87.5 million, down from $121.6 million in 2023, reflecting efficient capital management [4][11]. Growth and Investment - New Gold invested over $270 million in total capital in 2024, including $184 million in growth capital, which facilitated the advancement of key projects [5][11]. - The company is focused on increasing production in the coming years through ongoing exploration and development initiatives [1][2].