New Gold Inc. provided an exploration update for the New Afton copper-gold mine located in British Columbia, Canada. Underground exploration drilling conducted from C-Zone infrastructure intersected bornite-rich mineralization over strike lengths exceeding 200 metres and estimated true widths up to 40 metres. Copper and gold grades are proving to be higher in the bornite-bearing core of K-Zone compared to the haloing chalcopyrite-bearing copper-gold mineralization.

Highlights: High-grade copper-gold porphyry mineralization intersected within bornite-bearing K-Zone: 2.01% copper and 1.79 g/t gold mineralization (3.22 CuEq%) over 217 metres core length (40 metres estimated true width) in Borehole EA24-485 including: 1.85% copper and 3.67 g/t gold mineralization (4.23 CuEq%) over 31 metres core length; 3.23% copper and 1.98 g/t gold mineralization (4.62 CuEq%) over 78 metres core length 1.21% copper and 1.03 g/t gold mineralization (1.89 CuEq%) over 214 metres core length (22 metres estimated true width) in Borehole EA23-477 including: 1.85% copper and 2.13 g/t gold mineralization (3.23 CuEq%) over 56 metres core length 2.78% copper and 0.49 g/t gold mineralization (3.15 CuEq%) over 42 metres core length. The exploration drift, which is being developed to provide additional drill platforms, is scheduled for completion in June and will be utilized to accelerate exploration drilling in the eastern part of the mine, including better defining the high-grade extension of K-Zone. The Company plans to provide additional exploration updates to the market later this year.

New Afton continues to execute on its exploration strategy to extend the mine life beyond 2030. Exploration efforts remain focused on potential near-mine zones located above the C-Zone extraction level to minimize capital investment and maximize free cash flow generation. The Company continues to advance strategic opportunities for mine life extension, leveraging New Afton's processing plant, infrastructure and tailings storage facility, which has sufficient capacity to process significantly more ore beyond the current New Afton mine life.

Indicative copper equivalent (CuEq) and gold equivalent (AuEq) grades are included for context and estimated using price assumptions of USD 3.50 per pound of copper, USD 1,500 per ounce of gold, and USD 21.00 per ounce of silver.