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GOLD: US 1,901.20 -50.90 -2.61% Volume: 38 September 21, 2020

TSX: NGD 2.44 +0.09 +3.83% Volume: 1,482,659 September 22, 2020

NYSE MKT: NGD 1.83 +0.06 +3.39% Volume: 4,582,078 September 22, 2020

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Disclaimer

Please note that you are now entering a website directly or indirectly maintained by a third party (the "External Site") and that you do so at your own risk. The terms of this disclaimer are supplemental to the Legal Notice maintained at www.newgold.com, which is applicable to your use of the External Site. References to the “Company” in this disclaimer include New Gold Inc. and all of its subsidiaries, affiliates and related companies.

The Company has no control over the External Site, any data or other content contained therein or any additional linked websites. The link to the External Site is provided for convenience purposes only. The information and other content on the External Site is not meant to modify, qualify, supplement or amend information disclosed by or on behalf of the Company under corporate, securities or other legislation in any jurisdiction, and should not be used to make investment decisions involving the Company’s securities.

By clicking “Accept” you acknowledge and agree that neither the Company nor third party provider Virtua Research, Inc. (“Virtua”) is responsible, or accepts or assumes any responsibility or liability whatsoever for, the content, the data or the technical operation of the External Site. Further, by entering the External Site, you also acknowledge and agree that you completely and irrevocably waive any and all rights and claims against the Company and Virtua and further acknowledge and agree that in no event shall the Company or Virtua, its officers, employees, directors and agents be liable for any (i) indirect, consequential, incidental, special, compensatory or punitive damages, (ii) damages for loss of income, loss of business profits, business interruption, loss of data or business information, loss of or damage to property, (iii) claims of third parties, or (iv) other pecuniary loss, arising out of or related to the Legal Notice, this disclaimer or the External Site.

By entering the External Site, you further acknowledge and agree that the disclaimer of warranties and limitations of liability set out in this disclaimer shall apply regardless of the causes, circumstances or form of action giving rise to the loss, damage, claim or liability, even if such loss, damage, claim or liability is based upon breach of contract (including, without limitation, a claim of fundamental breach or breach of a fundamental term), tort (including, without limitation, negligence), strict liability or any other legal or equitable theory, and even if the Company and Virtua are advised of the possibility of the loss, damage, claim or liability. The waiver and release specifically includes, without limitation, any and all rights and claims pertaining to the processing of personal data, including but not limited to any rights under any applicable data protection statute(s). If in any jurisdiction, any part of this disclaimer is held to be unenforceable by a court of competent jurisdiction, such part of this disclaimer shall be restricted or eliminated to the minimum extent and the remaining disclaimer shall otherwise remain in full force and effect.

Please note the information presented is deemed representative at the time of its original release. Changes in historical information may occur due to adjustments in accounting and reporting standards & procedures.

Non-GAAP Information

In addition to disclosing results determined in accordance with GAAP, the Company may also disclose certain non-GAAP (such as cash costs and all-in sustaining costs) results of operations, including certain ratios, operational and miscellaneous data, as well as net income, diluted earnings per share, operating expenses, and operating income that make certain adjustments or exclude certain charges and gains that are outlined in the schedules included in this website and other non-GAAP measures. Management of the Company believes that this non-GAAP information provides investors with additional information to assess the Company’s operating performance by making certain adjustments or excluding costs or gains and assists investors in comparing the Company’s operating performance to prior periods. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance. Neither the Company nor Virtua takes any responsibility for third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data. The non-GAAP information is not prepared in accordance with GAAP, have no standardized meaning under GAAP and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed as a substitute for, or superior to, other data prepared in accordance with GAAP. See the Company’s cautionary statements in its latest interim and annual MD&A’s.

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