UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2025.

Commission File Number 001-31722

New Gold Inc.

Suite 3320 – 181 Bay Street

Toronto, Ontario M5J 2T3

Canada

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annualreports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form40-F ☒

DOCUMENTS FILED AS PART OF THIS FORM 6-K

SIGNATURES

Pursuant to the requirements of the Securities ExchangeAct of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Exhibit 99.1

NEW GOLD REPORTS SECOND QUARTER 2025 RESULTS

Quarter-Over-Quarter Production Growth Drives RecordFree Cash Flow Generation;
On-Track to Achieve Annual Guidance

(All amounts are in U.S. dollars unless otherwiseindicated)

TORONTO, July 28, 2025 /CNW/ - New Gold Inc. ("NewGold" or the "Company") (TSX: NGD) (NYSE American: NGD) today reported financial and operating results for thequarter and six-months ended June 30, 2025. Second quarter 2025 production was 78,595 ounces of gold and 13.5 million pounds of copper,at an operating expense of $1,070 per gold ounce sold (co-product basis)³ and all-in sustaining costs¹ of $1,393per gold ounce sold (by-product basis). Quarter-over-quarter production growth resulted in strong cash flow from operations of $163 millionand record quarterly free cash flow of $63 million, highlighted by a record $45 million of quarterly free cash flow from Rainy River.

"Across the Company, the second quarter successfullybuilt on the momentum from the first quarter, positioning us to deliver on our annual guidance. The quarter was highlighted by a recordproduction month at Rainy River, resulting in record quarterly free cash flow for both Rainy River and the Company," stated PatrickGodin, President and CEO.

"At New Afton, the B3 cave continued to over-deliver,with the cave now expected to exhaust in the middle of the third quarter, four months later than initially planned. Mill performance alsocontinues to be a highlight, with a quarter-over-quarter throughput increase. At Rainy River, the second quarter saw a meaningful increasein production compared to the first quarter. June was a record production month, providing an excellent indication of the expected openpit performance for the remainder of the year. Combined with the strong quarterly mill performance, which demonstrated the ability toprocess higher-grade material at a high throughput rate, Rainy River is on-track for increased production in the second half of the year.Additionally, underground development continues to advance, and the site successfully commissioned the ventilation loop and primary ventilationfans in late June. With the ventilation loop now complete, and the in-pit portal breakthrough completed in early April, underground developmentis expected to accelerate through the remainder of the year," added Mr. Godin.

"Exploration efforts at both operations continueto support our organic growth initiatives, with seven diamond drills active at New Afton and three at Rainy River. Exploration drillingat New Afton is at an all-time high on all key metrics, supported by the recently completed exploration drift developed from the C-Zoneextraction level, designed to infill and expand K-Zone, as well as the Lift 1 level exploration drift developed last year. At Rainy River,exploration efforts are focused on increasing the underground ore inventory and testing open pit extensions at NW-Trend. The Company looksforward to providing exploration results in September," concluded Mr. Godin.

Second Quarter Highlighted by Strong Performancefrom New Afton, Rainy River Posts Record June Production and Remains On-Track for Continued Ramp-up Throughout the Year

• Second quarter consolidatedproduction was 78,595 ounces of gold and 13.5 million pounds of copper at all-in sustaining costs^1,2 of $1,393 per gold ouncesold. Gold production through the first half of 2025 represented approximately 38% of the midpoint of annual consolidated production guidanceof 325,000 to 365,000 ounces of gold, in-line with the planned first half of 38%.
• New Afton second quarter productionwas 16,991 ounces of gold and 13.5 million pounds of copper at all-in sustaining costs^1,2 of ($537) per gold ounce sold. TheB3 cave continued to perform better than planned, leading to higher than expected head grades. As a result, production through the firsthalf of 2025 represented approximately 54% and 49% of the midpoint of annual guidance of 60,000 to 70,000 ounces of gold and 50 to 60million pounds of copper, respectively.
• C-Zone cave construction continuesto advance on schedule, facilitating a step up in copper and gold production in the second half of 2025. The operation is advancing well,with undercutting completed in May. Cave construction progress is 64% complete as of the end of June. The flotation cleaner circuit upgradeis on schedule for commissioning in the third quarter. This project is expected to improve copper and gold recoveries as the operationramps up to full processing capacity of approximately 16,000 tonnes per day beginning in 2026.
• Rainy River second quarter productionwas 61,604 ounces of gold at all-in sustaining costs^1,2 of $1,696 per gold ounce sold, a substantial production increase andall-in sustaining cost decrease over the first quarter as the mill transitioned from low-grade stockpile material to processing highergrade open pit ore. June gold production totaled 37,341 ounces, a monthly production record, at an average grade of 1.44 g/t gold. Withthe mill now processing higher grade open pit material, the Company expects gold production to continue to step-up in the third quarter,compared to the second quarter. Gold production through the first half of 2025 represented approximately 34% of the midpoint of annualguidance of 265,000 to 295,000 ounces of gold, slightly behind the planned first half of 37%, driven by a one-week delay in the sequencingof the higher grade open-pit material in May, which led to an increase of approximately 5,900 ounces of gold-in-circuit inventory at quarterend.
• Following the successful breakthroughof the pit portal in early April, the Rainy River underground mine achieved another important milestone with fresh air raise commissioningand completion of the ODM East ventilation loop. Underground development and stope production from several new mining zones can now progressas they come online in late-2025.
• The Company is on track to deliver its 2025 consolidated productionguidance of 325,000 to 365,000 ounces of gold and 50 to 60 million pounds of copper at all-in sustaining costs^1,2 of $1,025to $1,125 per gold ounce sold.

Record Quarterly Free Cash Flow Generation; SubstantiallyStronger Second Half Expected

• The Company generated cash flowfrom operations of $163 million and record quarterly free cash flow¹ of $63 million after investing approximately $58 millionin advancing growth projects during the quarter. This was highlighted by Rainy River's record $45 million in quarterly free cash flow¹.The Company exited the second quarter in a strong financial position, with cash and cash equivalents of $226 million.
• During the quarter, the Companyentered into an agreement with Ontario Teachers' Pension Plan to acquire the remaining 19.9% free cash flow interest in the Company'sNew Afton Mine. The transaction was funded with $50 million of cash on hand, $150 million from its existing credit facility, and a $100million gold prepayment financing. Importantly, the transaction came with no equity dilution to New Gold shareholders. The Company hasagreed to deliver approximately 2,771 ounces of gold per month over the July 2025 to June 2026 period at an average price of $3,157 pergold ounce.
• Subsequent to quarter end, the Company redeemed the remaining$111 million aggregate principal amount of outstanding 2027 Notes on July 15, 2025. The redemption of the 2027 Notes was funded with cashon hand.

New Afton's K-Zone-Focused Exploration Programat Historic Peak; Rainy River Ramping-Up Exploration Drilling on Underground and Open Pit Extensions

• New Afton's exploration program,centered on K-Zone and nearby targets, is currently at an all-time high with one surface drill targeting the K-Zone trend along strikeand six underground drills actively targeting the core of the zone and testing its footprint. By the end of the second quarter, approximately18,000 metres of drilling of the planned 48,000 metres had been completed. Underground drilling is conducted from two exploration driftsseparated by more than 400 metres in elevation, including a new drift recently completed at the C-Zone extraction level. The new explorationdrift provides better drilling angles and accelerates exploration drilling in the upper part of K-Zone, while the exploration drift developedin 2024 provides a platform to further test potential extensions of K-Zone to the east and at depth. The Company is pursuing its strategicplan to grow and infill K-Zone for the remainder of 2025, with the objective of defining resources.
• Rainy River is pursuing itstwo-pronged approach of advancing open pit exploration and underground exploration in parallel. By the end of the second quarter, approximately28,000 metres of drilling of the planned 58,000 metres had been completed. The Company recently completed a reverse circulation ("RC")drilling program at the NW-Trend open pit zone, focused on infill drilling the inferred part of the resource and testing potential pitextensions. A follow-up program is planned in the third quarter, with the objective of fully converting the NW-Trend Mineral Resourceto the indicated category. The Rainy River exploration program further aims at unlocking the full value of the underground mine, withthree diamond drills actively targeting extensions of UG Main from surface. This includes drilling Inferred Mineral Resources locatednear the core of the ODM zone to upgrade its classification, and targeting the extensions of current ore zones down-plunge.
• The Company expects to release exploration results from both theNew Afton and Rainy River 2025 exploration programs in September.

Consolidated Financial Highlights

• Revenue in the second quarter increased over the prior-year perioddue to higher gold prices and higher gold sales volume, partially offset by lower copper prices and lower copper sales volume. For thesix months ended June 30, 2025, revenue increased over the prior-year period due to higher gold and copper prices and higher copper salesvolume, partially offset by lower gold sales volume.
• Operating expenses were relatively consistent when compared tothe prior-year periods.
• Depreciation and depletion expense in the second quarter was relativelyconsistent when compared to the prior-year period. For the six months ended June 30, 2025 depreciation and depletion decreased when comparedto the prior-year period primarily due to lower gold production.
• Share-based payment expenses for the second quarter and six monthsended June 30, 2025 were $9.0 million and $13.5 million, respectively, an increase over the prior-year periods due to an increase in theCompany's share price.
• Net earnings and adjusted net earnings¹ increased overthe prior-year periods due to an increase in revenue, partially offset by increased share-based payment expenses.
• Cash generated from operations and free cash flow¹increased over the prior-year periods primarily due to higher revenue.

Consolidated Operational Highlights

New Afton Mine

Operational Highlights

Operating Key Performance Indicators

• Second quarter production was 16,991 ounces of gold (inclusiveof ore purchase agreements) and 13.5 million pounds of copper. For the six months ended June 30, 2025, gold production was 35,269 ounces(inclusive of ore purchase agreements) and 27.1 million pounds of copper. The decrease in gold production over the prior-year periodsis due to lower grade and recovery as the B3 cave nears exhaustion. Copper production was relatively in-line with the prior-year periodsas lower grade is offset by higher tonnes processed.
• Operating expenses per gold ounce sold⁵ and per copperpound sold for the second quarter increased over the prior-year period primarily due to lower gold and copper sales. Operating expensesper gold ounce sold⁵ and per copper pound sold for the six months ended June 30, 2025 decreased over the prior-year period,primarily due to lower underground mining costs and higher sales.
• All-in sustaining costs¹ per gold ounce sold (by-productbasis)² for the second quarter decreased over the prior-year period primarily due to lower sustaining capital spend. All-insustaining costs¹ per gold ounce sold (by-product basis)² for the six months ended June 30, 2025 decreased overthe prior-year period, primarily due to higher copper sales volumes, higher by-product revenue, and lower sustaining capital spend.
• Total capital expenditures decreased over the prior-year periods,primarily due to lower sustaining and growth capital spend. Sustaining capital¹ primarily related to mobile equipment. Growthcapital¹ primarily related to construction, mine development, tailings, and machinery and equipment.
• Free cash flow¹ for the second quarter and the sixmonths ended June 30, 2025, was $33 million and $85 million, respectively, a significant improvement over the prior-year periods primarilydue to higher revenue, and lower capital.

Rainy River Mine

Operational Highlights

Operating Key Performance Indicators

• Second quarter gold production¹ was 61,604 ounces,an increase over the prior-year period due to higher grade and recovery, partially offset by lower tonnes processed. For the six monthsended June 30, 2025, gold production was 95,512 ounces, a decrease over the prior-year period due to lower tonnes processed and lowergrade.
• Operating expenses per gold ounce sold for the second quarterdecreased over the prior-year period due to higher sales volumes, partially offset by higher underground and camp costs as undergroundmining continues to ramp up. For the six months ended June 30, 2025, operating expenses per gold ounce sold increased over the prior-yearperiod due to lower sales volumes and an increase in operating expenses.
• All-in sustaining costs¹ per gold ounce sold (by-productbasis)² for the second quarter decreased over the prior-year period primarily due to higher sales volumes, partially offsetby higher sustaining capital spend and operating costs. All-in sustaining costs¹ per gold ounce sold (by-product basis)²for the six months ended June 30, 2025 increased over the prior-year period primarily due to higher operating costs, lower sales volumesand higher sustaining capital from capitalized waste stripping.
• Total capital expenditures increased over the prior-year periodsdue to higher sustaining and growth capital spend. Sustaining capital¹ primarily related to open pit stripping and TailingsFacility expansion. Growth capital¹ primarily related to growth mine development and machinery and equipment.
• Free cash flow¹ for the second quarter and six monthsended June 30, 2025 was $45 million and $32 million (net of $7 million and $13 million stream payments), respectively, an increase overthe prior-year periods primarily due to higher revenue.

Second Quarter 2025 Conference Call and Webcast

The Company will host a webcast and conference calltoday, Monday, July 28, 2025 at 8:30 am Eastern Time.

• Participants may listen to the webcast by registering on our websiteat www.newgold.com or via the following link https://app.webinar.net/oD2LAzlMWzE
• Participants may also listen to the conference call by callingNorth American toll free 1-800-715-9871, or 1-647-932-3411 outside of the U.S. and Canada, passcode 7817280.
• To join the conference call without operator assistance, you mayregister and enter your phone number at https://registrations.events/easyconnect/7817280/recSNCwFi9wmywJPB/ to receive an instantautomated call back.
• A recorded playback of the conference call will be available untilAugust 28, 2025 by calling North American toll free 1-800-770-2030, or 1-647-362-9199 outside of the U.S. and Canada, passcode 7817280.An archived webcast will also be available at www.newgold.com

About New Gold

New Gold is a Canadian-focused intermediate miningCompany with a portfolio of two core producing assets in Canada, the New Afton copper-gold mine and the Rainy River gold mine. New Gold'svision is to be the most valued intermediate gold and copper producer through profitable and responsible mining for our shareholders andstakeholders. For further information on the Company, visit www.newgold.com.

Endnotes

Non-GAAP Financial Performance Measures

Cash Costs per Gold Ounce Sold

"Cash costs per gold ounce sold" is a commonnon-GAAP financial performance measure used in the gold mining industry but does not have any standardized meaning under IFRS AccountingStandards and therefore may not be comparable to similar measures presented by other issuers. New Gold reports cash costs on a sales basisand not on a production basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS AccountingStandards, this measure, along with sales, is a key indicator of the Company's ability to generate operating earnings and cash flow fromits mining operations. This measure allows investors to better evaluate corporate performance and the Company's ability to generate liquiditythrough operating cash flow to fund future capital exploration and working capital needs. 

This measure is intended to provide additional informationonly and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS  AccountingStandards. This measure is not necessarily indicative of cash generated from operations under IFRS Accounting Standards or operating costspresented under IFRS Accounting Standards.

Cash costs figures are calculated in accordance witha standard developed by The Gold Institute, a worldwide association of suppliers of gold and gold products that ceased operations in 2002.Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of othercompanies. Cash costs include mine site operating costs such as mining, processing and administration costs, royalties, and productiontaxes, but are exclusive of amortization, reclamation, capital and exploration costs and net of by-product revenue. Cash costs are thendivided by gold ounces sold to arrive at the cash costs per gold ounce sold.

The Company produces copper and silver as by-productsof its gold production. The calculation of cash costs per gold ounce for Rainy River is net of by-product silver sales revenue, and thecalculation of cash costs per gold ounce sold for New Afton is net of by-product copper and silver sales revenue. New Gold notes thatin connection with New Afton, the by-product revenue is sufficiently large to result in a negative cash costs on a single mine basis.Notwithstanding this by-product contribution, as a Company focused on gold production, New Gold aims to assess the economic results ofits operations in relation to gold, which is the primary driver of New Gold's business. New Gold believes this metric is of interest toits investors, who invest in the Company primarily as a gold mining Company. To determine the relevant costs associated with gold only,New Gold believes it is appropriate to reflect all operating costs, as well as any revenue related to metals other than gold that areextracted in its operations.

To provide additional information to investors, NewGold has also calculated New Afton's cash costs on a co-product basis, which removes the impact of copper sales that are produced as aby-product of gold production and apportions the cash costs to each metal produced by 30% gold, 70% copper, and subsequently divides theamount by the total gold ounces, or pounds of copper sold, as the case may be, to arrive at per ounce or per pound figures. Unless indicatedotherwise, all cash cost information in this MD&A is net of by-product sales.

Sustaining Capital and Sustaining Leases

"Sustaining capital" and "sustaininglease" are non-GAAP financial performance measures that do not have any standardized meaning under IFRS Accounting Standards andtherefore may not be comparable to similar measures presented by other issuers. New Gold defines "sustaining capital" as netcapital expenditures that are intended to maintain operation of its gold producing assets. Similarly, a "sustaining lease" isa lease payment that is sustaining in nature. To determine "sustaining capital" expenditures, New Gold uses cash flow relatedto mining interests from its consolidated statement of cash flows and deducts any expenditures that are capital expenditures to developnew operations or capital expenditures related to major projects at existing operations where these projects will significantly increaseproduction. Management uses "sustaining capital" and "sustaining lease" to understand the aggregate net result ofthe drivers of all-in sustaining costs other than cash costs. These measures are intended to provide additional information only and shouldnot be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS Accounting Standards.

Growth Capital

"Growth capital" is a non-GAAP financialperformance measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable tosimilar measures presented by other issuers. New Gold considers non-sustaining capital costs to be "growth capital", which arecapital expenditures to develop new operations or capital expenditures related to major projects at existing operations where these projectswill significantly increase production. To determine "growth capital" expenditures, New Gold uses cash flow related to mininginterests from its consolidated statement of cash flows and deducts any expenditures that are capital expenditures that are intended tomaintain operation of its gold producing assets. Management uses "growth capital" to understand the cost to develop new operationsor related to major projects at existing operations where these projects will significantly increase production. This measure is intendedto provide additional information only and should not be considered in isolation or as a substitute for measures of performance preparedin accordance with IFRS Accounting Standards.

All-In Sustaining Costs (AISC) per Gold Ounce Sold

"All-in sustaining costs per gold ounce sold"or ("AISC") is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS Accounting Standardsand therefore may not be comparable to similar measures presented by other issuers. New Gold calculates "all-in sustaining costsper gold ounce sold" based on guidance announced by the World Gold Council ("WGC") in September 2013. The WGC is a non-profitassociation of the world's leading gold mining companies established in 1987 to promote the use of gold to industry, consumers and investors.The WGC is not a regulatory body and does not have the authority to develop accounting standards or disclosure requirements. The WGC hasworked with its member companies to develop a measure that expands on IFRS Accounting Standards measures to provide visibility into theeconomics of a gold mining company. Current IFRS Accounting Standards measures used in the gold industry, such as operating expenses,do not capture all of the expenditures incurred to discover, develop and sustain gold production. New Gold believes that "all-insustaining costs per gold ounce sold" provides further transparency into costs associated with producing gold and will assist analysts,investors, and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from currentoperations and its overall value. In addition, the Human Resources and Compensation Committee of the Board of Directors uses "all-insustaining costs", together with other measures, in its Company scorecard to set incentive compensation goals and assess performance.

"All-in sustaining costs per gold ounce sold"is intended to provide additional information only and does not have any standardized meaning under IFRS Accounting Standards and maynot be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitutefor measures of performance prepared in accordance with IFRS Accounting Standards. The measure is not necessarily indicative of cash flowfrom operations under IFRS Accounting Standards or operating costs presented under IFRS Accounting Standards.

New Gold defines all-in sustaining costs per goldounce sold as the sum of cash costs, net capital expenditures that are sustaining in nature, corporate general and administrative costs,sustaining leases, capitalized and expensed exploration costs that are sustaining in nature, and environmental reclamation costs, alldivided by the total gold ounces sold to arrive at a per ounce figure. To determine sustaining capital expenditures, New Gold uses cashflow related to mining interests from its unaudited condensed interim consolidated statement of cash flows and deducts any expendituresthat are non-sustaining (growth). Capital expenditures to develop new operations or capital expenditures related to major projects atexisting operations where these projects will significantly benefit the operation are classified as growth and are excluded. The definitionof sustaining versus non-sustaining is similarly applied to capitalized and expensed exploration costs. Exploration costs to develop newoperations or that relate to major projects at existing operations where these projects are expected to significantly benefit the operationare classified as non-sustaining and are excluded.

Costs excluded from all-in sustaining costs per goldounce sold are non-sustaining capital expenditures, non-sustaining lease payments and exploration costs, financing costs, tax expense,and transaction costs associated with mergers, acquisitions and divestitures, and any items that are deducted for the purposes of adjustedearnings.

To provide additional information to investors, theCompany has also calculated all-in sustaining costs per gold ounce sold on a co-product basis for New Afton, which removes the impactof other metal sales that are produced as a by-product of gold production and apportions the all-in sustaining costs to each metal producedon a percentage of revenue basis, and subsequently divides the amount by the total gold ounces, or pounds of copper sold, as the casemay be, to arrive at per ounce or per pound figures. By including cash costs as a component of all-in sustaining costs, the measure deductsby-product revenue from gross cash costs.

The following tables reconcile the above non-GAAPmeasures to the most directly comparable IFRS measure on an aggregate basis.

Cash Costs and All-in Sustaining Costs per GoldOunce Reconciliation Tables

Sustaining Capital Expenditures Reconciliation Table

Adjusted Net Earnings/(Loss) and Adjusted Net Earningsper Share

"Adjusted net earnings" and "adjustednet earnings per share" are non-GAAP financial performance measures that do not have any standardized meaning under IFRS AccountingStandards and therefore may not be comparable to similar measures presented by other issuers. Net earnings have been adjusted,including the associated tax impact, for loss on repayment of long-term debt, corporate restructuring and the group of costs in "Othergains and losses" as per Note 3 of the Company's unaudited condensed interim consolidated financial statements. Key entries in thisgrouping are: the fair value changes for the Rainy River gold stream obligation, fair value changes for copper price option contracts,foreign exchange gains/loss, fair value changes in investments and the unrealized gain/loss on the gold prepayment liability. The incometax adjustments reflect the tax impact of the above adjustments and is referred to as "adjusted tax expense".

The Company uses "adjusted net earnings"for its own internal purposes. Management's internal budgets and forecasts and public guidance do not reflect the items which have beenexcluded from the determination of "adjusted net earnings". Consequently, the presentation of "adjusted net earnings"enables investors to better understand the underlying operating performance of the Company's core mining business through the eyes ofmanagement. Management periodically evaluates the components of "adjusted net earnings" based on an internal assessment of performancemeasures that are useful for evaluating the operating performance of New Gold's business and a review of the non-GAAP financial performancemeasures used by mining industry analysts and other mining companies. "Adjusted net earnings" and "adjusted net earningsper share" are intended to provide additional information only and should not be considered in isolation or as substitutes for measuresof performance prepared in accordance with IFRS Accounting Standards. These measures are not necessarily indicative of operating profitor cash flows from operations as determined under IFRS Accounting Standards. The following table reconciles these non-GAAP financial performancemeasures to the most directly comparable IFRS Accounting Standards measure.

Cash Generated from Operations, before Changes inNon-Cash Operating Working Capital

"Cash generated from operations, before changesin non-cash operating working capital" is a non-GAAP financial performance measure that does not have any standardized meaning underIFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. Other companies may calculatethis measure differently and this measure is unlikely to be comparable to similar measures presented by other companies. "Cash generatedfrom operations, before changes in non-cash operating working capital" excludes changes in non-cash operating working capital. NewGold believes this non-GAAP financial measure provides further transparency and assists analysts, investors and other stakeholders ofthe Company in assessing the Company's ability to generate cash from its operations before temporary working capital changes.

Cash generated from operations, before non-cash changesin working capital is intended to provide additional information only and should not be considered in isolation or as a substitute formeasures of performance prepared in accordance with IFRS Accounting Standards. This measure is not necessarily indicative of operatingprofit or cash flows from operations as determined under IFRS Accounting Standards. The following table reconciles this non-GAAP financialperformance measure to the most directly comparable IFRS Accounting Standards measure.

Free Cash Flow

"Free cash flow" is a non-GAAP financialperformance measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable tosimilar measures presented by other issuers. New Gold defines "free cash flow" as cash generated from operations and proceedsof sale of other assets less capital expenditures on mining interests, lease payments, settlement of non-current derivative financialliabilities which include the Rainy River gold stream obligation and the Ontario Teachers' Pension Plan free cash flow interest. New Goldbelieves this non-GAAP financial performance measure provides further transparency and assists analysts, investors and other stakeholdersof the Company in assessing the Company's ability to generate cash flow from current operations. "Free cash flow" is intendedto provide additional information only and should not be considered in isolation or as a substitute for measures of performance preparedin accordance with IFRS Accounting Standards. This measure is not necessarily indicative of operating profit or cash flows from operationsas determined under IFRS Accounting Standards. The following tables reconcile this non-GAAP financial performance measure to the mostdirectly comparable IFRS Accounting Standards measure on an aggregate and mine-by-mine basis.

Average Realized Price

"Average realized price per ounce of gold sold"is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS Accounting Standards and thereforemay not be comparable to similar measures presented by other issuers, who may calculate this measure differently. Management uses thismeasure to better understand the price realized in each reporting period for gold sales. "Average realized price per ounce of goldsold" is intended to provide additional information only and should not be considered in isolation or as a substitute for measuresof performance prepared in accordance with IFRS Accounting Standards. The following tables reconcile this non-GAAP financial performancemeasure to the most directly comparable IFRS Accounting Standards measure on an aggregate and mine-by-mine basis.

For additional information with respect to the non-GAAPmeasures used by the Company, refer to the detailed "Non-GAAP Financial Performance Measure" section disclosure in the MD&Afor the three and six months ended June 30, 2025 filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this news release, including any information relating to New Gold's future financial or operatingperformance are "forward-looking". All statements in this news release, other than statements of historical fact, which addressevents, results, outcomes or developments that New Gold expects to occur are "forward-looking statements". Forward-looking statementsare statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology suchas "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 connotationof such terms. Forward-looking statements in this news release include, among others, statements with respect to: the Company's expectationsand guidance with respect to production, costs, capital investment and expenses on a mine-by-mine and consolidated basis, associated timingand accomplishing the factors contributing to those expectations; successfully completing the Company's growth projects and the significantincrease in production in 2025 and in coming years as a result thereof; successfully reducing operating costs and capital expendituresand the consistent free cash flow anticipated to be generated as a result thereof commencing in the second half of 2025; the Company successfullyadvancing underground development; expectations that the Company will achieve annual guidance; expectation that New Afton's C-Zonewill process approximately 16,000 tonnes per day beginning in 2026; the Company's ability to implement its near-term operational planand to repay future indebtedness; the Company's expectations regarding its liquidity position and its ability to fund its business objectives;the anticipated timing with respect to the Company's contractual commitments becoming due; the sufficiency of the Company's financialperformance measures in evaluating the underlying performance of the Company; and any statements about tariffs and the possible impactson the Company.

All forward-looking statements in this news releaseare based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factorsand uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions regarding such forward-lookingstatements are discussed in this news release, its most recent Annual Information Form and NI 43-101 Technical Reports on the Rainy RiverMine and New Afton Mine filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptionsdiscussed in more detail elsewhere, the forward-looking statements in this news release are also subject to the following assumptions:(1) there being no significant disruptions affecting New Gold's operations, including material disruptions to the Company's supply chain,workforce or otherwise; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, beingconsistent with New Gold's current expectations; (3) the accuracy of New Gold's current Mineral Reserve and Mineral Resource estimatesand the grade of gold, silver and copper expected to be mined; (4) the exchange rate between the Canadian dollar and U.S. dollar, andto a lesser extent, the Mexican Peso, and commodity prices being approximately consistent with current levels and expectations for thepurposes of guidance and otherwise; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximatelyconsistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold's current expectations;(7) arrangements with First Nations and other Indigenous groups in respect of New Afton and Rainy River being consistent with New Gold'scurrent expectations; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevantstakeholders within the expected timelines and the absence of material negative comments or obstacles during the applicable regulatoryprocesses; and (9) the results of the life of mine plans for Rainy River and New Afton being realized.

Forward-looking statements are necessarily based onestimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actualresults, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-lookingstatements. Such factors include, without limitation: price volatility in the spot and forward markets for metals and other commodities;discrepancies between actual and estimated production, between actual and estimated costs, between actual and estimated Mineral Reservesand Mineral Resources and between actual and estimated metallurgical recoveries; equipment malfunction, failure or unavailability; accidents;risks related to early production at Rainy River, including failure of equipment, machinery, the process circuit or other processes toperform as designed or intended; the speculative nature of mineral exploration and development, including the risks of obtaining and maintainingthe validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdictionin which New Gold operates, including, but not limited to: uncertainties and unanticipated delays associated with obtaining and maintainingnecessary licenses, permits and authorizations and complying with permitting requirements; changes in project parameters as plans continueto be refined; changing costs, timelines and development schedules as it relates to construction; the Company not being able to completeits construction projects at Rainy River or New Afton on the anticipated timeline or at all; volatility in the market price of the Company'ssecurities; changes in national and local government legislation in the countries in which New Gold does or may in the future carry onbusiness; compliance with public company disclosure obligations; controls, regulations and political or economic developments in the countriesin which New Gold does or may in the future carry on business; the Company's dependence on Rainy River and New Afton mines; the Companynot being able to complete its exploration drilling programs on the anticipated timeline or at all; inadequate water management and stewardship;tailings storage facilities and structure failures; failing to complete stabilization projects according to plan; geotechnical instabilityand conditions; disruptions to the Company's workforce at either Rainy River or New Afton, or both; significant capital requirements andthe availability and management of capital resources; additional funding requirements; diminishing quantities or grades of Mineral Reservesand Mineral Resources; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studiesincluding the Technical Reports for Rainy River mine and New Afton mine; impairment; unexpected delays and costs inherent to consultingand accommodating rights of First Nations and other Indigenous groups; climate change, environmental risks and hazards and the Company'sresponse thereto; ability to obtain and maintain sufficient insurance; actual results of current exploration or reclamation activities;fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, toa lesser extent, Mexico; global economic and financial conditions and any global or local natural events that may impede the economy orNew Gold's ability to carry on business in the normal course; inflation; compliance with debt obligations and maintaining sufficient liquidity;the responses of the relevant governments to any disease, epidemic or pandemic outbreak not being sufficient to contain the impact ofsuch outbreak; disruptions to the Company's supply chain and workforce due to any disease, epidemic or pandemic outbreak; an economicrecession or downturn as a result of any disease, epidemic or pandemic outbreak that materially adversely affects the Company's operationsor liquidity position; taxation; fluctuation in treatment and refining charges; transportation and processing of unrefined products; risingcosts or availability of labour, supplies, fuel and equipment; adequate infrastructure; relationships with communities, governments andother stakeholders; labour disputes; effectiveness of supply chain due diligence; the uncertainties inherent in current and future legalchallenges to which New Gold is or may become a party; defective title to mineral claims or property or contests over claims to mineralproperties; competition; loss of, or inability to attract, key employees; use of derivative products and hedging transactions; relianceon third-party contractors; counterparty risk and the performance of third party service providers; investment risks and uncertainty relatingto the value of equity investments in public companies held by the Company from time to time; the adequacy of internal and disclosurecontrols; conflicts of interest; the lack of certainty with respect to foreign operations and legal systems, which may not be immune fromthe influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the successful acquisitionsand integration of business arrangements and realizing the intended benefits therefrom; and information systems security threats. In addition,there are risks and hazards associated with the business of mineral exploration, development, construction, operation and mining, includingenvironmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullionlosses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as "Risk Factors"included in New Gold's Annual Information Form and other disclosure documents filed on and available on SEDAR+ at www.sedarplus.ca andon EDGAR at www.sec.gov. Forward-looking statements are not guarantees of future performance, and actual results and future events couldmaterially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release arequalified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-lookingstatements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

Technical Information
All scientific and technical information contained in this news release has been reviewed and approved by Travis Murphy, Vice President,Operations of New Gold. Mr. Murphy is a Professional Geoscientist, a member of Engineers and Geoscientists British Columbia.  Mr.Murphy is a "Qualified Person" for the purposes of NI 43-101 – Standards of Disclosure for Mineral Projects.

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SOURCE New Gold Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2025/28/c8996.html

%CIK: 0000800166

For further information: For further information, please contact:Ankit Shah, Executive Vice President and Chief Strategy Officer, Direct: +1 (416) 324-6027, Email: ankit.shah@newgold.com; Brandon Throop,Director, Investor Relations, Direct: +1 (647) 264-5027, Email: brandon.throop@newgold.com

CO: New Gold Inc.

CNW 06:30e 28-JUL-25