New Gold Inc. announced that Richard O'Brien has been appointed to its Board of Directors (the "Board") effective immediately and will stand for election by shareholders at New Gold's Annual General Meeting on May 14, 2024 (the "AGM"). Ian Pearce has informed the Board that he will retire from the Board on August 1, 2024. Following the AGM, it is expected that the Board will appoint Mr. O'Brien as Chair upon Mr. Pearce's retirement from the Board.

Mr. Pearce will assist Mr. O'Brien in transitioning into the role over the coming months. Richard O'Brien has over 40 years of experience in the mining and energy sectors, including more than 20 years in chief executive officer and chief financial officer roles. He served as President and Chief Executive Officer of Newmont Mining Corporation from 2007 to 2013, Executive Vice President and Chief Financial Officer from 2006 to 2007, and Senior Vice President and Chief Financial Officer from 2005 to 2006.

Mr. O'Brien also served as President and Chief Executive Officer of Boart Longyear Limited, the world's leading provider of drilling services, drilling equipment and performance tooling for mining and drilling companies, from 2013 to 2015. He is currently a corporate director, serving on the boards of Vulcan Materials Co., Xcel Energy Inc. and Ma'aden, The Saudi Arabian Mining Company. He was also Chair of the Board of Pretivm Resources Inc. from 2019 to 2022, until its acquisition by Newcrest Mining Limited.