<SEC-DOCUMENT>0001279569-16-002881.txt : 20160308
<SEC-HEADER>0001279569-16-002881.hdr.sgml : 20160308
<ACCEPTANCE-DATETIME>20160308140758
ACCESSION NUMBER:		0001279569-16-002881
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160308
FILED AS OF DATE:		20160308
DATE AS OF CHANGE:		20160308

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Gold Inc. /FI
		CENTRAL INDEX KEY:			0000800166
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31722
		FILM NUMBER:		161491214

	BUSINESS ADDRESS:	
		STREET 1:		1800 - 555 BURRARD ST.
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7X 1M9
		BUSINESS PHONE:		(604) 696-4100

	MAIL ADDRESS:	
		STREET 1:		1800 - 555 BURRARD ST.
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7X 1M9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRC RESOURCES CORP                                      /FI
		DATE OF NAME CHANGE:	19860904
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>newgold6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<BR>
&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>Form
6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">For the month of March 2016.</P>

<P STYLE="margin: 0">Commission File Number 001-31722</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: center; color: Red"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font: 24pt Times New Roman, Times, Serif"><B>New
Gold Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Suite 1800 &ndash; 555 Burrard Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Vancouver, British Columbia V7XC 1M9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Canada</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">(Address of principal executive office)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form 20-F
&#9744;&nbsp;Form 40-F &#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note</B>:
Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual
report to security holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT>&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note:
</B>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other
document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrant&rsquo;s &ldquo;home country&rdquo;), or under the rules
of the home country exchange on which the registrant&rsquo;s securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been distributed to the registrant&rsquo;s security holders, and, if discussing
a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DOCUMENTS
FILED AS PART OF THIS FORM 6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit</B></FONT></td>
    <TD STYLE="width: 3%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description</B></FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center">99.1</td>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Business Conduct and Ethics (2016)</td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NEW GOLD INC.</B></FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<tr>
    <td style="vertical-align: top; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; width: 6%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></td>
    <TD STYLE="vertical-align: bottom; width: 37%; border-bottom: black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>/s/
    Lisa Damiani</I></FONT></td>
    <td style="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp;&nbsp;March 8, 2016</FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Lisa Damiani</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Vice President, General Counsel</P>

<P STYLE="margin: 0">and Corporate Secretary</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex991.htm
<DESCRIPTION>CODE OF CONDUCT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Code of Business Conduct and Ethics</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>This Code of Business Conduct and Ethics (&ldquo;Code&rdquo;)
applies to every Director, Officer (including our Chief Executive Officer or person performing similar functions to a chief executive
officer (&ldquo;CEO&rdquo;) and Chief Financial Officer (&ldquo;CFO&rdquo;)), contractor and employee of New Gold Inc. or its subsidiaries
(collectively the &ldquo;Company&rdquo;). For the purposes of this Code, the term &ldquo;employee&rdquo; includes contractors and
any individual who is paid on the Company&rsquo;s payroll.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">To further the Company&rsquo;s values of integrity, creativity,
commitment, development of employees and teamwork, we have established this Code. Our Code strives to deter wrongdoing and promote
the following objectives:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Honest and ethical conduct, including ethical interactions with government officials and the ethical handling of actual or
apparent conflicts of interest between personal and professional relationships;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Full, fair, accurate, timely, understandable and transparent disclosure in periodic reports and documents required to be filed
by the Company and in other public communications made by the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Compliance with the applicable exchange, government and self-regulatory organization laws, rules and regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Prompt internal reporting of Code violations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Accountability for compliance with the Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">Below, we discuss situations that require
application of our fundamental principles and promotion of our objectives. If there is a conflict between this Code and a specific
procedure, you should consult the CEO or the General Counsel for guidance. In the event of a conflict between this Code and any
such procedure, or for any other guidance in respect of this Code absent a specific referral herein, the CEO or General Counsel,
as the case may be, should consult the Chair of the Audit Committee of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Accountability for Compliance with the Code</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Each of the Company&rsquo;s directors, officers and employees is
expected to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Understand.</I> The Company expects <B><U>you</U> </B>to understand
the requirements of your position including Company expectations and laws, rules and regulations that apply to your position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Comply.</I> The Company expects <B><U>you</U> </B>to comply with
this Code and all applicable laws, rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Report.</I> The Company expects <B><U>you</U> </B>to report any
violation of this Code of which you become aware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Be Accountable.</I> The Company holds <B><U>you</U> </B>accountable
for complying with this Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Table of Contents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Policies</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commitment</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with Laws, Rules and Regulations</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer and Information Systems</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential Information Belonging to Others</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential and Proprietary Information</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflicts of Interest</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Opportunities and Use and Protection of Company Assets</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure Policies and Controls</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair Dealing with Others</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing of Government Reports</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bribery</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign Corrupt Practices Act</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Health, Safety, Environment &amp; Corporate Social Responsibility</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Political Contributions</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prohibited Substances</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relations, Respect and Contribution</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reporting of Code Violations</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Retaliation for Reporting</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anonymous Reporting</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waivers</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments and Modifications of this Code</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conclusion</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discipline for Noncompliance with this Code</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Accounting Policies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">The Company and each of its subsidiaries
will make and keep books, records and accounts which, in reasonable detail, accurately and fairly present the transactions and
disposition of the assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">All directors, officers and employees are
prohibited from directly or indirectly falsifying or causing to be false or misleading any financial or accounting book, record
or account. You and others are expressly prohibited from directly or indirectly manipulating an audit, and from destroying or tampering
with any record, document or tangible object with the intent to obstruct a pending or contemplated audit, review or investigation.
The commission of, or participation in, one of these prohibited activities or other illegal conduct will subject you to penalties
under applicable laws and regulations, as well as disciplinary action, including termination of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">No director, officer or employee of the
Company may directly or indirectly;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Make or cause to be made a materially false or misleading statement, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Omit to state, or cause another person to omit to state, any material fact necessary to make statements made not misleading</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">in connection with the audit of financial
statements by independent accountants, the preparation of any required reports whether by independent or internal accountants,
or any other work which involves or relates to the filing of a document with the applicable Canadian securities regulatory authorities
or the U.S. Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Commitment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">To demonstrate our determination and commitment,
the Company asks each director, officer and employee to review the Code periodically throughout the year. Take the opportunity
to discuss with management any circumstances that may have arisen that could be an actual or potential violation of these ethical
standards of conduct. Directors, officers and employees are required to confirm compliance with the Code annually.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Compliance with Laws, Rules and Regulations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">The Company&rsquo;s goal and intention
is to comply with the laws, rules and regulations by which we are governed. In fact, we strive to comply not only with requirements
of the law but also with recognized compliance practices. All illegal activities or illegal conduct by or on behalf of New Gold
are prohibited whether or not they are specifically identified in this Code. Where law does not govern a situation or where the
law is unclear or conflicting, you should discuss the situation with your supervisor and management should seek advice from the
CEO or General Counsel. Business should always be conducted in a fair and forthright manner. Directors, officers and employees
are expected to act according to high ethical standards.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Computer and Information Systems</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">For business purposes, officers and employees
are provided telephones, tablets, mobile devices and computers and software, including network access to computing systems such
as the Internet and e-mail, to improve personal productivity and to efficiently manage proprietary information in a secure and
reliable manner. As with other equipment and assets of the Company, we are each responsible for the appropriate use of these assets.
Except for limited personal use of the Company&rsquo;s telephones, tablets, mobile devices and computers, such equipment may be
used only for business purposes. Officers and employees should not expect a right to privacy of their e-mail, Internet or network
use. All communications, e-mails or Internet use on Company equipment or networks may be subject to monitoring by the Company for
legitimate business purposes.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Confidential Information Belonging to Others</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">You must respect the confidentiality of
information, including, but not limited to, trade secrets and other information given in confidence by others, including but not
limited to partners, suppliers, contractors, competitors, customers or acquisition or investment targets, just as we protect our
own confidential information. However, certain restrictions arising in relation to the information of others may place an unfair
or inappropriate burden on the Company&rsquo;s future business. For that reason, directors, officers and employees should coordinate
with the CEO, CFO or General Counsel to ensure appropriate agreements are in place prior to receiving any confidential third-party
information. These agreements must reflect a balance between the value of the information received on the one hand and the logistical
and financial costs of maintaining confidentiality of the information and, if applicable, limiting the Company&rsquo;s business
opportunities on the other. In addition, any confidential information that you may possess from an outside source, such as a previous
employer, must not, so long as such information remains confidential, be disclosed to or used by the Company. Unsolicited confidential
information submitted to the Company should be refused, returned to the sender where possible and deleted, if received via the
Internet.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Confidential and Proprietary Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">It is the Company&rsquo;s policy to ensure
that all operations, activities and business affairs of the Company are kept confidential to the greatest extent possible. Confidential
information includes all non-public information that might be of use to competitors, or that might be harmful to the Company or
its customers if disclosed. Confidential and proprietary information about the Company belongs to the Company, must be treated
with strictest confidence and is not to be disclosed or discussed with others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">Unless otherwise agreed to in writing,
confidential and proprietary information includes any and all non-public information, methods, inventions, improvements or discoveries,
whether or not patentable or copyrightable, and any other information of a similar nature disclosed to the directors, officers
or employees of the Company or otherwise made known to the Company as a consequence of or through employment or association with
the Company (including information originated by the director, officer or employee). This can include, but is not limited to, information
regarding the Company&rsquo;s business, products, processes, and services. It also can include information relating to research,
development, inventions, trade secrets, intellectual property of any type or description, data, business plans, marketing strategies,
engineering, contract negotiations and business methods or practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">The following are examples of information
that are not considered confidential:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Information that is in the public domain to the extent it is readily available;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Information that becomes generally known to the public other than by disclosure by the Company or a director, officer or employee;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Information you receive from a party that is under no legal obligation of confidentiality with the Company with respect to
such information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">We have exclusive property rights to all
confidential and proprietary information regarding the Company. The unauthorized disclosure of this information could destroy its
value to the Company and give others an unfair advantage. You are responsible for safeguarding Company information and complying
with established security controls and procedures. All documents, records, notebooks, notes, memoranda and similar repositories
of information containing information of a secret, proprietary, confidential or generally undisclosed nature relating to the Company
or our operations and activities made or compiled by the director, officer or employee or made available to you prior to or during
the term of your association with the Company, including any copies thereof, unless otherwise agreed to in writing, belong to the
Company and shall be held by you in trust solely for the benefit of the Company, and shall be delivered to the Company by you on
the termination of your association with us or at any other time we request.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Conflicts of Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">Conflicts of interest can arise in virtually
every area of our operations. A &ldquo;conflict of interest&rdquo; exists whenever an individual&rsquo;s personal interests interfere
or conflict with the interests of the Company. We must strive to handle in an ethical and practical manner actual or apparent conflicts
of interest between personal and professional relationships. We must each make decisions in the best interest of the Company. Business,
financial or other relationships with suppliers, customers or competitors that might impair or appear to impair the exercise of
our judgment should be avoided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">Here are some examples of potential conflicts
of interest:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify"><I>Family Members. </I>Actions of family
members may create a conflict of interest. For example, gifts to family members by a supplier of the Company are considered gifts
to you and should be reported if they involve more than ordinary social amenity or are of more than nominal value from any organization
doing or seeking to do business with the Company. Doing business for the Company with organizations where your family members are
employed or that are partially or fully owned by your family members or close friends may create a conflict or the appearance of
a conflict of interest. For purposes of the Code &ldquo;family members&rdquo; include any child, stepchild, grandchild, parent,
stepparent, grandparent, spouse (including a common-law spouse), sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law or sister-in-law, and adoptive relationships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify"><I>Gifts, Entertainment, Loans, or Other
Favors. </I>Directors, officers and employees shall not seek or accept gifts, entertainment, loans, or other favors for personal
gain if it is more than ordinary social amenity or of more than nominal value from anyone soliciting business from, or doing business
with the Company, or from any person or entity in competition with us. Other than common business courtesies, directors, officers,
and employees must not offer or provide anything to any person or organization for the purpose of influencing the person or organization
in their business relationship with us. Additional restrictions apply when providing anything of value to a government official
or employee, employee or agent of a state-owned or controlled enterprise, employee or agent of a public international organization,
political party or official thereof or any candidate for a political office. Please refer to the sections of this Code on Bribery
and the Foreign Corrupt Practices Act and the Corruption of Foreign Public Officials Act for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">Directors, officers and employees are expected
to deal with advisors or suppliers who best serve the needs of the Company as to price, quality and service in making decisions
concerning the use or purchase of materials, equipment, property or services. Directors, officers and employees who use the company&rsquo;s
advisors, suppliers or contractors in a personal capacity are expected to pay market value for materials and services provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify"><I>Outside Employment. </I>Officers and
employees may not participate in outside employment, self-employment, or serve as officers, directors, partners or consultants
for outside organizations, if such activity:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>reduces work efficiency;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>interferes with your ability to act conscientiously in our best interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>requires you to utilize our proprietary or confidential procedures, plans or techniques; or</TD></TR></TABLE>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>negatively impacts the reputation of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">You must inform your supervisor of any
outside employment, including the employer&rsquo;s name and expected work hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">You should report any actual or potential
conflict of interest involving yourself or others of which you become aware to your supervisor or the CEO or General Counsel. Officers
and Directors should report any actual or potential conflict of interest involving yourself or another officer or director of which
you become aware to the Chair of the Audit Committee of the Board of Directors.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Corporate Opportunities and Use and Protection of Company
Assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">You are prohibited from:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>taking for yourself, personally, opportunities that are discovered through the use of Company property, information or position;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>using Company property, information or position for personal gain; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>competing with the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">You have a duty to the Company to advance
its legitimate interests when the opportunity to do so arises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">You are personally responsible and accountable
for the proper expenditure of Company funds, including money spent for travel expenses or for business entertainment. You are also
responsible for the proper use of property over which you have control, including both Company property and funds and property
that has been entrusted to your custody. Company assets must be used only for proper purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">Company property should not be misused.
Company property may not be sold, loaned or given away regardless of condition or value, without proper authorization. Each director,
officer and employee should protect our assets and ensure their efficient use. Theft, carelessness and waste have a direct impact
on the Company&rsquo;s profitability. Company assets should be used only for legitimate business purposes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Disclosure Policies and Controls</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">The continuing excellence of the Company&rsquo;s
reputation depends on our full and complete disclosure of important information about the Company that is used in the securities
marketplace. Our financial and non-financial disclosures and filings with the applicable Canadian securities regulatory authorities
and SEC must be accurate and timely. Proper reporting of reliable, truthful and accurate information is a complex process involving
cooperation among many of us. We must all work together to ensure that reliable, truthful and accurate information is disclosed
to the public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">The Company must disclose to the applicable
Canadian securities regulatory authorities, the SEC, current security holders and the investing public, information that is required,
and any additional information that may be necessary to ensure the required disclosures are not misleading or inaccurate. The Company
requires you to participate in the disclosure process in accordance with the Disclosure, Confidentiality and Insider Trading Policy,
which is overseen by the Disclosure Committee appointed in accordance with such policy. The disclosure process is designed to record,
process, summarize and report material information as required by all applicable laws, rules and regulations. Participation in
the disclosure process is a requirement of a public company, and full cooperation with members of the Disclosure Committee and
other officers, managers and employees in the disclosure process is a requirement of this Code.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Officers and employees must fully comply with their disclosure responsibilities
in an accurate and timely manner (within the guidelines of applicable securities regulatory authorities) or be subject to discipline
of up to and including termination of employment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Fair Dealing with Others</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">No director, officer or employee should
take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material
facts or any other unfair-dealing practice.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Filing of Government Reports</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">Any reports or information provided by
the Company, or on our behalf, to federal, provincial, territorial, state, local or foreign governments must be true and accurate.
You are required to assist the Company in providing true and accurate reports and information. Any omission, misstatement or lack
of attention to detail could result in a violation of the reporting laws, rules and regulations.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Bribery</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">You are strictly forbidden from, directly
or indirectly, offering, promising or giving money, gifts, loans, rewards, favors or anything of value to any government official
or employee, employee or agent of a state-owned or controlled enterprise, employee or agent of a public international organization,
political party or official thereof or any candidate for a political office, including any agent or other intermediary, including
a close family member or household member, of any of the above, in connection with the business of New Gold, except in full compliance
with the Company&rsquo;s Anti-Bribery and Anti-Corruption Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">Those paying a bribe may subject the Company
and themselves to civil and criminal penalties. When dealing with government representatives or officials and private parties,
no improper payments will be tolerated. If you become aware of or receive any solicitation for, or offer of, money or a gift, that
is intended to influence an official decision or business decision inside or outside of the Company, it should be reported to your
supervisor, the General Counsel or the CEO immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">The Company prohibits improper payments
in all of its activities, whether these activities are with governments or in the private sector. Please refer to the Company&rsquo;s
Anti-Bribery and Anti-Corruption Policy and procedures implemented in respect of that policy for more information.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Foreign Corrupt Practices Act and the Corruption of Foreign
Public Officials Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">The United States Foreign Corrupt Practices
Act (&ldquo;<B>FCPA</B>&rdquo;) and the Corruption of Foreign Public Officials Act (Canada) (&ldquo;<B>CFPOA</B>&rdquo;) contain
certain prohibitions with respect to giving anything of value, directly or indirectly, to foreign government officials or certain
other individuals in order to obtain, retain or direct business for or to any person. Accordingly, corporate funds, property or
anything of value may not be, directly or indirectly, offered or given by you or an agent acting on our behalf, to a government
official or employee, employee or agent of a state-owned or controlled enterprise, employee or agent of a public international
organization, political party or official thereof or any candidate for a political office, including any agent or other intermediary,
including a close family member or household member, of any of the above for the purpose of influencing any act or decision of
such party or person or inducing such party or person to use its or his influence, or to otherwise secure any improper advantage,
in order to assist in obtaining or retaining business for, or directing business to, any person.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">You are also prohibited from offering or
paying anything of value to any person if it is known or there is a reason to know that all or part of such payment will be used
for the above-described prohibited actions. This provision includes situations when intermediaries, such as affiliates, or agents,
are used to channel payments to government officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">In addition to complying with the FCPA
and CFPOA, you are required to comply with local anti-bribery and anti-corruption laws in the jurisdictions in which New Gold conducts
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">Each officer, director and employee is
also expected to comply with our additional policies, programs, standards and procedures related to anti-corruption compliance.
Please refer to the Company&rsquo;s Anti-Bribery and Anti-Corruption Policy and procedures implemented in respect of that policy
for more information.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Health, Safety, Environment &amp; Corporate Social Responsibility</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">The Company is committed to managing and
operating our assets in a manner that is protective of human health and safety and the environment, respects human rights and involves
active engagement with host communities. It is our policy to comply, in all material respects, with applicable health, safety and
environmental laws and regulations. Each employee is also expected to comply with our policies, programs, standards and procedures
relating to health, safety, the environment, human rights, community engagement and corporate social responsibility.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Political Contributions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">You must refrain from making any use of
Company, personal or other funds or resources on behalf of the Company, or which may be attributed to or associated with the Company,
for political or other purposes which are improper or prohibited by the applicable federal, provincial, territorial, state, local
or foreign laws, rules or regulations. Company contributions, or those which may be associated with the Company, or expenditures
in connection with election campaigns may be permitted only to the extent allowed by federal, provincial, territorial, state, local
or foreign election laws, rules and regulations and require the approval of the Executive Chairman or CEO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">You are encouraged to participate actively
in the political process in your personal capacity, but not on behalf of the Company. We believe that individual participation
is a continuing responsibility of those who live in a free country.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Prohibited Substances</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">You are prohibited from using alcohol,
illegal drugs or other prohibited items, including unauthorized legal drugs which affect the ability to perform your work duties,
while on Company premises. You are also prohibited from the possession or use of alcoholic beverages, firearms, weapons or explosives
on our property unless authorized by the CEO or an Executive Vice President. You are also prohibited from reporting to work while
under the influence of alcohol or illegal drugs.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Relations, Respect and Contribution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">We function as a team. Your success as
part of this team depends on your contribution and ability to inspire the trust and confidence of your coworkers and supervisors.
Respect for the rights and dignity of others and a dedication to the good of our Company are essential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">A cornerstone of our success is the teamwork
of our directors, officers and employees. We must each respect the rights of others while working as a team to fulfill our objectives.
To best function as part of a team, you must be trustworthy and dedicated to high standards of performance. The relationships between
business groups also require teamwork.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">To facilitate respect and contribution
among employees, we have implemented the following employment policies:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">To hire, pay and assign work on the basis of qualifications and performance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Not to discriminate on the basis of race, religion, ethnicity, national origin, color, gender,
age, sexual orientation, citizenship, veteran&rsquo;s status, marital status or disability;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">To attract and retain a highly talented workforce;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">To encourage skill growth through training and education and promotional opportunities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">To encourage an open discussion between all levels of employees and to provide an opportunity for
feedback from the top to the bottom and from the bottom to the top;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">To prohibit harassment (including sexual, physical, verbal) by others while an employee is on the
job;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">To make the safety and security of our employees while at Company facilities a priority;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">To recognize and reward additional efforts that go beyond our expectations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">To respect all workers&rsquo; rights to dignity and personal privacy by not disclosing employee
information, including protected health information, unnecessarily.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Reporting of Code Violations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">You should be alert and sensitive to situations
that could result in actions that might violate federal, state, or local laws or the standards of conduct set forth in this Code.
If you believe your own conduct or that of an employee, director or officer may have violated any such laws or this Code, you have
an obligation to report the matter in accordance with this Code and/or the Whistleblower Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">Generally, you should raise such matters
first with an immediate supervisor. However, if you are not comfortable bringing the matter up with your immediate supervisor,
or do not believe the supervisor has dealt with the matter properly, then you should raise the matter with the CEO, CFO or General
Counsel. Alternatively, complaints may be made in accordance with the Whistleblower Policy. The most important point is that possible
violations should be reported and we support all means of reporting them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">Directors and officers should report any
potential violations of this Code involving directors or officers to the Chair of the Audit Committee of the Board of Directors.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Non-Retaliation for Reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">In no event will the Company take or threaten
any action against you as a reprisal or retaliation for making a complaint in good faith in accordance with this Code or the Company&rsquo;s
Whistleblower Policy. However, if a reporting individual was involved in improper activity the individual may be appropriately
disciplined even if he or she was the one who disclosed the matter to the Company. In these circumstances, we may consider the
conduct of the reporting individual in reporting the information as a mitigating factor in any disciplinary decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">We will not allow retaliation against a
reporting individual for reporting, in good faith, a concern regarding compliance with this Code in accordance with this Code or
the Company&rsquo;s Whistleblower Policy. Retaliation for reporting an offense may be illegal under applicable law and prohibited
under this Code. Retaliation for reporting any violation of a law, rule or regulation or a provision of this Code or the Company&rsquo;s
policies and procedures is prohibited. Retaliation will result in discipline up to and including termination of employment and
may also result in criminal prosecution.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Anonymous Reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">If you wish to report a suspected violation
of this Code anonymously, you may do so in accordance with the Company&rsquo;s Whistleblower Policy. You do not have to reveal
your identity in order to make a report. If you do reveal your identity, it will not be disclosed by the Chair of the Audit Committee
unless disclosure is unavoidable during an investigation.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Waivers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">There shall be no waiver of any part of
this Code for any director or executive officer (being the Executive Chairman, the CEO, the CFO, the Chief Operating Officer, each
Executive Vice President and each Vice President) except by a vote of the Board of Directors or a designated Board committee that
will ascertain whether a waiver is appropriate under all the circumstances. If a waiver (or implicit waiver) is granted to a director
or executive officer, notice of such waiver will be disclosed to the extent required by applicable law or stock exchange rules.
For these purposes, the term &ldquo;waiver&rdquo; means the approval by the Company of a material departure from a provision of
the Code, and the term &ldquo;implicit waiver&rdquo; means a failure of the Company to take action within a reasonable period of
time regarding a material departure from a provision of the Code that has been made known to an executive officer. Any notices
of waiver posted on our website shall remain there for a period of 12 months and shall be retained in our files as required by
applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">A waiver for a specific event arising under
this Code may be granted to an employee that is not a director or executive officer on the approval of two of the following: the
CEO, any Executive Vice President, and any director. No other waivers of this Code are permitted.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Amendments and Modifications of this Code</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">There shall be no amendment or modification
to this Code except by a vote of the Board of Directors or a designated Board committee that will ascertain whether an amendment
or modification is appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">In case of any amendment or modification
of this Code that applies to an officer or director of the Company, the amendment or modification shall be posted on the Company&rsquo;s
website within five days of the Board vote or shall be otherwise disclosed as required by applicable law or applicable exchange
rules. Notice posted on the website shall remain there for a period of 12 months and shall be retained in the Company&rsquo;s files
as required by law.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Conclusion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">This Code is an attempt to point all of
us at the Company in the right direction, but no document can achieve the level of principled compliance that we are seeking. In
reality, each of us must strive every day to maintain our awareness of these issues and to comply with the Code&rsquo;s principles
to the best of our abilities. Before we take an action, we must always ask ourselves:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in">Does it feel right?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in">Is this action ethical in every way?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in">Is this action in compliance with the law?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in">Could my action create an appearance of impropriety?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Am I trying to fool anyone, including myself, about the
propriety of this action?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">If an action would elicit the wrong answer
to any of these questions, do not take it. We cannot expect perfection, but we do expect good faith. If you act in bad faith or
fail to report illegal or unethical behavior, then you will be subject to disciplinary procedures. We hope that you agree that
the best course of action is to be honest, forthright and loyal at all times.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0">Discipline for Noncompliance with this Code</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">Disciplinary actions for violations of
this Code can include oral or written reprimands, suspension or termination of employment or a potential civil lawsuit against
you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify">The violation of laws, rules or regulations,
which can subject the Company to fines and other penalties, may result in your criminal prosecution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Reviewed and approved by the Board on February
17, 2016<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9;</P>



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