New Gold Announces Closing of Blackwater Gold Stream for US$300 Million

Rhea-AI Summary

New Gold Inc. (TSX: NGD, NYSE American: NGD) has successfully completed the sale of its gold stream on the Blackwater Project in British Columbia to Wheaton Precious Metals Corp. for US$300 million. This transaction is part of New Gold's divestiture strategy, following the sale of Blackwater to Artemis Gold Inc. on August 21, 2020. New Gold continues to focus on its core assets, including the Rainy River gold mine and the New Afton copper-gold mine, alongside maintaining a 5% stake in Artemis Gold Inc.

Positive

• Completed sale of Blackwater gold stream for US$300 million.
• Retained a 5% equity stake in Artemis Gold Inc.

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• None.

TORONTO, Dec. 22, 2021 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) and (NYSE American: NGD) today reports that it has closed the previously announced sale of the gold stream held on the Blackwater Project ("Blackwater") located in British Columbia, Canada to Wheaton Precious Metals Corp. for US$300 million. Blackwater is wholly-owned by Artemis Gold Inc. ("Artemis"), with New Gold having retained the gold stream as partial consideration for the divestiture of Blackwater to Artemis on August 21, 2020.

About New Gold
New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine. The Company also holds a 5% equity stake in Artemis Gold Inc. and other Canadian-focused investments. New Gold's vision is to build a leading diversified intermediate gold company based in Canada that is committed to environment and social responsibility. For further information on the Company, visit www.newgold.com. 

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SOURCE New Gold Inc.

FAQ

What was the value of the gold stream sale by New Gold Inc. on December 22, 2021?

The gold stream sale was valued at US$300 million.

Which company purchased the gold stream from New Gold Inc.?

Wheaton Precious Metals Corp. purchased the gold stream.

What project was involved in New Gold Inc.'s recent transaction?

The Blackwater Project located in British Columbia, Canada.

What assets does New Gold Inc. focus on?

New Gold focuses on the Rainy River gold mine and the New Afton copper-gold mine.

What stake does New Gold Inc. hold in Artemis Gold Inc.?

New Gold holds a 5% equity stake in Artemis Gold Inc.