Welcome to our dedicated page for New Gold news (Ticker: NGD), a resource for investors and traders seeking the latest updates and insights on New Gold stock.
New Gold Inc. (TSX: NGD, NYSE American: NGD) is an intermediate gold mining company focused on Canada. With a strong commitment to environmental stewardship and social responsibility, the company operates two primary assets: the Rainy River Mine and the New Afton Mine, both in Canada. Additionally, New Gold holds other strategic investments within Canada.
The company's asset portfolio includes the Rainy River gold mine located in Ontario and the New Afton copper-gold mine in British Columbia. Each mine is integral to New Gold's strategy of becoming a leading diversified intermediate gold producer. The Rainy River mine has both open pit and underground operations, while the New Afton mine is a block cave mining operation with significant copper output, enhancing the company's revenue stream. The company's projects are renowned for their operational excellence and high sustainability standards.
Recent Achievements and Financials
In the latest quarter, New Gold produced 70,898 ounces of gold and 13.3 million pounds of copper. This strong performance aligns with their operational outlook and positions the company to achieve sustained free cash flow beginning in the second half of 2024. The comprehensive financial results also show the company’s strategic growth initiatives nearing completion, setting the stage for increased production and reduced costs in the coming years.
Strategic Initiatives
- New Gold is advancing the Rainy River underground Main project, expecting to achieve first ore by the end of 2024.
- The New Afton C-Zone block cave project is anticipated to reach commercial production in the latter half of 2024.
- Exploration efforts at both sites aim to extend mine life beyond 2030, supporting the company’s goal of maintaining a sustainable production platform of approximately 600,000 gold equivalent ounces per year until at least 2030.
Partnerships and Corporate Developments
On the corporate front, New Gold recently closed a “bought deal” equity financing, raising over $172 million. This funding will support its strategic partnership with Ontario Teachers' Pension Plan at the New Afton mine, increasing New Gold’s effective free cash flow interest to 80.1%.
As New Gold continues to develop its core assets and explore for additional resources, the company remains focused on delivering sustainable value to its shareholders and maintaining high operational standards.
New Gold Inc. (TSX: NGD) reported its third quarter operational results as of September 30, 2022. The report highlights that underground mining at the Rainy River project started, with expectations for underground material to feed the mill in the fourth quarter. The company achieved gold production of 70,147 ounces and copper production of 8.5 million pounds in Q3 2022, showing a decline from Q3 2021. New Gold also received the C-Zone permit for the New Afton mine. Financial results will be released on November 3, 2022.
New Gold Inc. has received the Mines Act M229 Permit Amendment for its New Afton C-Zone, marking a crucial step towards mining operations. According to President & CEO Renaud Adams, initial production is slated for the second half of 2023. This development is crucial for enhancing the company's operational capacity. New Gold operates two main mines in Canada: the Rainy River gold mine and the New Afton copper-gold mine. The company is committed to environmental responsibility and social governance.
New Gold (TSX: NGD) announced an update on its Rainy River Mine following heavy rainfall and flooding in the Fort Frances area during Q2 2022. The company reported that it produced approximately 41,000 gold equivalent ounces in July and August, aligning with its annual guidance of 230,000 to 250,000 ounces. Mining activities in the open pit have ramped up significantly, achieving a daily average of 21,000 ore tonnes, a 70% increase from Q2. The first stope in the Intrepid underground zone was blasted on September 13, marking a crucial advancement.
New Gold Inc. (NGD) reported significant drill results from its New Afton Mine's underground exploration program, highlighting continuous mineralization in the East Extension. Assay results revealed higher gold (up to 3.18 g/t) and copper (up to 4.93%) grades compared to current reserves (0.67 g/t Au and 0.74% Cu). The program aims to extend mine life and resource estimates, with a total of 38,084 metres drilled across 115 holes. Further drilling is planned, focusing on additional targets and promising areas, indicating potential for increased higher-grade reserves at low development costs.
New Gold Inc. (NGD) reported its second quarter results for 2022, with gold equivalent production of 70,514 ounces and an all-in sustaining cost of $2,373 per gold equivalent ounce. The company faced challenges due to heavy rainfall impacting operations, leading to a net loss of $38 million. Cash generated from operations stood at $37 million. The operational outlook for 2022 has been revised, reducing gold equivalent production guidance to 325,000 - 365,000 ounces. Despite these challenges, the company has successfully reduced its debt by $100 million and maintains a cash position of $277 million.
New Gold Inc. (NGD) released its second quarter operational results for 2022, noting that operations at the Rainy River Mine faced significant challenges due to extreme rainfall, leading to a reduction in mined ore and lower gold production. The revised guidance indicates a production expectation of 230,000 to 250,000 ounces of gold equivalent, down from 265,000 to 295,000 ounces. Operating expenses and all-in sustaining costs have also increased significantly due to inflationary pressures. The New Afton Mine encountered similar issues, impacting copper production.
New Gold Inc. (TSX: NGD) has completed the redemption of its remaining outstanding $100 million 6.375% Senior Notes due 2025. This redemption was funded using cash on hand. Following this transaction, the company holds approximately $326 million in cash and maintains a strong liquidity position of about $702 million. New Gold operates two core producing assets in Canada: the Rainy River gold mine and the New Afton copper-gold mine. The company also has a 5% equity stake in Artemis Gold Inc.
New Gold announced the voting results from its Annual General Meeting held on May 3, 2022. All nominees for the Board of Directors were elected with significant support, receiving between 95.52% and 99.58% of votes in favor. Renaud Adams received 99.42% support, while Ian Pearce had the lowest with 95.52%. The complete voting results, including votes withheld, can be found in the Report of Voting Results on SEDAR. New Gold, focused on responsible mining, operates the Rainy River and New Afton mines and holds a stake in Artemis Gold Inc.
New Gold reports Q1 2022 results with gold equivalent production of 87,696 ounces, including 68,101 ounces of gold. Operating expenses were $1,029 per gold eq. ounce, while all-in sustaining costs reached $1,778 per gold eq. ounce. The average realized gold price was $1,897 per ounce, generating $68 million in cash from operations. However, the company faced a net loss of $8 million, primarily due to unrealized losses on derivatives. Cash reserves stood at $432 million, indicating financial stability amidst operational challenges.
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