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) released its first quarter operational results for 2022, reporting total gold equivalent production of 87,696 ounces, down from 96,026 ounces in Q1 2021. Gold production increased to 68,101 ounces compared to 66,650 ounces a year prior. The company's Rainy River operation experienced production growth despite challenges related to COVID-19 and weather. A technical report extended Rainy River's mine life to 2031, with additional 569,000 gold ounces added to reserves. Financial results will be released on May 2, 2022.
New Gold Inc. (TSX: NGD, NYSE American: NGD) announced the redemption of its remaining $100 million aggregate principal amount of 6.375% Senior Notes due 2025. The redemption is scheduled for May 15, 2022 and will be funded using cash on hand. This move aligns with New Gold's strategy to optimize its capital structure and reduce interest costs. The company operates core assets in Canada, including the Rainy River and New Afton mines, and maintains a commitment to environmental and social responsibility.
New Gold announces an extension of the Rainy River Mine's life to 2031, following the filing of a Technical Report. This report confirmed the conversion of 569,000 gold ounces to Mineral Reserves, supporting a total production of 2,524,612 ounces of gold. The updated plan aims for an average annual production of 310,000 ounces from 2022 to 2027, with all-in sustaining costs reducing significantly post-2023. The mining approach will optimize selective mining and processing strategies to enhance productivity and cost-efficiency.
New Gold Inc. (TSX: NGD, NYSE American: NGD) has appointed Patrick Godin as Executive Vice President and Chief Operating Officer, effective May 2, 2022. Godin, with over 30 years of experience in the mining sector, previously served as COO at Pretium Resources, where he managed the Brucejack Mine. His background also includes leadership roles at Stornoway Diamond Corp., overseeing the construction of Quebec's first diamond mine. President & CEO Renaud Adams noted Godin's extensive expertise will be crucial for advancing operations at the Rainy River and New Afton mines.
New Gold released its 2021 results, reporting a significant achievement in gold and copper production. The fourth quarter production totaled 111,574 gold equivalent ounces, while the yearly total reached 418,933 ounces. Cash generated from operations was $106 million in Q4 and $324 million for the year. The company successfully converted 569,000 underground gold ounces to Mineral Reserves, enhancing its financial position with a cash balance of $482 million. Despite challenges in 2021, operational excellence and cost management were highlighted as key focuses for 2022.
New Gold Inc. (NGD) reported its operational results for Q4 and FY 2021. Total production for Q4 reached 111,574 gold equivalent ounces, meeting the updated guidance. Annual production was 418,933 gold eq. ounces, within the guidance range of 405,000 to 450,000 ounces. The Rainy River Mine produced 70,500 gold eq. ounces in Q4, while the New Afton Mine contributed 41,074 gold eq. ounces. A conference call to discuss Q4 and FY results will be held on February 23, 2022.
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.
New Gold Inc. (NGD) has announced a definitive agreement to sell its existing gold stream on the Blackwater Project to Wheaton Precious Metals Corp. for US$300 million. The agreement represents a significant step in New Gold's strategy to enhance liquidity and financial capacity. Wheaton will acquire 8% of gold production from Blackwater, decreasing to 4% after 280,000 ounces are delivered. The transaction is expected to close by the end of 2021, with financial backing from Scotiabank and legal support from Davies Ward Phillips & Vineberg LLP.
New Gold Inc. (TSX: NGD) provides an update regarding the impact of severe weather, specifically heavy rains and flooding, in British Columbia, affecting transportation routes to its New Afton Mine. As of now, the flooding has not materially impacted the mine's infrastructure or operations. The company is closely monitoring the situation and assessing any potential effects on production, sales, or costs, dependent on the disruption's duration. The safety of employees and contractors remains a top priority.
New Gold Inc. (NGD) announced its Q3 2021 results, reporting total production of 105,628 gold eq. ounces with revenues of $180 million. The company expects to meet its updated gold equivalent production guidance of 405,000 to 450,000 ounces. All-in sustaining costs decreased by over 9% from H1 2021. However, it faced a net loss of $11 million attributable to unrealized losses despite adjusted earnings of $23 million. Cash generated from operations reached $54 million, with strong year-to-date revenue growth of 22% compared to 2020.
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