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, 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.
New Gold Inc. (NGD) announced its third quarter operational results as of September 30, 2021, reporting a total production of 105,628 gold equivalent ounces, down from 115,536 ounces in Q3 2020. The Rainy River Mine produced 60,785 gold equivalent ounces, facing challenges due to grade reconciliation issues. The company expects improved production in Q4 with an updated guidance of 240,000 to 255,000 gold equivalent ounces. Liquidity improved to $477 million, with a cash position of $151 million. Financial results will be released on November 12, 2021.
New Gold Inc. (TSX: NGD) has revised its 2021 operational outlook for the Rainy River Mine, expecting gold equivalent production to be between 240,000 and 255,000 ounces, a reduction from the previous forecast of 275,000 to 295,000 ounces. This adjustment stems from lower gold grades in the East Lobe area, which contributed to approximately 20,000 fewer ounces produced in July and August. Consolidated gold equivalent production guidance is now anticipated to be between 405,000 and 450,000 ounces. All-in sustaining costs are projected to range from $1,415 to $1,495 per ounce.
New Gold reported second quarter results as of June 30, 2021, achieving total production of 105,705 gold equivalent ounces, including 66,989 ounces of gold. Revenues reached $198 million with an operating expense of $913 per gold equivalent ounce. Despite a $16 million net loss for the quarter, adjusted net earnings were $27 million. Free cash flow was $21 million, while cash and liquidity positions stood at $138 million and $464 million, respectively. Outlook for the second half indicates potential production challenges at Rainy River due to lower than expected gold grades.
New Gold Inc. (NGD) announced its second quarter operational results, reporting total production of 105,705 gold equivalent ounces as of June 30, 2021. Key highlights include production of 66,989 ounces of gold and an increase in mining rates at New Afton by over 30%. The company holds a cash position of $138 million and a liquidity position of $464 million. The Rainy River mine is expected to improve production in the second half of the year due to transitioning to higher-grade areas. The next financial results release is scheduled for August 11, 2021.
New Gold Inc. (NGD) has announced significant exploration updates for the New Afton Mine, targeting new copper-gold mineralization based on a 2020 AI study. Underground drilling on the AI West target yielded impressive results, including 25.2 g/t gold over 2 meters. Surface drilling along the Cherry Creek trend returned 21 g/t gold over 1 meter. A robust drilling program is underway, with further drilling planned at AI Southeast and Cherry Creek. These developments may indicate potential extensions of known mineralization and the discovery of new deposit types.
New Gold Inc. (NYSE American: NGD) expresses deep sorrow over the discovery of remains of 215 children at a former residential school in Kamloops. President and CEO Renaud Adams extends condolences to the affected communities, particularly the Tk'emlúps te Secwépemc Nation. The company emphasizes its commitment to fostering a healthy future for Indigenous peoples in Canada, acknowledging historical traumas. New Gold operates two main producing assets, the Rainy River and New Afton mines, and holds interests in other Canadian projects.
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