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. (NGD) announced the issuance of the Mines Act permit for the B3 zone, a critical milestone for the New Afton Mine. With the permit secured, ore extraction will commence this quarter and accelerate throughout the year. The development of the C-Zone is also progressing, with extraction anticipated in the second half of 2023. The company aims to establish itself as a leading diversified intermediate gold entity, focusing on responsible mining practices. Additional details can be found on New Gold's website.
On May 5, 2021, New Gold announced the voting results from its Annual General Meeting held on May 4, 2021. The Company appointed Geoff Chater and Thomas McCulley to its Board of Directors. Chater, a geologist with vast international experience, and McCulley, a seasoned leader in mining projects, bring valuable expertise to the Board. During the meeting, all director nominees received significant shareholder approval, with votes for Chater at 99.64% and for McCulley at 99.68%. This strategic expansion of leadership comes as New Gold aims to advance its growth phase.
New Gold reported its first quarter results for 2021, showing gold equivalent production of 96,026 ounces and revenues of $165 million, up from $142.3 million in Q1 2020. Net earnings were $15 million ($0.02 per share), reflecting an increase due to higher gold and copper prices. Operating expenses rose to $1,022 per gold equivalent ounce. Despite challenges from a mud rush incident and lower sales volume, the company remains on track for guidance, focusing on operational optimization and financial flexibility.
New Gold Inc. (NGD) reports three positive COVID-19 cases among employees at the Rainy River Mine in Ontario, with seven additional non-negative tests pending confirmation. All affected individuals have been isolated. The company emphasizes its comprehensive COVID-19 response plan, prioritizing employee and community health. Operations at the mine continue, and the company is working closely with the Northwestern Health Unit for updates. New Gold maintains strict protocols to mitigate COVID-19 spread and collaborates with local Indigenous communities.
New Gold has acquired 37,366,932 common shares of Talisker Resources for approximately $13.8 million, representing 14.9% of Talisker's outstanding shares. This acquisition allows New Gold to appoint a nominee to Talisker's board and participate in future equity financings to maintain its stake. New Gold has agreed to certain restrictions for 24 months, including a standstill on acquiring more than 14.9% of Talisker. The acquisition is intended for investment purposes, with New Gold potentially increasing its stake based on market conditions.
New Gold Inc. (NGD) announced it will release its first quarter 2021 financial results on May 5, 2021, before market open, followed by a conference call at 8:30 am ET. Additionally, the 2021 Annual General Meeting of Shareholders is scheduled for May 4, 2021, at 4:00 pm ET. The meeting will be virtual due to COVID-19 precautions, allowing shareholders to participate and vote online. Interested parties can request audited financial statements and meeting materials for free. More information is available on New Gold’s website.
New Gold Inc. (NGD) reported its Q1 2021 operational results, achieving a total production of 96,026 gold equivalent ounces. The Rainy River Mine produced 56,513 gold equivalent ounces, while the New Afton Mine produced 39,512 gold equivalent ounces. The company anticipates increased production in the second half of the year, driven by a focus on waste stripping and ore extraction from the B3 zone, set to commence in Q2. Additionally, early-stage exploration drilling programs showed promising results, hinting at potential mineralization in key target areas.
New Gold Inc. (NGD) announced the acquisition of 154,940,153 common shares of Harte Gold Corp. at a price of $0.16 per share, totaling approximately $24.8 million, giving New Gold a 14.9% interest in Harte Gold. The deal, expected to close around March 24, 2021, includes an Investor Rights Agreement that allows New Gold to maintain its stake and nominate a board member. New Gold is acquiring the shares as a long-term investment and may buy or sell additional shares in the future.
New Gold reported its fourth quarter and annual results on February 18, 2021, achieving mid-range production guidance with improved operational performance. Q4 production was 120,567 gold equivalent ounces, while annual production reached 437,617 ounces. Revenues increased to $199 million for Q4 and $643 million for the year, driven by higher gold and copper prices. Despite a net loss of $21 million in Q4, the company expects to transition to positive free cash flow in 2021. Key projects at Rainy River and New Afton mines are progressing, and exploration drilling aims to extend mine life.
New Gold Inc. (NGD) has released its annual operational outlook for the New Afton Mine, following a mud-rush incident on February 2, 2021, which resulted in a fatality but localized damage. The company reported that underground operations have resumed and will ramp up throughout the year, with first ore extraction from the B3 zone expected in Q2. Production is anticipated to be higher in the second half of 2021 as B3 contributes more to mill feed. New Gold continues to implement health precautions against COVID-19, which could affect operations.
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