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 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.
On February 10, 2021, New Gold Inc. (NGD) released its annual operational outlook for the Rainy River Mine and updated its Mineral Reserves and Resources as of December 31, 2020. The annual estimates for New Afton Mine will be delayed due to a recent underground incident. Currently, the New Afton Mine runs at 3,000-5,000 tonnes per day with ongoing ore processing. New Gold aims to optimize operations at Rainy River while exploring potential expansions and collaborating with Indigenous partners on sustainability efforts. The company's outlook assumes no significant COVID-19 interruptions.
New Gold Inc. (NGD) has resumed partial underground operations and development activities at the New Afton Mine following a mud-rush incident on February 2, 2021. The mine is gradually returning to full operational capacity, focusing on employee health and safety. Current activities include ore extraction at limited capacity and a return to normal levels for B3 and C-Zone development. Milling and tailings operations have resumed, processing surface stockpiles to maintain production levels. Further updates will be provided as they develop.
February 5, 2021 - New Gold Inc. (NGD) has resumed surface operations at the New Afton Mine in Kamloops, B.C., following a mud-rush incident on February 2, 2021. The mill and tailings operations restarted, currently processing ore from stockpiles. No infrastructure was damaged, and construction on the Thickened and Amended Tailings Facility has resumed. Plans are in place to safely restart underground mining operations, though these remain suspended. New Gold prioritizes the health and safety of its workers during this phase.
New Gold Inc. (TSX and NYSE American: NGD) provides an update regarding a tragic incident at its New Afton Mine in Kamloops, B.C. On February 2, 2021, a fatal underground mud-rush incident occurred involving an employee of a drilling contractor. The individual's body was recovered on February 3, and the Company has not disclosed their name. New Gold expresses deep condolences to the family and friends of the deceased and has suspended all underground operations for investigation purposes. The mud-rush was localized, sparing other parts of the mine.
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