New Gold Delivers Highest Production Quarter of 2024
Press Release
January 9, 2025
TORONTO, New Gold Inc. (“New Gold” or the “Company”) (TSX: NGD) (NYSE American: NGD) reports fourth quarter and full year operational results for the Company as of December 31, 2024.
The Company is providing notice that it will release its operational outlook, technical report summaries for Rainy River and New Afton, and updated Mineral Reserve and Mineral Resource Statement for the Company as of December 31, 2024 after market close on Wednesday, February 12, 2025. A conference call and webcast will be hosted on Thursday, February 13, 2025 at 1:00 pm Eastern Time.
The Company is also providing notice that it will release its fourth quarter and full year 2024 financial results after market close on Wednesday, February 19, 2025. The Company will host its fourth quarter and full year 2024 earnings conference call and webcast on Thursday, February 20, 2025 at 8:30 am Eastern Time.
Highest Production Quarter of the Year Highlighted by New Afton Beating Gold Production Guidance, Partially Offsetting Rainy River Underperformance
“The fourth quarter was our highest production quarter of the year. This was during a quarter that saw New Gold deliver on key growth milestones including commercial production at New Afton’s C-Zone and first ore from Rainy River underground, both ahead of schedule,” stated Patrick Godin, President & CEO. “New Afton delivered a standout quarter for gold production, beating the top end of its gold production guidance range. Rainy River experienced operational challenges in December impacting processing capabilities, leading to a slight miss on updated consolidated gold production guidance for the year.”
“The Company continues to advance initiatives to shape its future. We will release two updated technical reports later this quarter, one for Rainy River and one for New Afton, to illustrate our ability to increase our production, decrease our costs, and maximize our free cash flow generation in the years to come,” added Mr. Godin.
- Fourth quarter consolidated production was 80,438 ounces of gold and 14.5 million pounds of copper, representing the highest gold and copper production quarter of 2024, resulting in a 2% and 20% increase over the prior-year period, and 3% and 15% increase over the third quarter of 2024, respectively.
- New Afton fourth quarter production was 19,652 ounces of gold and 14.5 million pounds of copper, an increase of 19% gold production and 15% copper production over the third quarter. The B3 cave performed as planned, and C-Zone ore production is ramping up as planned following commercial production and crusher commissioning early in the fourth quarter. Gold production beat the top end of the original 2024 guidance, with copper production achieving the midpoint.
- Rainy River fourth quarter production was 60,786 ounces of gold. Fourth quarter operations were adversely impacted by unexpected mechanical down-time on the crushing and conveying system in December, leading to lower than expected throughput. As a result, fourth quarter production, specifically December production, was below plan, leading to gold production slightly below the updated 2024 guidance range.
- 2024 consolidated gold production of 298,303 ounces of gold was slightly below the updated consolidated guidance range of 300,000 to 310,000 ounces, while 54.0 million pounds of copper achieved the midpoint of initial copper production guidance range outlined at the start of 2024. Consolidated all-in sustaining costs3 are expected to be at the low end of the guidance range of $1,240 to $1,340 per gold ounce sold on a by-product basis.
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