Provides Update on 2021 Operational Outlook
(All amounts are in U.S. dollars unless otherwise
indicated)
TORONTO, Aug. 11, 2021 /PRNewswire/ - New Gold
Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE
American: NGD) reports second quarter results for the Company as of
June 30, 2021. The Company will host
a conference call and webcast today at 8:30
am Eastern Time to discuss the second quarter consolidated
results and 2021 operational outlook (details are provided at the
end of this news release). For detailed information, please refer
to the Company's Second Quarter Management's Discussion and
Analysis (MD&A) and Financial Statements that are available on
the Company's website at www.newgold.com and on SEDAR at
www.sedar.com. The Company uses certain non-GAAP financial
performance measures throughout this news release. Please refer to
the "Non-GAAP Financial Performance Measures" section of this news
release and the MD&A for more information.
"The second quarter saw our operations perform well, and the
Company remains on track to deliver an improved second half of the
year," stated Renaud Adams,
President & CEO. "I am especially proud of the free cash flow
generated in the quarter even at our planned lower grade. While
Rainy River experienced challenges
in July, the mine has reached an inflection point and I expect it
to contribute meaningful free cash flow going forward."
"During the quarter we continued to advance several key
catalysts for the Company's future growth. Development of the
decline towards the Intrepid underground ore zone at Rainy River continues to advance ahead of
schedule, and C-Zone development at New Afton continues to advance
on plan. We continue to seek ways to further optimize the
performance at our operations and generate additional value for our
shareholders," added Mr. Adams.
Consolidated Second Quarter Highlights
- Total production for the quarter was 105,705 gold
equivalent1 ("gold eq.") ounces (66,989 ounces of gold,
240,029 ounces of silver and 18.2 million pounds of copper). For
the six-month period ended June 30,
2021, production was 201,731 gold eq.1 ounces
(133,639 ounces of gold, 427,253 ounces of silver and 32.0 million
pounds of copper).
- Revenues for the quarter were $198
million.
- Operating expense for the quarter was $913 per gold eq. ounce.
- Total cash costs2 for the quarter were $977 per gold eq. ounce.
- All-in sustaining costs2 for the quarter were
$1,551 per gold eq. ounce.
- Average realized gold price2 of $1,817 per ounce and average realized copper
price2 of $4.43 per
pound.
- Net loss for the quarter was $16
million ($0.02 per
share).
- Adjusted net earnings2 for the quarter were
$27 million ($0.04 per share).
- Cash generated from operations for the quarter was $110 million ($0.16
per share). Cash generated from operations for the quarter, before
changes in non-cash operating working capital2, was
$85 million ($0.12 per share).
- Free cash flow2 generated for the quarter was
$21 million.
- At the end of the quarter, the Company had a cash position of
$138 million and a strong liquidity
position of $464 million.
2021 Operational Outlook
At Rainy River in the second
half of the year, the mine returns to higher-grade areas of the pit
(433, HS and ODM zones). However, in July
2021, production was primarily from the eastern area of the
ODM zone ("East Lobe") and realized gold grade from this area was
below the expected gold grade in this period. East Lobe represents
approximately 50% of planned production for the second half of
2021. If realized gold grade continues to track below expected gold
grade, it would negatively impact the amount of ounces we expect to
produce in the second half of 2021. The extent of the impact is not
yet known but there is a risk that Rainy
River may not achieve the lower end of its gold
equivalent1 production guidance range of 275,000 to
295,000 ounces or the high end of its all-in sustaining
costs2 guidance range of $1,125 per gold eq. ounce to $1,225 per gold eq. ounce. Management continues
to assess the extent and impact of the lower gold grade from East
Lobe, including additional reverse circulation drilling, and intend
to provide updated information when available. The remaining
high-grade areas that are planned to be mined during the second
half of 2021, reconcile well with the resource block model,
consistent with historical results.
At New Afton B3 production commenced in June following receipt
of the Mines Act Permit on May 25,
2021, and will advance through the second half of the year.
With the permit having been received later than anticipated, grades
are expected to be lower in the second half of the year and New
Afton is reviewing potential changes to its mine plan. As a result,
New Afton's gold production is expected to be at the lower end of
the guidance range of 52,000 to 62,000 ounces and copper production
is expected to be at the mid-point of the guidance range of 56 to
66 million pounds. New Afton is currently on track to meet its gold
equivalent1 production guidance range of 165,000 to
195,000 ounces and all-in sustaining costs2 are expected
to be at the higher end of the cost range of $1,225 per gold eq. ounce to $1,325 per gold eq. ounce. With current metal
prices significantly above reserve pricing, New Afton is evaluating
potential for additional short-term extraction opportunities below
the current reserve cut-off grades.
Based on current information, the Company is expecting to
achieve the lower end of the annual consolidated gold
equivalent1 production guidance range of 440,000 to
490,000 ounces and consolidated all-in sustaining costs2
are expected to be at the higher end of the range of $1,230 per gold eq. ounce to $1,330 per gold eq. ounce, although achieving
these ranges may be impacted by the extent of the lower gold grade
from Rainy River's East Lobe.
Consolidated Financial Highlights
|
Q2
2021
|
Q2
2020
|
H1
2021
|
H2
2020
|
Revenue
($M)
|
198.2
|
128.5
|
363.1
|
270.8
|
Net (loss) earnings,
per share ($)
|
(0.02)
|
(0.07)
|
—
|
(0.11)
|
Adj. net earnings
(loss), per share ($)2
|
0.04
|
—
|
0.05
|
(0.03)
|
Operating cash flow,
per share ($)
|
0.16
|
0.08
|
0.24
|
0.15
|
Adj. operating cash
flow, per share ($)2
|
0.12
|
0.08
|
0.22
|
0.15
|
- Revenues for the quarter were $198
million and $363 million for
the six-month period ended June 30,
2021, an increase compared to the prior-year periods due to
higher sales volumes and higher gold and copper prices.
- Operating expenses for the quarter and six-month period ended
June 30, 2021, were higher than the
prior-year periods due to the strengthening of the Canadian dollar,
costs related to the ramp-up of operations at New Afton in the
first quarter, and the prior-year benefitting from the Canada Emergency Wage Subsidy.
- Net loss for the quarter was $16
million ($0.02 per share) and
net earnings were $1.0 million ($nil
per share) for the six-month period ended June 30, 2021, an improvement compared to the
prior-year periods primarily due to higher revenue, partially
offset by higher operating expenses, the loss on revaluation of the
New Afton free cash flow interest obligation, and the loss on the
revaluation of investments. Additionally, the prior-year period
included an impairment loss on the reclassification of Blackwater
as an asset held for sale.
- Adjusted net earnings2 for the quarter were
$27 million ($0.04 per share) and $35
million ($0.05 per share) for
the six-month period ended June 30,
2021, an increase compared to the prior-year periods
primarily due to higher revenues partially offset by higher
costs.
Consolidated Operational Highlights
|
Q2
2021
|
Q2
2020
|
H1
2021
|
H1
2020
|
Gold eq. production
(ounces)1
|
105,705
|
98,079
|
201,731
|
201,514
|
Gold eq. sold
(ounces)1
|
104,221
|
91,390
|
196,039
|
195,326
|
Gold production
(ounces)
|
66,989
|
64,294
|
133,639
|
131,084
|
Gold sold
(ounces)
|
68,184
|
60,853
|
131,723
|
129,626
|
Copper production
(Mlbs)
|
18.2
|
16.9
|
32.0
|
35.4
|
Copper sold
(Mlbs)
|
16.9
|
15.3
|
30.2
|
33.0
|
Average realized gold
price, per ounce2
|
1,817
|
1,516
|
1,803
|
1,485
|
Average realized
copper price, per pound2
|
4.43
|
2.51
|
4.17
|
2.54
|
Operating expense,
per gold eq. ounce
|
913
|
726
|
964
|
799
|
Total cash costs, per
gold eq. ounce2
|
977
|
773
|
1,019
|
849
|
Depreciation and
depletion, per gold eq. ounce
|
495
|
445
|
496
|
478
|
All-in sustaining
costs, per gold eq. ounce2
|
1,551
|
1,283
|
1,551
|
1,370
|
Sustaining capital
and sustaining leases ($M)2
|
49.2
|
41.1
|
87.1
|
90.2
|
Growth capital
($M)2
|
33.2
|
11.4
|
51.8
|
30.4
|
Rainy River
Operational Highlights
Rainy River
Mine
|
Q2
2021
|
Q2
2020
|
H1
2021
|
H1
2020
|
Gold eq. production
(ounces)1
|
55,163
|
49,633
|
111,676
|
100,739
|
Gold eq. sold
(ounces)1
|
57,304
|
47,873
|
110,881
|
101,411
|
Gold production
(ounces)
|
52,901
|
48,800
|
107,557
|
99,181
|
Gold sold
(ounces)
|
55,062
|
47,064
|
106,857
|
99,846
|
Average realized gold
price, per ounce2
|
1,817
|
1,514
|
1,802
|
1,483
|
Operating expense,
per gold eq. ounce
|
974
|
890
|
989
|
980
|
Total cash costs, per
gold eq. ounce2
|
974
|
890
|
989
|
980
|
Depreciation and
depletion, per gold eq. ounce
|
670
|
646
|
653
|
654
|
All-in sustaining
costs, per gold eq. ounce2
|
1,524
|
1,567
|
1,554
|
1,666
|
Sustaining capital
and sustaining leases ($M)2
|
29.8
|
30.9
|
59.1
|
66.6
|
Growth capital
($M)2
|
3.7
|
0.1
|
5.0
|
0.2
|
Operating Key Performance Indicators
Rainy River Mine
(Open Pit Mine only)
|
Q2
2020
|
Q3
2020
|
Q4
2020
|
Q1
2021
|
Q2
2021
|
Tonnes mined per day
(ore and waste)
|
126,512
|
145,701
|
158,638
|
150,767
|
158,556
|
Ore tonnes mined per
day
|
23,101
|
36,515
|
42,918
|
35,681
|
36,256
|
Operating waste
tonnes per day
|
72,575
|
62,818
|
73,921
|
65,643
|
71,124
|
Capitalized waste
tonnes per day
|
30,836
|
46,368
|
41,799
|
49,442
|
51,176
|
Total waste tonnes
per day
|
103,411
|
109,186
|
115,720
|
115,085
|
122,300
|
Strip ratio
(waste:ore)
|
4.48
|
2.99
|
2.70
|
3.23
|
3.37
|
Tonnes milled per
calendar day
|
23,880
|
26,998
|
26,999
|
26,301
|
25,349
|
Gold grade milled
(g/t)
|
0.78
|
0.88
|
0.93
|
0.80
|
0.82
|
Gold recovery
(%)
|
89
|
89
|
90
|
89
|
87
|
Mill availability
(%)
|
90
|
90
|
94
|
89
|
88
|
Gold production
(ounces)
|
48,800
|
63,004
|
66,734
|
54,656
|
52,901
|
Gold eq. production
(ounces)1
|
49,633
|
64,221
|
68,241
|
56,513
|
55,163
|
- Second quarter gold eq.1 production was 55,163
ounces (52,901 ounces of gold and 162,879 ounces of silver). Lower
gold grades were expected during the first half of the year as
mining operations were focused on stripping to bring pit walls to
the final pit limit. The 11% increase compared to the prior-year
period is due to higher tonnes processed and higher gold grades.
For the six-month period ended June 30,
2021, gold eq.1 production was 111,676 ounces
(107,557 ounces of gold and 296,609 ounces of silver), an increase
over the prior-year period due to higher tonnes processed, with the
prior-year period including a two-week voluntary shutdown due to
COVID-19.
- Operating expense and total cash costs2 were
$974 per gold eq. ounce for the
quarter, an increase over the prior-year period due to the
strengthening of the Canadian dollar and the prior-year period
benefitting from the Canadian Wage Subsidy. These two items
increased costs by approximately $200
per gold eq. ounce in the quarter and were partially offset by
improved operational and cost performance, and higher sales
volumes. For the six-month period ended June
30, 2021, operating expense and total cash costs2
were $989 per gold eq. ounce, an
increase over the prior-year period due to the strengthening of the
Canadian dollar, and the receipt of the Canadian Wage Subsidy in
the prior-year period.
- Sustaining capital and sustaining lease2 payments
for the quarter were $30 million,
including $14 million of capitalized
mining costs. Sustaining capital spend during the quarter primarily
included the advancement of the planned annual tailings dam raise
and capital maintenance. For the six-month period ended
June 30, 2021, sustaining capital and
sustaining lease2 payments were $59 million, including $27
million of capitalized mining costs.
- All-in sustaining costs2 were $1,524 per gold eq. ounce for the quarter, a
decrease over the prior-year period primarily due to higher sales
volumes partially offset by higher total cash costs. For the
six-month period ended June 30, 2021,
all-in sustaining costs2 were $1,554 per gold eq. ounce, a decrease over the
prior-year period primarily due to higher sales volumes and lower
sustaining capital spend.
- Growth capital2 for the quarter was $4 million and $5
million for the six-month period ended June 30, 2021, relating to the development of the
underground Intrepid zone. During the quarter, development of the
decline towards the Intrepid underground ore zone advanced 616
metres.
- The open pit mine achieved 158,556 tonnes mined per day during
the quarter, a 5% increase over the prior quarter, and exceeding
the 2021 target of ~151,000 tonnes per day. Approximately 3.3
million ore tonnes and 11.1 million waste tonnes (including 4.7
million capitalized waste tonnes) were mined from the open pit at
an average strip ratio of 3.37:1. As planned, during the second
half of the year, the strip ratio is expected to decrease.
- The mill processed 25,349 tonnes per day for the quarter, lower
than the prior period, due to unplanned maintenance activities
performed at the mill during the quarter impacting mill
availability and operating time. The mill is expected to operate at
27,000 tonnes per day in the second half of the year. The mill
continued to process ore directly supplied by the open pit combined
with ore from the medium grade stockpile and processed an average
grade of 0.82 grams per tonne at a gold recovery of 87%. Mill
availability for the quarter averaged 88%.
- There are currently no active cases of COVID-19 at the Rainy
River Mine. Rainy River has
implemented measures to mitigate and limit the spread of COVID-19
to protect the well-being of its employees, contractors, their
families, local communities, and other stakeholders. For more
information see: http://newgold.com/covid-19/.
New Afton Mine
Operational Highlights
New Afton
Mine
|
Q2
2021
|
Q2
2020
|
H1
2021
|
H1
2020
|
Gold eq. production
(ounces)1
|
50,542
|
48,446
|
90,055
|
100,775
|
Gold eq. sold
(ounces)1
|
46,917
|
43,517
|
85,157
|
93,915
|
Gold production
(ounces)
|
14,088
|
15,494
|
26,082
|
31,903
|
Gold sold
(ounces)
|
13,122
|
13,789
|
24,866
|
29,780
|
Copper production
(Mlbs)
|
18.2
|
16.9
|
32.0
|
35.4
|
Copper sold
(Mlbs)
|
16.9
|
15.3
|
30.2
|
33.0
|
Average realized gold
price, per ounce2
|
1,817
|
1,520
|
1,809
|
1,490
|
Average realized
copper price, per pound2
|
4.43
|
2.51
|
4.17
|
2.54
|
Operating expense,
per gold eq. ounce
|
840
|
545
|
932
|
604
|
Total cash costs, per
gold eq. ounce2
|
981
|
644
|
1,058
|
707
|
Depreciation and
depletion, per gold eq. ounce
|
274
|
217
|
284
|
280
|
All-in sustaining
costs, per gold eq. ounce2
|
1,402
|
881
|
1,396
|
962
|
Sustaining capital
and sustaining leases ($M)2
|
19.1
|
10.0
|
27.6
|
23.4
|
Growth capital
($M)2
|
29.5
|
10.4
|
46.7
|
21.2
|
Operating Key Performance Indicators
New Afton
Mine
|
Q2
2020
|
Q3
2020
|
Q4
2020
|
Q1
2021
|
Q2
2021
|
Tonnes mined per day
(ore and waste)
|
15,358
|
17,249
|
17,259
|
11,395
|
15,104
|
Tonnes milled per
calendar day
|
14,240
|
15,483
|
15,358
|
13,564
|
13,795
|
Gold grade milled
(g/t)
|
0.46
|
0.44
|
0.46
|
0.39
|
0.43
|
Gold recovery
(%)
|
81
|
80
|
79
|
79
|
80
|
Gold production
(ounces)
|
15,494
|
15,955
|
16,362
|
11,994
|
14,088
|
Copper grade milled
(%)
|
0.72
|
0.71
|
0.73
|
0.64
|
0.79
|
Copper recovery
(%)
|
83
|
82
|
81
|
80
|
83
|
Copper production
(Mlbs)
|
16.9
|
18.2
|
18.5
|
13.8
|
18.2
|
Mill availability
(%)
|
92
|
98
|
99
|
96
|
98
|
Gold eq. production
(ounces)1
|
48,446
|
51,315
|
52,326
|
39,512
|
50,542
|
- Second quarter gold eq.1 production was 50,542
ounces (14,088 ounces of gold and 18.2 million pounds of copper).
The increase compared to the prior-year period is due to higher
copper production as a result of higher copper grades. For the
six-month period ended June 30, 2021,
gold eq.1 production was 90,055 ounces (26,082 ounces of
gold and 32 million pounds of copper), a decrease over the
prior-year period due to lower grades and lower throughput.
- Operating expense and total cash costs2 were
$840 and $981 per gold eq. ounce for the quarter, an
increase over the prior-year period due to planned higher costs,
the strengthening of the Canadian dollar and the prior-year period
benefitting from the Canadian Wage Subsidy. The strengthening of
the Canadian dollar and the benefit from the Canadian Wage Subsidy
increased costs by approximately $155
per gold eq. ounce in the quarter. For the six-month period ended
June 30, 2021, operating expense and
total cash costs2 were $932 and $1,058 per
gold eq. ounce, an increase over the prior-year period due to the
strengthening of the Canadian dollar, the receipt of the Canadian
Wage Subsidy in the prior-year period, as well as costs associated
with the ramp up of operations following the shutdown of operations
in the first quarter of 2021 due to the tragic incident.
- Sustaining capital and sustaining lease2 payments
for the quarter were $19 million,
primarily related to B3 mine development and the advancement of the
planned tailings dam raise. For the six-month period ended
June 30, 2021, sustaining capital and
sustaining lease2 payments were $28 million.
- All-in sustaining costs2 were $1,402 per gold eq. ounce for the quarter and
$1,396 per gold eq. ounce for the
six-month period ended June 30, 2021.
The increases over the prior-year periods were due to higher total
cash costs and sustaining capital spend.
- Growth capital2 was $30
million for the quarter, and $47
million for the six-month period ended June 30, 2021, primarily related to C-Zone
development and the thickened and amended tailings project.
- C-Zone development advanced by approximately 919 metres in the
quarter and continues to advance on plan.
- The underground mine averaged 15,104 tonnes mined per day for
the quarter, higher than the previous quarter, as the mine
initiated a safe and secure ramp up of Lift 1, including the West
Cave, East Cave and Pillar, to return to pre-incident mining
rates.
- The mill averaged 13,795 tonnes per day, slightly below the
prior-year period, but in-line with the plan to optimize metal
recoveries while processing higher grade supergene ore. The mill
processed gold grades of 0.43 grams per tonne and higher than
expected copper grades of 0.79%, with gold and copper recoveries of
80% and 83%, respectively.
- There are currently two active cases of COVID-19 at the New
Afton Mine. New Afton has implemented measures to mitigate and
limit the spread of COVID-19 to protect the well-being of its
employees, contractors, their families, local communities, and
other stakeholders. For more information see:
http://newgold.com/covid-19/.
- The wildfire situation in British
Columbia remains active. At this time there has been no
impact to operations at New Afton or to the supply chain. New Afton
has an active fire management plan in place, and a number of
precautionary measures have been implemented in the event the risk
to our employees, contractors, communities and infrastructure
increases considerably. Our priority remains the health, safety,
and wellbeing of our employees, contractors and communities. We
will continue to monitor the situation closely and will follow
protocols and procedures established by the B.C. Ministry of Public
Safety and Solicitor General.
Sustainability and ESG
New Gold has four sustainability focus areas: Indigenous
Peoples, Tailings Management, Water and Climate. New Gold has
adapted its sustainability efforts to align with the most pressing
ESG issues facing the Company and the mining industry. As such, our
ESG approach continues to prioritize the health, safety, and
well-being of our people and the people in the communities in which
we operate. The protection of our people is central to our success
as we believe people are our greatest asset. New Gold is committed
to providing training, opportunities, and progression paths for our
teams, and we actively seek to ensure that we promote diversity
within our teams at all levels of the organization. We have adopted
an approach to execute on our sustainability strategy that aligns
with ESG reporting standards.
Second Quarter 2021 Conference Call and Webcast
The Company will host a webcast and conference call today at
8:30 am Eastern Time to discuss the
Company's second quarter consolidated results and 2021 operational
outlook.
- Participants may listen to the webcast by registering on our
website at www.newgold.com or via the following link
https://produceredition.webcasts.com/starthere.jsp?ei=1479944&tp_key=e9367fef15
- Participants may also listen to the conference call by calling
North American toll free 1-888-664-6383, or 1-416-764-8650 outside
of the U.S. and Canada, passcode
26663480.
- A recorded playback of the conference call will be available
until September 11, 2021 by calling
North American toll free 1-888-390-0541, or 1-416-764-8677 outside
of the U.S. and Canada, passcode
663480. An archived webcast will also be available at
www.newgold.com.
About New Gold
New Gold is a Canadian-focused
intermediate mining Company with a portfolio of two core producing
assets in Canada, the Rainy River
gold mine and the New Afton copper-gold mine. The Company also
holds an 8% gold stream on the Artemis Gold Blackwater project
located in Canada, a 6% equity
stake in Artemis Gold Inc., and other Canadian-focused investments.
New Gold's vision is to build a leading diversified intermediate
gold company based in Canada that
is committed to environment and social responsibility. For further
information on the Company, visit www.newgold.com.
Endnotes
1.
|
Total gold eq. ounces
include silver and copper produced/sold converted to a gold eq.
based on a ratio of $1,800 per gold ounce, $25.00 per silver ounce
and $3.50 per copper pound used for 2021 guidance estimates. All
copper is produced/sold by the New Afton Mine. Gold eq. ounces for
Rainy River in Q2 2021 includes production of 162,879 ounces of
silver (161,472 ounces sold) converted to a gold eq. based on a
ratio of $1,800 per gold ounce and $25.00 per silver ounce used for
2021 guidance estimates. Gold eq. ounces for New Afton in Q2 2021
includes 18.2 million pounds of copper produced (16.9 million
pounds sold) and 77,150 ounces of silver produced 67,888 ounces of
silver sold) converted to a gold eq. based on a ratio of $1,800 per
gold ounce, 3.50 per copper pound and $25.00 per silver ounce used
for 2021 guidance estimates.
|
|
|
2.
|
"Total cash costs",
"all-in sustaining costs", "adjusted net earnings/(loss)",
"sustaining capital and sustaining leases", "growth capital", "cash
generated from operations", "free cash flow" and "average realized
gold/copper price per ounce/pound" are all non-GAAP financial
performance measures that are used in this press release. These
measures do not have any standardized meaning under IFRS and
therefore may not be comparable to similar measures presented by
other issuers. For more information about these measures, why they
are used by the Company, and a reconciliation to the most directly
comparable measure under IFRS, see the "Non-GAAP Financial
Performance Measures" section of this news release.
|
Non-GAAP Financial Performance Measures
Total Cash Costs per Gold eq. Ounce
"Total cash costs per gold equivalent ounce" is a non-GAAP
financial performance measure that is a common financial
performance measure in the gold mining industry but does not have
any standardized meaning under IFRS and therefore may not be
comparable to similar measures presented by other issuers. New Gold
reports total cash costs on a sales basis and not on a production
basis. The Company believes that, in addition to conventional
measures prepared in accordance with IFRS, this measure, along with
sales, is a key indicator of the Company's ability to generate
operating earnings and cash flow from its mining operations. This
measure allows investors to better evaluate corporate performance
and the Company's ability to generate liquidity through operating
cash flow to fund future capital exploration and working capital
needs.
This measure is intended to provide additional information only
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. This
measure is not necessarily indicative of cash generated from
operations under IFRS or operating costs presented under IFRS.
Total cash cost figures are calculated in accordance with a
standard developed by The Gold Institute, a worldwide association
of suppliers of gold and gold products that ceased operations in
2002. Adoption of the standard is voluntary and the cost measures
presented may not be comparable to other similarly titled measures
of other companies. Total cash costs include mine site operating
costs such as mining, processing and administration costs,
royalties, production taxes, but are exclusive of amortization,
reclamation, capital and exploration costs. Total cash costs are
then divided by gold equivalent ounces sold to arrive at the total
cash costs per equivalent ounce sold.
In addition to gold the Company produces copper and silver. Gold
equivalent ounces of copper and silver produced or sold in a
quarter are computed using a consistent ratio of copper and silver
prices to the gold price and multiplying this ratio by the pounds
of copper and silver ounces produced or sold during that
quarter.
Notwithstanding the impact of copper and silver sales, as the
Company is focused on gold production, New Gold aims to assess the
economic results of its operations in relation to gold, which is
the primary driver of New Gold's business. New Gold believes this
metric is of interest to its investors, who invest in the Company
primarily as a gold mining business. To determine the relevant
costs associated with gold equivalent ounces, New Gold believes it
is appropriate to reflect all operating costs incurred in its
operations.
All-In Sustaining Costs per Gold eq. Ounce
"All-in sustaining costs per gold equivalent ounce" is a
non-GAAP financial performance measure that does not have any
standardized meaning under IFRS and therefore may not be comparable
to similar measures presented by other issuers. New Gold calculates
"all-in sustaining costs per gold equivalent ounce" based on
guidance announced by the World Gold Council ("WGC") in
September 2013. The WGC is a
non-profit association of the world's leading gold mining companies
established in 1987 to promote the use of gold to industry,
consumers and investors. The WGC is not a regulatory body and does
not have the authority to develop accounting standards or
disclosure requirements. The WGC has worked with its member
companies to develop a measure that expands on IFRS measures to
provide visibility into the economics of a gold mining company.
Current IFRS measures used in the gold industry, such as operating
expenses, do not capture all of the expenditures incurred to
discover, develop and sustain gold production. New Gold believes
that "all-in sustaining costs per gold equivalent ounce" provides
further transparency into costs associated with producing gold and
will assist analysts, investors, and other stakeholders of the
Company in assessing its operating performance, its ability to
generate free cash flow from current operations and its overall
value. In addition, the Compensation Committee of the Board of
Directors uses "all-in sustaining costs", together with other
measures, in its Company scorecard to set incentive compensation
goals and assess performance.
"All-in sustaining costs per gold equivalent ounce" is intended
to provide additional information only and does not have any
standardized meaning under IFRS and may not be comparable to
similar measures presented by other mining companies. It should not
be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. The measure is not
necessarily indicative of cash flow from operations under IFRS or
operating costs presented under IFRS.
New Gold defines "all-in sustaining costs per gold equivalent
ounce" as the sum of total cash costs, net capital expenditures
that are sustaining in nature, corporate general and administrative
costs, capitalized and expensed exploration that is sustaining in
nature, lease payments that are sustaining in nature, and
environmental reclamation costs, all divided by the total gold
equivalent ounces sold to arrive at a per ounce figure. The
"Sustaining Capital Expenditure Reconciliation" table below
reconciles New Gold's sustaining capital to its cash flow
statement. The definition of sustaining versus non-sustaining
is similarly applied to capitalized and expensed exploration costs
and lease payments. Exploration costs and lease payments to develop
new operations or that relate to major projects at existing
operations where these projects are expected to materially increase
production are classified as non-sustaining and are excluded. Gold
equivalent ounces of copper and silver produced or sold in a
quarter are computed using a consistent ratio of copper and silver
prices to the gold price and multiplying this ratio by the pounds
of copper and silver ounces produced or sold during that
quarter.
Costs excluded from all-in sustaining costs are non-sustaining
capital expenditures, non-sustaining lease payments and exploration
costs, financing costs, tax expense, and transaction costs
associated with mergers, acquisitions and divestitures, and any
items that are deducted for the purposes of adjusted earnings.
Sustaining Capital and Sustaining Leases
"Sustaining capital" and "sustaining lease" are non-GAAP
financial performance measures that do not have any standardized
meaning under IFRS and therefore may not be comparable to similar
measures presented by other issuers. New Gold defines "sustaining
capital" as net capital expenditures that are intended to maintain
operation of its gold producing assets. Similarly, a "sustaining
lease" is a lease payment that is sustaining in nature. To
determine "sustaining capital" expenditures, New Gold uses cash
flow related to mining interests from its statement of cash flows
and deducts any expenditures that are capital expenditures to
develop new operations or capital expenditures related to major
projects at existing operations where these projects will
materially increase production. Management uses "sustaining
capital" and "sustaining lease", to understand the aggregate net
result of the drivers of all-in sustaining costs other than total
cash costs. These measures are intended to provide additional
information only and should not be considered in isolation or as
substitutes for measures of performance prepared in accordance with
IFRS.
Growth Capital
"Growth capital" is a non-GAAP financial performance measure
that does not have any standardized meaning under IFRS and
therefore may not be comparable to similar measures presented by
other issuers. New Gold considers non-sustaining capital costs to
be "growth capital", which are capital expenditures to develop new
operations or capital expenditures related to major projects at
existing operations where these projects will materially increase
production. To determine "growth capital" expenditures, New Gold
uses cash flow related to mining interests from its statement of
cash flows and deducts any expenditures that are capital
expenditures that are intended to maintain operation of its gold
producing assets. Management uses "growth capital" to understand
the cost to develop new operations or related to major projects at
existing operations where these projects will materially increase
production. This measure is intended to provide additional
information only and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS.
The following tables reconcile the above non-GAAP measures to
the most directly comparable IFRS measure on an aggregate
basis.
Consolidated OPEX, Cash Cost and All-in Sustaining Costs
Reconciliation
|
Three months ended
June 30
|
Six months ended
June 30
|
(in millions of
U.S. dollars, except where noted)
|
2021
|
2020
|
2021
|
2020
|
CONSOLIDATED OPEX,
CASH COST AND ALL-IN SUSTAINING COSTS RECONCILIATION
|
|
|
|
|
Operating
expenses
|
95.2
|
66.2
|
189.1
|
155.9
|
Gold equivalent
ounces sold1
|
104,221
|
91,390
|
196,039
|
195,326
|
Operating expenses
per gold equivalent ounce sold ($/ounce)
|
913
|
726
|
964
|
799
|
Operating
expenses
|
95.2
|
66.2
|
189.1
|
155.9
|
Treatment and
refining charges on concentrate sales
|
6.7
|
4.3
|
10.8
|
9.7
|
Total cash
costs
|
101.9
|
70.5
|
199.8
|
165.6
|
Gold equivalent
ounces sold1
|
104,221
|
91,390
|
196,039
|
195,326
|
Total cash costs
per gold equivalent ounce sold ($/ounce)2
|
977
|
773
|
1,019
|
849
|
Sustaining capital
expenditures2
|
46.5
|
38.7
|
81.7
|
85
|
Sustaining
exploration - expensed
|
0.1
|
-0.2
|
0.3
|
-0.2
|
Sustaining
leases2
|
2.7
|
2.4
|
5.4
|
5.2
|
Corporate G&A
including share-based compensation
|
8.2
|
3.9
|
12
|
8.1
|
Reclamation
expenses
|
2.4
|
1.8
|
4.7
|
3.6
|
Total all-in
sustaining costs
|
161.7
|
117.1
|
304
|
267.4
|
Gold equivalent
ounces sold1
|
104,221
|
91,390
|
196,039
|
195,326
|
All-in sustaining
costs per gold equivalent ounce sold
($/ounce)2
|
1,551
|
1,283
|
1,551
|
1,370
|
Sustaining Capital Expenditures Reconciliation Table
|
Three months ended
June 30
|
Six months ended
June 30
|
(in millions of
U.S. dollars, except where noted)
|
2021
|
2020
|
2021
|
2020
|
TOTAL SUSTAINING
CAPITAL EXPENDITURES
|
|
|
|
|
Mining interests per
statement of cash flows
|
79.9
|
50.2
|
133.8
|
115.5
|
New Afton growth
capital expenditures
|
(29.5)
|
(10.4)
|
(46.7)
|
(21.2)
|
Rainy River growth
capital expenditures
|
(3.7)
|
(0.1)
|
(5.0)
|
(0.2)
|
Blackwater growth
capital expenditures
|
—
|
(0.9)
|
—
|
(9.0)
|
Sustaining capital
expenditures
|
46.7
|
38.8
|
82.1
|
85.1
|
Adjusted Net Earnings/(Loss)
"Adjusted net earnings" and "adjusted net earnings per share"
are non-GAAP financial performance measures that do not have any
standardized meaning under IFRS and therefore may not be comparable
to similar measures presented by other issuers. "Adjusted net
earnings" and "adjusted net earnings per share" exclude the
following from net earnings: Inventory write downs, Items included
in "Other gains and losses" as per Note 3 of the Company's
consolidated financial statements; and Certain non-recurring items.
Net earnings have been adjusted, including the associated tax
impact, for the group of costs in "Other gains and losses" on the
condensed consolidated income statements. Key entries in this
grouping are: the fair value changes for the gold stream
obligation; fair value changes for the free cash flow interest
obligation; the gold and copper option contracts; foreign exchange
forward contracts; foreign exchange gain or loss, loss on disposal
of assets and fair value changes in investments. The income tax
adjustments reflect the tax impact of the above adjustments.
The Company uses "adjusted net earnings" for its own internal
purposes. Management's internal budgets and forecasts and public
guidance do not reflect the items which have been excluded from the
determination of "adjusted net earnings". Consequently, the
presentation of "adjusted net earnings" enables investors to better
understand the underlying operating performance of the Company's
core mining business through the eyes of management. Management
periodically evaluates the components of "adjusted net earnings"
based on an internal assessment of performance measures that are
useful for evaluating the operating performance of New Gold's
business and a review of the non-GAAP financial performance
measures used by mining industry analysts and other mining
companies. "Adjusted net earnings" and "adjusted net earnings per
share" are intended to provide additional information only and
should not be considered in isolation or as substitutes for
measures of performance prepared in accordance with IFRS. These
measures are not necessarily indicative of operating profit or cash
flows from operations as determined under IFRS. The following table
reconciles these non-GAAP financial performance measures to the
most directly comparable IFRS measure.
|
Three months ended
June 30
|
Six months ended
June 30
|
(in millions of
U.S. dollars, except where noted)
|
2021
|
2020
|
2021
|
2020
|
ADJUSTED NET
EARNINGS (LOSS) RECONCILIATION
|
|
|
|
|
Earnings (loss)
before taxes
|
(10.6)
|
(53.6)
|
8.4
|
(76.7)
|
Other (gains)
losses
|
42.8
|
56.5
|
34.1
|
60.4
|
Inventory
write-down
|
—
|
(3.0)
|
—
|
—
|
Adjusted net earnings
(loss) before taxes
|
32.2
|
(0.1)
|
42.5
|
(16.3)
|
Income tax (expense)
recovery
|
(5.2)
|
8.0
|
(7.4)
|
2.8
|
Income tax
adjustments
|
(0.3)
|
(11.2)
|
—
|
(7.6)
|
Adjusted income tax
(expense) recovery
|
(5.5)
|
(3.2)
|
(7.7)
|
(4.8)
|
Adjusted net earnings
(loss)2
|
26.7
|
(3.3)
|
34.8
|
(21.1)
|
Adjusted earnings
(loss) per share (basic and diluted)2
|
0.04
|
—
|
0.05
|
(0.03)
|
Cash Generated from Operations, before Changes in Non-Cash
Operating Working Capital
"Cash generated from operations, before changes in non-cash
operating working capital" is a non-GAAP financial performance
measure that does not have any standardized meaning under IFRS and
therefore may not be comparable to similar measures presented by
other issuers. Other companies may calculate this measure
differently and this measure is unlikely to be comparable to
similar measures presented by other companies. "Cash generated from
operations, before changes in non-cash operating working capital"
excludes changes in non-cash operating working capital. New Gold
believes this non-GAAP financial measure provides further
transparency and assists analysts, investors and other stakeholders
of the Company in assessing the Company's ability to generate cash
from its operations before temporary working capital changes.
Cash generated from operations, before non-cash changes in
working capital is intended to provide additional information only
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. This
measure is not necessarily indicative of operating profit or cash
flows from operations as determined under IFRS. The following table
reconciles this non-GAAP financial performance measure to the most
directly comparable IFRS measure.
|
Three months ended
June 30
|
Six months ended
June 30
|
(in millions of
U.S. dollars)
|
2021
|
2020
|
2021
|
2020
|
CASH
RECONCILIATION
|
|
|
|
|
Cash generated from
operations
|
110.3
|
52.8
|
163.7
|
104.1
|
Change in non-cash
operating working capital
|
(25.6)
|
(1.2)
|
(15.2)
|
(5.4)
|
Cash generated from
operations, before changes in non-cash operating working
capital2
|
84.7
|
51.6
|
148.5
|
98.7
|
Free Cash Flow
"Free cash flow" is a non-GAAP financial performance measure
that does not have any standardized meaning under IFRS and
therefore may not be comparable to similar measures presented by
other issuers. New Gold defines "free cash flow" as cash generated
from operations and proceeds of sale of other assets less capital
expenditures on mining interests, lease payments, settlement of
non-current derivative financial liabilities which include the gold
stream obligation and the Ontario Teachers' Pension Plan free cash
flow interest. New Gold believes this non-GAAP financial
performance measure provides further transparency and assists
analysts, investors and other stakeholders of the Company in
assessing the Company's ability to generate cash flow from current
operations. "Free cash flow" is intended to provide additional
information only and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS. This measure is not necessarily indicative of operating
profit or cash flows from operations as determined under IFRS. The
following tables reconcile this non-GAAP financial performance
measure to the most directly comparable IFRS measure on an
aggregate and mine-by-mine basis.
|
Three months ended
June 30, 2021
|
(in millions of
U.S. dollars)
|
Rainy
River
|
New
Afton
|
Other
|
Total
|
FREE CASH FLOW
RECONCILIATION
|
|
|
|
|
Cash generated from
operations
|
63.3
|
55.4
|
(8.4)
|
110.3
|
Less Mining interest
capital expenditures
|
(31.4)
|
(48.5)
|
(0.1)
|
(80.0)
|
Add Proceeds of sale
from other assets
|
0.3
|
—
|
—
|
0.3
|
Less Lease
payments
|
(2.4)
|
(0.1)
|
(0.2)
|
(2.7)
|
Less Cash settlement
of non-current derivative financial liabilities
|
(6.5)
|
—
|
—
|
(6.5)
|
Free Cash
Flow
|
23.3
|
6.8
|
(8.7)
|
21.4
|
Average Realized Price
"Average realized price per ounce of gold sold" is a non-GAAP
financial performance measure that does not have any standardized
meaning under IFRS and therefore may not be comparable to similar
measures presented by other issuers. Other companies may calculate
this measure differently and this measure is unlikely to be
comparable to similar measures presented by other companies.
Management uses this measure to better understand the price
realized in each reporting period for gold sales. "Average realized
price per ounce of gold sold" is intended to provide additional
information only and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS. The following tables reconcile this non-GAAP financial
performance measure to the most directly comparable IFRS measure on
an aggregate and mine-by-mine basis.
|
Three months ended
June 30
|
Six months ended
June 30
|
(in millions of
U.S. dollars, except where noted)
|
2021
|
2020
|
2021
|
2020
|
TOTAL AVERAGE
REALIZED PRICE
|
|
|
|
|
Revenue from gold
sales
|
121.9
|
91.1
|
234.3
|
189.7
|
Treatment and
refining charges on gold concentrate sales
|
1.6
|
1.5
|
2.8
|
3.3
|
Gross revenue from
gold sales
|
123.5
|
92.6
|
237.1
|
193.0
|
Gold ounces
sold
|
68,184
|
60,853
|
131,723
|
129,626
|
Total average
realized price per gold ounce sold ($/ounce)2
|
1,817
|
1,516
|
1,803
|
1,485
|
For additional information with respect to the non-GAAP measures
used by the Company refer to the detailed non-GAAP performance
measure disclosure in the MD&A for the three months ended
June 30, 2021 filed at www.sedar.com
and on EDGAR at www.sec.gov.
Cautionary Note Regarding Forward-Looking
Statements
Certain information contained in this news
release, including any information relating to New Gold's future
financial or operating performance are "forward-looking". All
statements in this news release, other than statements of
historical fact, which address events, results, outcomes or
developments that New Gold expects to occur are "forward-looking
statements". Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by
the use of forward-looking terminology such as "plans", "expects",
"is expected", "budget", "scheduled", "targeted", "estimates",
"forecasts", "intends", "anticipates", "projects", "potential",
"believes" or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"should", "might" or "will be taken", "occur" or "be achieved" or
the negative connotation of such terms. Forward-looking statements
in this news release include, among others, statements with respect
to: the Company's plans regarding the release of its second quarter
2021 financial results and the timing and details of its conference
call and webcast relating thereto; expectations regarding the
second half of the year; the expected free cash flow to be
generated at Rainy River as well
as increase in grades through the remainder of 2021; the
development of the decline towards the Intrepid underground ore
zone at Rainy
River and the C-Zone at New Afton; the Company's
aim to find ways to optimize the performance at its operations and
generate additional value for shareholders; the Company's
expectations regarding production and all-in sustaining costs at
New Afton and Rainy River as well
as on a consolidated basis; the mining of the East Lobe and the
grade expected to be mined in the East Lobe in the second half of
2021, the risks relating to the actual grade mined compared to the
expected grade to be mined in the East Lobe including its risk to
the company achieving its guidance at Rainy River and on a corporate level and the
Company's plans to provide updated information when
available; the anticipated decrease in the strip ratio at
Rainy River during the second half
of the year; the expected daily operating capacity of the mill in
the second half of the year; the current and anticipated trajectory
with respect to gold equivalent production guidance range at
Rainy River and New Afton and on
an annual consolidated basis; the Company's plans to optimize metal
recoveries at New Afton; the Company's planned advancement of B3
production through the second half of the year; expectations
regarding lower grades at New Afton during the second half of the
year; the potential for additional short-term extraction
opportunities at New Afton; and the Company's plans relating to its
ESG approach.
All forward-looking statements in this news release are based on
the opinions and estimates of management that, while considered
reasonable as at the date of this press release in light of
management's experience and perception of current conditions and
expected developments, are inherently subject to important risk
factors and uncertainties, many of which are beyond New Gold's
ability to control or predict. Certain material assumptions
regarding such forward-looking statements are discussed in this
news release, New Gold's latest annual management's discussion and
analysis ("MD&A"), its most recent annual information form and
technical reports on the Rainy River Mine and New Afton Mine filed
on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. In addition
to, and subject to, such assumptions discussed in more detail
elsewhere, the forward-looking statements in this news release are
also subject to the following assumptions: (1) there being no
significant disruptions affecting New Gold's operations other than
as set out herein; (2) political and legal developments in
jurisdictions where New Gold operates, or may in the future
operate, being consistent with New Gold's current expectations; (3)
the accuracy of New Gold's current mineral reserve and mineral
resource estimates and the grade of gold, silver and copper
expected to be mined; (4) the exchange rate between the Canadian
dollar and U.S. dollar, and to a lesser extent, the Mexican Peso,
being approximately consistent with current levels; (5) prices for
diesel, natural gas, fuel oil, electricity and other key supplies
being approximately consistent with current levels; (6) equipment,
labour and materials costs increasing on a basis consistent with
New Gold's current expectations; (7) arrangements with First
Nations and other Aboriginal groups in respect of the New Afton
Mine and Rainy River Mine being consistent with New Gold's current
expectations; (8) all required permits, licenses and authorizations
being obtained from the relevant governments and other relevant
stakeholders within the expected timelines; (9) there being no
significant disruptions to the Company's workforce at either the
Rainy River or New Afton Mine due to cases of COVID-19 or any
required self-isolation requirements (due, among other things, to
cross-border travel to the United
States or any other country); (10) the responses of the
relevant governments to the COVID-19 outbreak being sufficient to
contain the impact of the COVID-19 outbreak; (11) there being no
material disruption to the Company's supply chains and workforce
that would interfere with the Company's anticipated course of
action at the Rainy River Mine and the systematic ramp-up of
operations; (12) the long-term economic effects of the COVID-19
outbreak not having a material adverse impact on the Company's
operations or liquidity position; and (13) Artemis Gold Inc. being
able to complete the remaining C$50
million cash payment due on August
24, 2021 for the acquisition of the Blackwater project.
Forward-looking statements are necessarily based on estimates
and assumptions that are inherently subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking statements. Such factors include, without
limitation: significant capital requirements and the availability
and management of capital resources; additional funding
requirements; price volatility in the spot and forward markets for
metals and other commodities; fluctuations in the international
currency markets and in the rates of exchange of the currencies of
Canada, the United States and, to a lesser extent,
Mexico; volatility in the market
price of the Company's securities; hedging and investment related
risks; dependence on the Rainy River Mine and New Afton Mine;
discrepancies between actual and estimated production, between
actual and estimated mineral reserves and mineral resources and
between actual and estimated metallurgical recoveries; risks
related to early production at the Rainy River Mine, including
failure of equipment, machinery, the process circuit or other
processes to perform as designed or intended; risks related to
construction, including changing costs and timelines; adequate
infrastructure; fluctuation in treatment and refining charges;
changes in national and local government legislation in
Canada, the United States and, to a lesser extent,
Mexico or any other country in
which New Gold currently or may in the future carry on business;
global economic and financial conditions; risks relating to New
Gold's debt and liquidity; the adequacy of internal and disclosure
controls; taxation; impairment; conflicts of interest; risks
relating to climate change; controls, regulations and political or
economic developments in the countries in which New Gold does or
may carry on business; the speculative nature of mineral
exploration and development, including the risks of obtaining and
maintaining the validity and enforceability of the necessary
licenses and permits and complying with the permitting requirements
of each jurisdiction in which New Gold operates; the lack of
certainty with respect to foreign legal systems, which may not be
immune from the influence of political pressure, corruption or
other factors that are inconsistent with the rule of law; the
uncertainties inherent to current and future legal challenges New
Gold is or may become a party to; risks relating to proposed
acquisitions and the integration thereof; information systems
security threats; diminishing quantities or grades of mineral
reserves and mineral resources; competition; loss of, or inability
to attract, key employees; rising costs of labour, supplies, fuel
and equipment; actual results of current exploration or reclamation
activities; uncertainties inherent to mining economic studies;
changes in project parameters as plans continue to be refined;
accidents; labour disputes; defective title to mineral claims or
property or contests over claims to mineral properties; unexpected
delays and costs inherent to consulting and accommodating rights of
Indigenous groups; risks, uncertainties and unanticipated delays
associated with obtaining and maintaining necessary licenses,
permits and authorizations and complying with permitting
requirements; disruptions to the Company's workforce at either the
Rainy River Mine or the New Afton Mine, or both, due to cases of
COVID-19 or any required self-isolation (due to cross-border
travel, exposure to a case of COVID-19 or otherwise); the responses
of the relevant governments to the COVID-19 outbreak not being
sufficient to contain the impact of the COVID-19 outbreak;
disruptions to the Company's supply chain and workforce due to the
COVID-19 outbreak; an economic recession or downturn as a result of
the COVID-19 outbreak that materially adversely affects the
Company's operations or liquidity position; there being further
shutdowns at the Rainy River or New Afton Mines; the Company not
being able to complete its construction projects at the Rainy River
Mine or the New Afton Mines on the anticipated timeline or at all;
the Company not being able to complete the exploration drilling
program to be launched at the Rainy River Mine and Cherry Creek on the anticipated timeline or at
all; Artemis Gold Inc. not being able to make the remaining
C$50 million cash payment due in
connection with its acquisition of the Blackwater Project on
August 24, 2021. In addition, there
are risks and hazards associated with the business of mineral
exploration, development and mining, including environmental events
and hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins, flooding and gold bullion losses
(and the risk of inadequate insurance or inability to obtain
insurance to cover these risks) as well as "Risk Factors" included
in New Gold's most recent annual information form, MD&A and
other disclosure documents filed on and available on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov. Forward looking
statements are not guarantees of future performance, and actual
results and future events could materially differ from those
anticipated in such statements. All forward-looking statements
contained in this news release are qualified by these cautionary
statements. New Gold expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, events or otherwise, except
in accordance with applicable securities laws.
Technical Information
The scientific and technical
information contained in this news release has been reviewed and
approved by Eric Vinet, Senior Vice
President, Operations of New Gold. Mr. Vinet is a
Professional Engineer and member of the Ordre des ingénieurs du
Québec. He is a "Qualified Person" for the purposes of National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
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SOURCE New Gold Inc.