Provides Notice of Release of First Quarter Financial Results
and Details of Annual General and Special Meeting of
Shareholders
(All amounts are in U.S. dollars unless otherwise
indicated)
TORONTO, April 10,
2023 /CNW/ - New Gold Inc. ("New Gold" or the
"Company") (TSX: NGD) and (NYSE American: NGD) reports
first quarter operational results for the Company as of
March 31, 2023. The Company is also
providing notice that it will release its first quarter 2023
financial results after market close on Wednesday, April 26, 2023. The Company will host
its first quarter 2023 earnings conference call and webcast on
Thursday April 27, 2023 at
8:30 am Eastern Time.
"The first quarter of 2023 saw both of our operations excel,
delivering gold equivalent production of 104,857 ounces, the
strongest start to a year for our Company over the last four years,
and a 20% increase over the prior year period," stated Patrick Godin, President & CEO. "At
Rainy River, we achieved our
strongest first quarter of any year in the operation's history and
delivered production growth of nearly 13% over the same period last
year as greater underground ore tonnes contributed to
better-than-expected grade, which more than offset lower tonnes
milled. The milling rate was impacted during the quarter by
mechanical maintenance on the SAG mill and crusher. At New Afton,
gold and copper production improved meaningfully over the same
period last year, as the operation's focus remained on steady state
mining of B3 and C-Zone development. In short, I'm proud of how our
operations and teams delivered during the first quarter, and we
remain well positioned to meet all annual production guidance
metrics outlined earlier this year."
Operational Highlights
Consolidated
|
Q1
2023
|
Q1
2022
|
Gold eq. production
(ounces)1
|
104,857
|
87,696
|
Gold production
(ounces)
|
82,477
|
68,101
|
Copper production
(Mlbs)
|
10.3
|
8.2
|
Rainy River
Mine
|
Q1
2023
|
Q1
2022
|
Gold eq. production
(ounces)1
|
67,596
|
59,895
|
Gold production
(ounces)
|
66,201
|
58,834
|
New Afton
Mine
|
Q1
2023
|
Q1
2022
|
Gold eq. production
(ounces)1
|
37,261
|
27,800
|
Gold production
(ounces)
|
16,276
|
9,267
|
Copper production
(Mlbs)
|
10.3
|
8.2
|
Operating Key Performance
Indicators
Rainy River
Mine
|
Q1
2023
|
Q1
2022
|
Open Pit
Only
|
Tonnes mined per day
(ore and waste)
|
118,481
|
118,657
|
Ore tonnes mined per
day
|
36,380
|
20,019
|
Operating waste tonnes
per day
|
60,360
|
35,199
|
Capitalized waste
tonnes per day
|
21,741
|
63,438
|
Total waste tonnes per
day
|
82,101
|
98,637
|
Strip ratio
(waste:ore)
|
2.26
|
4.93
|
Open Pit and
Underground
|
Tonnes milled per
calendar day
|
22,400
|
24,318
|
Gold grade milled
(g/t)
|
1.12
|
0.92
|
Gold recovery
(%)
|
91
|
91
|
Gold eq. production
(ounces)1
|
67,596
|
59,895
|
Gold production
(ounces)
|
66,201
|
58,834
|
New Afton
Mine
|
Q1
2023
|
Q1
2022
|
Tonnes mined per day
(ore and waste)
|
9,185
|
7,028
|
Tonnes milled per
calendar day
|
8,142
|
10,299
|
Gold grade milled
(g/t)
|
0.78
|
0.38
|
Gold recovery
(%)
|
89
|
83
|
Copper grade milled
(%)
|
0.70
|
0.49
|
Copper recovery
(%)
|
91
|
81
|
Gold eq. production
(ounces)1
|
37,261
|
27,800
|
Gold production
(ounces)
|
16,276
|
9,267
|
Copper production
(Mlbs)
|
10.3
|
8.2
|
First Quarter 2023 Conference Call
and Webcast
The Company will release its first quarter 2023 financial
results after market close on Wednesday,
April 26, 2023. A conference call and webcast will be hosted
on Thursday, April 27, 2023 at
8:30 am Eastern Time.
- Participants may listen to the webcast by registering on our
website at www.newgold.com or via the following link
https://app.webinar.net/1WzxeYqeXnB
- 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 03648094
- To join the conference call without operator assistance, you
may register and enter your phone number at
https://emportal.ink/3lcb9RU to receive an instant automated call
back
- A recorded playback of the conference call will be available
until May 27, 2023 by calling North
American toll free 1-888-390-0541, or 1-416-764-8677 outside of the
U.S. and Canada, passcode 648094.
An archived webcast will also be available at www.newgold.com
2023 Annual General and Special
Meeting of Shareholders
The Company will hold its annual general and special meeting of
shareholders on Tuesday, May 9, 2023
at 4:00 pm Eastern Time (the
"Meeting"). The Meeting will not include a formal presentation by
management.
The Meeting will be conducted virtually to maximize shareholder
accessibility to the meeting. Participants will be able to join via
the following link https://web.lumiagm.com/416913277.
A virtual Meeting affords all shareholders the ability to attend
and participate in the Meeting equally, regardless of geographic
location. At the virtual Meeting, registered shareholders,
non-registered (or beneficial) shareholders and their duly
appointed proxyholders will be able to participate, ask questions
and vote in "real time" through an online portal. Non-registered
shareholders must carefully follow the procedures set out in the
management information circular (the "Circular") if they wish to
appoint themselves as a proxyholder to vote at the Meeting and ask
questions through the live webcast. Non-registered shareholders who
do not follow the procedures set out in the Circular, along with
other stakeholders who do not own common shares, will nonetheless
be able to view a live webcast of the Meeting but will not be able
to ask questions or vote.
New Gold's Circular, as well as a virtual annual general meeting
user guide, may be found on New Gold's website at
https://newgold.com/news-events/annual-meeting-of-shareholders/default.aspx
or under New Gold's profile on SEDAR at www.sedar.com and on EDGAR
at www.sec.gov.
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 Canadian-focused investments. New Gold's vision is to build a
leading diversified intermediate gold company based in Canada that is committed to the 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
equivalent. All copper is produced/sold by the New Afton Mine. Gold
eq. ounces for Rainy River in Q1 2023 includes production of
110,976 ounces of silver converted to a gold eq. based on a ratio
of $1,750 per gold ounce and $22.00 per silver ounce used for 2023
guidance estimates. Gold eq. ounces for New Afton in Q1 2023
includes 10.3 million pounds of copper produced and 26,722 ounces
of silver produced converted to a gold eq. based on a ratio of
$1,750 per gold ounce, $3.50 per copper pound and $22.00 per silver
ounce used for 2023 guidance estimates.
|
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 anticipated timing with respect to the release of its first
quarter 2023 financial results and the associated conference call
and webcast; expectations about being well positioned to meet all
annual production guidance metrics; and the Company's upcoming
annual general meeting of shareholders.
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 news 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,
copper and silver expected to be mined; (4) the exchange rate
between the Canadian dollar and U.S. dollar, and to a lesser extent
the Mexican peso, and commodity prices being approximately
consistent with current levels and expectations for the purposes of
2023 guidance and otherwise; (5) prices for diesel, natural gas,
fuel oil, electricity and other key supplies being approximately
consistent with current levels; (6) equipment, labour and material
costs increasing on a basis consistent with New Gold's current
expectations; (7) arrangements with First Nations and other
Indigenous groups in respect of the Rainy River Mine and New Afton
Mine being consistent with New Gold's current expectations; and (8)
there being no material disruption to the Company's supply chains
and workforce at either the Rainy River Mine or New Afton Mine due
to cases of COVID-19 or otherwise that would interfere with
the Company's anticipated course of action at its operations.
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: price volatility in the spot and forward markets for
metals and other commodities; discrepancies between actual and
estimated production, between actual and estimated costs, between
actual and estimated Mineral Reserves and Mineral Resources and
between actual and estimated metallurgical recoveries; equipment
malfunction, failure or unavailability; accidents; 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; 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, including, but not
limited to: uncertainties and unanticipated delays associated with
obtaining and maintaining necessary licenses, permits and
authorizations and complying with permitting requirements; changes
in project parameters as plans continue to be refined; changing
costs, timelines and development schedules as it relates to
construction; the Company not being able to complete its
construction projects at the Rainy River Mine or the New Afton Mine
on the anticipated timeline or at all; volatility in the
market price of the Company's securities; changes in national and
local government legislation in the countries in which New Gold
does or may in the future carry on business; compliance with public
company disclosure obligations; controls, regulations and political
or economic developments in the countries in which New Gold does or
may in the future carry on business; the Company's dependence on
the Rainy River Mine and New Afton Mine; the Company not being able
to complete its exploration drilling programs on the anticipated
timeline or at all; inadequate water management and stewardship;
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
otherwise; the responses of the relevant governments to any
disease, epidemic or pandemic outbreak, including the COVID-19
outbreak, not being sufficient to contain the impact of such
outbreak; disruptions to the Company's supply chain and workforce
due to any disease, epidemic or pandemic outbreak, including the
COVID-19 outbreak; an economic recession or downturn as a result of
any disease, epidemic or pandemic outbreak, including the COVID-19
outbreak, that materially adversely affects the Company's
operations or liquidity position; there being further shutdowns at
the Rainy River Mine or New Afton Mine; significant capital
requirements and the availability and management of capital
resources; additional funding requirements; diminishing quantities
or grades of Mineral Reserves and Mineral Resources; actual results
of current exploration or reclamation activities; uncertainties
inherent to mining economic studies including the Technical Reports
for the Rainy River Mine and New Afton Mine; impairment; unexpected
delays and costs inherent to consulting and accommodating rights of
First Nations and other Indigenous groups; climate change,
environmental risks and hazards and the Company's response thereto;
tailings dam and structure failures; ability to obtain and maintain
sufficient insurance; actual results of current exploration or
reclamation activities; 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; global economic and
financial conditions and any global or local natural events that
may impede the economy or New Gold's ability to carry on business
in the normal course; inflation; compliance with debt obligations
and maintaining sufficient liquidity; taxation; fluctuation in
treatment and refining charges; transportation and processing of
unrefined products; rising costs or availability of labour,
supplies, fuel and equipment; adequate infrastructure;
relationships with communities, governments and other stakeholders;
geotechnical instability and conditions; labour disputes; the
uncertainties inherent in current and future legal challenges to
which New Gold is or may become a party; defective title to mineral
claims or property or contests over claims to mineral properties;
competition; loss of, or inability to attract, key employees;
use of derivative products and hedging transactions; reliance on
third-party contractors; counterparty risk and the performance of
third party service providers; investment risks and uncertainty
relating to the value of equity investments in public companies
held by the Company from time to time; the adequacy of internal and
disclosure controls; conflicts of interest; the lack of certainty
with respect to foreign operations and 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
successful acquisitions and integration of business arrangements
and realizing the intended benefits therefrom; and information
systems security threats. 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 as it relates to the New
Afton Mine has been reviewed and approved by John Ritter, General Manager of the New Afton
Mine and the scientific and technical information contained in this
news release as it relates to the Rainy River Mine has been
reviewed and approved by Gord Simms, General Manager of the Rainy
River Mine. Mr. Ritter is a Professional Engineer and member of the
Engineers and Geoscientists British Columbia and Mr. Simms is a
Professional Engineer and member of the Engineers and Geoscientists
British Columbia. Mr. Ritter and Mr. Simms are each 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.