(New Gold, 5.Oct.2023) — New Gold Inc. (TSX: NGD) (NYSE American: NGD) reports third quarter operational results for the company as of 30 September 2023. The company is also providing notice that it will release its third quarter 2023 financial results after market close on Wednesday, 25 October 2023. The company will host its third quarter 2023 earnings conference call and webcast on Thursday, 26 October 2023 at 8:30 am Eastern Time.
“We had a strong third quarter, with both operations continuing to achieve consistent quarterly production. Operationally, we delivered solid production results of 111,204 gold equivalent ounces, a 22% increase over the prior year period. We remain on track to meet our annual production guidance,” stated Patrick Godin, President and CEO. “Rainy River delivered on plan with a continued focus on operational discipline, cost control, and cost saving initiatives. New Afton delivered above plan as mining from B3 continues to perform above expectations”.
“The company also continued to advance on our development plans at both assets during the quarter and deliver important milestones. Rainy River continued to advance the connection ramp to the underground Main Zone from Intrepid. At New Afton, we successfully blasted the first draw bell from C-Zone, an important milestone in delivering significant production growth in the coming years. With C-Zone transitioning to the production ramp-up phase, I look forward to providing updates on the ramp-up over the coming quarters,” added Mr. Godin.
Operational Highlights
| Consolidated | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 |
| Gold eq. production (ounces)1 | 111,204 | 91,021 | 318,435 | 249,230 |
| Gold eq. sold (ounces)1 | 107,562 | 92,634 | 311,677 | 247,678 |
| Gold production (ounces) | 82,986 | 70,147 | 241,991 | 190,679 |
| Gold sold (ounces) | 79,821 | 68,816 | 241,247 | 190,641 |
| Copper production (Mlbs) | 13.2 | 8.5 | 35.5 | 24.1 |
| Copper sold (Mlbs) | 13.0 | 9.9 | 32.5 | 23.5 |
| Rainy River Mine | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 |
| Gold eq. production (ounces)1 | 66,374 | 60,319 | 195,389 | 163,973 |
| Gold eq. sold (ounces)1 | 63,790 | 56,932 | 198,247 | 165,396 |
| Gold production (ounces) | 64,970 | 58,719 | 191,053 | 160,069 |
| Gold sold (ounces) | 62,426 | 55,421 | 193,846 | 161,573 |
| New Afton Mine | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 |
| Gold eq. production (ounces)1 | 44,830 | 30,701 | 123,046 | 85,257 |
| Gold eq. sold (ounces)1 | 43,772 | 35,702 | 113,430 | 82,282 |
| Gold production (ounces) | 18,016 | 11,427 | 50,937 | 30,610 |
| Gold sold (ounces) | 17,395 | 13,395 | 47,401 | 29,068 |
| Copper production (Mlbs) | 13.2 | 8.5 | 35.5 | 24.1 |
| Copper sold (Mlbs) | 13.0 | 9.9 | 32.5 | 23.5 |
Operating Key Performance Indicators
| Rainy River Mine | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 |
| Open Pit Only | ||||
| Tonnes mined per day (ore and waste) | 121,011 | 112,055 | 123,336 | 113,597 |
| Ore tonnes mined per day | 36,177 | 24,701 | 35,567 | 19,022 |
| Operating waste tonnes per day | 44,393 | 44,469 | 55,458 | 33,110 |
| Capitalized waste tonnes per day | 40,442 | 42,885 | 32,311 | 61,465 |
| Total waste tonnes per day | 84,835 | 87,354 | 87,769 | 94,575 |
| Strip ratio (waste:ore) | 2.35 | 3.54 | 2.47 | 4.97 |
| Open Pit and Underground | ||||
| Tonnes milled per calendar day | 25,308 | 24,439 | 23,664 | 24,020 |
| Gold grade milled (g/t) | 0.97 | 0.89 | 1.01 | 0.83 |
| Gold recovery (%) | 90 | 91 | 91 | 91 |
| Gold eq. production (ounces)1 | 66,374 | 60,319 | 195,389 | 163,973 |
| Gold production (ounces) | 64,970 | 58,719 | 191,053 | 160,069 |
| New Afton Mine | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 |
| New Afton Mine Only | ||||
| Tonnes mined per day (ore and waste) | 9,790 | 6,523 | 9,716 | 6,674 |
| Tonnes milled per calendar day | 8,651 | 7,7642 | 8,326 | 9,8362 |
| Gold grade milled (g/t) | 0.72 | 0.592 | 0.69 | 0.432 |
| Gold recovery (%) | 90 | 852 | 89 | 832 |
| Copper grade milled (%) | 0.80 | 0.64 | 0.77 | 0.50 |
| Copper recovery (%) | 91 | 85 | 91 | 81 |
| Gold eq. production (ounces)1 | 44,069 | 30,158 | 118,803 | 83,077 |
| Gold production (ounces) | 17,255 | 10,884 | 46,694 | 28,430 |
| Copper production (Mlbs) | 13.2 | 8.5 | 35.5 | 24.1 |
| Ore Purchase Agreements | ||||
| Gold Production (ounces) | 761 | 543 | 4,243 | 2,180 |
| New Afton Mine Total | ||||
| Gold eq. production (ounces)1 | 44,830 | 30,701 | 123,046 | 85,257 |
| Gold production (ounces) | 18,016 | 11,427 | 50,937 | 30,610 |
| Copper production (Mlbs) | 13.2 | 8.5 | 35.5 | 24.1 |
Third Quarter 2023 Conference Call and Webcast
The company will release its third quarter 2023 financial results after market close on Wednesday, 25 October 2023. A conference call and webcast will be hosted on Thursday, 26 October 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/PowdYQg251V
- 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 21119260
- To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3P5WEdr to receive an instant automated call back
- A recorded playback of the conference call will be available until 26 November 2023 by calling North American toll free 1-888-390-0541, or 1-416-764-8677 outside of the U.S. and Canada, passcode 119260. An archived webcast will also be available at www.newgold.com
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