(All dollar figures are in US dollars unless otherwise
indicated)
TORONTO, Feb. 20, 2018 /CNW/ - New Gold Inc. ("New
Gold" or the "Company") (TSX:NGD) (NYSE American:NGD) today
announces its 2017 fourth quarter and full-year financial results
and updates its year-end reserve and resource estimates. The
Company previously announced its preliminary 2017 operational
results and 2018 guidance on January 16,
2018.
As the Company expects the sale of Peak Mines to close in the
first quarter of 2018, Peak Mines has been classified as a
discontinued operation. The below operational results are disclosed
on a total basis and thus include Peak Mines for 2017 (unless
otherwise noted). References to results from continuing operations
exclude Peak Mines.
2017 Full Year
- Full-year gold production of 430,949 ounces (including
Rainy River pre-commercial
production) was at the high end of the guidance range of 380,000 to
430,000 ounces
- Copper production of 104 million pounds met the guidance range
of 100 to 110 million pounds
- Operating expense of $646 per
gold ounce and $1.34 per copper
pound
- All-in sustaining costs(1) of $727 per ounce, including total cash
costs(2) of $403 per
ounce, were below the Company's previously lowered guidance range
of $760 to $800 per ounce
- Rainy River achieved
commercial production in mid-October, ahead of plan
- Cash generated from operations of $342
million
- Cash generated from operations before changes in non-cash
operating working capital(3) of $299 million
- Rainy River total carrying
value reduced by $181 million
- Net loss of $108 million, or
$0.19 per share
- Adjusted net earnings(4) of $49 million, or $0.09 per share
- Year-end cash and cash equivalents of $216 million
2017 Fourth Quarter
- Record quarterly gold production of 154,530 ounces and 28
million pounds of copper
- Operating expense of $738 per
gold ounce and $1.56 per copper
pound
- All-in sustaining costs of $771
per ounce, including total cash costs of $533 per ounce
- Record quarterly cash generated from operations of $119 million
- Cash generated from operations before changes in non-cash
operating working capital of $93
million
- Net loss of $196 million, or
$0.34 per share
- Adjusted net earnings of $33
million, or $0.06 per
share
Mineral Reserves and Resources
- 2017 year-end mineral reserves of 14.8 million ounces of gold,
0.9 billion pounds of copper and 77 million ounces of silver
(excludes Peak Mines)
"Together, our five mines delivered very solid operating results
in 2017," stated Hannes Portmann,
President and Chief Executive Officer. "With production at the high
end of guidance and costs below guidance, New Gold generated the
highest annual cash flow in our Company's history."
"Despite this record 2017 cash flow, our earnings were impacted
by an impairment charge driven by the previously disclosed cost
increases at Rainy River. Looking
forward, our focus will be building upon our strong 2017
operational results and further optimizing the performance of our
mines to deliver on our targeted per share growth in production,
EBITDA and free cash flow," added Mr. Portmann.
2017 Financial Results
|
|
|
|
Three months ended
December 31
|
Year ended December
31
|
(in millions of
U.S. dollars, except per share amounts)
|
2017
|
2016
|
2017
|
2016
|
CONTINUING
OPERATIONS (excludes Peak Mines)
|
|
|
|
|
Revenues
|
$193.5
|
$140.7
|
$604.4
|
$522.8
|
Operating
margin(6)
|
76.5
|
46.5
|
283.4
|
247.3
|
Loss from continuing
operations
|
(179.6)
|
(23.3)
|
(101.7)
|
(8.6)
|
Loss from continuing
operations per share (basic)
|
(0.31)
|
(0.05)
|
(0.18)
|
(0.02)
|
Adjusted earnings
from continuing operations
|
6.2
|
1.5
|
21.3
|
19.4
|
Adjusted earnings per
share from continuing operations
|
0.01
|
0.00
|
0.04
|
0.04
|
Cash generated from
continuing operations
|
91.2
|
49.1
|
275.0
|
225.0
|
Cash generated from
continuing operations before
|
|
|
|
|
changes in non-cash
operating working capital
|
64.8
|
64.6
|
234.1
|
245.3
|
TOTAL OPERATIONS
(includes Peak Mines)
|
|
|
|
|
Net loss
|
(195.6)
|
(22.3)
|
(108.0)
|
(7.0)
|
Net loss per share
(basic)
|
(0.34)
|
(0.04)
|
(0.19)
|
(0.01)
|
Adjusted net earnings
(loss)
|
32.5
|
(4.9)
|
49.3
|
14.6
|
Adjusted net earnings
(loss) per share
|
0.06
|
(0.01)
|
0.09
|
0.03
|
Cash generated from
operations
|
118.9
|
51.9
|
342.2
|
282.2
|
Cash generated from
operations before changes in
|
|
|
|
|
non-cash operating
working capital
|
93.0
|
68.5
|
299.2
|
301.8
|
Continuing Operations
Fourth quarter revenues from continuing operations increased by
$53 million, or 38%, relative to the
prior-year quarter, due to higher metal sales volumes and higher
gold and copper prices. Relative to the fourth quarter of 2016,
gold sales increased by 53%, mainly attributable to the start-up of
Rainy River and Mesquite's strong
quarter. The average realized gold price increased by $75 per ounce, or 6%, and the copper price
increased by $0.23 per pound, or 9%,
compared to the prior-year quarter.
New Gold's fourth quarter operating margin increased by
$30 million relative to the
prior-year quarter due to higher revenues, partially offset by
higher operating expenses.
The Company reported a loss from continuing operations of
$180 million, or $0.31 per share, in the fourth quarter of 2017
relative to a loss from continuing operations of $23 million, or $0.05 per share, in the prior-year quarter. The
fourth quarter loss from continuing operations included the impact
of a Rainy River after-tax
impairment charge of $181 million, a
non-cash pre-tax loss of $17 million
on the revaluation of the gold stream obligation, finance costs of
$13 million, a $9 million non-cash foreign exchange loss, and a
$4 million expense related to the
Company's restructuring of its corporate office workforce. The
prior-year quarter included the net impact of a non-cash
$27 million inventory write-down at
Cerro San Pedro, a non-cash pre-tax gain of $11 million on the revaluation of the Company's
gold price option contracts, a $5
million pre-tax foreign exchange loss, and a non-cash
pre-tax gain of $3 million on the
revaluation of the gold stream obligation.
As part of New Gold's annual year-end review, the Company
assesses the carrying value of its portfolio of assets. This
assessment takes into account, among other things, current
commodity prices, current mineral reserves and resources and
updated mine plans. On January 16,
2018, the Company announced higher operating expenses and
capital expenditures over Rainy
River's first nine years of operations which was identified
as an indicator of impairment. As a result, after completing its
assessment, the Company has reduced the total carrying value of
Rainy River by $181 million.
New Gold had adjusted net earnings from continuing operations of
$6 million, or $0.01 per share, in the fourth quarter of 2017
relative to $2 million, or $nil per
share, in the prior-year quarter. Quarterly adjusted net earnings
from continuing operations were positively impacted by a
$53 million increase in revenues, a
$19 million decrease in adjusted tax
expense, a $4 million decrease in
corporate administration, and a $1
million decrease in exploration and business development
expenses. This was partially offset by a $47
million increase in operating expenses (with the prior-year
operating expense adjusted for a non-cash $24 million inventory write-down at Cerro San
Pedro), a $17 million increase in
depreciation and depletion, and a $12
million increase in finance costs.
The Company's fourth quarter cash generated from continuing
operations before changes in non-cash operating working capital of
$65 million was in line with the
prior-year period. Cash generated from continuing operations in the
fourth quarter of $91 million was
$42 million, or 86%, higher than the
prior-year quarter as a result of an increase in trade and other
payables, while the prior-year period included an outstanding
concentrate receivable of $21 million
at New Afton.
For the year ended December 31,
2017, revenues increased by $82
million, or 16%, relative to the prior-year period due to
higher gold sales volumes and higher gold and copper prices.
Relative to 2016, the average realized price increased by
$36 per ounce of gold, or 3%, and
$0.43 per pound of copper, or
19%.
New Gold's 2017 operating margin increased by $36 million relative to 2016 due to higher
revenues, partially offset by higher operating expenses.
The Company reported a loss from continuing operations of
$102 million, or $0.18 per share, for the year ended December 31, 2017, relative to a loss of
$9 million, or $0.02 per share, in the prior-year period. The
current period net loss included the net impact of a Rainy River after-tax impairment charge of
$181 million, a $44 million non-cash foreign exchange gain, a
$33 million pre-tax gain on the
disposal of the El Morro stream, a $22
million pre-tax loss on the revaluation of the Company's
gold stream obligation, an $18
million pre-tax loss on the revaluation of the Company's
gold and copper price option contracts and copper forward
contracts, and a $3 million gain on
the modification of long-term debt. The prior-year period included
the net impact of a $31 million
pre-tax loss on the revaluation of the Company's gold stream
obligation, a non-cash $27 million
inventory write-down at Cerro San Pedro, a $12 million non-cash foreign exchange gain, and
an $11 million pre-tax gain on the
revaluation of Company's gold price option contracts.
New Gold had adjusted earnings from continuing operations for
the year ended December 31, 2017 of
$21 million, or $0.04 per share, relative to $19 million, or $0.04 per share, in the prior-year. Adjusted net
earnings were negatively impacted by a $70
million increase in operating expenses (with the prior year
operating expense adjusted for a non-cash $24 million inventory write-down at Cerro San
Pedro), a $24 million increase in
depreciation and depletion, and a $7
million increase in finance costs. This was partially offset
by an $82 million increase in
revenues and a $20 million decrease
in adjusted tax expense.
The Company's cash generated from continuing operations before
changes in non-cash operating working capital for the year ended
December 31, 2017 of $234 million was $11
million, or 5%, lower than the prior year as higher
operating margins were offset by higher income taxes paid and a
$4 million expense related to the
Company's restructuring of its corporate office workforce. Cash
generated from continuing operations for the year ended
December 31, 2017 of $275 million was $50
million, or 22%, higher than the prior year, which
benefitted from an increase in trade and other payables and the
prior year including an outstanding concentrate receivable of
$21 million at New Afton.
Total Operations (including Peak Mines)
The Company reported a net loss of $196
million, or $0.34 per share,
in the fourth quarter of 2017. The increase in the net loss
relative to the loss from continuing operations relates to a
non-cash after-tax loss of $34
million from the sale of Peak Mines, which was only
partially offset by earnings from operations at Peak
Mines.
New Gold had adjusted net earnings of $33
million, or $0.06 per share,
in the fourth quarter of 2017. The increase in adjusted net
earnings relative to adjusted net earnings from continuing
operations is due to a benefit from adjusted earnings from
discontinued operations (Peak Mines).
The Company's fourth quarter 2017 cash generated from operations
before changes in non-cash operating working capital and cash
generated from operations were higher than those from continuing
operations due to the contribution from Peak Mines.
The Company reported a net loss of $108
million, or $0.19 per share,
for the year ended December 31, 2017.
The increase in net loss relative to the loss from continuing
operations relates to a non-cash after tax loss of $34 million from the sale of Peak Mines, which
was only partially offset by earnings from operations at Peak
Mines.
New Gold had adjusted net earnings of $49
million, or $0.09 per share,
for the year ended December 31, 2017.
The increase in adjusted net earnings relative to adjusted net
earnings from continuing operations is due to a benefit from
adjusted earnings from discontinued operations (Peak
Mines).
New Gold's 2017 cash generated from operations before changes in
non-cash operating working capital and cash generated from
operations were higher than those from continuing operations due to
the contribution from Peak Mines.
Financial Update
New Gold's cash and cash equivalents as at December 31, 2017 were $216 million. During the quarter, the Company
drew an additional $30 million from
its $400 million revolving credit
facility. At December 31, 2017, a
total of $230 million had been drawn
and $139 million had been used to
issue letters of credit for closure obligations at the Company's
producing mines and development projects, leaving $31 million undrawn.
At December 31, 2017, the face
value of the Company's long-term debt was $1,030 million (book value – $1,008 million). The components of the long-term
debt include: $500 million of 6.25%
face value senior unsecured notes due in November of 2022;
$300 million of 6.375% face value
senior unsecured notes due in May of 2025; and $230 million drawn from the revolving credit
facility. The Company currently has approximately 579 million
shares outstanding.
On October 18, 2017, New Gold
entered into copper price option contracts covering approximately
60 million pounds, or 75%, of its targeted 2018 copper production,
with put options at a strike price of $3.00 per pound and call options at a strike
price of $3.37 per pound.
2017 Fourth Quarter and Full Year Operational Results
|
|
|
|
Three months ended
December 31
|
Year ended December
31
|
|
2017
|
2016
|
2017
|
2016
|
Operating
information
|
|
|
|
|
Gold
(ounces):
|
|
|
|
|
|
Produced
|
154,530
|
95,883
|
430,949
|
381,663
|
|
Sold
|
143,644
|
93,996
|
410,086
|
378,239
|
Copper (millions
of pounds):
|
|
|
|
|
|
Produced
|
28.1
|
25.6
|
104.4
|
102.3
|
|
Sold
|
24.9
|
24.6
|
96.6
|
99.2
|
Silver (millions
of ounces):
|
|
|
|
|
|
Produced
|
0.3
|
0.3
|
1.2
|
1.3
|
|
Sold
|
0.3
|
0.3
|
1.1
|
1.3
|
Revenue:
|
|
|
|
|
|
Gold
($/ounce)
|
1,252
|
1,181
|
1,247
|
1,207
|
|
Copper
($/pound)
|
2.44
|
2.24
|
2.41
|
2.03
|
|
Silver
($/ounce)
|
15.84
|
16.35
|
16.41
|
16.71
|
Average realized
price(5):
|
|
|
|
|
|
Gold
($/ounce)
|
1,274
|
1,199
|
1,278
|
1,242
|
|
Copper
($/pound)
|
2.70
|
2.47
|
2.66
|
2.23
|
|
Silver
($/ounce)
|
16.29
|
16.78
|
16.88
|
17.09
|
Operating expense
from continuing operations
|
|
|
|
|
|
Gold
($/ounce)
|
738
|
771
|
646
|
623
|
|
Copper
($/pound)
|
1.56
|
1.57
|
1.34
|
1.11
|
|
Silver
($/ounce)
|
9.44
|
10.66
|
8.54
|
8.55
|
Total cash costs
from continuing operations
|
|
|
|
|
($/ounce)
|
572
|
288
|
360
|
259
|
Total cash costs
($/ounce)
|
533
|
360
|
403
|
349
|
All-in sustaining
costs from continuing
|
|
|
|
|
operations
($/ounce)
|
774
|
590
|
668
|
675
|
All-in sustaining
costs ($/ounce)
|
771
|
619
|
727
|
692
|
Note: Revenue per
ounce and per pound is net of treatment and refining
charges.
|
In the fourth quarter of 2017, the Company delivered record
quarterly gold production of 154,530 ounces (including Peak Mines
and Rainy River pre-commercial
production), resulting in full-year gold production of 430,949
ounces. The combination of Rainy
River's start-up, Mesquite's very strong year, and solid
operating results at New Afton and Peak Mines, enabled the Company
to achieve its guidance range of 380,000 to 430,000 ounces.
Full-year production was higher than 2016 primarily due to
additional ounces from Rainy
River, which transitioned to commercial production during
the fourth quarter of 2017. From an accounting perspective, the
Company recognized commercial production at Rainy River effective November 1, 2017.
New Gold's fourth quarter copper production of 28 million pounds
was slightly higher than the first three quarters of 2017 and the
prior-year quarter. Full-year copper production of 104 million
pounds was higher than prior-year production and achieved the
Company's 2017 guidance range of 100 to 110 million
pounds.
Operating expense per gold ounce during the fourth quarter
decreased relative to the prior-year quarter primarily due to an
increase in gold ounces sold at Mesquite and the prior year
including a $24 million silver heap
leach inventory write-down at Cerro San Pedro. Operating expense
per gold ounce for the full year was in line with the prior year
and achieved the guidance range of $630 to $670 per
ounce.
The Company delivered fourth quarter all-in sustaining costs
from continuing operations of $774
per ounce, including total cash costs from continuing operations of
$572 per ounce. Fourth quarter all-in
sustaining costs from all operations were $771 per ounce, including total cash costs from
all operations of $533 per ounce. New
Gold delivered 2017 all-in sustaining costs from continuing
operations of $668 per ounce,
including total cash costs from continuing operations of
$360 per ounce. 2017 all-in
sustaining costs from all operations were $727 per ounce, including total cash costs from
all operations of $403 per
ounce.
The Company's full-year all-in sustaining costs came in below
the guidance range of $760 to
$800 per ounce which had previously
been lowered by $65 per ounce in the
second quarter of 2017. In addition to the Company's strong
operating performance, the all-in sustaining costs of $727 per ounce benefitted from the timing of
sustaining capital expenditure payments at Rainy River as sustaining capital expenditures
that were incurred in the fourth quarter are expected to be paid in
the first quarter of 2018 and thus were, per the all-in sustaining
cost standard, excluded from the 2017 Rainy River and consolidated
all-in sustaining costs.
Rainy River
|
|
|
|
Three months ended
December 31
|
Year ended December
31
|
|
2017
|
2016
|
2017
|
2016
|
Operating
information
|
|
|
|
|
Gold
(ounces):
|
|
|
|
|
|
Produced
|
37,047
|
-
|
37,047
|
-
|
|
Sold
|
26,359
|
-
|
26,359
|
-
|
Operating
expense:
|
|
|
|
|
|
Gold
($/ounce)
|
1,432
|
-
|
1,432
|
-
|
All-in sustaining
costs ($/ounce)
|
1,549
|
-
|
1,549
|
-
|
Note: Rainy River
gold production includes 8,538 ounces from the pre-commercial
production period. Gold sales, operating expense and all-in
sustaining costs are only for the period post commercial
production.
|
For the year and three months ended December 31, 2017, total gold production was
45,654 ounces, comprised of pre-commercial gold production of 8,538
ounces, commercial production of 28,509 ounces, and 8,607 ounces of
gold inventory in circuit at the end of the period.
Rainy River's 2017 full-year
operating costs and all-in sustaining costs were above their
guidance ranges of $905 to
$945 per ounce and $1,400 to $1,440
per ounce primarily due to lower gold sales volumes.
Project spending at Rainy River
in October totalled $29 million.
Subsequent to the start of commercial production, the Company paid
$52 million in payables associated
with the project development, bringing the 2017 full-year
development capital spend to $497
million. With approximately $15
million in project payables remaining at the end of 2017,
the total 2017 project development capital is expected to be
$512 million, which is directly in
line with the Company's January 2017
estimate of $515 million.
New Afton
|
|
|
|
Three months ended
December 31
|
Year ended December
31
|
|
2017
|
2016
|
2017
|
2016
|
Operating
information
|
|
|
|
|
Gold
(ounces):
|
|
|
|
|
|
Produced
|
22,384
|
23,879
|
86,163
|
98,098
|
|
Sold
|
20,132
|
24,171
|
81,067
|
96,851
|
Copper (millions
of pounds):
|
|
|
|
|
|
Produced
|
24.6
|
21.4
|
90.6
|
87.3
|
|
Sold
|
22.0
|
21.1
|
84.5
|
84.9
|
Operating
expense:
|
|
|
|
|
|
Gold
($/ounce)
|
362
|
415
|
412
|
415
|
|
Copper
($/pound)
|
0.78
|
0.84
|
0.85
|
0.74
|
All-in sustaining
costs ($/ounce)
|
(909)
|
(253)
|
(605)
|
(218)
|
All-in sustaining
costs on a co-product basis:
|
|
|
|
|
Gold
($/ounce)
|
617
|
691
|
692
|
686
|
|
Copper
($/pound)
|
1.33
|
1.41
|
1.44
|
1.22
|
New Afton's full-year gold production exceeded the guidance
range of 70,000 to 80,000 ounces by 8% and New Afton's full-year
copper production achieved the guidance range of 85 to 95 million
pounds. For additional detail on quarterly and full-year production
changes, refer to the Company's 2017 Management's Discussion and
Analysis.
Fourth quarter operating expense per ounce was lower than the
prior-year quarter due to gold revenue representing a lower portion
of total sales in the quarter. All-in sustaining costs decreased
due to lower sustaining costs and higher by-product revenues.
By-product revenues benefitted from an increase in the realized
copper price as well as an increase in copper sales volumes. New
Afton's quarterly sustaining costs decreased by $2 million, to $9
million, when compared to the fourth quarter of 2016.
Operating expense per ounce for 2017 was in line with the prior
year. All-in sustaining costs decreased as the benefit of higher
by-product revenues was only partially offset by an increase in
sustaining costs. By-product revenues benefitted from an increase
in the realized copper price. New Afton's full-year sustaining
costs increased by $2 million to
$42 million when compared to the
prior year.
New Afton's 2017 operating expense per gold ounce and per copper
pound both achieved their respective guidance ranges of
$405 to $445 per gold ounce and $0.80 to $1.00 per
copper pound. 2017 all-in sustaining costs were below the guidance
range of ($520) to ($480) per ounce, primarily due to an increase in
the realized copper price relative to the assumption used when
setting 2017 guidance.
Mesquite
|
|
|
|
Three months ended
December 31
|
Year ended December
31
|
|
2017
|
2016
|
2017
|
2016
|
Operating
information
|
|
|
|
|
Gold
(ounces):
|
|
|
|
|
|
Produced
|
52,170
|
39,353
|
168,889
|
111,123
|
|
Sold
|
54,612
|
38,366
|
168,800
|
113,843
|
Operating
expense:
|
|
|
|
|
|
Gold
($/ounce)
|
749
|
660
|
727
|
628
|
All-in sustaining
costs ($/ounce)
|
833
|
771
|
817
|
979
|
Mesquite's full-year production significantly exceeded the 2017
guidance range of 140,000 to 150,000 ounces.
Fourth quarter operating expense per ounce increased due to
higher process solution flow and the drawdown of leach pad
inventory. All-in sustaining costs during the quarter increased due
to an increase in operating costs and slightly higher sustaining
costs.
Operating expense per ounce for 2017 increased when compared to
the prior year due to increased process solution flow and the
drawdown of leach pad inventory. Full-year 2017 all-in sustaining
costs decreased due to the increase in gold ounces sold and lower
sustaining costs, primarily due to no waste stripping being
capitalized, which were only partially offset by higher operating
expenses.
Operating expense per ounce for 2017 was above the guidance
range of $675 to $715 per ounce. All-in sustaining costs achieved
the guidance range of $805 to
$845 per ounce.
Cerro San Pedro
|
|
|
|
Three months ended
December 31
|
Year ended December
31
|
|
2017
|
2016
|
2017
|
2016
|
Operating
information
|
|
|
|
|
Gold
(ounces):
|
|
|
|
|
|
Produced
|
7,177
|
14,064
|
34,337
|
64,993
|
|
Sold
|
7,679
|
13,351
|
33,228
|
64,149
|
Silver (millions
of ounces):
|
|
|
|
|
|
Produced
|
0.1
|
0.2
|
0.6
|
0.9
|
|
Sold
|
0.1
|
0.2
|
0.6
|
0.9
|
Operating
expense:
|
|
|
|
|
|
Gold
($/ounce)
|
1,380
|
2,586
|
1,287
|
1,311
|
|
Silver
($/ounce)
|
18.03
|
35.87
|
17.14
|
17.68
|
All-in sustaining
costs ($/ounce)
|
1,545
|
1,045
|
1,425
|
959
|
2017 full-year gold production was slightly below the guidance
range of 35,000 to 45,000 ounces.
Fourth quarter and full-year operating expense per ounce at
Cerro San Pedro was lower than the prior-year periods as the
prior-year periods included the impact of a heap leach inventory
write-down. All-in sustaining costs increased when compared to the
prior-year periods due to lower gold and silver sales volumes.
The operation is in residual leaching and continues to draw down
leach pad inventory. As a result, $400 per ounce of the all-in sustaining costs in
the fourth quarter, and $404 per
ounce in full-year 2017, related to mining costs that were incurred
in prior periods. Cerro San Pedro's 2017 costs were above the
guidance ranges of $1,080 to
$1,120 per ounce for operating costs,
and $1,090 to $1,130 per ounce for all-in sustaining costs,
primarily due to lower gold and silver sales and higher sustaining
costs.
Discontinued Operations
Peak Mines
|
|
|
|
Three months ended
December 31
|
Year ended December
31
|
|
2017
|
2016
|
2017
|
2016
|
Operating
information
|
|
|
|
|
Gold
(ounces):
|
|
|
|
|
|
Produced
|
35,753
|
18,587
|
104,512
|
107,449
|
|
Sold
|
34,861
|
18,049
|
100,632
|
103,396
|
Copper (millions
of pounds):
|
|
|
|
|
|
Produced
|
3.6
|
4.2
|
13.8
|
15.0
|
|
Sold
|
2.9
|
3.5
|
12.0
|
14.3
|
All-in sustaining
costs ($/ounce)
|
762
|
742
|
909
|
736
|
Full-year 2017 gold production exceeded the guidance range of
85,000 to 95,000 ounces and copper production was in line with the
guidance range of approximately 15 million pounds.
All-in sustaining costs increased during the quarter primarily
due to higher operating costs and sustaining costs, which were
partially offset by an increase in gold sales volumes.
Full-year 2017 all-in sustaining costs increased relative to the
prior-year period due to higher operating costs, higher sustaining
costs and lower gold and copper sales volumes. Peak Mines' 2017
all-in sustaining costs were below the guidance range of
$975 to $1,015 per ounce.
As previously disclosed, New Gold entered into a binding
agreement with Aurelia Metals Limited ("Aurelia") to sell the Peak
Mines for cash consideration of $58
million. Aurelia intends to fund the transaction through a
combination of debt and proceeds from a recently completed equity
placement. New Gold expects the transaction to close in the first
quarter of 2018.
2017 Year-End Mineral Reserves and Resources
|
|
|
|
As at December 31,
2017
|
As at December 31,
2016
|
|
Gold
(Koz)
|
Silver
(Moz)
|
Copper
(Mlbs)
|
Gold
(Koz)
|
Silver
(Moz)
|
Copper
(Mlbs)
|
Proven and
probable reserves
|
14,795
|
77
|
941
|
14,453
|
75
|
1,033
|
|
Rainy
River
|
4,418
|
13
|
-
|
3,943
|
10
|
-
|
|
New Afton
|
1,078
|
4
|
941
|
1,161
|
4
|
1,033
|
|
Mesquite
|
1,129
|
-
|
-
|
1,179
|
-
|
-
|
|
Blackwater
|
8,170
|
61
|
-
|
8,170
|
61
|
-
|
Measured and
indicated resources
|
|
|
|
|
|
|
(exclusive of
reserves)
|
5,597
|
19
|
968
|
5,844
|
20
|
950
|
Inferred
resources
|
1,140
|
4
|
131
|
1,466
|
4
|
137
|
As part of New Gold's estimate of 2017 year-end mineral reserves
and resources, the Company increased the gold price assumptions
used to estimate mineral reserves and resources by $25 per ounce to $1,275 per ounce and $1,375 per ounce, respectively. The reserve
pricing assumption for copper of $2.75 per pound remained the same as 2016 and the
silver price assumption increased by $2.00 per ounce to $17.00 per ounce. Metal price assumptions are
determined based on an assessment of various factors that include
current spot prices, three-year trailing average prices and street
consensus pricing forecasts. In calculating its cut-off grades for
2017 year-end mineral reserve and resource estimates, the Company
used exchange rate assumptions of $1.30 and $18.00
for the Canadian dollar and Mexican peso relative to the U.S.
dollar.
On a consolidated basis (excluding Peak Mines), the Company's
total gold mineral reserves of 14.8 million ounces increased by 0.3
million ounces relative to year-end 2016. New Gold was able to
offset approximately 0.4 million ounces of depletion from 2017
mining activity from Rainy River,
New Afton and Mesquite through the conversion of approximately 0.7
million ounces at Rainy River, New
Afton and Mesquite. The increase in reserves at Rainy River is primarily due to a combination
of higher gold and silver pricing assumptions and an updated
mineral resource model, which were partially offset by increases to
operating and capital cost assumptions on the open pit and
underground mine designs and the consolidated life-of-mine plan.
For the updated open pit design, a gold price of $1,275 per ounce gold was applied compared to the
$800 per ounce price used for open
pit designs in previous years. As a result, total open pit reserves
increased by 0.4 million ounces of gold and 1.9 million ounces of
silver. For the updated underground mine design, a lower grade
cut-off of 2.2 grams per tonne gold-equivalent has been applied to
improve confidence and reduce risk associated with mining
selectivity and dilution at higher cut-off grade thresholds. This
change has resulted in an increase in underground reserves of 0.1
million ounces of gold and 0.9 million ounces of silver. New Gold's
consolidated 2017 year-end copper mineral reserves of 0.9 billion
pounds decreased due to depletion from mining activities in
2017.
2018 Guidance
|
|
|
|
|
|
|
Gold
Production
|
Copper
Production
|
Operating
Expense
|
Operating
Expense
|
All-in Sustaining
Costs
|
|
(thousand
ounces)
|
(million
pounds)
|
($ per gold
ounce)
|
($ per copper
pound)
|
($ per gold
ounce)
|
Rainy
River
|
310 - 350
|
--
|
$430 -
$470
|
--
|
$990 -
$1,090
|
New Afton
|
55 - 65
|
75 - 85
|
$455 -
$495
|
$1.10 -
$1.30
|
($1,020) -
($980)
|
Mesquite
|
140 - 150
|
--
|
$890 -
$930
|
--
|
$1,005 -
$1,045
|
Cerro San
Pedro
|
20 - 30
|
--
|
$1,255 -
$1,295
|
--
|
$1,330 -
$1,370
|
New Gold
Consolidated
|
525 -
595
|
75 -
85
|
$555 -
$595
|
$1.35 -
$1.55
|
$860 -
$900
|
Note: Estimated
consolidated silver production in 2018 approximately 0.9 million
ounces.
|
New Gold's 2018 consolidated gold production is expected to
increase by approximately 30% relative to the prior year due to the
benefit of the first full year of operations at Rainy River more than offsetting the planned
decreases in gold production at New Afton, Mesquite and Cerro San
Pedro, and the sale of Peak Mines. 2018 consolidated copper
production is expected to decrease relative to the prior year
primarily due to the sale of Peak Mines and planned lower mill
throughput at New Afton. Consolidated silver production is
scheduled to remain in line with 2017 at approximately 0.9 million
ounces.
New Gold's by-product pricing assumptions for 2018 are
$3.20 per copper pound, which was in
line with spot prices at the time guidance was set and approximates
the mid-point of the Company's copper collar pricing, and
$17.00 per silver ounce which was in
line with spot prices at the time guidance was set. The 2018
assumptions for the Canadian dollar and Mexican peso exchange rates
of $1.25 and $18.00 to the U.S. dollar are also in line with
spot exchange rates.
The Company's operating expense per gold ounce is expected to
decrease in 2018 as a higher proportion of gold sales will be from
the lower operating expense per ounce Rainy River Mine. 2018
operating expense per copper pound is expected to increase relative
to the prior year due to lower mill throughput and copper grades at
New Afton.
Consolidated total cash costs for the year are expected to
remain in line with the prior year at $360 to $400 per
ounce as lower by-product revenues are expected to be offset by
higher gold sales. New Gold's 2018 all-in sustaining costs are
expected to increase relative to the prior year. 2018 sustaining
costs, including sustaining capital, exploration, general and
administrative and amortization or reclamation expenditures, are
expected to increase by approximately $145
million relative to the prior year primarily due to an
increase in sustaining capital expenditures during Rainy River's first full year of operation.
This increase is expected to be partially offset by lower capital
and exploration expenditures at New Afton, Mesquite and Cerro San
Pedro, as well as a sustainable reduction in corporate general and
administration expenditures.
Consistent with previous years, New Gold's 2018 full-year gold
production is not scheduled to be evenly distributed across the
four quarters. Approximately 60% of the Company's consolidated gold
production is expected to occur evenly in the second and fourth
quarters. The Company's sustaining capital profile is also not
scheduled to be evenly distributed across the four quarters.
Approximately 40% of the full-year sustaining capital is expected
to be incurred in the first quarter with the remaining 60% to occur
evenly over the second, third and fourth quarters. As a result of
the combined impact of planned lower first quarter production and
the higher sustaining capital spend profile, the first quarter is
expected to have a significantly higher all-in sustaining cost
relative to the full-year guidance range.
For additional details on 2018 guidance at New Gold's
operations, refer to the Company's 2017 Management's Discussion and
Analysis.
New Gold 2018 All-In Sustaining Costs Key
Sensitivities
Sensitivities to the silver price and the Mexican peso are not
shown as the sensitivities are limited.
|
|
|
|
Category
|
|
Copper
Price
|
CDN/USD
|
Base
Assumption
|
|
$3.20
|
$1.25
|
Sensitivity
|
|
+/- $0.10
|
+/- $0.05
|
Cost per ounce
impact
|
|
|
|
Rainy
River
|
|
--
|
$40
|
New Afton
|
|
$135
|
$100
|
Mesquite
|
|
--
|
--
|
Cerro San
Pedro
|
|
--
|
--
|
New Gold
Consolidated
|
|
$15
|
$30
|
In light of previously noted copper collars, at prices above
$3.37 per pound, or below
$3.00 per pound, only approximately
20 million pounds of the Company's estimated copper production
would be impacted by further copper price movements, thus
significantly reducing the impact to New Afton and consolidated
all-in sustaining costs.
Webcast and Conference Call
A webcast and conference call to discuss these results will be
held on Wednesday, February 21, 2018
at 10:00 a.m. Eastern time.
Participants may join the webcast by registering on our website at
www.newgold.com. You may also listen to the conference call by
calling toll free 1-888-231-8191, or 1-647-427-7450 outside of the
U.S. and Canada. A recorded
playback of the conference call will be available until
March 21, 2018 by calling toll free
1-855-859-2056, or 1-416-849-0833 outside of the U.S. and
Canada, passcode 9585489. An
archived webcast will also be available until May 21, 2018 at www.newgold.com.
About New Gold Inc.
New Gold is an intermediate gold mining company with a portfolio
of five producing assets in top-rated jurisdictions. The New Afton
and Rainy River Mines in Canada,
the Mesquite Mine in the United
States, the Peak Mines in Australia and the Cerro San Pedro Mine in
Mexico (which transitioned to
residual leaching in 2016), provide the Company with its current
production base. In addition, New Gold owns 100% of the Blackwater
project located in Canada. New
Gold's objective is to be the leading intermediate gold producer,
focused on the environment and social responsibility. For further
information on the Company, please visit www.newgold.com.
Detailed Mineral Reserve and Resource Tables
Mineral Reserves Statement as at December 31, 2017, exclusive of Peak
Mines
|
|
|
|
|
|
Metal
grade
|
Contained
metal
|
|
Tonnes
000s
|
Gold
g/t
|
Silver
g/t
|
Copper
%
|
Gold
Koz
|
Silver
Koz
|
Copper
Mlbs
|
RAINY
RIVER
|
|
|
|
|
|
|
|
Direct
processing reserves
|
|
|
|
|
|
|
|
|
Open
Pit
|
|
|
|
|
|
|
|
|
Proven
|
23,472
|
1.31
|
2.6
|
-
|
992
|
1,968
|
-
|
|
Probable
|
50,314
|
1.20
|
3.2
|
-
|
1,946
|
5,252
|
-
|
|
Open Pit P&P
(direct proc.)
|
73,786
|
1.24
|
3.0
|
-
|
2,937
|
7,221
|
-
|
|
Underground
|
|
|
|
|
|
|
|
|
Proven
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Probable
|
9,056
|
3.52
|
9.6
|
-
|
1,025
|
2,807
|
-
|
|
Underground P&P
(direct proc.)
|
9,056
|
3.52
|
9.6
|
-
|
1,025
|
2,807
|
-
|
|
Total Direct
Processing Reserves
|
82,842
|
1.49
|
3.7
|
-
|
3,962
|
10,028
|
-
|
Low grade
reserves
|
|
|
|
|
|
|
|
|
Open
Pit
|
|
|
|
|
|
|
|
|
Proven
|
8,063
|
0.39
|
2.0
|
-
|
101
|
525
|
-
|
|
Probable
|
26,960
|
0.37
|
2.5
|
-
|
324
|
2,175
|
-
|
|
Open Pit P&P
(low grade)
|
35,023
|
0.38
|
2.4
|
-
|
425
|
2,699
|
-
|
|
Stockpile
|
|
|
|
|
|
|
|
|
Proven
|
1,851
|
0.51
|
0.8
|
-
|
30
|
48
|
-
|
|
Stockpile
reserves
|
1,851
|
0.51
|
0.8
|
-
|
30
|
48
|
-
|
Combined
P&P
|
|
|
|
|
|
|
|
|
Proven
|
33,386
|
1.04
|
2.3
|
-
|
1,123
|
2,541
|
-
|
|
Probable
|
86,330
|
1.18
|
3.7
|
-
|
3,295
|
10,234
|
-
|
Total Rainy River
P&P
|
119,716
|
1.15
|
3.3
|
-
|
4,418
|
12,775
|
-
|
NEW
AFTON
|
|
|
|
|
|
|
|
A&B
Zones
|
|
|
|
|
|
|
|
|
Proven
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Probable
|
28,126
|
0.51
|
2.2
|
0.79
|
462
|
1,961
|
488
|
C-zone
|
|
|
|
|
|
|
|
|
Proven
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Probable
|
26,741
|
0.72
|
1.8
|
0.77
|
616
|
1,571
|
453
|
Total New Afton
P&P
|
54,867
|
0.61
|
2.0
|
0.78
|
1,078
|
3,533
|
941
|
MESQUITE
|
|
|
|
|
|
|
|
|
Proven
|
5,627
|
0.49
|
-
|
-
|
89
|
-
|
-
|
|
Probable
|
59,491
|
0.54
|
-
|
-
|
1,040
|
-
|
-
|
Total Mesquite
P&P
|
65,119
|
0.54
|
-
|
-
|
1,129
|
-
|
-
|
BLACKWATER
|
|
|
|
|
|
|
|
Direct
processing reserves
|
|
|
|
|
|
|
|
|
Proven
|
124,500
|
0.95
|
5.5
|
-
|
3,790
|
22,100
|
-
|
|
Probable
|
169,700
|
0.68
|
4.1
|
-
|
3,730
|
22,300
|
-
|
|
P&P (direct
proc.)
|
294,200
|
0.79
|
4.7
|
-
|
7,520
|
44,400
|
-
|
Low grade
reserves
|
|
|
|
|
|
|
|
|
Proven
|
20,100
|
0.50
|
3.6
|
-
|
325
|
2,300
|
-
|
|
Probable
|
30,100
|
0.34
|
14.6
|
-
|
325
|
14,100
|
-
|
|
P&P (low
grade)
|
50,200
|
0.40
|
10.2
|
-
|
650
|
16,400
|
-
|
Total Blackwater
P&P
|
344,400
|
0.74
|
5.5
|
-
|
8,170
|
60,800
|
-
|
TOTAL PROVEN &
PROBABLE RESERVES
|
|
|
|
|
14,795
|
77,108
|
941
|
Measured & Indicated Mineral Resources (Exclusive of
Mineral Reserves and Peak Mines) Statement as at December 31, 2017
|
|
|
|
|
|
|
|
Metal
grade
|
Contained
metal
|
|
|
Tonnes
000s
|
Gold
g/t
|
Silver
g/t
|
Copper
%
|
Gold
Koz
|
Silver
Koz
|
Copper
Mlbs
|
|
|
|
|
|
|
|
|
|
RAINY
RIVER
|
|
|
|
|
|
|
|
|
Direct
processing resources
|
|
|
|
|
|
|
|
|
|
Open
Pit
|
|
|
|
|
|
|
|
|
|
Measured
|
|
2,556
|
1.11
|
3.2
|
-
|
91
|
266
|
-
|
|
Indicated
|
|
24,995
|
1.10
|
3.4
|
-
|
884
|
2,711
|
-
|
|
Open Pit M&I
(direct proc.)
|
|
27,551
|
1.10
|
3.4
|
-
|
975
|
2,977
|
-
|
|
Underground
|
|
|
|
|
|
|
|
|
|
Measured
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Indicated
|
|
6,223
|
2.93
|
9.0
|
-
|
587
|
1,808
|
-
|
|
Underground M&I
(direct proc.)
|
|
6,223
|
2.93
|
9.0
|
-
|
587
|
1,808
|
-
|
Low grade
resources
|
|
|
|
|
|
|
|
|
|
Open
Pit
|
|
|
|
|
|
|
|
|
|
Measured
|
|
2,023
|
0.36
|
2.3
|
-
|
23
|
150
|
-
|
|
Indicated
|
|
22,290
|
0.36
|
2.3
|
-
|
258
|
1,634
|
-
|
|
Open Pit M&I
(low grade)
|
|
24,313
|
0.36
|
2.3
|
-
|
282
|
1,784
|
-
|
Combined
M&I
|
|
|
|
|
|
|
|
|
|
Measured
|
|
4,579
|
0.78
|
2.8
|
-
|
115
|
417
|
-
|
|
Indicated
|
|
53,508
|
1.00
|
3.6
|
-
|
1,729
|
6,152
|
-
|
Total Rainy River
M&I
|
|
58,087
|
0.99
|
3.5
|
-
|
1,844
|
6,569
|
-
|
NEW
AFTON
|
|
|
|
|
|
|
|
|
A&B
Zones
|
|
|
|
|
|
|
|
|
|
Measured
|
|
17,155
|
0.63
|
2.0
|
0.83
|
348
|
1,090
|
313
|
|
Indicated
|
|
10,689
|
0.46
|
2.4
|
0.68
|
159
|
824
|
159
|
|
A&B Zone
M&I
|
|
27,844
|
0.57
|
2.1
|
0.77
|
507
|
1,909
|
473
|
C-zone
|
|
|
|
|
|
|
|
|
|
Measured
|
|
6,424
|
0.91
|
2.3
|
1.07
|
188
|
471
|
152
|
|
Indicated
|
|
11,918
|
0.74
|
2.1
|
0.88
|
284
|
816
|
231
|
|
C-zone
M&I
|
|
18,342
|
0.80
|
2.2
|
0.95
|
472
|
1,284
|
383
|
HW
Lens
|
|
|
|
|
|
|
|
|
|
Measured
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Indicated
|
|
11,841
|
0.50
|
2.0
|
0.43
|
191
|
750
|
111
|
|
HW Lens
M&I
|
|
11,841
|
0.50
|
2.0
|
0.43
|
191
|
750
|
111
|
Total New Afton
M&I
|
|
58,038
|
0.63
|
2.1
|
0.76
|
1,170
|
3,970
|
968
|
MESQUITE
|
|
|
|
|
|
|
|
|
|
Measured
|
|
4,297
|
0.43
|
-
|
-
|
59
|
-
|
-
|
|
Indicated
|
|
75,859
|
0.46
|
-
|
-
|
1,122
|
-
|
-
|
Total Mesquite
M&I
|
|
80,156
|
0.46
|
-
|
-
|
1,181
|
-
|
-
|
BLACKWATER
|
|
|
|
|
|
|
|
|
Direct
processing resources
|
|
|
|
|
|
|
|
|
|
Measured
|
|
288
|
1.39
|
6.6
|
-
|
13
|
61
|
-
|
|
Indicated
|
|
45,440
|
0.84
|
4.7
|
-
|
1,227
|
6,866
|
-
|
|
M&I (direct
proc.)
|
|
45,728
|
0.84
|
4.7
|
-
|
1,240
|
6,927
|
-
|
Low grade
resources
|
|
|
|
|
|
|
|
|
|
Measured
|
|
11
|
0.29
|
7.4
|
-
|
-
|
3
|
-
|
|
Indicated
|
|
15,831
|
0.32
|
3.9
|
-
|
162
|
1,985
|
-
|
|
M&I (low
grade)
|
|
15,842
|
0.32
|
3.9
|
-
|
162
|
1,988
|
-
|
Total Blackwater
M&I
|
|
61,570
|
0.71
|
4.5
|
-
|
1,402
|
8,915
|
-
|
TOTAL M&I
EXCLUSIVE OF RESERVES
|
|
|
|
|
|
|
|
|
CONTINUING
OPERATIONS
|
|
|
|
|
|
5,597
|
19,454
|
968
|
Inferred Mineral Resources Statement as at December 31, 2017, exclusive of Peak
Mines
|
|
|
|
|
|
|
|
Metal
grade
|
Contained
metal
|
|
|
Tonnes
000s
|
Gold
g/t
|
Silver
g/t
|
Copper
%
|
Gold
Koz
|
Silver
Koz
|
Copper
Mlbs
|
|
|
|
|
|
|
|
|
|
RAINY
RIVER
|
|
|
|
|
|
|
|
|
Direct
processing
|
|
|
|
|
|
|
|
|
|
Open Pit
|
|
6,016
|
1.20
|
3.4
|
-
|
232
|
650
|
-
|
|
Underground
|
|
1,271
|
3.68
|
3.8
|
-
|
150
|
156
|
-
|
|
Total Direct
Processing
|
|
7,286
|
1.63
|
3.4
|
-
|
382
|
806
|
-
|
Low grade
resources
|
|
|
|
|
|
|
|
|
|
Open Pit
|
|
6,219
|
0.37
|
1.6
|
-
|
74
|
318
|
-
|
Rainy River
Inferred
|
|
13,505
|
1.05
|
2.6
|
-
|
456
|
1,124
|
-
|
NEW
AFTON
|
|
|
|
|
|
|
|
|
|
A&B
Zones
|
|
7,564
|
0.35
|
1.3
|
0.35
|
85
|
322
|
58
|
|
C-zone
|
|
7,688
|
0.43
|
1.3
|
0.48
|
106
|
325
|
72
|
|
HW Lens
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
New Afton
Inferred
|
|
15,253
|
0.39
|
1.3
|
0.41
|
192
|
647
|
131
|
MESQUITE
|
|
8,871
|
0.38
|
-
|
-
|
107
|
-
|
-
|
BLACKWATER
|
|
|
|
|
|
|
|
|
|
Direct
processing
|
|
13,933
|
0.76
|
4.0
|
-
|
341
|
1,792
|
-
|
|
Low grade
resources
|
|
4,225
|
0.32
|
3.5
|
-
|
44
|
475
|
-
|
Blackwater
Inferred
|
|
18,159
|
0.66
|
3.9
|
-
|
385
|
2,267
|
-
|
TOTAL
INFERRED
|
|
|
|
|
|
1,140
|
4,038
|
131
|
Peak Mines Mineral Reserves and Resources
|
|
|
|
|
|
|
|
Metal
grade
|
Contained
metal
|
|
|
Tonnes
000s
|
Gold
g/t
|
Silver
g/t
|
Copper
%
|
Gold
Koz
|
Silver
Koz
|
Copper
Mlbs
|
MINERAL
RESERVES
|
|
|
|
|
|
|
|
|
Proven
|
|
1,460
|
2.94
|
9.9
|
1.42
|
138
|
464
|
46
|
Probable
|
|
1,400
|
2.41
|
8.6
|
1.24
|
107
|
381
|
38
|
Total Peak Mines
P&P
|
|
2,860
|
2.68
|
9.2
|
1.33
|
246
|
845
|
84
|
MEASURED AND
INDICATED RESOURCES EXCLUSIVE OF RESERVES
|
|
|
Measured
|
|
1,500
|
3.11
|
7.8
|
1.01
|
150
|
370
|
33
|
Indicated
|
|
4,100
|
1.74
|
6.4
|
1.70
|
230
|
850
|
150
|
Total Peak Mines
M&I
|
|
5,600
|
2.10
|
6.8
|
1.52
|
380
|
1,200
|
190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metal
grade
|
Contained
metal
|
INFERRED
RESOURCES
|
Tonnes
000s
|
Gold
g/t
|
Silver
g/t
|
Copper
%
|
Lead
%
|
Zinc
%
|
Gold
Koz
|
Silver
Koz
|
Copper
Mlbs
|
Lead
Mlbs
|
Zinc
Mlbs
|
Gold-Copper
resources
|
2,620
|
1.32
|
6.4
|
1.94
|
NA
|
NA
|
113
|
553
|
115
|
NA
|
NA
|
Silver-Lead-Zinc
resources
|
2,300
|
1.95
|
29.4
|
0.29
|
4.73
|
5.76
|
140
|
2,200
|
15
|
240
|
290
|
Total Peak
Inferred
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Mineral Reserve and Resource Estimates
1. New Gold's Mineral Reserves and Resources have
been estimated in accordance with the CIM Standards, which are
incorporated by reference in NI 43-101.
2. All Mineral Resource and Mineral Reserve estimates
for New Gold's properties and projects are effective December 31, 2017.
3. New Gold's year-end 2017 Mineral Reserves and
Mineral Resources have been estimated based on the following metal
prices and foreign exchange rate criteria:
|
|
|
|
|
|
|
|
|
|
Gold
$/ounce
|
Silver
$/ounce
|
Copper
$/pound
|
Lead
$/pound
|
Zinc
$/pound
|
CAD
|
AUD
|
MXN
|
Mineral
Reserves
|
$1,275
|
$17.00
|
$2.75
|
N/A
|
N/A
|
1.30
|
1.30
|
18.00
|
Mineral
Resources
|
$1,375
|
$19.00
|
$3.00
|
$1.00
|
$1.20
|
1.30
|
1.30
|
18.00
|
4. Lower cut-offs for the Company's Mineral Reserves
and Mineral Resources are outlined in the following table:
|
|
|
|
Mineral
Property
|
|
Mineral
Reserves
Lower
cut-off
|
Mineral
Resources
Lower
Cut-off
|
Rainy
River
|
Open Pit/direct
processing:
|
0.30 – 0.50 g/t
AuEq
|
0.30 – 0.50 g/t
AuEq
|
|
Open Pit/low grade
material:
|
0.30 g/t
AuEq
|
0.30 g/t
AuEq
|
|
Underground/direct
processing:
|
2.20 g/t
AuEg
|
2.00 g/t
AuEq
|
New Afton
|
Main Zone – B1 &
B2 Blocks:
|
C$ 17.00/t
|
All Resources:
0.40% CuEq
|
|
B3 Block &
C-zone:
|
C$ 24.00/t
|
Mesquite
|
Oxide:
|
0.14 g/t Au (0.0045
oz/t Au)
|
0.12 g/t Au (0.0038
oz/t Au)
|
|
Transitional &
Non-ox:
|
0.28 g/t Au (0.0090
oz/t Au)
|
0.25 g/t Au (0.0081
oz/t Au)
|
Peak Mines
|
All ore
types:
|
A$ 80/t to
A$140/t
|
A$ 85/t to A$
150/t
|
Blackwater
|
Open Pit/direct
processing:
|
0.26 – 0.38 g/t
AuEq
|
All Resources: 0.40
g/t AuEq
|
|
Open Pit/low grade
material:
|
0.32 g/t
AuEq
|
5. New Gold reports its measured and indicated
mineral resources exclusive of mineral reserves. Measured and
indicated mineral resources that are not mineral reserves do not
have demonstrated economic viability. Inferred Mineral Resources
have a greater amount of uncertainty as to their existence,
economic and legal feasibility, do not have demonstrated economic
viability, and are likewise exclusive of mineral reserves.
Numbers may not add due to rounding.
6. Mineral resources are classified as measured,
indicated and inferred based on relative levels of confidence in
their estimation and on technical and economic parameters
consistent with the methods most suitable to their potential
commercial extraction. Where different mining and/or processing
methods might be applied to different portions of a mineral
resource, the designators 'open pit' and 'underground' are used to
indicate the envisioned mining method. The designators 'oxide',
'transitional', 'non-oxide' and 'sulphide' have likewise been
applied to indicate the type of mineralization as it relates to the
appropriate mineral processing method and expected payable metal
recoveries, and the designators 'direct processing' and 'lower
grade material' have been applied to differentiate material
envisioned to be mined and processed directly from material to be
mined and stored separately for future processing. Mineral reserves
and mineral resources may be materially affected by environmental,
permitting, legal, title, taxation, sociopolitical, marketing and
other risks and relevant issues. Additional details regarding
mineral reserve and mineral resource estimation, classification,
reporting parameters, key assumptions and associated risks for each
of New Gold's material properties are provided in the respective NI
43-101 Technical Reports, which are available at www.sedar.com.
7. Rainy River: In addition to the criteria described
above, mineral reserves and mineral resources for Rainy River are reported according to the
following additional criteria: Underground mineral reserves are
reported peripheral to and/or below the open pit mineral reserve
pit shell, which has been designed and optimized based on a
$1,275/oz gold price. Underground
mineral resources are reported below a larger mineral resource pit
shell, which has been defined based on a $1,375/oz gold price. Approximately forty
percent (40%) of the gold metal content defined as underground
mineral reserves is derived from material located between the
mineral reserve pit shell and the mineral resource pit shell; the
remaining sixty percent (60%) of the metal content defined as
underground mineral reserves is derived from material located below
the mineral resource pit shell. Open pit mineral resources
exclude material reported as underground Mineral Reserves.
8. Qualified Person: The preparation of New Gold's
mineral reserve and mineral resource estimates has been completed
by Qualified Persons as defined under NI 43-101, under the
oversight and review of Mr. Mark A.
Petersen, a Qualified Person under NI 43-101.
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
the statements made under "2018 Guidance", as well as other
statements elsewhere in this news release, including, among others,
statements with respect to: guidance for production, operating
expense, all-in sustaining costs and total cash costs, and the
factors contributing to those expected results, including mill
throughput and metal recoveries, as well as expected capital and
other expenditures; planned development activities and timing for
2018 and future years at the Rainy River Mine, including the
completion of the full tailings damn footprint and the construction
of the first tailings lift, the waste stripping program and
underground development; the expected production and costs of the
Rainy River Mine over its first nine years of operation; targeted
timing for permits, including the Blackwater EA; expected timing
for Blackwater development activities, including the completion of
internal trade-off studies; and expecting timing for closing of the
Peak Mines sale transaction.
All forward-looking statements in this news release are based on
the opinions and estimates of management as of the date such
statements are made and are 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 annual and quarterly Management's Discussion and Analysis
("MD&A"), its Annual Information Form and its Technical Reports
filed at www.sedar.com. 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; (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; (4) the exchange rate between the Canadian
dollar, Mexican peso and U.S. dollar 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 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; and (9) in the case of
production, cost and expenditure outlooks at the operating mines
for 2018 and future years, commodity prices and exchange rates
being consistent with those estimated for the purposes for
2018.
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 Mexico; discrepancies between actual and
estimated production, between actual and estimated mineral reserves
and mineral resources and between actual and estimated
metallurgical recoveries; fluctuation in treatment and refining
charges; changes in national and local government legislation in
Canada, the United States and Mexico or any other country in which New Gold
currently or may in the future carry on business; taxation;
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; diminishing
quantities or grades of mineral reserves and mineral resources;
competition; loss of 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. 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 disclosure documents
filed on and available at www.sedar.com. 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 of the 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.
Cautionary Note to U.S. Readers Concerning Estimates of
Mineral Reserves and Mineral Resources
Information concerning the properties and operations of New Gold
has been prepared in accordance with Canadian standards under
applicable Canadian securities laws, and may not be comparable to
similar information for United
States companies. The terms "Mineral Resource", "Measured
Mineral Resource", "Indicated Mineral Resource" and "Inferred
Mineral Resource" used in this news release are Canadian mining
terms as defined in the Canadian Institute of Mining, Metallurgy
and Petroleum ("CIM") Definition Standards for Mineral Resources
and Mineral Reserves adopted by CIM Council on May 10, 2014 and incorporated by reference in
National Instrument 43-101. While the terms "Mineral
Resource", "Measured Mineral Resource", "Indicated Mineral
Resource" and "Inferred Mineral Resource" are recognized and
required by Canadian securities regulations, they are not defined
terms under standards of the United States Securities and Exchange
Commission. As such, certain information contained in this
news release concerning descriptions of mineralization and mineral
resources under Canadian standards is not comparable to similar
information made public by United
States companies subject to the reporting and disclosure
requirements of the United States Securities and Exchange
Commission.
An "Inferred Mineral Resource" has a great amount of uncertainty
as to its existence and as to its economic and legal
feasibility. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or
pre-feasibility studies. It cannot be assumed that all or any
part of an "Inferred Mineral Resource" will ever be upgraded to a
higher confidence category. Readers are cautioned not to
assume that all or any part of an "Inferred Mineral Resource"
exists or is economically or legally mineable.
Under United States standards,
mineralization may not be classified as a "Reserve" unless the
determination has been made that the mineralization could be
economically and legally produced or extracted at the time the
reserve estimation is made. Readers are cautioned not to
assume that all or any part of the measured or indicated mineral
resources will ever be converted into mineral reserves. In
addition, the definitions of "Proven Mineral Reserves" and
"Probable Mineral Reserves" under CIM standards differ in certain
respects from the standards of the United States Securities and
Exchange Commission.
Technical Information
The scientific and technical information relating to the
operation of New Gold's operating mines contained herein has been
reviewed and approved by Mr. Nicholas
Kwong, Director, Business Improvement of New Gold. All other
scientific and technical information contained herein has been
reviewed and approved by Mr. Mark A.
Petersen, Vice President, Exploration of New Gold. Mr. Kwong
is a Professional Engineer and a member of the Association of
Professional Engineers and Geoscientists of British Columbia. Mr. Petersen is a SME
Registered Member and AIPG Certified Professional Geologist. Mr.
Kwong and Mr. Petersen are "Qualified Persons" for the purposes of
Canadian NI 43-101.
For additional technical information on New Gold's material
properties, including a detailed breakdown of Mineral Reserves and
Mineral Resources by category, as well as key assumptions,
parameters and risks, refer to New Gold's Annual Information Form
for the year ended December 31, 2016
filed on www.sedar.com.
Non-GAAP Measures
(1) All-In Sustaining Costs
"All-in sustaining costs" per ounce is a non-GAAP financial
measure. Consistent with guidance announced in 2013 by the World
Gold Council, an association of various gold mining companies from
around the world of which New Gold is a member, New Gold defines
"all-in sustaining costs" per ounce as the sum of total cash costs,
capital expenditures that are sustaining in nature (as presented in
the cash flow statement), corporate general and administrative
costs, capitalized and expensed exploration that is sustaining in
nature and environmental reclamation costs, all divided by the
ounces of gold sold to arrive at a per ounce figure. New Gold
believes this non-GAAP financial measure provides further
transparency into costs associated with producing gold and assists
analysts, investors and other stakeholders of the Company in
assessing the Company's operating performance, its ability to
generate free cash flow from current operations and its overall
value. This data is furnished to provide additional information and
is a non-GAAP financial measure. All-in sustaining costs presented
do not have a 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 and is not
necessarily indicative of cash flow from operations under IFRS or
operating costs presented under IFRS. Further details regarding
historical all-in sustaining costs and a reconciliation to the
nearest IFRS measures are provided in the MD&A accompanying New
Gold's financial statements filed from time to time on
www.sedar.com.
"Sustaining costs" is a non-GAAP financial measure. New Gold
defines sustaining costs as the difference between all-in
sustaining costs and total cash costs, being the sum of net capital
expenditures that are sustaining in nature, corporate general and
administrative costs, capitalized and expensed exploration that is
sustaining in nature, and environmental reclamation costs.
Management uses sustaining costs to understand the aggregate net
result of the drivers of all-in sustaining costs other than total
cash costs. The line items between cash costs and all in
sustaining costs in the tables below break down the components of
sustaining costs. Sustaining costs 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.
(2) Total Cash Costs
"Total cash costs" per ounce is a non-GAAP financial measure
which is 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.
New Gold reports total cash costs on a sales basis. The Company
believes that certain investors use this information to evaluate
the Company's performance and ability to generate liquidity through
operating cash flow to fund future capital expenditures and working
capital needs. This measure, along with sales, is considered
to be a key indicator of the Company's ability to generate
operating earnings and cash flow from its mining operations. Total
cash costs include mine site operating costs such as mining,
processing and administration costs, royalties, production taxes,
and realized gains and losses on fuel contracts, but are exclusive
of amortization, reclamation, capital and exploration costs and net
of by-product sales. Total cash costs are then divided by ounces of
gold sold to arrive at a per ounce figure. Co-product cash costs
remove the impact of other metal sales that are produced as a
by-product of gold production and apportion the cash costs to each
metal produced on a percentage of revenue basis, and subsequently
divides the amount by the total ounces of gold or silver or pounds
of copper sold, as the case may be, to arrive at per ounce or per
pound figures. Unless otherwise indicated, all total cash cost
information in this news release is net of by-product sales. This
data is furnished to provide additional information and is a
non-GAAP financial measure. Total cash costs and co-product cash
costs presented do not have a 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 and is not necessarily indicative of cash flow from operations
under IFRS or operating costs presented under GAAP. Further details
regarding historical total cash costs and a reconciliation to the
nearest IFRS measures are provided in the MD&A accompanying New
Gold's financial statements filed from time to time on
www.sedar.com.
OPEX, Cash Cost and AISC Reconciliation
|
|
|
Three months ended
December 31, 2017
|
(in millions of
U.S. dollars, except where noted)
|
Gold
|
Copper
|
Silver
|
Total
|
OPEX, Cash Cost
and AISC Reconciliation
|
|
|
|
|
Operating
expenses(1)
|
80.3
|
34.5
|
2.2
|
117.0
|
Units of metal sold
(ounces/millions of pounds/millions of ounces)
|
108,782
|
22.0
|
0.2
|
|
Operating expenses
per unit of metal sold ($/ounce or pound)
|
738
|
1.56
|
9.44
|
|
Operating
expenses(1)
|
80.3
|
34.5
|
2.2
|
117.0
|
Treatment and
refining charges on concentrate sales
|
2.5
|
5.8
|
0.1
|
8.4
|
Adjustments(2)
|
0.1
|
-
|
-
|
0.1
|
Total cash costs from
continuing operations
|
82.9
|
40.3
|
2.3
|
125.5
|
By-product silver and
copper sales from continuing operations
|
|
|
|
(63.3)
|
Total cash costs net
of by-product revenue from continuing operations
|
|
|
|
62.2
|
Units of metal sold
from continuing operations (ounces/millions
of pounds/millions of ounces)
|
108,782
|
22.0
|
0.2
|
|
Total cash costs on a
co-product basis from continuing
operations(3) ($/ounce or pound)
|
762
|
1.83
|
9.90
|
|
Total cash costs per
gold ounce sold from continuing operations ($/ounce)
|
|
|
|
572
|
Total cash costs on a
co-product cash costs
|
107.2
|
44.9
|
2.9
|
|
Total cash costs net
of by-product revenue
|
|
|
|
76.5
|
Units of metal sold
(ounces/millions of pounds/millions of
ounces)(5)
|
143,644
|
24.9
|
0.3
|
|
Total cash costs on a
co-product basis ($/ounce of pound)
|
746
|
1.80
|
9.73
|
|
Total cash costs per
gold ounce sold ($/ounce)
|
|
|
|
533
|
Total co-product cash
costs from continuing operations(5)
|
82.9
|
40.3
|
2.3
|
|
Total cash costs net
of by-product revenue from continuing
operations(5)
|
|
|
|
62.2
|
Sustaining capital
expenditures
|
10.4
|
4.5
|
0.3
|
15.2
|
Sustaining
exploration - expensed
|
0.4
|
0.2
|
-
|
0.6
|
Corporate G&A
including share-based compensation(4)
|
2.6
|
1.1
|
0.1
|
3.8
|
Reclamation
expenses
|
1.8
|
0.8
|
-
|
2.5
|
Total co-product
all-in sustaining costs from continuing
operations(5)
|
98.0
|
46.8
|
2.8
|
|
Total all-in
sustaining costs net of by-product revenue from
continuing operations(5)
|
|
|
|
84.3
|
All-in sustaining
costs on a co-product basis from continuing
operations(3) ($/ounce or pound)
|
901
|
2.12
|
11.67
|
|
All-in sustaining
costs per gold ounce sold from continuing operations
($/ounce)
|
|
|
|
774
|
Total co-product
all-in sustaining costs
|
131.6
|
54.4
|
3.6
|
|
Total all-in
sustaining costs net of by-product revenue
|
|
|
|
110.8
|
All-in sustaining
costs on a co-product basis ($/ounce or pound)
|
916
|
2.17
|
11.91
|
|
All-in sustaining
costs per gold ounce sold ($/ounce)
|
|
|
|
771
|
(1)
|
Operating expenses
are apportioned to each metal produced on a percentage of revenue
basis.
|
(2)
|
Adjustments include
non-cash items related to inventory write-down reversals and social
closure costs incurred at Cerro San Pedro that are included in
operating expenses.
|
(3)
|
Amounts presented on
a co-product basis remove the impact of other metal sales that are
produced as a by-product of our gold production and apportions the
cash costs to each metal produced on a percentage of revenue
basis.
|
(4)
|
Includes the sum of
corporate administration costs and share-based payment expense per
the income statement, net of any non-cash depreciation within those
figures.
|
(5)
|
Includes the impact
of Peak Mines, which has been classified as a discontinued
operation as at and for the three months and full-year ended
December 31, 2017.
|
OPEX, Cash Cost and AISC Reconciliation
|
|
|
Year ended December
31, 2017
|
(in millions of
U.S. dollars, except where noted)
|
Gold
|
Copper
|
Silver
|
Total
|
OPEX, Cash Cost
and AISC Reconciliation
|
|
|
|
|
Operating
expenses(1)
|
200.0
|
113.5
|
7.6
|
321.1
|
Units of metal sold
(ounces/millions of pounds/millions of ounces)
|
309,454
|
84.5
|
0.9
|
|
Operating expenses
per unit of metal sold ($/ounce or pound)
|
646
|
1.34
|
8.54
|
|
Operating
expenses(1)
|
200.0
|
113.5
|
7.6
|
321.1
|
Treatment and
refining charges on concentrate sales
|
9.6
|
20.7
|
0.4
|
30.6
|
Adjustments(2)
|
(0.5)
|
(0.3)
|
-
|
(0.8)
|
Total cash costs from
continuing operations
|
209.0
|
133.9
|
8.0
|
350.9
|
By-product silver and
copper sales from continuing operations
|
|
|
|
(239.6)
|
Total cash costs net
of by-product revenue from continuing operations
|
|
|
|
111.3
|
Units of metal sold
from continuing operations (ounces/millions of
pounds/millions of ounces)
|
309,454
|
84.5
|
0.9
|
|
Total cash costs on a
co-product basis from continuing operations(3)
($/ounce or pound)
|
675
|
1.58
|
8.98
|
|
Total cash costs per
gold ounce sold from continuing operations
($/ounce)
|
|
|
|
360
|
Total cash costs on a
co-product cash costs
|
285.8
|
156.0
|
9.9
|
|
Total cash costs net
of by-product revenue
|
|
|
|
165.2
|
Units of metal sold
(ounces/millions of pounds/millions of
ounces)(5)
|
410,086
|
96.6
|
1.1
|
|
Total cash costs on a
co-product basis ($/ounce of pound)
|
697
|
1.62
|
9.22
|
|
Total cash costs per
gold ounce sold ($/ounce)
|
|
|
|
403
|
Total co-product cash
costs from continuing operations(5)
|
209.0
|
133.9
|
8.0
|
111.3
|
Total cash costs net
of by-product revenue from continuing
operations(5)
|
|
|
|
|
Sustaining capital
expenditures(6)
|
34.8
|
19.7
|
1.3
|
55.8
|
Sustaining
exploration - expensed
|
1.3
|
0.8
|
0.1
|
2.1
|
Corporate G&A
including share-based compensation(4)
|
17.6
|
10.0
|
0.7
|
28.3
|
Reclamation
expenses
|
5.6
|
3.2
|
0.2
|
9.0
|
Total co-product
all-in sustaining costs from continuing
operations(5)
|
268.3
|
167.6
|
10.3
|
|
Total all-in
sustaining costs net of by-product revenue from continuing
operations(5)
|
|
|
|
206.6
|
All-in sustaining
costs on a co-product basis from continuing
operations(3)
($/ounce or pound)
|
867
|
1.98
|
11.52
|
|
All-in sustaining
costs per gold ounce sold from continuing operations
($/ounce)
|
|
|
|
668
|
Total co-product
all-in sustaining costs
|
372.8
|
198.9
|
12.9
|
|
Total all-in
sustaining costs net of by-product revenue
|
|
|
|
298.2
|
All-in sustaining
costs on a co-product basis ($/ounce or pound)
|
909
|
2.06
|
12.01
|
|
All-in sustaining
costs per gold ounce sold ($/ounce)
|
|
|
|
727
|
(1)
|
Operating expenses
are apportioned to each metal produced on a percentage of revenue
basis.
|
(2)
|
Adjustments include
the amortization of Mesquite's Purchase Price Allocation associated
with royalties and social closure costs incurred at Cerro San Pedro
that are included in operating expenses.
|
(3)
|
Amounts presented on
a co-product basis remove the impact of other metal sales that are
produced as a by-product of our gold production and apportions the
cash costs to each metal produced on a percentage of revenue
basis.
|
(4)
|
Includes the sum of
corporate administration costs and share-based payment expense per
the income statement, net of any non-cash depreciation within those
figures.
|
(5)
|
Includes the impact
of Peak Mines, which has been classified as a discontinued
operation as at and for the three months and full-year ended
December 31, 2017.
|
(6)
|
For the year ended
December 31, 2017 sustaining capital expenditures are net of $0.3
million in proceeds from the disposal of assets.
|
OPEX, Cash Cost and AISC Reconciliation
|
|
|
Three months ended
December 31, 2016
|
(in millions of
U.S. dollars, except where noted)
|
Gold
|
Copper
|
Silver
|
Total
|
OPEX, Cash Cost
and AISC Reconciliation
|
|
|
|
|
Operating
expenses(1)
|
58.5
|
33.1
|
2.6
|
94.2
|
Units of metal sold
(ounces/millions of pounds/millions of ounces)
|
75,887
|
21.1
|
0.2
|
|
Operating expenses
per unit of metal sold ($/ounce or pound)
|
771
|
1.57
|
10.66
|
|
Operating
expenses(1)
|
58.5
|
33.1
|
2.6
|
94.2
|
Treatment and
refining charges on concentrate sales
|
2.7
|
4.7
|
0.1
|
7.5
|
Adjustments(2)
|
(15.1)
|
(8.1)
|
(0.6)
|
(23.8)
|
Total cash costs from
continuing operations
|
46.1
|
29.6
|
2.1
|
77.8
|
By-product silver and
copper sales from continuing operations
|
|
|
|
(56.0)
|
Total cash costs net
of by-product revenue from continuing operations
|
|
|
|
21.8
|
Units of metal sold
from continuing operations (ounces/millions of
pounds/millions of ounces)
|
75,887
|
21.1
|
0.2
|
|
Total cash costs on a
co-product basis from continuing operations(2)
($/ounce or pound)
|
607
|
1.41
|
8.80
|
|
Total cash costs per
gold ounce sold from continuing operations
($/ounce)
|
|
|
|
288
|
Total cash costs on a
co-product cash costs
|
60.5
|
36.2
|
2.6
|
|
Total cash costs net
of by-product revenue
|
|
|
|
99.3
|
Units of metal sold
(ounces/millions of pounds/millions of
ounces)(4)
|
93,936
|
24.6
|
0.3
|
|
Total cash costs on a
co-product basis ($/ounce of pound)
|
647
|
1.47
|
9.11
|
|
Total cash costs per
gold ounce sold ($/ounce)
|
|
|
|
360
|
Total co-product cash
costs from continuing operations(4)
|
46.1
|
29.6
|
2.1
|
|
Total cash costs net
of by-product revenue from continuing
operations(4)
|
|
|
|
21.8
|
Sustaining capital
expenditures(5)
|
7.9
|
4.4
|
0.3
|
12.7
|
Sustaining
exploration - expensed
|
1.5
|
0.9
|
0.1
|
2.5
|
Corporate G&A
including share-based compensation(3)
|
4.2
|
2.4
|
0.2
|
6.8
|
Reclamation
expenses
|
0.6
|
0.3
|
-
|
1.0
|
Total co-product
all-in sustaining costs from continuing
operations(4)
|
60.3
|
37.6
|
2.7
|
|
Total all-in
sustaining costs net of by-product revenue from continuing
operations(4)
|
|
|
|
44.8
|
All-in sustaining
costs on a co-product basis from continuing
operations(2)
($/ounce or pound)
|
795
|
1.79
|
11.39
|
|
All-in sustaining
costs per gold ounce sold from continuing operations
($/ounce)
|
|
|
|
590
|
Total co-product
all-in sustaining costs
|
76.0
|
44.3
|
3.2
|
|
Total all-in
sustaining costs net of by-product revenue
|
|
|
|
57.8
|
All-in sustaining
costs on a co-product basis ($/ounce or pound)
|
812
|
1.80
|
11.40
|
|
All-in sustaining
costs per gold ounce sold ($/ounce)
|
|
|
|
619
|
(1)
|
Operating expenses
are apportioned to each metal produced on a percentage of revenue
basis.
|
(2)
|
Amounts presented on
a co-product basis remove the impact of other metal sales that are
produced as a by-product of our gold production and apportions the
cash costs to each metal produced on a percentage of revenue
basis.
|
(3)
|
Includes the sum of
corporate administration costs and share-based payment expense per
the income statement, net of any non-cash depreciation within those
figures.
|
(4)
|
Includes the impact
of Peak Mines, which has been classified as a discontinued
operation as at and for the three months and full-year ended
December 31, 2017.
|
(5)
|
For the three months
ended December 31, 2017 sustaining capital expenditures are net of
$0.1 million in proceeds from the disposal of assets.
|
OPEX, Cash Cost and AISC Reconciliation
|
|
|
Year ended December
31, 2016
|
(in millions of
U.S. dollars, except where noted)
|
Gold
|
Copper
|
Silver
|
Total
|
OPEX, Cash Cost
and AISC Reconciliation
|
|
|
|
|
Operating
expenses(1)
|
171.3
|
94.6
|
9.6
|
275.5
|
Units of metal sold
(ounces/millions of pounds/millions of ounces)
|
274,843
|
84.9
|
1.1
|
|
Operating expenses
per unit of metal sold ($/ounce or pound)
|
623
|
1.11
|
8.55
|
|
Operating
expenses(1)
|
171.3
|
94.6
|
9.6
|
275.5
|
Treatment and
refining charges on concentrate sales
|
10.8
|
16.8
|
0.4
|
28.0
|
Adjustments(2)
|
(14.9)
|
(8.2)
|
(0.8)
|
(23.9)
|
Total cash costs from
continuing operations
|
167.2
|
103.2
|
9.2
|
279.6
|
By-product silver and
copper sales from continuing operations
|
|
|
|
(208.3)
|
Total cash costs net
of by-product revenue from continuing operations
|
|
|
|
71.3
|
Units of metal sold
from continuing operations (ounces/millions of
pounds/millions of ounces)
|
274,843
|
84.9
|
1.1
|
|
Total cash costs on a
co-product basis from continuing operations(3)
($/ounce or pound)
|
608
|
1.22
|
8.19
|
|
Total cash costs per
gold ounce sold from continuing operations
($/ounce)
|
|
|
|
259
|
Total cash costs on a
co-product cash costs
|
239.9
|
124.5
|
10.8
|
|
Total cash costs net
of by-product revenue
|
|
|
|
132.3
|
Units of metal sold
(ounces/millions of pounds/millions of
ounces)(5)
|
378,239
|
99.2
|
1.3
|
|
Total cash costs on a
co-product basis ($/ounce of pound)
|
634
|
1.26
|
8.64
|
|
Total cash costs per
gold ounce sold ($/ounce)
|
|
|
|
349
|
Total co-product cash
costs from continuing operations(5)
|
167.2
|
103.2
|
9.2
|
|
Total cash costs net
of by-product revenue from continuing
operations(5)
|
|
|
|
279.6
|
Sustaining capital
expenditures(6)
|
47.0
|
25.9
|
2.6
|
75.5
|
Sustaining
exploration - expensed
|
3.1
|
1.7
|
0.2
|
5.0
|
Corporate G&A
including share-based compensation(4)
|
19.1
|
10.6
|
1.1
|
30.8
|
Reclamation
expenses
|
2.0
|
1.1
|
0.1
|
3.2
|
Total co-product
all-in sustaining costs from continuing
operations(5)
|
238.4
|
142.5
|
13.2
|
|
Total all-in
sustaining costs net of by-product revenue from continuing
operations(5)
|
|
|
|
185.7
|
All-in sustaining
costs on a co-product basis from continuing
operations(3)
($/ounce or pound)
|
861
|
1.66
|
11.74
|
|
All-in sustaining
costs per gold ounce sold from continuing operations
($/ounce)
|
|
|
|
675
|
Total co-product
all-in sustaining costs
|
325.7
|
164.5
|
14.6
|
|
Total all-in
sustaining costs net of by-product revenue
|
|
|
|
261.9
|
All-in sustaining
costs on a co-product basis ($/ounce or pound)
|
861
|
1.66
|
11.74
|
|
All-in sustaining
costs per gold ounce sold ($/ounce)
|
|
|
|
692
|
(1)
|
Operating expenses
are apportioned to each metal produced on a percentage of revenue
basis.
|
(2)
|
Adjustments include
the amortization of Mesquite's Purchase Price Allocation associated
with royalties and social closure costs incurred at Cerro San Pedro
that are included in operating expenses.
|
(3)
|
Amounts presented on
a co-product basis remove the impact of other metal sales that are
produced as a by-product of our gold production and apportions the
cash costs to each metal produced on a percentage of revenue
basis.
|
(4)
|
Includes the sum of
corporate administration costs and share-based payment expense per
the income statement, net of any non-cash depreciation within those
figures.
|
(5)
|
Includes the impact
of Peak Mines, which has been classified as a discontinued
operation as at and for the three months and full-year ended
December 31, 2017.
|
(6)
|
For the year ended
December 31, 2017 sustaining capital expenditures are net of $0.7
million in proceeds from the disposal of assets.
|
(3) Cash Generated from Operations before Changes in Working
Capital
"Cash generated from operations before changes in working
capital" is a non-GAAP financial measure with no standard meaning
under IFRS, excludes changes in non-cash operating working capital.
Management uses this measure to evaluate the Company's ability to
generate cash from its operations before working capital changes.
Further details regarding cash generated from operations before
changes in working capital and a reconciliation to the nearest IFRS
measure is provided in the MD&A accompanying New Gold's
financial statements filed from time to time on www.sedar.com.
Cash Generated from Operations before Changes in Working
Capital Reconciliation
|
|
|
|
Three months ended
December 31
|
Year ended December
31
|
(in millions of
U.S. dollars, except per share amounts)
|
2017
|
2016
|
2017
|
2016
|
Operating cash
generated from continuing operations
|
$91.2
|
$49.1
|
$275.0
|
$225.0
|
Add back (deduct):
Change in non-cash operating
working capital from continuing operations
|
(26.4)
|
15.5
|
(40.9)
|
20.3
|
Operating cash
generated from continuing operations before changes in non-cash working capital
|
64.8
|
64.6
|
234.1
|
245.3
|
Operating cash
generated from discontinued operations
|
27.7
|
2.8
|
67.2
|
57.2
|
Add back (deduct):
Change in non-cash operating
working capital from discontinued operations
|
0.5
|
1.1
|
(2.1)
|
(0.7)
|
Cash generated from
operations before changes in
non-cash working capital
|
93.0
|
68.5
|
299.2
|
301.8
|
(4) Adjusted Net Earnings/(Loss)
"Adjusted net earnings/(loss)" and "adjusted net earnings/(loss)
per share" are non-GAAP financial measures. Net earnings/(loss)
have been adjusted and tax affected for the group of costs in
"Other gains and losses" on the condensed consolidated income
statement. The adjusted entries are also impacted for tax to the
extent that the underlying entries are impacted for tax in the
unadjusted net earnings/(loss) from continuing operations. The
Company uses this measure for its own internal purposes.
Management's internal budgets and forecasts and public guidance do
not reflect fair value changes on senior notes and non-hedged
derivatives, foreign currency translation and fair value through
profit or loss and financial asset gains/losses.
Consequently, the presentation of adjusted net earnings and
adjusted net earnings per share enables investors and analysts to
better understand the underlying operating performance of our core
mining business through the eyes of management. Management
periodically evaluates the components of adjusted net earnings and
adjusted net earnings per share based on an internal assessment of
performance measures that are useful for evaluating the operating
performance of our business and a review of the non-GAAP measures
used by mining industry analysts and other mining companies.
Adjusted net (loss)/earnings and adjusted net (loss)/earnings per
share are intended to provide additional information only and do
not have any standardized meaning under IFRS and may not be
comparable to similar measures presented by other companies. They
should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. The
measures are not necessarily indicative of operating profit or cash
flows from operations as determined under IFRS.
Adjusted Net Earnings Reconciliation
|
|
|
|
Three months ended
December 31
|
Year ended December
31
|
(in millions of
U.S. dollars, except per share amounts)
|
2017
|
2016
|
2017
|
2016
|
(Loss) earnings
before taxes from continuing operations
|
($308.5)
|
($16.6)
|
($217.6)
|
($10.7)
|
(Loss)
earnings before taxes from discontinued operations
|
(19.5)
|
(4.5)
|
(6.0)
|
(2.3)
|
Other losses
(gains)
|
25.0
|
(10.6)
|
(39.2)
|
7.7
|
Other losses
(gains) from discontinued operations
|
1.3
|
(2.4)
|
2.9
|
(3.9)
|
Asset impairment and
inventory write-down
|
268.6
|
33.7
|
268.4
|
33.7
|
Gain on modification
of long term debt
|
-
|
-
|
(3.3)
|
-
|
Corporate
restructuring
|
4.2
|
-
|
4.2
|
-
|
Impairment loss on
held-for-sale assets
|
49.0
|
-
|
49.0
|
-
|
Adjusted net earnings
before tax
|
20.1
|
(0.4)
|
58.4
|
24.5
|
Income tax
recovery (expense)
|
132.3
|
(1.4)
|
115.6
|
6.0
|
Income tax
adjustments
|
(119.9)
|
(3.1)
|
(124.7)
|
(15.9)
|
Adjusted income tax
expense
|
12.4
|
(4.5)
|
(9.1)
|
(9.9)
|
Adjusted net
earnings
|
32.5
|
(4.9)
|
49.3
|
14.6
|
Adjusted earnings per
share (basic and diluted)
|
0.06
|
(0.01)
|
0.09
|
0.03
|
Adjusted effective
tax rate
|
62%
|
1,125%
|
16%
|
40%
|
(5) Average Realized Price
"Average realized price per ounce or pound sold" is a non-GAAP
financial measure with no standard meaning under IFRS. Management
uses this measure to better understand the price realized in each
reporting period for gold, silver, and copper sales. Average
realized price is intended to provide additional information only
and does not have any standardized definition under IFRS; it should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Other companies may
calculate this measure differently and this measure is unlikely to
be comparable to similar measures presented by other companies.
Further details regarding average realized price and a
reconciliation to the nearest IFRS measure is provided in the
MD&A accompanying New Gold's financial statements filed from
time to time on www.sedar.com.
(6) Operating Margin
"Operating margin" is a non-GAAP financial measure with no
standard meaning under IFRS, which management uses to evaluate the
Company's aggregated and mine-by-mine contribution to net earnings
before non-cash depreciation and depletion charges.
Operating Margin Reconciliation
|
|
|
|
|
|
Three months ended
December 31
|
Year ended December
31
|
(in millions of
U.S. dollars,
except per share amounts)
|
|
2017
|
2016
|
2017
|
2016
|
Revenues
|
|
$193.5
|
$140.7
|
$604.4
|
$522.8
|
Less: Operating
expenses
|
|
(117.0)
|
(94.2)
|
(321.0)
|
(275.5)
|
Operating
margin
|
|
76.5
|
46.5
|
283.4
|
247.3
|
Consolidated Income Statements (unaudited)
|
|
|
|
Three months ended
December 31
|
Year ended December
31
|
(in millions of
U.S. dollars,
except per share amounts)
|
2017
|
2016
|
2017
|
2016
|
Revenues
|
$193.5
|
$140.7
|
$604.4
|
$522.8
|
Operating
expenses
|
117.0
|
94.2
|
321.0
|
275.5
|
Depreciation and
depletion
|
70.5
|
57.1
|
220.3
|
200.1
|
Revenue less cost of
goods sold
|
6.0
|
(10.6)
|
63.1
|
47.2
|
Corporate
administration
|
4.9
|
6.4
|
23.7
|
22.9
|
Corporate
restructuring
|
4.2
|
-
|
4.2
|
-
|
Share-based payment
expenses
|
(1.8)
|
0.5
|
5.1
|
8.3
|
Asset
impairment
|
268.4
|
6.4
|
268.4
|
6.4
|
Exploration and
business development
|
1.3
|
2.5
|
6.4
|
4.1
|
(Loss) earnings from
operations
|
(271.0)
|
(26.4)
|
(244.7)
|
5.5
|
Finance
income
|
0.2
|
0.7
|
1.1
|
1.4
|
Finance
costs
|
(12.7)
|
(1.4)
|
(13.2)
|
(9.9)
|
Other gains
(losses)
|
(25.0)
|
10.6
|
39.2
|
(7.7)
|
Loss before
taxes
|
(308.5)
|
(16.5)
|
(217.6)
|
(10.7)
|
Income tax recovery
(expense)
|
128.9
|
(6.8)
|
115.9
|
2.1
|
Loss from
continuing operations
|
(179.6)
|
(23.3)
|
(101.7)
|
(8.6)
|
(Loss) earnings from
discontinued
operations, net of tax
|
(16.0)
|
1.0
|
(6.3)
|
1.6
|
Net
loss
|
(195.6)
|
(22.3)
|
(108.0)
|
(7.0)
|
Loss from continuing
operations per share
|
|
|
|
Basic
|
(0.31)
|
(0.05)
|
(0.18)
|
(0.02)
|
Diluted
|
(0.31)
|
(0.05)
|
(0.18)
|
(0.02)
|
Loss per
share
|
|
|
|
|
Basic
|
(0.34)
|
(0.04)
|
(0.19)
|
(0.01)
|
Diluted
|
(0.34)
|
(0.04)
|
(0.19)
|
(0.01)
|
Weighted average
number of shares outstanding (in millions)
|
Basic
|
578.1
|
513.0
|
564.7
|
511.8
|
Diluted
|
578.1
|
513.0
|
564.7
|
511.8
|
(1)
|
Prior-year period
comparatives have been revised. Please refer to Note 2 of the
unaudited condensed consolidated interim financial statements for
further information.
|
Consolidated Statements of Financial Position
(unaudited)
|
|
|
|
|
|
As at December
31
|
As at December
31
|
(in millions of
U.S. dollars)
|
|
2017
|
2016
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
|
$216.2
|
$185.9
|
Trade and other
receivables
|
|
27.1
|
37.1
|
Inventories
|
|
193.2
|
150.4
|
Current income tax
receivable
|
|
12.9
|
12.5
|
Derivative
assets
|
|
-
|
18.0
|
Prepaid expenses and
other
|
|
5.6
|
6.1
|
Total current
assets
|
|
455.0
|
410.0
|
Non-current
inventories
|
|
78.7
|
103.3
|
Mining
interests
|
|
3,200.4
|
3,191.3
|
Deferred tax
assets
|
|
171.6
|
224.9
|
Other
|
|
2.6
|
3.5
|
|
|
3,908.3
|
3,933.0
|
Assets held for
sale
|
|
109.0
|
-
|
Total
assets
|
|
4,017.3
|
3,933.0
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Trade and other
payables
|
|
178.2
|
169.2
|
Current income tax
payable
|
|
-
|
6.2
|
Deferred benefit –
Peak sale prepayment
|
|
3.0
|
-
|
Total current
liabilities
|
|
181.2
|
175.4
|
Reclamation and
closure cost obligations
|
|
121.5
|
81.0
|
Gold stream
obligation
|
|
249.0
|
246.5
|
Provisions
|
|
2.6
|
12.0
|
Long-term
debt
|
|
1,007.7
|
889.5
|
Deferred tax
liabilities
|
|
250.3
|
455.2
|
Other
|
|
2.7
|
0.2
|
|
|
1,815.0
|
1,859.8
|
Liabilities held for
sale
|
|
62.8
|
-
|
Total
liabilities
|
|
1,877.8
|
1,859.8
|
Equity
|
|
|
|
Common
shares
|
|
3,036.5
|
2,859.0
|
Contributed
surplus
|
|
103.2
|
100.5
|
Other
reserves
|
|
(38.9)
|
(33.0)
|
Deficit
|
|
(961.3)
|
(853.3)
|
Total
equity
|
|
2,139.5
|
2,073.2
|
Total liabilities
and equity
|
|
4,017.3
|
3,933.0
|
(1)
|
Prior-year period
comparatives have been revised. Please refer to Note 2 of the
unaudited condensed consolidated interim financial statements for
further information.
|
Consolidated Statements of Cash Flow
(unaudited)
|
|
|
|
Three months ended
December 31
|
Year ended December
31
|
(in millions of
U.S. dollars,
except per share amounts)
|
2017
|
2016
|
2017
|
2016
|
OPERATING
ACTIVITIES
|
|
|
|
|
Loss from continuing
operations
|
($179.6)
|
($23.3)
|
($101.7)
|
($8.6)
|
Adjustments
for:
|
|
|
|
|
Foreign exchange
losses (gains)
|
8.8
|
5.1
|
(43.8)
|
(12.0)
|
Reclamation and
closure costs paid
|
(0.6)
|
(1.1)
|
(1.4)
|
(2.4)
|
Gain on disposal of
El Morro
|
-
|
-
|
(33.0)
|
-
|
Impairment of assets
and inventory write-down
|
268.6
|
30.9
|
268.4
|
30.9
|
Depreciation and
depletion
|
70.5
|
57.4
|
220.6
|
200.3
|
Other non-cash
adjustments
|
17.7
|
(11.6)
|
46.4
|
28.3
|
Income
tax (recovery) expense
|
(128.9)
|
6.8
|
(115.9)
|
(2.1)
|
Finance
income
|
(0.2)
|
(0.7)
|
(1.1)
|
(1.4)
|
Finance
costs
|
12.7
|
1.5
|
13.2
|
9.9
|
|
69.0
|
65.0
|
251.7
|
242.9
|
Change in non-cash
operating working capital
|
26.4
|
(15.5)
|
40.9
|
(20.3)
|
Income taxes
paid
|
(4.2)
|
(0.4)
|
(17.6)
|
2.4
|
Operating cash flows
generated from continuing
operations
|
91.2
|
49.1
|
275.0
|
225.0
|
Operating cash flows
generated from discontinued
operations
|
27.7
|
2.8
|
67.2
|
57.2
|
Cash generated from
operations
|
118.9
|
51.9
|
342.2
|
282.2
|
INVESTING
ACTIVITIES
|
|
|
|
|
Mining
interests
|
(98.5)
|
(161.7)
|
(567.0)
|
(555.9)
|
Gold price option
contract investment costs
|
-
|
(0.4)
|
(0.9)
|
(3.5)
|
Proceeds from the
sale of assets
|
-
|
0.1
|
65.3
|
0.7
|
Prepayment received
on Peak sale, net of
transactions costs
|
2.6
|
-
|
2.6
|
-
|
Tax on proceeds from
disposal of El Morro
|
-
|
(0.9)
|
-
|
(0.9)
|
Interest
received
|
0.3
|
0.8
|
1.0
|
1.4
|
Investing cash flows
used by continuing operations
|
(95.6)
|
(162.1)
|
(499.0)
|
(558.2)
|
Investing cash flows
used by discontinued operations
|
(13.0)
|
(2.7)
|
(34.6)
|
(10.4)
|
Cash used by
investing activities
|
(108.6)
|
(164.8)
|
(533.6)
|
(568.6)
|
FINANCING
ACTIVITY
|
|
|
|
|
Proceeds received
from exercise of options
|
-
|
1.2
|
0.6
|
9.7
|
Net proceeds received
from issuances of common
shares
|
-
|
-
|
164.7
|
-
|
Financing initiation
costs
|
-
|
(0.7)
|
-
|
(1.0)
|
Issuance of senior
unsecured notes, net of
transaction costs
|
(0.5)
|
-
|
294.6
|
-
|
Repayment of senior
unsecured notes
|
-
|
-
|
(305.3)
|
-
|
Drawdown of credit
facility
|
30.0
|
100.0
|
130.0
|
100.0
|
Cash settlement of
gold stream obligation
|
(1.1)
|
-
|
(1.1)
|
-
|
Proceeds from gold
stream agreement
|
-
|
75.0
|
-
|
75.0
|
Interest
paid
|
(28.4)
|
(27.0)
|
(63.7)
|
(55.3)
|
Cash generated by
financing activities
|
-
|
148.5
|
219.8
|
128.4
|
Effect of exchange
rate changes on cash and cash
equivalents
|
(1.2)
|
(0.9)
|
1.9
|
8.4
|
Change in cash and
cash equivalents
|
9.1
|
34.7
|
30.3
|
(149.6)
|
Cash and cash
equivalents, beginning of period
|
207.1
|
151.2
|
185.9
|
335.5
|
Cash and cash
equivalents, end of period
|
216.2
|
185.9
|
216.2
|
185.9
|
Cash and cash
equivalents are comprised of:
|
Cash
|
161.3
|
135.7
|
161.3
|
135.7
|
Short-term money
market instruments
|
54.9
|
50.2
|
54.9
|
50.2
|
|
216.2
|
185.9
|
216.2
|
185.9
|
(1)
|
Prior-year period
comparatives have been revised. Please refer to Note 2 of the
unaudited condensed consolidated interim financial statements for
further information.
|
SOURCE New Gold Inc.