Provides Notice of Release of First Quarter Financial Results
and Annual Meeting of Shareholders
(All amounts are in U.S. dollars unless otherwise
indicated)
TORONTO, April 12,
2022 /PRNewswire/ - New Gold Inc. ("New Gold"
or the "Company") (TSX: NGD) and (NYSE American: NGD)
reports first quarter operational results for the Company as of
March 31, 2022. The Company is also
providing notice that it will be releasing its first quarter 2022
financial results before markets open on Monday, May 2, 2022.
"The first quarter saw both of our operations deliver total
gold equivalent production of 87,696 ounces as we begin a year
focused on operational excellence and optimization at both assets,"
stated Renaud Adams, President &
CEO. "At Rainy River, we achieved
quarter over quarter production growth despite lower tonnes mined
as a result of an increase in COVID-19 cases at site in the first
part of the quarter, which impacted equipment utilization, and the
cold weather affecting drilling productivity. The milling rate was
also impacted during the quarter due to mechanical maintenance on
the SAG mill and crusher, and weather conditions impacting
stockpile movement. At New Afton, the planned closure of the Lift 1
cave was completed with the exception of the recovery level,
commissioning of the thickened and amended tailings facility was
completed, and we continued to advance the B3 ramp-up and C-Zone
development. Lastly, we released an updated Rainy River technical report where
Rainy River's mine life has
extended to 2031 with the conversion of an additional 569,000 gold
ounces in the underground main zones."
Consolidated Operational
Highlights
|
Q1
2022
|
Q1
2021
|
Gold eq. production
(ounces)1
|
87,696
|
96,026
|
Gold production
(ounces)
|
68,101
|
66,650
|
Copper production
(Mlbs)
|
8.2
|
13.8
|
Rainy River Mine
Rainy River Mine (Open
Pit Mine only)
|
Q1
2022
|
Q1
2021
|
Tonnes mined per day
(ore and waste)
|
118,657
|
150,767
|
Ore tonnes mined per
day
|
20,019
|
35,681
|
Operating waste tonnes
per day
|
35,199
|
65,643
|
Capitalized waste
tonnes per day
|
63,438
|
49,442
|
Total waste tonnes per
day
|
98,637
|
115,085
|
Strip ratio
(waste:ore)
|
4.93
|
3.23
|
Tonnes milled per
calendar day
|
24,318
|
26,301
|
Gold grade milled
(g/t)
|
0.92
|
0.80
|
Gold recovery
(%)
|
91
|
89
|
Mill availability
(%)
|
93
|
89
|
Gold eq. production
(ounces)1
|
59,895
|
56,513
|
Gold production
(ounces)
|
58,834
|
54,656
|
New Afton Mine
New Afton
Mine
|
Q1
2022
|
Q1
2021
|
Tonnes mined per day
(ore and waste)
|
7,028
|
11,395
|
Tonnes milled per
calendar day
|
10,299
|
13,564
|
Gold grade milled
(g/t)
|
0.38
|
0.39
|
Gold recovery
(%)
|
83
|
79
|
Copper grade milled
(%)
|
0.49
|
0.64
|
Copper recovery
(%)
|
81
|
80
|
Mill availability
(%)
|
97
|
96
|
Gold eq. production
(ounces)1
|
27,800
|
39,512
|
Gold production
(ounces)
|
9,267
|
11,994
|
Copper production
(Mlbs)
|
8.2
|
13.8
|
First Quarter 2022 Conference Call
and Webcast
The Company will release its first quarter 2022 financial
results before markets open on Monday, May
2, 2022. A conference call and webcast will follow 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://produceredition.webcasts.com/starthere.jsp?ei=1536194&tp_key=0e2e702de9
- 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
93425158
- A recorded playback of the conference call will be available
until June 2, 2022 by calling North
American toll free 1-888-390-0541, or 1-416-764-8677 outside of the
U.S. and Canada, passcode 425158.
An archived webcast will also be available at www.newgold.com.
2022 Annual Meeting of
Shareholders
The Company will hold its annual general meeting of shareholders
on Tuesday, May 3, 2022 at
4:00 pm Eastern Time. The meeting
will not include a formal presentation by management.
Due to the continuing public health impact of the COVID-19
pandemic and having regard to the health and safety of the
Company's employees and shareholders, the meeting will be held
virtually at https://web.lumiagm.com/453499456.
At the virtual meeting, registered shareholders, non-registered
(or beneficial) shareholders, and their duly appointed proxyholders
will be able to ask questions and otherwise participate in "real
time" through an online portal. Non-registered shareholders must
carefully follow the procedures set out in the Company's management
information circular in order to ask questions and otherwise
participate in the meeting through the live webcast. Non-registered
shareholders who do not follow these procedures will nonetheless be
able to view a live webcast of the meeting but will not be able to
ask questions or vote. New Gold firmly believes that a virtual
meeting gives all shareholders an equal opportunity to participate
regardless of their geographic location or the particular
constraints, circumstances or risks that they may be facing as a
result of COVID-19.
New Gold's management information circular, as well as a virtual
annual general meeting user guide, may be found on New Gold's
website at
https://newgold.com/news-events/annual-meeting-of-shareholders/default.aspx
or under New Gold's profile on SEDAR at www.sedar.com and on EDGAR
at www.sec.gov.
About New Gold
New Gold is a Canadian-focused intermediate mining Company with
a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New
Afton copper-gold mine. The Company also holds a 5% equity stake in
Artemis Gold Inc. and other Canadian-focused investments. New
Gold's vision is to build a leading diversified intermediate gold
company based in Canada that is
committed to the environment and social responsibility. For further
information on the Company, visit www.newgold.com.
Endnotes
1. Total gold eq. ounces
include silver and copper produced/sold converted to a gold
equivalent. All copper is produced/sold by the New Afton Mine. Gold
eq. ounces for Rainy River in Q1 2022 includes production of 79,621
ounces of silver (78,640 ounces sold) converted to a gold eq. based
on a ratio of $1,800 per gold ounce and $24.00 per silver ounce
used for 2022 guidance estimates. Gold eq. ounces for New Afton in
Q1 2022 includes 8.2 million pounds of copper produced (9.2 million
pounds sold) and 29,890 ounces of silver produced (32,575 ounces of
silver sold) converted to a gold eq. based on a ratio of $1,800 per
gold ounce, 4.00 per copper pound and $24.00 per silver ounce used
for 2022 guidance estimates.
|
Cautionary Note Regarding
Forward-Looking Statements
Certain information contained in this news release, including
any information relating to New Gold's future financial or
operating performance are "forward-looking". All statements in this
news release, other than statements of historical fact, which
address events, results, outcomes or developments that New Gold
expects to occur are "forward-looking statements". Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the use of forward-looking
terminology such as "plans", "expects", "is expected", "budget",
"scheduled", "targeted", "estimates", "forecasts", "intends",
"anticipates", "projects", "potential", "believes" or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "would", "should", "might" or "will be
taken", "occur" or "be achieved" or the negative connotation of
such terms. Forward-looking statements in this news release
include, among others, statements with respect to: the anticipated
timing with respect to the release of its first quarter 2022
financial results and the associated conference call and webcast;
and the Company's upcoming annual general meeting of
shareholders.
All forward-looking statements in this news release are based on
the opinions and estimates of management that, while considered
reasonable as at the date of this news release in light of
management's experience and perception of current conditions and
expected developments, are inherently subject to important risk
factors and uncertainties, many of which are beyond New Gold's
ability to control or predict. Certain material assumptions
regarding such forward-looking statements are discussed in this
news release, New Gold's latest annual management's discussion and
analysis ("MD&A"), its most recent annual information form and
technical reports on the Rainy River Mine and New Afton Mine filed
on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. In addition
to, and subject to, such assumptions discussed in more detail
elsewhere, the forward-looking statements in this news release are
also subject to the following assumptions: (1) there being no
significant disruptions affecting New Gold's operations other than
as set out herein; and (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.
Forward-looking statements are necessarily based on estimates
and assumptions that are inherently subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking statements. Such factors include, without
limitation: significant capital requirements and the availability
and management of capital resources; additional funding
requirements; price volatility in the spot and forward markets for
metals and other commodities; fluctuations in the international
currency markets and in the rates of exchange of the currencies of
Canada, the United States and, to a lesser extent,
Mexico; volatility in the market
price of the Company's securities; hedging and investment related
risks; dependence on the Rainy River Mine and New Afton Mine;
discrepancies between actual and estimated production, between
actual and estimated mineral reserves and mineral resources and
between actual and estimated metallurgical recoveries; risks
related to early production at the Rainy River Mine, including
failure of equipment, machinery, the process circuit or other
processes to perform as designed or intended; risks related to
construction, including changing costs and timelines; adequate
infrastructure; fluctuation in treatment and refining charges;
changes in national and local government legislation in
Canada, the United States and, to a lesser extent,
Mexico or any other country in
which New Gold currently or may in the future carry on business;
global economic and financial conditions; risks relating to New
Gold's debt and liquidity; the adequacy of internal and disclosure
controls; taxation; impairment; conflicts of interest; risks
relating to climate change; controls, regulations and political or
economic developments in the countries in which New Gold does or
may carry on business; the speculative nature of mineral
exploration and development, including the risks of obtaining and
maintaining the validity and enforceability of the necessary
licenses and permits and complying with the permitting requirements
of each jurisdiction in which New Gold operates; the lack of
certainty with respect to foreign legal systems, which may not be
immune from the influence of political pressure, corruption or
other factors that are inconsistent with the rule of law; the
uncertainties inherent to current and future legal challenges New
Gold is or may become a party to; risks relating to proposed
acquisitions and the integration thereof; information systems
security threats; diminishing quantities or grades of mineral
reserves and mineral resources; competition; loss of, or inability
to attract, key employees; rising costs of labour, supplies, fuel
and equipment; actual results of current exploration or reclamation
activities; uncertainties inherent to mining economic studies;
changes in project parameters as plans continue to be refined;
accidents; labour disputes; defective title to mineral claims or
property or contests over claims to mineral properties; unexpected
delays and costs inherent to consulting and accommodating rights of
Indigenous groups; risks, uncertainties and unanticipated delays
associated with obtaining and maintaining necessary licenses,
permits and authorizations and complying with permitting
requirements; disruptions to the Company's workforce at either the
Rainy River Mine or the New Afton Mine, or both, due to cases of
COVID-19 or any required self-isolation (due to cross-border
travel, exposure to a case of COVID-19 or otherwise); the responses
of the relevant governments to the COVID-19 outbreak not being
sufficient to contain the impact of the COVID-19 outbreak;
disruptions to the Company's supply chain and workforce due to the
COVID-19 outbreak; an economic recession or downturn as a result of
the COVID-19 outbreak that materially adversely affects the
Company's operations or liquidity position; there being further
shutdowns at the Rainy River or New Afton Mines; the Company not
being able to complete its construction projects at the Rainy River
Mine or the New Afton Mines on the anticipated timeline or at all;
and the Company not being able to complete the exploration drilling
program to be launched at the Rainy River Mine and Cherry Creek on the anticipated timeline or at
all. In addition, there are risks and hazards associated with the
business of mineral exploration, development and mining, including
environmental events and hazards, industrial accidents, unusual or
unexpected formations, pressures, cave-ins, flooding and gold
bullion losses (and the risk of inadequate insurance or inability
to obtain insurance to cover these risks) as well as "Risk Factors"
included in New Gold's most recent annual information form,
MD&A and other disclosure documents filed on and available on
SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Forward looking
statements are not guarantees of future performance, and actual
results and future events could materially differ from those
anticipated in such statements. All forward-looking statements
contained in this news release are qualified by these cautionary
statements. New Gold expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, events or otherwise, except
in accordance with applicable securities laws.
Technical Information
The scientific and technical information contained in this news
release has been reviewed and approved by Eric Vinet, Senior Vice President, Operations of
New Gold. Mr. Vinet is a Professional Engineer and member of
the Ordre des ingénieurs du Québec. He is a "Qualified Person" for
the purposes of National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-gold-reports-first-quarter-operational-results-301523252.html
SOURCE New Gold Inc.