New Gold Stock Price, News & Analysis

New Gold Inc. (TSX: NGD) (NYSE American: NGD) has announced positive results from its ongoing exploration program at the Rainy River mine. The drilling campaign has expanded mineralization in both open pit and underground zones, supporting potential mineral resource growth. Key highlights include:

- Underground drilling extended gold mineralization along strike at Intrepid and down-plunge at ODM East and 17-East zones, with intercepts up to 6.09 g/t gold over 1.5 meters.

- New gold mineralization discovered between Intrepid and Underground Main, grading 3.59 g/t gold over 4.50 meters.

- Near-surface drilling confirmed continuity of mineralization at NW-Trend and 280 Zone, with intercepts up to 4.15 g/t gold over 18.0 meters.

Based on these results, New Gold has increased its 2024 Rainy River exploration budget by $3 million to $12 million to follow up on high-priority targets. The company expects these findings to positively impact year-end mineral resource estimates and provide a foundation for future exploration.

New Gold Inc. (TSX: NGD) (NYSE American: NGD) has appointed Sophie Bergeron and Ross Bhappu to its Board of Directors, strengthening its leadership team. Sophie Bergeron brings over 20 years of mining experience, currently serving as Managing Director, Diamonds for Rio Tinto Iron and Titanium and Diamonds. She has a strong background in operations, project management, and sustainability. Ross Bhappu contributes more than 30 years of experience in mining, specializing in overseeing and financing mining projects. He is currently a Senior Strategic Advisory Partner at Resource Capital Funds (RCF).

These appointments aim to enhance New Gold's operational discipline, safety focus, and technical and financial expertise. The company expects these additions to accelerate its strategy of becoming a leading intermediate gold producer.

New Gold Inc. (TSX: NGD) (NYSE American: NGD) has appointed Richard O'Brien as Chair of the Board, effective August 1, 2024. This follows his appointment to the Board of Directors on March 25, 2024. Ian Pearce will retire from the Board on the same date, after eight years of service. O'Brien expressed gratitude for Pearce's dedication and assistance during the transition period. He emphasized that New Gold is well-positioned to leverage its significant free cash flow period, aiming to become a leading intermediate gold producer. CEO Patrick Godin acknowledged Pearce's support and guidance, noting that his experience will serve as a foundation for the company's future success.

New Gold (NGD) reported Q2 2024 results, with gold production of 68,598 ounces and copper production of 13.6 million pounds, aligning with plans. Operating expenses were $1,156 per gold ounce sold (co-product basis) and all-in sustaining costs (AISC) were $1,381 per gold ounce sold (by-product basis). The company generated $100 million in cash from operations and $20 million in free cash flow. New Gold has entered a period of sustained free cash flow generation.

Notably, New Afton performed well with low AISC, and Rainy River advanced its open pit operations. Consolidated production guidance for 2024 remains 310,000-350,000 ounces of gold and 50-60 million pounds of copper at AISC of $1,240-$1,340 per gold ounce sold (by-product basis). The company completed an agreement with Ontario Teachers' Pension Plan, increasing its free cash flow interest in New Afton to 80.1%.

Revenues increased to $218.2 million, driven by higher metal prices and copper sales. Net earnings were $53.1 million, significantly up from a loss of $2.6 million in Q2 2023. Adjusted net earnings were $17 million, up from $11.6 million year-on-year.

New Gold Inc. (TSX: NGD) (NYSE American: NGD) has appointed Christian Milau to its Board of Directors, effective immediately. Milau brings over 25 years of experience in finance, capital markets, and mining. His notable roles include:

- CEO of Equinox Gold (2016-2022), leading five M&As and significant growth
- CEO of True Gold Mining (2015-2016)
- CFO of Endeavour Mining (2011-2015)
- VP, Treasurer at New Gold (2008-2011)

Currently, Milau is the CEO and founder of Saudi Discovery Company, a private copper exploration firm. He also serves on several corporate boards. Nick Chirekos, Chair of the Corporate Governance and Nominating Committee, expressed confidence in Milau's ability to contribute to New Gold's transition to a significant free cash flow generator and its future as a leading intermediate gold producer.

New Gold Inc. (TSX: NGD) (NYSE American: NGD) has announced the resumption of operations at its Rainy River Mine in northwestern Ontario. The mine resumed operations during the day shift on Saturday, July 27th, 2024, following a brief suspension due to an employee fatality reported on July 24th. The company confirmed that no other equipment or site infrastructure was impacted by the incident.

New Gold is actively supporting authorities with their investigation into the tragic event. The company emphasized that the health, safety, and wellbeing of its employees remain its top priority. Management expressed their continued thoughts for the family, friends, and colleagues affected by this unfortunate incident.

New Gold Inc. (TSX: NGD) (NYSE American: NGD) reported a fatal accident at its Rainy River Mine in northwestern Ontario on July 24, 2024. An employee operating equipment in the open pit was fatally injured. The company has voluntarily suspended operations and is cooperating with local authorities in an ongoing investigation. New Gold emphasizes that the health, safety, and wellbeing of its employees is its top priority. Management has expressed condolences to the family, friends, and colleagues affected by this tragic incident. The company will provide updates as more information becomes available.

New Gold announced it will release its Q2 2024 operational and financial results on July 30, 2024, after market close. The company is set to hold an earnings conference call and webcast on July 31, 2024, at 8:30 am ET. Participants can listen via the company's website or by calling specified numbers. A recorded playback will be available until August 31, 2024.

On June 4, 2024, New Gold (TSX: NGD, NYSE American: NGD) published its 2023 Environmental, Social, and Governance (ESG) Reports along with its Task Force on Climate-Related Financial Disclosures Report. The company highlighted significant achievements in 2023, including a 4% reduction in scope 1 and 2 greenhouse gas emissions from 2022, a 50% reduction in water withdrawal, and a decrease in the total recordable injury frequency rate (TRIFR) to 0.80. Indigenous employees now make up 25% of the workforce. Additionally, New Gold contributed over C$1 million to non-governmental agencies, charities, and research institutions. The company also closed a strategic partnership with Ontario Teachers' Pension Plan, increasing its free cash flow interest in the New Afton Mine to 80.1%.