UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2021.
Commission File Number 001-31722
New Gold Inc.
Suite 3320 - 181 Bay Street
Toronto, Ontario M5J 2T3
Canada
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form
40-F ☒
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Note: Regulation S-T Rule 101(b)(1) only permits the submission
in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Note: Regulation S-T Rule 101(b)(7) only permits the submission
in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and
make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s
“home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as
long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s
security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing
on EDGAR.
DOCUMENTS FILED AS PART OF THIS FORM 6-K
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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NEW GOLD INC. |
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By: |
/s/ Sean Keating |
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Date: August 11, 2021 |
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Sean Keating |
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Vice President, General Counsel and Corporate Secretary |
Exhibit 99.1
New Gold Reports 2021 Second Quarter Results
Provides Update on 2021 Operational
Outlook
(All amounts are in U.S. dollars unless otherwise
indicated)
TORONTO, Aug. 11, 2021 /CNW/ - New Gold Inc.
("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) reports second quarter results for the Company
as of June 30, 2021. The Company will host a conference call and webcast today at 8:30 am Eastern Time to discuss the second quarter consolidated
results and 2021 operational outlook (details are provided at the end of this news release). For detailed information, please refer to
the Company's Second Quarter Management's Discussion and Analysis (MD&A) and Financial Statements that are available on the Company's
website at www.newgold.com and on SEDAR at www.sedar.com. The Company uses certain non-GAAP financial performance measures throughout
this news release. Please refer to the "Non-GAAP Financial Performance Measures" section of this news release and the MD&A
for more information.
"The second quarter saw our operations perform
well, and the Company remains on track to deliver an improved second half of the year," stated Renaud Adams, President & CEO.
"I am especially proud of the free cash flow generated in the quarter even at our planned lower grade. While Rainy River experienced
challenges in July, the mine has reached an inflection point and I expect it to contribute meaningful free cash flow going forward."
"During the quarter we continued to advance
several key catalysts for the Company's future growth. Development of the decline towards the Intrepid underground ore zone at Rainy River
continues to advance ahead of schedule, and C-Zone development at New Afton continues to advance on plan. We continue to seek ways to
further optimize the performance at our operations and generate additional value for our shareholders," added Mr. Adams.
Consolidated Second Quarter Highlights
- Total production for the quarter was 105,705 gold equivalent1
("gold eq.") ounces (66,989 ounces of gold, 240,029 ounces of silver and 18.2 million pounds of copper). For the six-month period
ended June 30, 2021, production was 201,731 gold eq.1 ounces (133,639 ounces of gold, 427,253 ounces of silver and 32.0 million
pounds of copper).
- Revenues for the quarter were $198 million.
- Operating expense for the quarter was $913 per gold eq. ounce.
- Total cash costs2 for the quarter were $977 per gold
eq. ounce.
- All-in sustaining costs2 for the quarter were $1,551
per gold eq. ounce.
- Average realized gold price2 of $1,817 per ounce and
average realized copper price2 of $4.43 per pound.
- Net loss for the quarter was $16 million ($0.02 per share).
- Adjusted net earnings2 for the quarter were $27 million
($0.04 per share).
- Cash generated from operations for the quarter was $110 million
($0.16 per share). Cash generated from operations for the quarter, before changes in non-cash operating working capital2, was
$85 million ($0.12 per share).
- Free cash flow2 generated for the quarter was $21 million.
- At the end of the quarter, the Company had a cash position of
$138 million and a strong liquidity position of $464 million.
2021 Operational Outlook
At Rainy River in the second half of the year, the
mine returns to higher-grade areas of the pit (433, HS and ODM zones). However, in July 2021, production was primarily from the eastern
area of the ODM zone ("East Lobe") and realized gold grade from this area was below the expected gold grade in this period.
East Lobe represents approximately 50% of planned production for the second half of 2021. If realized gold grade continues to track below
expected gold grade, it would negatively impact the amount of ounces we expect to produce in the second half of 2021. The extent of the
impact is not yet known but there is a risk that Rainy River may not achieve the lower end of its gold equivalent1 production
guidance range of 275,000 to 295,000 ounces or the high end of its all-in sustaining costs2 guidance range of $1,125 per gold
eq. ounce to $1,225 per gold eq. ounce. Management continues to assess the extent and impact of the lower gold grade from East Lobe, including
additional reverse circulation drilling, and intend to provide updated information when available. The remaining high-grade areas that
are planned to be mined during the second half of 2021, reconcile well with the resource block model, consistent with historical results.
At New Afton B3 production commenced in June following
receipt of the Mines Act Permit on May 25, 2021, and will advance through the second half of the year. With the permit having been received
later than anticipated, grades are expected to be lower in the second half of the year and New Afton is reviewing potential changes to
its mine plan. As a result, New Afton's gold production is expected to be at the lower end of the guidance range of 52,000 to 62,000 ounces
and copper production is expected to be at the mid-point of the guidance range of 56 to 66 million pounds. New Afton is currently on track
to meet its gold equivalent1 production guidance range of 165,000 to 195,000 ounces and all-in sustaining costs2
are expected to be at the higher end of the cost range of $1,225 per gold eq. ounce to $1,325 per gold eq. ounce. With current metal prices
significantly above reserve pricing, New Afton is evaluating potential for additional short-term extraction opportunities below the current
reserve cut-off grades.
Based on current information, the Company is expecting
to achieve the lower end of the annual consolidated gold equivalent1 production guidance range of 440,000 to 490,000 ounces
and consolidated all-in sustaining costs2 are expected to be at the higher end of the range of $1,230 per gold eq. ounce to
$1,330 per gold eq. ounce, although achieving these ranges may be impacted by the extent of the lower gold grade from Rainy River's East
Lobe.
Consolidated Financial Highlights
|
Q2 2021 |
Q2 2020 |
H1 2021 |
H2 2020 |
Revenue ($M) |
198.2 |
128.5 |
363.1 |
270.8 |
Net (loss) earnings, per share ($) |
(0.02) |
(0.07) |
— |
(0.11) |
Adj. net earnings (loss), per share ($)2 |
0.04 |
— |
0.05 |
(0.03) |
Operating cash flow, per share ($) |
0.16 |
0.08 |
0.24 |
0.15 |
Adj. operating cash flow, per share ($)2 |
0.12 |
0.08 |
0.22 |
0.15 |
- Revenues for the quarter were $198 million and $363 million for
the six-month period ended June 30, 2021, an increase compared to the prior-year periods due to higher sales volumes and higher gold and
copper prices.
- Operating expenses for the quarter and six-month period ended
June 30, 2021, were higher than the prior-year periods due to the strengthening of the Canadian dollar, costs related to the ramp-up of
operations at New Afton in the first quarter, and the prior-year benefitting from the Canada Emergency Wage Subsidy.
- Net loss for the quarter was $16 million ($0.02 per share) and
net earnings were $1.0 million ($nil per share) for the six-month period ended June 30, 2021, an improvement compared to the prior-year
periods primarily due to higher revenue, partially offset by higher operating expenses, the loss on revaluation of the New Afton free
cash flow interest obligation, and the loss on the revaluation of investments. Additionally, the prior-year period included an impairment
loss on the reclassification of Blackwater as an asset held for sale.
- Adjusted net earnings2 for the quarter were $27 million
($0.04 per share) and $35 million ($0.05 per share) for the six-month period ended June 30, 2021, an increase compared to the prior-year
periods primarily due to higher revenues partially offset by higher costs.
Consolidated Operational Highlights
|
Q2 2021 |
Q2 2020 |
H1 2021 |
H1 2020 |
Gold eq. production (ounces)1 |
105,705 |
98,079 |
201,731 |
201,514 |
Gold eq. sold (ounces)1 |
104,221 |
91,390 |
196,039 |
195,326 |
Gold production (ounces) |
66,989 |
64,294 |
133,639 |
131,084 |
Gold sold (ounces) |
68,184 |
60,853 |
131,723 |
129,626 |
Copper production (Mlbs) |
18.2 |
16.9 |
32.0 |
35.4 |
Copper sold (Mlbs) |
16.9 |
15.3 |
30.2 |
33.0 |
Average realized gold price, per ounce2 |
1,817 |
1,516 |
1,803 |
1,485 |
Average realized copper price, per pound2 |
4.43 |
2.51 |
4.17 |
2.54 |
Operating expense, per gold eq. ounce |
913 |
726 |
964 |
799 |
Total cash costs, per gold eq. ounce2 |
977 |
773 |
1,019 |
849 |
Depreciation and depletion, per gold eq. ounce |
495 |
445 |
496 |
478 |
All-in sustaining costs, per gold eq. ounce2 |
1,551 |
1,283 |
1,551 |
1,370 |
Sustaining capital and sustaining leases ($M)2 |
49.2 |
41.1 |
87.1 |
90.2 |
Growth capital ($M)2 |
33.2 |
11.4 |
51.8 |
30.4 |
Rainy River
Operational Highlights
Rainy River Mine |
Q2 2021 |
Q2 2020 |
H1 2021 |
H1 2020 |
Gold eq. production (ounces)1 |
55,163 |
49,633 |
111,676 |
100,739 |
Gold eq. sold (ounces)1 |
57,304 |
47,873 |
110,881 |
101,411 |
Gold production (ounces) |
52,901 |
48,800 |
107,557 |
99,181 |
Gold sold (ounces) |
55,062 |
47,064 |
106,857 |
99,846 |
Average realized gold price, per ounce2 |
1,817 |
1,514 |
1,802 |
1,483 |
Operating expense, per gold eq. ounce |
974 |
890 |
989 |
980 |
Total cash costs, per gold eq. ounce2 |
974 |
890 |
989 |
980 |
Depreciation and depletion, per gold eq. ounce |
670 |
646 |
653 |
654 |
All-in sustaining costs, per gold eq. ounce2 |
1,524 |
1,567 |
1,554 |
1,666 |
Sustaining capital and sustaining leases ($M)2 |
29.8 |
30.9 |
59.1 |
66.6 |
Growth capital ($M)2 |
3.7 |
0.1 |
5.0 |
0.2 |
Operating Key Performance Indicators
Rainy River Mine (Open Pit Mine only) |
Q2 2020 |
Q3 2020 |
Q4 2020 |
Q1 2021 |
Q2 2021 |
Tonnes mined per day (ore and waste) |
126,512 |
145,701 |
158,638 |
150,767 |
158,556 |
Ore tonnes mined per day |
23,101 |
36,515 |
42,918 |
35,681 |
36,256 |
Operating waste tonnes per day |
72,575 |
62,818 |
73,921 |
65,643 |
71,124 |
Capitalized waste tonnes per day |
30,836 |
46,368 |
41,799 |
49,442 |
51,176 |
Total waste tonnes per day |
103,411 |
109,186 |
115,720 |
115,085 |
122,300 |
Strip ratio (waste:ore) |
4.48 |
2.99 |
2.70 |
3.23 |
3.37 |
Tonnes milled per calendar day |
23,880 |
26,998 |
26,999 |
26,301 |
25,349 |
Gold grade milled (g/t) |
0.78 |
0.88 |
0.93 |
0.80 |
0.82 |
Gold recovery (%) |
89 |
89 |
90 |
89 |
87 |
Mill availability (%) |
90 |
90 |
94 |
89 |
88 |
Gold production (ounces) |
48,800 |
63,004 |
66,734 |
54,656 |
52,901 |
Gold eq. production (ounces)1 |
49,633 |
64,221 |
68,241 |
56,513 |
55,163 |
- Second quarter gold eq.1 production was 55,163 ounces
(52,901 ounces of gold and 162,879 ounces of silver). Lower gold grades were expected during the first half of the year as mining operations
were focused on stripping to bring pit walls to the final pit limit. The 11% increase compared to the prior-year period is due to higher
tonnes processed and higher gold grades. For the six-month period ended June 30, 2021, gold eq.1 production was 111,676 ounces
(107,557 ounces of gold and 296,609 ounces of silver), an increase over the prior-year period due to higher tonnes processed, with the
prior-year period including a two-week voluntary shutdown due to COVID-19.
- Operating expense and total cash costs2 were $974 per
gold eq. ounce for the quarter, an increase over the prior-year period due to the strengthening of the Canadian dollar and the prior-year
period benefitting from the Canadian Wage Subsidy. These two items increased costs by approximately $200 per gold eq. ounce in the quarter
and were partially offset by improved operational and cost performance, and higher sales volumes. For the six-month period ended June
30, 2021, operating expense and total cash costs2 were $989 per gold eq. ounce, an increase over the prior-year period due
to the strengthening of the Canadian dollar, and the receipt of the Canadian Wage Subsidy in the prior-year period.
- Sustaining capital and sustaining lease2 payments for
the quarter were $30 million, including $14 million of capitalized mining costs. Sustaining capital spend during the quarter primarily
included the advancement of the planned annual tailings dam raise and capital maintenance. For the six-month period ended June 30, 2021,
sustaining capital and sustaining lease2 payments were $59 million, including $27 million of capitalized mining costs.
- All-in sustaining costs2 were $1,524 per gold eq. ounce
for the quarter, a decrease over the prior-year period primarily due to higher sales volumes partially offset by higher total cash costs.
For the six-month period ended June 30, 2021, all-in sustaining costs2 were $1,554 per gold eq. ounce, a decrease over the
prior-year period primarily due to higher sales volumes and lower sustaining capital spend.
- Growth capital2 for the quarter was $4 million and
$5 million for the six-month period ended June 30, 2021, relating to the development of the underground Intrepid zone. During the quarter,
development of the decline towards the Intrepid underground ore zone advanced 616 metres.
- The open pit mine achieved 158,556 tonnes mined per day during
the quarter, a 5% increase over the prior quarter, and exceeding the 2021 target of ~151,000 tonnes per day. Approximately 3.3 million
ore tonnes and 11.1 million waste tonnes (including 4.7 million capitalized waste tonnes) were mined from the open pit at an average strip
ratio of 3.37:1. As planned, during the second half of the year, the strip ratio is expected to decrease.
- The mill processed 25,349 tonnes per day for the quarter, lower
than the prior period, due to unplanned maintenance activities performed at the mill during the quarter impacting mill availability and
operating time. The mill is expected to operate at 27,000 tonnes per day in the second half of the year. The mill continued to process
ore directly supplied by the open pit combined with ore from the medium grade stockpile and processed an average grade of 0.82 grams per
tonne at a gold recovery of 87%. Mill availability for the quarter averaged 88%.
- There are currently no active cases of COVID-19 at the Rainy River
Mine. Rainy River has implemented measures to mitigate and limit the spread of COVID-19 to protect the well-being of its employees, contractors,
their families, local communities, and other stakeholders. For more information see: http://newgold.com/covid-19/.
New Afton Mine
Operational Highlights
New Afton Mine |
Q2 2021 |
Q2 2020 |
H1 2021 |
H1 2020 |
Gold eq. production (ounces)1 |
50,542 |
48,446 |
90,055 |
100,775 |
Gold eq. sold (ounces)1 |
46,917 |
43,517 |
85,157 |
93,915 |
Gold production (ounces) |
14,088 |
15,494 |
26,082 |
31,903 |
Gold sold (ounces) |
13,122 |
13,789 |
24,866 |
29,780 |
Copper production (Mlbs) |
18.2 |
16.9 |
32.0 |
35.4 |
Copper sold (Mlbs) |
16.9 |
15.3 |
30.2 |
33.0 |
Average realized gold price, per ounce2 |
1,817 |
1,520 |
1,809 |
1,490 |
Average realized copper price, per pound2 |
4.43 |
2.51 |
4.17 |
2.54 |
Operating expense, per gold eq. ounce |
840 |
545 |
932 |
604 |
Total cash costs, per gold eq. ounce2 |
981 |
644 |
1,058 |
707 |
Depreciation and depletion, per gold eq. ounce |
274 |
217 |
284 |
280 |
All-in sustaining costs, per gold eq. ounce2 |
1,402 |
881 |
1,396 |
962 |
Sustaining capital and sustaining leases ($M)2 |
19.1 |
10.0 |
27.6 |
23.4 |
Growth capital ($M)2 |
29.5 |
10.4 |
46.7 |
21.2 |
Operating Key Performance Indicators
New Afton Mine |
Q2 2020 |
Q3 2020 |
Q4 2020 |
Q1 2021 |
Q2 2021 |
Tonnes mined per day (ore and waste) |
15,358 |
17,249 |
17,259 |
11,395 |
15,104 |
Tonnes milled per calendar day |
14,240 |
15,483 |
15,358 |
13,564 |
13,795 |
Gold grade milled (g/t) |
0.46 |
0.44 |
0.46 |
0.39 |
0.43 |
Gold recovery (%) |
81 |
80 |
79 |
79 |
80 |
Gold production (ounces) |
15,494 |
15,955 |
16,362 |
11,994 |
14,088 |
Copper grade milled (%) |
0.72 |
0.71 |
0.73 |
0.64 |
0.79 |
Copper recovery (%) |
83 |
82 |
81 |
80 |
83 |
Copper production (Mlbs) |
16.9 |
18.2 |
18.5 |
13.8 |
18.2 |
Mill availability (%) |
92 |
98 |
99 |
96 |
98 |
Gold eq. production (ounces)1 |
48,446 |
51,315 |
52,326 |
39,512 |
50,542 |
- Second quarter gold eq.1 production was 50,542 ounces
(14,088 ounces of gold and 18.2 million pounds of copper). The increase compared to the prior-year period is due to higher copper production
as a result of higher copper grades. For the six-month period ended June 30, 2021, gold eq.1 production was 90,055 ounces (26,082
ounces of gold and 32 million pounds of copper), a decrease over the prior-year period due to lower grades and lower throughput.
- Operating expense and total cash costs2 were $840 and
$981 per gold eq. ounce for the quarter, an increase over the prior-year period due to planned higher costs, the strengthening of the
Canadian dollar and the prior-year period benefitting from the Canadian Wage Subsidy. The strengthening of the Canadian dollar and the
benefit from the Canadian Wage Subsidy increased costs by approximately $155 per gold eq. ounce in the quarter. For the six-month period
ended June 30, 2021, operating expense and total cash costs2 were $932 and $1,058 per gold eq. ounce, an increase over the
prior-year period due to the strengthening of the Canadian dollar, the receipt of the Canadian Wage Subsidy in the prior-year period,
as well as costs associated with the ramp up of operations following the shutdown of operations in the first quarter of 2021 due to the
tragic incident.
- Sustaining capital and sustaining lease2 payments for
the quarter were $19 million, primarily related to B3 mine development and the advancement of the planned tailings dam raise. For the
six-month period ended June 30, 2021, sustaining capital and sustaining lease2 payments were $28 million.
- All-in sustaining costs2 were $1,402 per gold eq. ounce
for the quarter and $1,396 per gold eq. ounce for the six-month period ended June 30, 2021. The increases over the prior-year periods
were due to higher total cash costs and sustaining capital spend.
- Growth capital2 was $30 million for the quarter, and
$47 million for the six-month period ended June 30, 2021, primarily related to C-Zone development and the thickened and amended tailings
project.
- C-Zone development advanced by approximately 919 metres in the
quarter and continues to advance on plan.
- The underground mine averaged 15,104 tonnes mined per day for
the quarter, higher than the previous quarter, as the mine initiated a safe and secure ramp up of Lift 1, including the West Cave, East
Cave and Pillar, to return to pre-incident mining rates.
- The mill averaged 13,795 tonnes per day, slightly below the prior-year
period, but in-line with the plan to optimize metal recoveries while processing higher grade supergene ore. The mill processed gold grades
of 0.43 grams per tonne and higher than expected copper grades of 0.79%, with gold and copper recoveries of 80% and 83%, respectively.
- There are currently two active cases of COVID-19 at the New Afton
Mine. New Afton has implemented measures to mitigate and limit the spread of COVID-19 to protect the well-being of its employees, contractors,
their families, local communities, and other stakeholders. For more information see: http://newgold.com/covid-19/.
- The wildfire situation in British Columbia remains active. At
this time there has been no impact to operations at New Afton or to the supply chain. New Afton has an active fire management plan in
place, and a number of precautionary measures have been implemented in the event the risk to our employees, contractors, communities and
infrastructure increases considerably. Our priority remains the health, safety, and wellbeing of our employees, contractors and communities.
We will continue to monitor the situation closely and will follow protocols and procedures established by the B.C. Ministry of Public
Safety and Solicitor General.
Sustainability and ESG
New Gold has four sustainability focus areas: Indigenous
Peoples, Tailings Management, Water and Climate. New Gold has adapted its sustainability efforts to align with the most pressing ESG issues
facing the Company and the mining industry. As such, our ESG approach continues to prioritize the health, safety, and well-being of our
people and the people in the communities in which we operate. The protection of our people is central to our success as we believe people
are our greatest asset. New Gold is committed to providing training, opportunities, and progression paths for our teams, and we actively
seek to ensure that we promote diversity within our teams at all levels of the organization. We have adopted an approach to execute on
our sustainability strategy that aligns with ESG reporting standards.
Second Quarter 2021 Conference Call and Webcast
The Company will host a webcast and conference call
today at 8:30 am Eastern Time to discuss the Company's second quarter consolidated results and 2021 operational outlook.
- 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=1479944&tp_key=e9367fef15
- 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 26663480.
- A recorded playback of the conference call will be available until
September 11, 2021 by calling North American toll free 1-888-390-0541, or 1-416-764-8677 outside of the U.S. and Canada, passcode 663480.
An archived webcast will also be available at www.newgold.com.
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 an 8% gold stream on the Artemis Gold Blackwater project located
in Canada, a 6% 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 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 eq. based on a ratio of $1,800 per gold ounce, $25.00 per silver ounce and $3.50 per copper pound used for 2021 guidance estimates. All copper is produced/sold by the New Afton Mine. Gold eq. ounces for Rainy River in Q2 2021 includes production of 162,879 ounces of silver (161,472 ounces sold) converted to a gold eq. based on a ratio of $1,800 per gold ounce and $25.00 per silver ounce used for 2021 guidance estimates. Gold eq. ounces for New Afton in Q2 2021 includes 18.2 million pounds of copper produced (16.9 million pounds sold) and 77,150 ounces of silver produced 67,888 ounces of silver sold) converted to a gold eq. based on a ratio of $1,800 per gold ounce, 3.50 per copper pound and $25.00 per silver ounce used for 2021 guidance estimates. |
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2. |
"Total cash costs", "all-in sustaining costs", "adjusted net earnings/(loss)", "sustaining capital and sustaining leases", "growth capital", "cash generated from operations", "free cash flow" and "average realized gold/copper price per ounce/pound" are all non-GAAP financial performance measures that are used in this press release. These measures do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For more information about these measures, why they are used by the Company, and a reconciliation to the most directly comparable measure under IFRS, see the "Non-GAAP Financial Performance Measures" section of this news release. |
Non-GAAP Financial Performance Measures
Total Cash Costs per Gold eq. Ounce
"Total cash costs per gold equivalent ounce"
is a non-GAAP financial performance measure that is a common financial performance measure in the gold mining industry but does not have
any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. New Gold reports
total cash costs on a sales basis and not on a production basis. The Company believes that, in addition to conventional measures prepared
in accordance with IFRS, this measure, along with sales, is a key indicator of the Company's ability to generate operating earnings and
cash flow from its mining operations. This measure allows investors to better evaluate corporate performance and the Company's ability
to generate liquidity through operating cash flow to fund future capital exploration and working capital needs.
This measure is intended to provide additional information
only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure
is not necessarily indicative of cash generated from operations under IFRS or operating costs presented under IFRS.
Total cash cost figures are 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. Total cash costs include mine site operating costs such as mining, processing and administration costs, royalties,
production taxes, but are exclusive of amortization, reclamation, capital and exploration costs. Total cash costs are then divided by
gold equivalent ounces sold to arrive at the total cash costs per equivalent ounce sold.
In addition to gold the Company produces copper and
silver. Gold equivalent ounces of copper and silver produced or sold in a quarter are computed using a consistent ratio of copper and
silver prices to the gold price and multiplying this ratio by the pounds of copper and silver ounces produced or sold during that quarter.
Notwithstanding the impact of copper and silver sales,
as the Company is focused on gold production, New Gold aims to assess the economic results of its operations in relation to gold, which
is the primary driver of New Gold's business. New Gold believes this metric is of interest to its investors, who invest in the Company
primarily as a gold mining business. To determine the relevant costs associated with gold equivalent ounces, New Gold believes it is appropriate
to reflect all operating costs incurred in its operations.
All-In Sustaining Costs per Gold eq. Ounce
"All-in sustaining costs per gold equivalent
ounce" is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be
comparable to similar measures presented by other issuers. New Gold calculates "all-in sustaining costs per gold equivalent ounce"
based on guidance announced by the World Gold Council ("WGC") in September 2013. The WGC is a non-profit association of the
world's leading gold mining companies established in 1987 to promote the use of gold to industry, consumers and investors. The WGC is
not a regulatory body and does not have the authority to develop accounting standards or disclosure requirements. The WGC has worked
with its member companies to develop a measure that expands on IFRS measures to provide visibility into the economics of a gold mining
company. Current IFRS measures used in the gold industry, such as operating expenses, do not capture all of the expenditures incurred
to discover, develop and sustain gold production. New Gold believes that "all-in sustaining costs per gold equivalent ounce"
provides further transparency into costs associated with producing gold and will assist analysts, investors, and other stakeholders of
the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value.
In addition, the Compensation Committee of the Board of Directors uses "all-in sustaining costs", together with other measures,
in its Company scorecard to set incentive compensation goals and assess performance.
"All-in sustaining costs per gold equivalent
ounce" 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. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs
presented under IFRS.
New Gold defines "all-in sustaining costs per
gold equivalent ounce" as the sum of total cash costs, net capital expenditures that are sustaining in nature, corporate general
and administrative costs, capitalized and expensed exploration that is sustaining in nature, lease payments that are sustaining in nature,
and environmental reclamation costs, all divided by the total gold equivalent ounces sold to arrive at a per ounce figure. The "Sustaining
Capital Expenditure Reconciliation" table below reconciles New Gold's sustaining capital to its cash flow statement. The definition
of sustaining versus non-sustaining is similarly applied to capitalized and expensed exploration costs and lease payments. Exploration
costs and lease payments to develop new operations or that relate to major projects at existing operations where these projects are expected
to materially increase production are classified as non-sustaining and are excluded. Gold equivalent ounces of copper and silver produced
or sold in a quarter are computed using a consistent ratio of copper and silver prices to the gold price and multiplying this ratio by
the pounds of copper and silver ounces produced or sold during that quarter.
Costs excluded from all-in sustaining costs are non-sustaining
capital expenditures, non-sustaining lease payments and exploration costs, financing costs, tax expense, and transaction costs associated
with mergers, acquisitions and divestitures, and any items that are deducted for the purposes of adjusted earnings.
Sustaining Capital and Sustaining Leases
"Sustaining capital" and "sustaining
lease" are non-GAAP financial performance measures that do not have any standardized meaning under IFRS and therefore may not be
comparable to similar measures presented by other issuers. New Gold defines "sustaining capital" as net capital expenditures
that are intended to maintain operation of its gold producing assets. Similarly, a "sustaining lease" is a lease payment that
is sustaining in nature. To determine "sustaining capital" expenditures, New Gold uses cash flow related to mining interests
from its statement of cash flows and deducts any expenditures that are capital expenditures to develop new operations or capital expenditures
related to major projects at existing operations where these projects will materially increase production. Management uses "sustaining
capital" and "sustaining lease", to understand the aggregate net result of the drivers of all-in sustaining costs other
than total cash costs. These measures are intended to provide additional information only and should not be considered in isolation or
as substitutes for measures of performance prepared in accordance with IFRS.
Growth Capital
"Growth capital" is a non-GAAP financial
performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented
by other issuers. New Gold considers non-sustaining capital costs to be "growth capital", which are capital expenditures to
develop new operations or capital expenditures related to major projects at existing operations where these projects will materially increase
production. To determine "growth capital" expenditures, New Gold uses cash flow related to mining interests from its statement
of cash flows and deducts any expenditures that are capital expenditures that are intended to maintain operation of its gold producing
assets. Management uses "growth capital" to understand the cost to develop new operations or related to major projects at existing
operations where these projects will materially increase production. This measure is intended to provide additional information only and
should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
The following tables reconcile the above non-GAAP
measures to the most directly comparable IFRS measure on an aggregate basis.
Consolidated OPEX, Cash Cost and All-in Sustaining
Costs Reconciliation
|
Three months ended June 30 |
Six months ended
June 30 |
(in millions of U.S. dollars, except where noted) |
2021 |
2020 |
2021 |
2020 |
CONSOLIDATED OPEX, CASH COST AND ALL-IN SUSTAINING COSTS RECONCILIATION |
|
|
|
|
Operating expenses |
95.2 |
66.2 |
189.1 |
155.9 |
Gold equivalent ounces sold1 |
104,221 |
91,390 |
196,039 |
195,326 |
Operating expenses per gold equivalent ounce sold ($/ounce) |
913 |
726 |
964 |
799 |
Operating expenses |
95.2 |
66.2 |
189.1 |
155.9 |
Treatment and refining charges on concentrate sales |
6.7 |
4.3 |
10.8 |
9.7 |
Total cash costs |
101.9 |
70.5 |
199.8 |
165.6 |
Gold equivalent ounces sold1 |
104,221 |
91,390 |
196,039 |
195,326 |
Total cash costs per gold equivalent ounce sold ($/ounce)2 |
977 |
773 |
1,019 |
849 |
Sustaining capital expenditures2 |
46.5 |
38.7 |
81.7 |
85 |
Sustaining exploration - expensed |
0.1 |
-0.2 |
0.3 |
-0.2 |
Sustaining leases2 |
2.7 |
2.4 |
5.4 |
5.2 |
Corporate G&A including share-based compensation |
8.2 |
3.9 |
12 |
8.1 |
Reclamation expenses |
2.4 |
1.8 |
4.7 |
3.6 |
Total all-in sustaining costs |
161.7 |
117.1 |
304 |
267.4 |
Gold equivalent ounces sold1 |
104,221 |
91,390 |
196,039 |
195,326 |
All-in sustaining costs per gold equivalent ounce sold ($/ounce)2 |
1,551 |
1,283 |
1,551 |
1,370 |
Sustaining Capital Expenditures Reconciliation
Table
|
Three months ended June 30 |
Six months ended
June 30 |
(in millions of U.S. dollars, except where noted) |
2021 |
2020 |
2021 |
2020 |
TOTAL SUSTAINING CAPITAL EXPENDITURES |
|
|
|
|
Mining interests per statement of cash flows |
79.9 |
50.2 |
133.8 |
115.5 |
New Afton growth capital expenditures |
(29.5) |
(10.4) |
(46.7) |
(21.2) |
Rainy River growth capital expenditures |
(3.7) |
(0.1) |
(5.0) |
(0.2) |
Blackwater growth capital expenditures |
— |
(0.9) |
— |
(9.0) |
Sustaining capital expenditures |
46.7 |
38.8 |
82.1 |
85.1 |
Adjusted Net Earnings/(Loss)
"Adjusted net earnings" and "adjusted
net earnings per share" are non-GAAP financial performance measures that do not have any standardized meaning under IFRS and therefore
may not be comparable to similar measures presented by other issuers. "Adjusted net earnings" and "adjusted net earnings
per share" exclude the following from net earnings: Inventory write downs, Items included in "Other gains and losses" as
per Note 3 of the Company's consolidated financial statements; and Certain non-recurring items. Net earnings have been adjusted, including
the associated tax impact, for the group of costs in "Other gains and losses" on the condensed consolidated income statements.
Key entries in this grouping are: the fair value changes for the gold stream obligation; fair value changes for the free cash flow interest
obligation; the gold and copper option contracts; foreign exchange forward contracts; foreign exchange gain or loss, loss on disposal
of assets and fair value changes in investments. The income tax adjustments reflect the tax impact of the above adjustments.
The Company uses "adjusted net earnings"
for its own internal purposes. Management's internal budgets and forecasts and public guidance do not reflect the items which have been
excluded from the determination of "adjusted net earnings". Consequently, the presentation of "adjusted net earnings"
enables investors to better understand the underlying operating performance of the Company's core mining business through the eyes of
management. Management periodically evaluates the components of "adjusted net earnings" based on an internal assessment of performance
measures that are useful for evaluating the operating performance of New Gold's business and a review of the non-GAAP financial performance
measures used by mining industry analysts and other mining companies. "Adjusted net earnings" and "adjusted net earnings
per share" are intended to provide additional information only and should not be considered in isolation or as substitutes for measures
of performance prepared in accordance with IFRS. These measures are not necessarily indicative of operating profit or cash flows from
operations as determined under IFRS. The following table reconciles these non-GAAP financial performance measures to the most directly
comparable IFRS measure.
|
Three months ended June 30 |
Six months ended June 30 |
(in millions of U.S. dollars, except where noted) |
2021 |
2020 |
2021 |
2020 |
ADJUSTED NET EARNINGS (LOSS) RECONCILIATION |
|
|
|
|
Earnings (loss) before taxes |
(10.6) |
(53.6) |
8.4 |
(76.7) |
Other (gains) losses |
42.8 |
56.5 |
34.1 |
60.4 |
Inventory write-down |
— |
(3.0) |
— |
— |
Adjusted net earnings (loss) before taxes |
32.2 |
(0.1) |
42.5 |
(16.3) |
Income tax (expense) recovery |
(5.2) |
8.0 |
(7.4) |
2.8 |
Income tax adjustments |
(0.3) |
(11.2) |
— |
(7.6) |
Adjusted income tax (expense) recovery |
(5.5) |
(3.2) |
(7.7) |
(4.8) |
Adjusted net earnings (loss)2 |
26.7 |
(3.3) |
34.8 |
(21.1) |
Adjusted earnings (loss) per share (basic and diluted)2 |
0.04 |
— |
0.05 |
(0.03) |
Cash Generated from Operations, before Changes
in Non-Cash Operating Working Capital
"Cash generated from operations, before changes
in non-cash operating working capital" is a non-GAAP financial performance measure that does not have any standardized meaning under
IFRS and therefore may not be comparable to similar measures presented by other issuers. Other companies may calculate this measure differently
and this measure is unlikely to be comparable to similar measures presented by other companies. "Cash generated from operations,
before changes in non-cash operating working capital" excludes changes in non-cash operating working capital. New Gold believes this
non-GAAP financial measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing
the Company's ability to generate cash from its operations before temporary working capital changes.
Cash generated from operations, before non-cash changes
in working capital is intended to provide additional information only and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. This measure is not necessarily indicative of operating profit or cash flows
from operations as determined under IFRS. The following table reconciles this non-GAAP financial performance measure to the most directly
comparable IFRS measure.
|
Three months ended June 30 |
Six months ended June 30 |
(in millions of U.S. dollars) |
2021 |
2020 |
2021 |
2020 |
CASH RECONCILIATION |
|
|
|
|
Cash generated from operations |
110.3 |
52.8 |
163.7 |
104.1 |
Change in non-cash operating working capital |
(25.6) |
(1.2) |
(15.2) |
(5.4) |
Cash generated from operations, before changes in non-cash operating working capital2 |
84.7 |
51.6 |
148.5 |
98.7 |
Free Cash Flow
"Free cash flow" is a non-GAAP financial
performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented
by other issuers. New Gold defines "free cash flow" as cash generated from operations and proceeds of sale of other assets less
capital expenditures on mining interests, lease payments, settlement of non-current derivative financial liabilities which include the
gold stream obligation and the Ontario Teachers' Pension Plan free cash flow interest. New Gold believes this non-GAAP financial performance
measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing the Company's
ability to generate cash flow from current operations. "Free cash flow" is intended to provide additional information only and
should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure is
not necessarily indicative of operating profit or cash flows from operations as determined under IFRS. The following tables reconcile
this non-GAAP financial performance measure to the most directly comparable IFRS measure on an aggregate and mine-by-mine basis.
|
Three months ended June 30, 2021 |
(in millions of U.S. dollars) |
Rainy River |
New Afton |
Other |
Total |
FREE CASH FLOW RECONCILIATION |
|
|
|
|
Cash generated from operations |
63.3 |
55.4 |
(8.4) |
110.3 |
Less Mining interest capital expenditures |
(31.4) |
(48.5) |
(0.1) |
(80.0) |
Add Proceeds of sale from other assets |
0.3 |
— |
— |
0.3 |
Less Lease payments |
(2.4) |
(0.1) |
(0.2) |
(2.7) |
Less Cash settlement of non-current derivative financial liabilities |
(6.5) |
— |
— |
(6.5) |
Free Cash Flow |
23.3 |
6.8 |
(8.7) |
21.4 |
Average Realized Price
"Average realized price per ounce of gold sold"
is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable
to similar measures presented by other issuers. Other companies may calculate this measure differently and this measure is unlikely to
be comparable to similar measures presented by other companies. Management uses this measure to better understand the price realized in
each reporting period for gold sales. "Average realized price per ounce of gold sold" is intended to provide additional information
only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following
tables reconcile this non-GAAP financial performance measure to the most directly comparable IFRS measure on an aggregate and mine-by-mine
basis.
|
Three months ended June 30 |
Six months ended
June 30 |
(in millions of U.S. dollars, except where noted) |
2021 |
2020 |
2021 |
2020 |
TOTAL AVERAGE REALIZED PRICE |
|
|
|
|
Revenue from gold sales |
121.9 |
91.1 |
234.3 |
189.7 |
Treatment and refining charges on gold concentrate sales |
1.6 |
1.5 |
2.8 |
3.3 |
Gross revenue from gold sales |
123.5 |
92.6 |
237.1 |
193.0 |
Gold ounces sold |
68,184 |
60,853 |
131,723 |
129,626 |
Total average realized price per gold ounce sold ($/ounce)2 |
1,817 |
1,516 |
1,803 |
1,485 |
For additional information with respect to the non-GAAP
measures used by the Company refer to the detailed non-GAAP performance measure disclosure in the MD&A for the three months ended
June 30, 2021 filed at www.sedar.com and on EDGAR at www.sec.gov.
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 Company's plans
regarding the release of its second quarter 2021 financial results and the timing and details of its conference call and webcast relating
thereto; expectations regarding the second half of the year; the expected free cash flow to be generated at Rainy River as well as increase
in grades through the remainder of 2021; the development of the decline towards the Intrepid underground ore zone at Rainy River and
the C-Zone at New Afton; the Company's aim to find ways to optimize the performance at its operations and generate additional value for
shareholders; the Company's expectations regarding production and all-in sustaining costs at New Afton and Rainy River as well as on a
consolidated basis; the mining of the East Lobe and the grade expected to be mined in the East Lobe in the second half of 2021, the risks
relating to the actual grade mined compared to the expected grade to be mined in the East Lobe including its risk to the company achieving
its guidance at Rainy River and on a corporate level and the Company's plans to provide updated information when available; the
anticipated decrease in the strip ratio at Rainy River during the second half of the year; the expected daily operating capacity of the
mill in the second half of the year; the current and anticipated trajectory with respect to gold equivalent production guidance range
at Rainy River and New Afton and on an annual consolidated basis; the Company's plans to optimize metal recoveries at New Afton; the Company's
planned advancement of B3 production through the second half of the year; expectations regarding lower grades at New Afton during the
second half of the year; the potential for additional short-term extraction opportunities at New Afton; and the Company's plans relating
to its ESG approach.
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 press release in light
of management's experience and perception of current conditions and expected developments, are inherently subject to important risk factors
and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions regarding such forward-looking
statements are discussed in this news release, New Gold's latest annual management's discussion and analysis ("MD&A"), its
most recent annual information form and technical reports on the Rainy River Mine and New Afton Mine filed on SEDAR at www.sedar.com and
on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements
in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold's operations
other than as set out herein; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate,
being consistent with New Gold's current expectations; (3) the accuracy of New Gold's current mineral reserve and mineral resource estimates
and the grade of gold, silver and copper expected to be mined; (4) the exchange rate between the Canadian dollar and U.S. dollar, and
to a lesser extent, the Mexican Peso, 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 in respect
of the New Afton Mine and Rainy River Mine 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; (9) there being
no significant disruptions to the Company's workforce at either the Rainy River or New Afton Mine due to cases of COVID-19 or any required
self-isolation requirements (due, among other things, to cross-border travel to the United States or any other country); (10) the responses
of the relevant governments to the COVID-19 outbreak being sufficient to contain the impact of the COVID-19 outbreak; (11) there being
no material disruption to the Company's supply chains and workforce that would interfere with the Company's anticipated course of action
at the Rainy River Mine and the systematic ramp-up of operations; (12) the long-term economic effects of the COVID-19 outbreak not having
a material adverse impact on the Company's operations or liquidity position; and (13) Artemis Gold Inc. being able to complete the remaining
C$50 million cash payment due on August 24, 2021 for the acquisition of the Blackwater project.
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; 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; Artemis Gold Inc. not
being able to make the remaining C$50 million cash payment due in connection with its acquisition of the Blackwater Project on August
24, 2021. 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-2021-second-quarter-results-301352851.html
SOURCE New Gold Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2021/11/c6368.html
%CIK: 0000800166
For further information: Ankit Shah, Vice President, Strategy &
Business Development, Direct: +1 (416) 324-6027, Email: ankit.shah@newgold.com; Brandon Throop, Director, Investor Relations, Direct:
+1 (647) 264-5027, Email: brandon.throop@newgold.com
CO: New Gold Inc.
CNW 06:30e 11-AUG-21
This regulatory filing also includes additional resources:
ex991.pdf
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