New Gold Inc. (TSX: NGD) (NYSE American: NGD) reports third quarter operational results for the Company as of September 30, 2023. The Company is also providing notice that it will release its third quarter 2023 financial results after market close on Wednesday, October 25, 2023.

“We had a strong third quarter, with both operations continuing to achieve consistent quarterly production. Operationally, we delivered solid production results of 111,204 gold equivalent ounces, a 22% increase over the prior year period. We remain on track to meet our annual production guidance,” stated Patrick Godin, President and CEO. “Rainy River delivered on plan with a continued focus on operational discipline, cost control, and cost saving initiatives. New Afton delivered above plan as mining from B3 continues to perform above expectations”. 

“The Company also continued to advance on our development plans at both assets during the quarter and deliver important milestones. Rainy River continued to advance the connection ramp to the underground Main Zone from Intrepid. At New Afton, we successfully blasted the first draw bell from C-Zone, an important milestone in delivering significant production growth in the coming years. With C-Zone transitioning to the production ramp-up phase, I look forward to providing updates on the ramp-up over the coming quarters,” added Mr. Godin.

Operational Highlights

Operating Key Performance Indicators

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 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.

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 Q3 2023 includes production of 111,694 ounces of silver (108,530 ounces of silver sold) converted to a gold eq. based on a ratio of $1,750 per gold ounce and $22.00 per silver ounce used for 2023 guidance estimates. Gold eq. ounces for New Afton in Q3 2023 includes 13.2 million pounds of copper produced (13.0 million pounds sold) and 33,758 ounces of silver produced (31,061 ounces of silver sold) converted to a gold eq. based on a ratio of $1,750 per gold ounce, $3.50 per copper pound and $22.00 per silver ounce used for 2023 guidance estimates.
2. Key performance indicator data is inclusive of gold ounces from ore purchase agreements for New Afton. The New Afton Mine purchases small amounts of ore from local operations, subject to certain grade and other criteria. These ounces represented approximately 4% of total gold ounces produced at New Afton during the quarter, using New Afton’s excess mill capacity. All other ounces are mined and produced at New Afton.