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New Gold Reports Third Quarter Operational Results
Provides Notice of Release of Third Quarter Financial Results
New Gold Inc. (TSX: NGD) (NYSE American: NGD) reports third quarter operational results for the Company as of September 30, 2022. The Company is also providing notice that it will release its third quarter 2022 financial results before markets open on Thursday, November 3, 2022.
“We continued the positive momentum experienced in the summer months and finished the third quarter on a strong note,” stated Renaud Adams, President & CEO. “At Rainy River, underground mining commenced during the quarter, and we continue to anticipate underground material to start feeding the mill beginning in the fourth quarter. With mining of the open pit main ODM zone continuing its ramp-up, I look forward to Rainy River finishing the year strong. New Afton had solid production improvement over the second quarter with the continual ramp-up of B3. Last week we received the C-Zone permit, a significant milestone for the mine, and our priority at New Afton continues to be ramping up B3 production and advancing C-Zone development. We remain on track to deliver on our updated guidance.”
Consolidated Operational Highlights
| Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 | |
| Gold eq. production (ounces)1,2 | 91,021 | 105,628 | 249,230 | 307,359 |
| Gold production (ounces)2 | 70,147 | 72,210 | 190,679 | 205,849 |
| Copper production (Mlbs) | 8.5 | 15.6 | 24.1 | 47.5 |
Rainy River Mine
| Rainy River Mine (Open Pit Mine only) | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
| Tonnes mined per day (ore and waste) | 112,055 | 149,630 | 113,597 | 152,980 |
| Ore tonnes mined per day | 24,701 | 52,917 | 19,022 | 41,681 |
| Operating waste tonnes per day | 44,469 | 88,216 | 33,110 | 75,077 |
| Capitalized waste tonnes per day | 42,885 | 8,497 | 61,465 | 36,222 |
| Total waste tonnes per day | 87,354 | 96,713 | 94,575 | 111,299 |
| Strip ratio (waste:ore) | 3.54 | 1.83 | 4.97 | 2.67 |
| Tonnes milled per calendar day | 24,439 | 25,245 | 24,020 | 25,628 |
| Gold grade milled (g/t) | 0.89 | 0.89 | 0.83 | 0.83 |
| Gold recovery (%) | 91 | 89 | 91 | 89 |
| Gold eq. production (ounces)1 | 60,319 | 60,785 | 163,973 | 172,462 |
| Gold production (ounces) | 58,719 | 58,557 | 160,069 | 166,113 |
New Afton Mine
| New Afton Mine | Q3 2022 | Q3 2021 | 9M 2022 | 9M 2021 |
| Tonnes mined per day (ore and waste) | 6,523 | 12,861 | 6,674 | 13,125 |
| Tonnes milled per calendar day | 7,764 | 13,068 | 9,836 | 13,474 |
| Gold grade milled (g/t) | 0.59 | 0.43 | 0.43 | 0.42 |
| Gold recovery (%) | 85 | 83 | 83 | 81 |
| Copper grade milled (%) | 0.64 | 0.72 | 0.50 | 0.72 |
| Copper recovery (%) | 85 | 82 | 81 | 82 |
| Gold eq. production (ounces)1 | 30,701 | 44,843 | 85,257 | 134,898 |
| Gold production (ounces) | 11,427 | 13,653 | 30,610 | 39,735 |
| Copper production (Mlbs) | 8.5 | 15.6 | 24.1 | 47.5 |
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 approximately 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.
| 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 2022 includes production of 120,000 ounces of silver 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 Q3 2022 includes 8.5 million pounds of copper produced and 22,672 ounces of silver produced 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. |
| 2. | Numbers may not add up due to rounding. |
Posted October 14, 2022
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