Third Quarter Operational Results Provides Notice of Release of Third Quarter Financial Results
(All amounts are in U.S. dollars unless otherwise indicated)
TORONTO, Oct. 13, 2021 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) reports third quarter operational results for the Company as of September 30, 2021. The Company is also providing notice that it will release its third quarter 2021 financial results before market on Friday, November 12, 2021. A conference call and webcast will follow at 8:30 am Eastern Time (details are provided at the end of this news release).
"The third quarter had its challenges, particularly as Rainy River addressed the grade reconciliation issues experienced in July and August", stated Renaud Adams, President & CEO. "Rainy River's third quarter gold grade was up 10% compared to the first half, and with lower contribution expected from the East Lobe in the fourth quarter compared to the third quarter, we should see a step-up in production and a stronger finish to the year at Rainy River."
"We remain on track to deliver on our updated guidance, and we continue to make progress towards securing the Company's future growth at both assets. Our liquidity position improved for a third consecutive quarter, and I continue to expect meaningful free cash flow generation from our operations in the near-term," added Mr. Adams.
Third Quarter Highlights
- Total production was 105,628 gold equivalent1 ("gold eq.") ounces (72,210 ounces of gold, 226,679 ounces of silver and 15.6 million pounds of copper)
- The Rainy River Mine produced 60,785 gold eq.1 ounces (58,557 ounces of gold and 160,461 ounces of silver)
- The New Afton Mine produced 44,843 gold eq.1 ounces (13,653 ounces of gold and 15.6 million pounds of copper)
- During the quarter, the Company provided an update to its 2021 operational outlook for the Rainy River Mine and the consolidated operational outlook (refer to the Company's September 13, 2021 news release for further information)
- On August 23, the Company received the final C$50 million cash payment from Artemis Gold Inc. as part of the divestment of the Blackwater Project
- At the end of the quarter, the Company had a cash position of $151 million and a strong liquidity position of $477 million
Consolidated Operational Highlights
| | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 |
| Gold eq. production (ounces)1 | 105,628 | 115,536 | 307,359 | 317,050 |
| Gold production (ounces) | 72,210 | 78,959 | 205,849 | 210,043 |
| Copper production (Mlbs) | 15.6 | 18.2 | 47.5 | 53.6 |
https://www.prnewswire.com/news-releases/new-gold-reports-third-quarter-operational-results-301399796.html