New Gold reports record Q4 and Full-Year Production for 2024
By Kevin Vincent
New Gold Inc. has announced its fourth-quarter and full-year operational results for 2024, achieving the highest quarterly and annual gold production in the company’s history. The company also shared updates on its key assets, the Rainy River and New Afton mines, and plans for upcoming financial and technical disclosures.
Operational Highlights
“Our fourth quarter was the strongest production period of the year, capped by two critical milestones: commercial production at New Afton’s C-Zone and first ore from Rainy River underground, both ahead of schedule,” said Patrick Godin, president and CEO. “New Afton outperformed, exceeding gold production guidance, while Rainy River faced mechanical challenges that slightly impacted overall annual production.”
Key achievements for the fourth quarter include:
• Consolidated Production: 80,438 ounces of gold and 14.5 million pounds of copper, representing the highest quarterly output of 2024.
• New Afton: Produced 19,652 ounces of gold and 14.5 million pounds of copper, achieving 19% and 15% increases over Q3 2024, respectively. The C-Zone ramp-up and B3 cave delivered strong performance, exceeding initial gold production guidance.
• Rainy River: Delivered 60,786 ounces of gold despite unplanned mechanical downtime in December that affected throughput.
For the full year, New Gold produced 298,303 ounces of gold and 54 million pounds of copper. While gold production fell slightly below updated guidance, copper production met expectations, and consolidated all-in sustaining costs (AISC) are projected at the low end of the guidance range of $1,240 to $1,340 per ounce.
Upcoming Technical and Financial Disclosures
The company announced two key dates for financial and operational updates:
• February 12, 2025: Release of operational outlook, technical report summaries for Rainy River and New Afton, and updated Mineral Reserve and Resource Statement.
• February 19, 2025: Release of fourth-quarter and full-year financial results.
Future Outlook and Strategic Developments
Looking ahead, New Gold will release updated technical reports for Rainy River and New Afton, showcasing initiatives to boost production, lower costs, and maximize free cash flow. “These updates will demonstrate our strategy to unlock the full potential of our assets while maintaining our commitment to environmental and social responsibility,” Godin added.
About New Gold
New Gold is a Canadian-focused intermediate mining company with two core assets: the Rainy River gold mine and the New Afton copper-gold mine. The company is dedicated to building a diversified gold portfolio while prioritizing environmental sustainability and social responsibility.
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