New Gold Inc. reports fourth quarter and annual operational results for the Company as of December 31, 2022. The Company is also providing notice that it will release its fourth quarter and full year 2022 financial results and 2023 operational outlook before markets open on Thursday, February 16, 2023.
“New Gold was faced with several challenges in 2022, but our teams remained resilient executing on our plans, and as a result, our operations met all updated production guidance targets”, stated Patrick Godin, President and CEO. “In the fourth quarter, Rainy River delivered the strongest quarter of the year, driven by a 25% increase in quarter-over-quarter grades as higher grade underground ore was introduced to the mill, which was partially offset by lower throughput. At New Afton, the team achieved revised guidance for both copper and gold, and successfully ramped up B3 production to the targeted rate of 8,000 tonnes per day, ahead of plan. New Gold and its operations exit 2022 on a strong note, well positioned for the new year.”
Operational Highlights
| Consolidated | Q4 2022 | FY 2022 | 2022 Revised Guidance |
| Gold eq. production (ounces)1 | 97,824 | 347,054 | 325,000 – 365,000 |
| Gold production (ounces) | 80,694 | 271,373 | 260,000 – 290,000 |
| Copper production (Mlbs) | 6.9 | 31.1 | 25 – 35 |
| Rainy River Mine | Q4 2022 | FY 2022 | 2022 Revised Guidance |
| Gold eq. production (ounces)1 | 71,221 | 235,194 | 230,000 – 250,000 |
| Gold production (ounces) | 69,753 | 229,822 | 225,000 – 245,000 |
| New Afton Mine | Q4 2022 | FY 2022 | 2022 Revised Guidance |
| Gold eq. production (ounces)1 | 26,603 | 111,860 | 95,000 – 115,000 |
| Gold production (ounces) | 10,941 | 41,551 | 35,000 – 45,000 |
| Copper production (Mlbs) | 6.9 | 31.1 | 25 – 35 |
| 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 Q4 2022 includes production of 110,133 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 Q4 2022 includes 6.9 million pounds of copper produced and 18,012 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. |
Operating Key Performance Indicators
| Rainy River Mine | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
| Tonnes mined per day (ore and waste) | 110,536 | 129,775 | 112,826 | 147,131 |
| Ore tonnes mined per day | 34,667 | 33,885 | 22,965 | 39,716 |
| Operating waste tonnes per day | 56,547 | 62,348 | 39,017 | 71,869 |
| Capitalized waste tonnes per day | 19,323 | 33,542 | 50,843 | 35,546 |
| Total waste tonnes per day | 75,870 | 95,890 | 89,860 | 107,415 |
| Strip ratio (waste:ore) | 2.19 | 2.83 | 3.91 | 2.70 |
| Tonnes milled per calendar day | 22,225 | 24,492 | 23,568 | 25,342 |
| Gold grade milled (g/t) | 1.16 | 1.03 | 0.91 | 0.88 |
| Gold recovery (%) | 92 | 92 | 91 | 89 |
| Gold eq. production (ounces)1 | 71,221 | 70,500 | 235,194 | 242,961 |
| Gold production (ounces) | 69,753 | 68,356 | 229,822 | 234,469 |
| New Afton Mine | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
| Tonnes mined per day (ore and waste) | 7,978 | 13,705 | 7,003 | 13,271 |
| Tonnes milled per calendar day | 6,938 | 13,125 | 9,105 | 13,386 |
| Gold grade milled (g/t) | 0.62 | 0.41 | 0.47 | 0.41 |
| Gold recovery (%) | 86 | 81 | 84 | 81 |
| Copper grade milled (%) | 0.57 | 0.67 | 0.51 | 0.70 |
| Copper recovery (%) | 87 | 80 | 83 | 81 |
| Gold eq. production (ounces)1 | 26,603 | 41,074 | 111,860 | 175,972 |
| Gold production (ounces) | 10,941 | 12,716 | 41,551 | 52,452 |
| Copper production (Mlbs) | 6.9 | 14.2 | 31.1 | 61.7 |
Fourth Quarter 2022 Conference Call and Webcast
The Company will release its fourth quarter 2022 financial results before markets open on Thursday, February 16, 2023. A conference call and webcast will follow at 8:30 am Eastern Time.
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. For further information on the Company, visit www.newgold.com.
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