New Gold remained resilient in 2022

Press

New Gold Inc. (TSX: NGD) (NYSE American: NGD) has reported its fourth quarter and annual operational results 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.”

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 7:30 a.m. Fort Frances time. The public may listen to the webcast by registering on our website at www.newgold.comor via the following link https://app.webinar.net/mX1v9XP9zGK. Participants may also listen to the conference call by calling North American toll free 1-888-664-6383, or 1-416-764-8650 outside of the U.S. and Canada, passcode 24329001. To join the conference call without operator assistance, you may register and enter your phone number at https://connectnow1.accutel.com/EventMeet/rest/users/login?password=h5hnf4cq8qa76 to receive an instant automated call back. A recorded playback of the conference call will be available until March 16, 2023 by calling North American toll free 1-888-390-0541, or 1-416-764-8677 outside of the U.S. and Canada, passcode 329001. An archived webcast will also be available at www.newgold.com.

Rainy River MineQ4 2022Q4 2021FY 2022FY 2021
Tonnes mined per day (ore and waste)110,536129,775112,826147,131
Ore tonnes mined per day34,66733,88522,96539,716
Operating waste tonnes per day56,54762,34839,01771,869
Capitalized waste tonnes per day19,32333,54250,84335,546
Total waste tonnes per day75,87095,89089,860107,415
Strip ratio (waste:ore)2.192.833.912.70
Tonnes milled per calendar day22,22524,49223,56825,342
Gold grade milled (g/t)1.161.030.910.88
Gold recovery (%)92929189
Gold eq. production (ounces)171,22170,500235,194242,961
Gold production (ounces)69,75368,356229,822234,469