New Gold Achieves Updated Consolidated Gold Equivalent Production Guidance

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Algemeen advies 12/01/2022 13:16
Provides Notice of Release of Fourth Quarter Financial Results and 2022 Operational Outlook

(All amounts are in U.S. dollars unless otherwise indicated)

TORONTO, Jan. 12, 2022 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) reports fourth quarter and annual operational results for the Company as of December 31, 2021. The Company is also providing notice that it will release its fourth quarter and full year 2021 financial results and 2022 operational outlook before markets open on Wednesday, February 23, 2022. A conference call and webcast will follow at 8:30 am Eastern Time (details are provided at the end of this news release).

"2021 was not without its challenges for New Gold, but we continued to execute on our plans, with the fourth quarter representing our strongest quarter of the year, allowing us to meet our updated consolidated gold equivalent production guidance", stated Renaud Adams, President & CEO. "Rainy River's fourth quarter production was up 16% compared to the third quarter, representing Rainy River's strongest quarter over the last two years, despite a 3-day mill shutdown in December, mainly driven by improved grade due to lower contribution from the East Lobe. At New Afton, the team was able to execute on its plans and achieved both gold and copper production guidance."

Fourth Quarter and Annual Highlights

Total production for the fourth quarter was 111,574 gold equivalent1 ("gold eq.") ounces consisting of 81,072 ounces of gold, 214,030 ounces of silver and 14.2 million pounds of copper. For the year, production was 418,933 gold eq.1 ounces (guidance of 405,000 to 450,000 gold eq.1 ounces) consisting of 286,921 ounces of gold (guidance of 287,000 to 312,000 ounces), 867,961 ounces of silver and 61.7 million pounds of copper (guidance of 56 to 66 million pounds). The Company achieved the updated consolidated gold equivalent guidance range.
The Rainy River Mine produced 70,500 gold eq.1 ounces for the quarter consisting of 68,356 ounces of gold and 154,364 ounces of silver. For the year, production was 242,961 gold eq.1 ounces (guidance of 240,000 to 255,000 gold eq.1 ounces) consisting of 234,469 ounces of gold (guidance of 235,000 to 250,000 ounces) and 611,433 ounces of silver. The Rainy River Mine achieved the low end of the updated gold equivalent guidance range.
The New Afton Mine produced 41,074 gold eq.1 ounces for the quarter consisting of 12,716 ounces of gold and 14.2 million pounds of copper. For the year, production was 175,972 gold eq.1 ounces (guidance of 165,000 to 195,000 gold eq.1 ounces) consisting of 52,452 ounces of gold (guidance of 52,000 to 62,000 ounces) and 61.7 million pounds of copper (guidance of 56 to 66 million pounds). The New Afton Mine achieved the gold equivalent guidance range.
Consolidated Operational Highlights

Q4 2021 FY 2021 2021 Guidance

Gold eq. production (ounces)1 111,574 418,933 405,000 - 450,000

Gold production (ounces) 81,072 286,921 287,000 - 312,000

Copper production (Mlbs) 14.2 61.7 56 - 66

Rainy River Mine

see & read more on
https://www.newgold.com/investors/news-releases/news-details/2022/New-Gold-Achieves-Updated-Consolidated-Gold-Equivalent-Production-Guidance/default.aspx



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