NEW GOLD OUTLINES SIGNIFICANT FREE CASH FLOW GENERATION PROFILE SUPPORTED BY IMPROVING PRODUCTION AND DECREASING COSTS OVER THE NEXT THREE YEARS
Provides Inaugural Three-Year Operational Outlook and Updated Mineral Reserves and Resources
(All amounts are in
Increasing Production and Decreasing Costs Highlight Strong Free Cash Flow Generation Over the Next Three Years
"With our inaugural presentation of three-year guidance, the Company has clearly defined the path forward to significant free cash flow generation," stated
- Consolidated gold production is expected to increase by approximately 35% from 2023 to 410,000 to 460,000 ounces in 2026 driven by increasing production profiles at both
Rainy River and New Afton as growth projects are completed in the near-term. - Copper production is expected to increase by approximately 60% from 2023 to 71 to 81 million pounds in 2026 driven by the steady ramp-up of C-Zone.
- All-in sustaining costs (on a by-product basis)1 are expected to decrease by over 50% compared to the 2023 midpoint of guidance to between
$650 and$750 per ounce in 2026, driven by higher production at both operations, significant reduction in total capital, and lower operating costs as the C-Zone crusher and conveyor comes online, andRainy River completes Phase 4 waste removal and commences mining from the undergroundMain Zone . - The higher production, lower costs, and lower capital spend over the next three years are expected to drive significant free cash flow2 for the Company.
2024 to See Realization of Growth Projects, With the Second Half to Highlight Free Cash Flow Generation Potential
"The Company is set to successfully complete a number of key catalysts in 2024, including reaching commercial production at New Afton's C-Zone, and first ore from
- 2024 consolidated gold production is expected to be 310,000 to 350,000 ounces compared to 321,178 in 2023. Production is expected to strengthen in the second half of the year, with the second half of 2024 expected to represent approximately 60% of annual production as waste stripping at
Rainy River is sequenced in the first half of the year. - 2024 copper production is expected to be between 50 to 60 million pounds, approximately 16% higher than 2023 driven by increased contribution from C-Zone at New Afton.
- 2024 total cash costs (on a by-product basis)1 are expected to decrease by approximately 7% compared to the 2023 midpoint of guidance to between
$725 and$825 per ounce driven by increased production from both operations. - 2024 all-in sustaining costs (on a by-product basis)1 are expected to decrease by approximately 10% compared to the 2023 midpoint of guidance to between
$1,240 and$1,340 per ounce driven by lower total cash costs, higher production from both operations and lower sustaining capital primarily related to waste stripping activities atRainy River . - 2024 total capital is expected to be in-line with the 2023 guidance range, as growth projects at both operations are brought online during the year.
Strategic Outlook Beyond 2026 Highlights Operational Sustainability and Longevity, with
"Looking beyond our three-year guidance, the Company has a strategic objective of targeting a sustainable production platform of approximately 600,000 gold equivalent ounces per year with a line of sight until at least 2030. Following the successful execution of operational stabilization initiatives and growth projects over the past two years, we are increasingly looking to unlock the long-term value of our operations. Based on Mineral Reserves alone,
-
Rainy River successfully added 201,000 ounces of open pit and underground gold Mineral Reserves, replacing 2023 depletion by 74%. Extension of open pit mining, with the inclusion of Phase 5, is expected to maintain mill throughput near full capacity until at least 2030. - Following a detailed optimization of the
Rainy River underground mining method, design and schedule, lateral development metres were reduced despite an increase in underground Mineral Reserves. As a result, the underground ramp-up period is
de-risked and the steady-state underground production rate is expected to increase to 5,500 tpd beginning in 2027. - Several high-quality open pit and underground exploration targets were identified in 2023, including the extension of existing zones and potential new zones. From 2017 to 2022, minimal exploration drilling was carried out at
Rainy River , as the mine focused on ramping up production and stabilizing the operation. As such, several promising targets remain untested. In 2024, exploration atRainy River will focus on drilling several of these targets from both surface and underground. - On
October 10, 2023 , the Company presented a strategic pipeline for increasing the production profile and extending mine life at New Afton, including the evaluation of three promising opportunities for conversion of Mineral Resources to Mineral Reserves: C-Zone Extension, East Extension, and D-Zone. As a result of infill drilling, a portion of Inferred Mineral Resources were converted to Measured and Indicated Resources at year-end. - Additionally, the Company reported encouraging drill results from two potential new mining zones: K-Zone and AI-Southeast. Development of an exploration drift is now underway which is anticipated to provide better access to drill these zones, speeding up exploration efforts. The first drill bay is expected to be operational by the second quarter of 2024, with full completion of the drift scheduled in the third quarter.
- Following commissioning of the thickened and amended tailings plant and in-pit tailings storage project in late 2022, New Afton has sufficient tailings capacity to double the remaining mine life with minimal capital.
Three-Year Consolidated Operational Outlook
In 2024, the Company will report production on a gold and copper basis. Operating expense will be reported on a co-product basis. Consolidated total cash costs1,4 and all-in sustaining costs1,4 will be reported on a by product basis, net of by-product silver and copper sales. Given New Afton's significant copper contribution, the mine will also report cash costs and all-in sustaining costs on a co-product basis, which removes the impact of copper sales revenue and apportions cash costs and all-in sustaining costs to gold and copper activities, and subsequently divides the amount by the total gold ounces or pounds of copper sold, as the case may be, to arrive at per ounce or per pound figures. The Company has assumed
Operational Estimates |
2024 Guidance |
2025 Guidance |
2026 Guidance |
Gold production (ounces)2 |
310,000 – 350,000 |
360,000 – 410,000 |
410,000 – 460,000 |
Copper production (M lbs) |
50 - 60 |
51 – 61 |
71– 81 |
Operating expenses ($/oz gold, co-product) |
|
|
|
Operating expenses ($/lb copper, co-product) |
|
|
|
Cash costs per gold ounce sold (by-product)1 |
|
|
|
All-in sustaining costs per gold ounce sold |
|
|
|
|
2024 Guidance |
2025 Guidance |
2026 Guidance |
Total capital ($M) |
|
|
|
Sustaining capital ($M)1 |
|
|
|
Growth capital ($M)1 |
|
|
|
2024 Consolidated Outlook
Gold production2 is expected to be 310,000 to 350,000 ounces, approximately 3% higher than 2023 driven by increased underground production at
2024 total cash costs (on a by-product basis)1 are expected to decrease by approximately 7% compared to the 2023 midpoint of guidance to between
Total capital is expected to be
Sustaining capital1 is expected to be generally in-line with the prior year, as 2023 sustaining capital spend was tracking to the low end of the guidance range through the first nine months, as previously stated. The sustaining capital1 spend primarily relates to capital stripping activities at
Exploration expenditures are expected to be
Rainy River Operational Outlook
Operational Estimates |
2024 Guidance |
2025 Guidance |
2026 Guidance |
Gold production (ounces)2 |
250,000 – 280,000 |
295,000 – 335,000 |
315,000 – 355,000 |
Cash costs per gold ounce sold (by-product)1 |
|
|
|
All-in sustaining costs per gold ounce sold |
|
|
|
|
2024 Guidance |
2025 Guidance |
2026 Guidance |
Total capital ($M) |
|
|
|
Sustaining capital ($M)1 |
|
|
|
Growth capital ($M)1 |
|
|
|
2024 Rainy River Outlook
Gold production2 is expected to be 250,000 to 280,000 ounces, an increase of 4% over the prior year due to a modest increase in gold grade as the underground mining rate is expected to increase. Production is expected to significantly strengthen in the second half of the year as waste stripping activities are sequenced in the first half. The second half of 2024 is expected to represent approximately 60% of the annual production, with the fourth quarter expected to represent approximately 35%. Initial production from the underground
2024 total cash costs (on a by-product basis)1 are expected to be in-line with 2023. All-in sustaining costs (on a by-product basis)1 are expected to decrease by approximately 4% compared to the 2023 midpoint of guidance to
Total capital is expected to be
Waste stripping activities are expected to significantly decrease after the first half of 2024, priming
2024 Rainy River Exploration Outlook
2024 exploration expenditures at
Following the successful conversion of Phase 5 and its addition to the open pit Mineral Reserves in 2023, the Company intends to continue testing other near-surface opportunities for open pit extraction, including high-quality targets that were previously
de-prioritized during the construction and production ramp-up period. These targets include the
The Company also intends to grow the underground Mineral Resources and Mineral Reserves by targeting the down-plunge extension of current ore zones which remain open at depth, including ODM Main and 17 East. Exploration is expected to be accelerated once underground development is operational and drilling from underground can commence. Concurrently, the Company intends to utilize the new, underground connection drift to continue to explore for potential new zones, such as the Gap zone located between the Intrepid and underground Main Zones.
Looking beyond the existing operational footprint, the Company intends to follow up on the compilation of geochemical and geophysical data that was completed in 2023 to generate exploration targets over the extensive
New Afton Operational Outlook
Operational Estimates |
2024 Guidance |
2025 Guidance |
2026 Guidance |
Gold production (ounces)2,3 |
60,000 – 70,000 |
65,000 – 75,000 |
95,000 – 105,000 |
Copper production (Mlbs) |
50 – 60 |
51 – 61 |
71 – 81 |
Cash costs per gold ounce sold (by-product)1 |
( |
( |
( |
Cash costs per gold ounce sold (co-product) 1 |
|
|
|
Cash costs per copper pound sold (co-product) 1 |
|
|
|
All-in sustaining costs per gold ounce sold |
|
( |
( |
All-in sustaining costs per gold ounce sold |
|
|
|
All-in sustaining costs per copper pound sold |
|
|
|
|
2024 Guidance |
2025 Guidance |
2026 Guidance |
Total capital ($M) |
|
|
|
Sustaining capital ($M) 1 |
|
|
|
Growth capital ($M) 1 |
|
|
|
2024 New Afton Outlook
Gold production2,3 is expected to be 60,000 to 70,000 ounces, approximately 3% higher than 2023 (excluding gold produced from ore purchase agreements). Copper production is expected to be 50 to 60 million pounds, approximately 16% higher than 2023. The increase in gold and copper production are a result of ongoing steady-state production above design at B3, and the ramp-up of mining at C-Zone through the year. B3 is expected to average approximately 8,300 tpd in 2024. C-Zone commercial production remains on-track for the second half of 2024, and with a modest ramp-up through 2024 mill throughput is expected to average 12,000 tpd by year-end. Gold and copper production is expected to be relatively constant on a quarterly basis as a reduction in grade through the year is offset by increasing throughput as C-Zone ramps up.
Total cash costs (on a by-product basis)1 are expected to decrease compared to the 2023 midpoint of guidance to between (
Total capital is expected to be
The ramp-up of mining at C-Zone through the year and the completion of key development and infrastructure activities position New Afton to begin sustained free cash glow generation in the second half of 2024.
2024 New Afton Exploration Outlook
2024 exploration expenditures at New Afton are expected to be
Exploration efforts in 2024 are expected to also focus on potential new mine zones located above the C-Zone extraction level, which would provide opportunities to minimize capital investment and maximize free cash flow generation. The Company has commenced development of a 370-metre exploration drift to accelerate underground exploration drilling and provide ideal drill platforms for Mineral Resources and Mineral Reserves growth over the coming years. The first drill bay of the exploration drift is expected to be operational in the second quarter of 2024, with full completion scheduled in the third quarter, and is expected to prioritize the AI-Southeast and K-Zone targets.
The Company continues to advance a number of strategic opportunities for mine life extension, both within the New Afton land package and regionally within South-Central British Columbia, leveraging on New Afton's processing plant, infrastructure and tailings storage facility, which have sufficient capacity to process significantly more ore beyond the current New Afton mine life.
2024 Sensitivities
A summary of key assumption sensitivities to all-in sustaining costs1 can be found below:
Sensitivities |
Copper Price |
CDN/USD |
Silver |
||
Base Assumption |
|
|
|
||
Sensitivity |
+/- |
+/- |
+/- |
||
All-In Sustaining Cost Per Ounce Impact |
|||||
|
- |
+/- |
+/- |
||
New Afton |
+/- |
+/- |
+/- |
||
Consolidated |
+/- |
+/- |
+/- |
||
|
|
|
|
|
|
Mineral Reserves and Mineral Resources (as at
As at
Mineral Reserves and Mineral Resources Summarya |
As at |
As at |
||||||||||
Gold koz |
Silver koz |
Copper Mlbs |
Gold koz |
Silver koz |
Copper Mlbs |
|||||||
Proven and Probable Mineral Reserves |
||||||||||||
|
2,421 |
6,343 |
- |
2,493 |
6,176 |
- |
||||||
|
867 |
1,947 |
- |
1,081 |
2,212 |
- |
||||||
Underground |
1,322 |
3,161 |
- |
1,228 |
2,966 |
- |
||||||
Low grade and stockpile |
233 |
1,235 |
- |
185 |
999 |
- |
||||||
New Afton |
735 |
1,856 |
551 |
804 |
1,999 |
607 |
||||||
Total Proven and Probable Mineral Reservesc |
3,156 |
8,199 |
551 |
3,297 |
8,176 |
607 |
||||||
Measured and Indicated Mineral Resources (exclusive of Mineral Reserves)1 |
||||||||||||
|
837 |
2,218 |
- |
1,501 |
3,627 |
- |
||||||
|
128 |
159 |
- |
127 |
161 |
- |
||||||
Underground |
709 |
2,060 |
- |
1,374 |
3,466 |
- |
||||||
New Afton |
1,350 |
5,093 |
1,147 |
1,222 |
4,495 |
1,035 |
||||||
Total Measured and Indicated Mineral Resourcesc |
2,187 |
7,312 |
1,147 |
2,722 |
8,122 |
1,035 |
||||||
Total Inferred Mineral Resourcesc |
230 |
563 |
101 |
375 |
782 |
135 |
||||||
a.
Refer to the detailed Mineral Reserve and Mineral Resource tables that follow at the end of this press release for the estimates as at December 31, 2023 and
b.
The Mineral Reserves and Mineral Resources stated above are as at c. Numbers may not add due to rounding |
As of
New Afton reported Mineral Reserves of 735,000 ounces of gold and 551 million pounds of copper in the B3 and C-Zone block caves, forming the basis for a reserves mine life to 2030. Mineral Reserves reduced by 69,000 ounces of gold and 56 million pounds of copper in 2023 due to mining depletion. The Company is targeting to replace a portion of mining depletion over the next few years, starting at the end of 2024, through extension of existing zones and inclusion of new mining zones.
Operational Outlook Technical Session Webcast Details
The Company will host a Technical Session via webcast today at
- Participants may listen to the webcast by registering on our website at www.newgold.com or via the following link https://app.webinar.net/r8RX4Pl4PYA
- 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. andCanada , passcode 41369885 - A recorded playback of the conference call will be available until
March 9, 2024 by calling North American toll free 1-888-390-0541, or 1-416-764-8677 outside of theU.S. andCanada , passcode 369885. An archived webcast will also be available at www.newgold.com.
About
Endnotes |
|
1. |
"Total cash costs", "all-in sustaining costs" (or "AISC"), "sustaining capital and sustaining leases", "growth capital", and "free cash flow" are all non-GAAP financial performance measures that are used in this news release. These measures do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For more information about these measures and, why they are used by the Company, see the "Non-GAAP Financial Performance Measures" section of this news release. |
2. |
Production is shown on a total contained basis while sales are shown on a net payable basis, including final product inventory and smelter payable adjustments, where applicable. |
3. |
New Afton operational estimates are exclusive of any material from the ore purchase agreement. |
4. |
|
Non-GAAP Financial Performance Measures
Total Cash Costs per Gold ounce
"Total cash costs per gold ounce" is a non-GAAP financial performance measure that is a common financial performance measure in the gold mining industry but does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.
This measure is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure is not necessarily indicative of cash generated from operations under IFRS or operating costs presented under IFRS.
Total cash cost figures are calculated in accordance with a standard developed by
In 2024,
Notwithstanding the impact of copper and silver sales, as the Company is focused on gold production,
All-In Sustaining Costs per Gold ounce
"All-in sustaining costs per gold ounce" is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.
"All-in sustaining costs per gold ounce" is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.
In 2024
Costs excluded from all-in sustaining costs are non-sustaining capital expenditures, non-sustaining lease payments and exploration costs, financing costs, tax expense, and transaction costs associated with mergers, acquisitions and divestitures, and any items that are deducted for the purposes of adjusted earnings.
Sustaining Capital and Sustaining Leases
"Sustaining capital" and "sustaining lease" are non-GAAP financial performance measures that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.
Growth Capital
"Growth capital" is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.
Free Cash Flow
"Free cash flow" is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.
For additional information with respect to the non-GAAP measures used by the Company, including a reconciliation to the most directly comparable measure under IFRS, refer to the detailed "Non-GAAP Financial Performance Measure" section disclosure in the MD&A for the three months and nine-months ended
MINERAL RESERVES AND MINERAL RESOURCES
Mineral Reserves
|
Tonnes |
Grade |
Contained Metal |
||||
Gold |
Silver |
Copper |
Gold |
Silver |
Copper |
||
|
|||||||
|
|
|
|
|
|
|
|
Proven |
5,100 |
1.11 |
2.06 |
- |
182 |
337 |
- |
Probable |
22,937 |
0.93 |
2.18 |
- |
685 |
1,610 |
- |
Proven & Probable |
28,037 |
0.96 |
2.16 |
- |
867 |
1,947 |
- |
Underground |
|
|
|
|
|
|
|
Proven |
- |
- |
- |
- |
- |
- |
- |
Probable |
14,322 |
2.87 |
6.86 |
- |
1,322 |
3,161 |
- |
Proven & Probable |
14,322 |
2.87 |
6.86 |
- |
1,322 |
3,161 |
- |
Stockpile |
|
|
|
|
|
|
|
Proven |
17,478 |
0.41 |
2.20 |
- |
233 |
1,235 |
- |
Probable |
- |
- |
- |
- |
- |
- |
- |
Proven & Probable |
17,478 |
0.41 |
2.20 |
- |
233 |
1,235 |
- |
|
|
|
|
|
|
|
|
Proven |
22,578 |
0.57 |
2.17 |
- |
414 |
1,573 |
- |
Probable |
37,259 |
1.67 |
3.98 |
- |
2,006 |
4,771 |
- |
Proven & Probable |
59,837 |
1.26 |
3.30 |
- |
2,421 |
6,343 |
- |
NEW AFTON |
|||||||
B3 |
|
|
|
|
|
|
|
Proven |
- |
- |
- |
- |
- |
- |
- |
Probable |
4,452 |
0.59 |
1.34 |
0.70 |
85 |
192 |
69 |
Proven & Probable |
4,452 |
0.59 |
1.34 |
0.70 |
85 |
192 |
69 |
C-Zone |
|
|
|
|
|
|
|
Proven |
- |
- |
- |
- |
- |
- |
- |
Probable |
29,635 |
0.68 |
1.75 |
0.74 |
650 |
1,664 |
482 |
Proven & Probable |
29,635 |
0.68 |
1.75 |
0.74 |
650 |
1,664 |
482 |
Total New Afton |
|
|
|
|
|
|
|
Proven |
- |
- |
- |
- |
- |
- |
- |
Probable |
34,087 |
0.67 |
1.69 |
0.73 |
735 |
1,856 |
551 |
Proven & Probable |
34,087 |
0.67 |
1.69 |
0.73 |
735 |
1,856 |
551 |
TOTAL |
|||||||
Proven & Probable |
|
|
|
|
3,156 |
8,199 |
551 |
Notes to the Mineral Reserve and Mineral Resource estimates are provided below.
MINERAL RESOURCES
Mineral Resources (Exclusive of Mineral Reserves)
|
Tonnes |
Grade |
Contained Metal |
||||
Gold |
Silver |
Copper |
Gold |
Silver |
Copper |
||
|
|||||||
|
|
|
|
|
|
|
|
Measured |
457 |
1.50 |
1.83 |
- |
22 |
27 |
- |
Indicated |
2,276 |
1.45 |
1.80 |
- |
106 |
132 |
- |
Measured & Indicated |
2,734 |
1.46 |
1.81 |
- |
128 |
159 |
- |
Inferred |
- |
- |
- |
- |
- |
- |
- |
Underground |
|
|
|
|
|
|
|
Measured |
- |
- |
- |
- |
- |
- |
- |
Indicated |
9,043 |
2.44 |
7.08 |
- |
709 |
2,060 |
- |
Measured & Indicated |
9,043 |
2.44 |
7.08 |
- |
709 |
2,060 |
- |
Inferred |
1,388 |
2.76 |
2.58 |
- |
123 |
115 |
- |
|
|
|
|
|
|
|
|
Measured |
457 |
1.50 |
1.83 |
- |
22 |
27 |
- |
Indicated |
11,319 |
2.24 |
6.02 |
- |
815 |
2,192 |
- |
Measured & Indicated |
11,776 |
2.21 |
5.86 |
- |
837 |
2,218 |
- |
Inferred |
1,388 |
2.76 |
2.58 |
- |
123 |
115 |
- |
NEW AFTON |
|||||||
Total New Afton |
|
|
|
|
|
|
|
Measured |
37,399 |
0.64 |
2.29 |
0.80 |
768 |
2,759 |
663 |
Indicated |
36,578 |
0.49 |
1.99 |
0.60 |
582 |
2,335 |
484 |
Measured & Indicated |
73,976 |
0.57 |
2.14 |
0.70 |
1,350 |
5,093 |
1,147 |
Inferred |
10,219 |
0.33 |
1.36 |
0.45 |
107 |
448 |
101 |
TOTAL |
|||||||
Measured & Indicated |
|
|
|
|
2,187 |
7,312 |
1,147 |
Inferred |
|
|
|
|
230 |
563 |
101 |
Notes to the Mineral Reserve and Mineral Resource estimates are provided below.
Notes to Mineral Reserve and Resource Estimates
1. |
|
2. |
Mineral Reserves and Mineral Resources have been estimated based on the following metal price assumptions and foreign exchange rate criteria: |
|
Gold Price $/ounce |
$/ounce |
Copper Price $/pound |
Exchange Rate CAD:USD |
Mineral Reserves |
1,400 |
19.00 |
3.25 |
1.25 |
Mineral Resources |
1,500 |
21.00 |
3.50 |
1.25 |
3. |
Cut-offs for Mineral Reserves and Mineral Resources are outlined in the table below: |
Mineral Property |
Mineral Reserves |
Mineral Resources |
|
|
|
0.30 g/t AuEq |
0.3 g/t AuEq |
|
Underground |
1.74 g/t AuEq |
1.70 g/t AuEq |
New Afton |
|
24.00 $/t |
0.40% CuEq |
4. |
|
5. |
Additional details regarding Mineral Reserve and Mineral Resource estimation, classification, reporting parameters, key assumptions and associated risks for each of |
6. |
The preparation of |
Mineral Reserves |
Mineral Resources |
|
|
Mr.
Chief Open Underground
Mr.
Chief Underground Engineer, |
Mr.
Senior Manager, Resource Geology, |
New Afton |
|
Mr.
Principal |
Mr.
Senior Manager, Resource Geology,
Mr.
Principal |
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this presentation, including any information relating to
All forward-looking statements in this presentation are based on the opinions and estimates of management that, while considered reasonable as at the date of this presentation in light of management's experience and perception of current conditions and expected developments, are inherently subject to important risk factors and uncertainties, many of which are beyond
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: price volatility in the spot and forward markets for metals and other commodities; discrepancies between actual and estimated production, between actual and estimated costs, between actual and estimated Mineral Reserves and Mineral Resources and between actual and estimated metallurgical recoveries; equipment malfunction, failure or unavailability; accidents; risks related to early production at the
Technical Information
The scientific and technical information relating to the Mineral Reserves and Mineral Resources contained herein has been reviewed and approved by the following
Mineral Reserves |
Mineral Resources |
|
|
Mr.
Chief Open Underground
Mr.
Chief Underground Engineer, |
Mr.
Senior Manager, Resource Geology, |
New Afton |
|
Mr.
Principal |
Mr.
Senior Manager, Resource Geology,
Mr.
Principal |
All other scientific and technical information in this news release has been reviewed and approved by
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