(All dollar figures are in US dollars unless otherwise indicated) TORONTO, April 7, 2025 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) is pleased to announce that it has entered into an agreement with Ontario Teachers' Pension Plan ("Ontario Teachers'") to acquire the remaining 19.9% free cash flow interest in the Company's New Afton Mine ("New Afton") (the "Transaction"). Following the transaction, the Company will have fully consolidated its free cash flow inte ...

The Circular, notice and access notification to shareholders, virtual annual general meeting user guide, consolidated financial statements and management's discussion & analysis for the year ended December 31, 2024 may be found on New Gold's website at www.newgold.com or under New Gold's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Filing of Annual Report on Form 40-F and Annual Information Form TORONTO, March 31, 2025 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NG ...

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Company Performance - New Gold (NGD) closed at $3.19, reflecting a -1.24% change from the previous day, underperforming compared to the S&P 500's gain of 2.13% [1] - Over the past month, New Gold's shares increased by 6.6%, outperforming the Basic Materials sector's decline of 4.39% and the S&P 500's drop of 9.57% [1] Financial Expectations - Analysts anticipate New Gold to report earnings of $0 per share, indicating a year-over-year decline of 100% [2] - For the entire fiscal year, Zacks Consensus Estimates predict earnings of $0.24 per share and revenue of $1.12 billion, reflecting increases of +20% and +21.15% respectively from the previous year [2] Analyst Estimates - Recent modifications to analyst estimates for New Gold are crucial as they reflect short-term business trends, with positive revisions indicating a favorable business outlook [3] - The Zacks Rank system, which incorporates estimate changes, has a strong track record of predicting stock price performance [4] Valuation Metrics - New Gold is currently trading at a Forward P/E ratio of 13.74, which is a premium compared to its industry's Forward P/E of 13.34 [6] - The company has a PEG ratio of 0.81, which is lower than the Mining - Gold industry's average PEG ratio of 0.88 [6] Industry Context - The Mining - Gold industry is part of the Basic Materials sector and holds a Zacks Industry Rank of 159, placing it in the bottom 37% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Points - New Gold Inc. announced the expiration of its tender offer for the 7.50% Senior Notes due 2027, which took place on March 13, 2025 [1][4] - The company received valid tenders amounting to $288,843,000, representing 72.21% of the outstanding $400 million of the Notes [3][2] - New Gold plans to use proceeds from a new issuance of $400 million in 6.875% Senior Notes due 2032 to fund the payment for the tendered Notes [5] Tender Offer Details - The tender offer commenced on March 4, 2025, and expired on March 13, 2025, at 5:00 p.m. New York City Time [1] - The settlement date for the accepted Notes is expected to be March 18, 2025 [4] - The tendered principal amount excludes $12,000 of the Notes tendered under guaranteed delivery procedures [3] Future Plans - New Gold intends to redeem any Notes not tendered in the offer around July 15, 2025, at a redemption price of 100% of the principal amount plus accrued interest [5] - The company has retained BofA Securities and BMO Capital Markets as Dealer Managers for the tender offer [7] Company Overview - New Gold is a Canadian-focused intermediate mining company with two core producing assets: the Rainy River gold mine and the New Afton copper-gold mine [9]

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Core Points - New Gold Inc. announced the pricing of a $400 million offering of 6.875% Senior Notes due 2032, expected to close around March 18, 2025 [1] - The proceeds from the offering will be used to purchase outstanding 7.50% senior notes due 2027 and cover related fees and expenses [1] - Any remaining proceeds will be used to redeem any Existing Notes not tendered in the Tender Offer at 100% of the principal amount on or about July 15, 2025 [1] Offering Details - The company has commenced a Tender Offer to purchase any and all of the Existing Notes, contingent upon the successful completion of the Notes offering [2] - The offering of the Notes is not conditional upon a minimum principal amount of Existing Notes being tendered [2] - The Notes will be sold only to qualified institutional buyers and non-U.S. persons outside the United States [3] Regulatory Information - The offer and sale of the Notes will not be registered under the Securities Act, and they may not be offered or sold in the U.S. without registration or an exemption [4] - This announcement does not constitute an offer to sell or solicit offers to buy the Notes or Existing Notes [4] Company Overview - New Gold is a Canadian-focused intermediate mining company with two core producing assets: the Rainy River gold mine and the New Afton copper-gold mine [5] - The company's vision is to build a leading diversified intermediate gold company in Canada, committed to environmental and social responsibility [5]

Core Viewpoint - New Gold Inc. has initiated a cash tender offer to purchase all outstanding senior notes, aiming to optimize its capital structure and manage debt effectively [1][7]. Group 1: Tender Offer Details - The tender offer is for the 7.50% Senior Notes due 2027, with a principal amount of $400 million and a purchase price of $1,008.00 per $1,000 of notes [2]. - The tender offer will expire on March 13, 2025, at 5:00 p.m. New York City time, unless extended or terminated earlier [4]. - Settlement for accepted notes is expected to occur on March 18, 2025, assuming no extensions or terminations [5]. Group 2: Conditions and Financing - The tender offer is contingent upon the successful completion of a contemporaneous notes offering, which will provide the necessary funds for the tender offer and potential redemption of any notes not tendered [7]. - New Gold plans to redeem any notes not tendered in the offer around July 15, 2025, at a redemption price of 100% of the principal amount plus accrued interest [6]. Group 3: Management and Contact Information - BofA Securities and BMO Capital Markets have been appointed as Dealer Managers for the tender offer, providing assistance and information regarding the terms [8].

Core Points - New Gold Inc. has announced an offering of $400 million aggregate principal amount of Senior Notes to fund the purchase of its outstanding 7.50% senior notes due 2027 and related expenses [1][2] - The company has also commenced a tender offer to purchase any and all of the Existing Notes, contingent upon the successful completion of the Notes offering [2] - The Notes will be offered only to qualified institutional buyers and non-U.S. persons outside the United States, in accordance with relevant securities regulations [3][4] Company Overview - New Gold is a Canadian-focused intermediate mining company with two core producing assets: the Rainy River gold mine and the New Afton copper-gold mine [5] - The company's vision is to build a leading diversified intermediate gold company in Canada, emphasizing environmental and social responsibility [5]

Financial Data and Key Metrics Changes - The company produced just under 300,000 ounces of gold and 54 million pounds of copper in 2024, with an all-in sustaining cost of $1,239 per ounce, beating the low end of guidance [8] - Fourth quarter revenue reached a record $262 million, driven by higher metal prices and copper sales, despite lower gold sales [21] - Net earnings for Q4 were approximately $55 million, a significant increase from an adjusted net loss of $5 million in Q4 2023 [22] Business Line Data and Key Metrics Changes - Q4 gold production totaled approximately 80,400 ounces, with copper production at 14.5 million pounds, driven by higher feed grades [12] - New Afton achieved an all-in sustaining cost of negative $540 per ounce after considering copper credits, while Rainy River's all-in sustaining costs were $1,327 per ounce [13][17] - Free cash flow generated from Rainy River was $90 million in 2024, while New Afton generated $24 million in free cash flow [17][20] Market Data and Key Metrics Changes - The company expects gold production to increase from 300,000 ounces in 2024 to a midpoint of 410,000 ounces in 2027, representing a 30% increase [26] - Copper production is projected to rise from 54 million pounds in 2024 to 405 million pounds by 2027, a 90% increase [26] Company Strategy and Development Direction - The company aims to maintain momentum in exploration efforts to unlock additional long-term value and has increased its exposure at New Afton to over 80% [10] - The strategic focus includes delivering on production and cost guidance while enhancing health and safety performance through the Courage to Care program [35] - The company is positioned to generate significant free cash flow, with expectations of over $1.7 billion in free cash flow over the next three years at current consensus commodity prices [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial position and operational excellence, highlighting strong cost discipline and cash flow generation [24] - The outlook for 2025 includes expectations for increased production and reduced costs, with a focus on ramping up operations at both New Afton and Rainy River [30][34] - The company views the current market cycle as robust, with a compelling investment opportunity in gold and copper [36] Other Important Information - The company achieved commercial production at C-Zone and commissioned the crusher and conveyor systems at New Afton [9] - Total capital expenditures for Q4 were approximately $75 million, with $10 million on sustaining capital and $65 million on growth capital [14] Q&A Session Summary Question: Follow-up on Rainy River and additional pit push-backs - Management discussed ongoing drilling to extend the mine life and the need to confirm tailings storage capacity before making decisions on pit push-backs [40][42] Question: Comments on costs and all-in sustaining costs for early 2025 - Management indicated that costs are expected to decrease towards the end of 2025 as production increases, aligning with the stronger production profile anticipated in the second half of the year [44]