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]

Q4 and Full Year 2024 Earnings Call and Webcast February 20, 2025 Cautionary Notes All amounts in U.S. Dollars unless otherwise stated Cautionary note regarding forward-looking statements Certain information contained in this presentation, including any information relating to New Gold's future financial or operating performance are "forward-looking". All statements in this presentation, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects t ...

Production Metrics - For the year ended December 31, 2024, gold production was 298,303 ounces, a decrease of 7.1% from 321,178 ounces in 2023[10]. - Copper production increased to 54.0 million pounds in 2024, up 13.8% from 47.4 million pounds in 2023[10]. - The Company expects 2025 consolidated gold production to increase by approximately 16% to between 325,000 and 365,000 ounces, driven by higher production at Rainy River[34]. - Rainy River gold production is expected to be between 265,000 and 295,000 ounces in 2025, a 20% increase over the prior year, due to a 25% increase in gold grade[44]. - For the three months ended December 31, 2024, gold production was 60,786 ounces, a decrease from the prior-year period due to lower tonnes processed[100]. Financial Performance - Revenue for 2024 was $924.5 million, representing a 17.6% increase from $786.5 million in 2023[11]. - Net earnings for 2024 were $102.6 million, a significant recovery from a net loss of $64.5 million in 2023[11]. - Adjusted net earnings for 2024 were $153.4 million, compared to $48.4 million in 2023[11]. - Cash generated from operations increased to $392.8 million in 2024, up from $287.6 million in 2023[11]. - Revenue for the three months ended December 31, 2024, increased to $262.2 million, compared to $199.2 million in the prior-year period[96]. - Net earnings for the three months ended December 31, 2024, were $55.1 million, an increase from a net loss of $27.4 million in the prior-year period[96]. - Free cash flow for the year ended December 31, 2024, was $84.9 million, compared to a negative $16.6 million in 2023, showing a strong turnaround[194]. Cost Management - All-in sustaining costs for 2025 are expected to decrease by $164 per ounce or 13% compared to 2024, driven by higher production and lower operating costs[36]. - Total cash costs for Rainy River are expected to decrease by approximately 8% to between $875 and $975 per ounce, driven by higher production[44]. - Operating expenses per gold ounce sold for the year ended December 31, 2024, were well below the guidance range of $720 to $820[115]. - New Gold reported cash costs per gold ounce sold (by-product basis) of $728 for Q4 2024, down from $994 in Q4 2023, reflecting a 26.8% decrease[171]. - Total all-in sustaining costs (AISC) per gold ounce sold (by-product basis) for Q4 2024 were $1,018, a decrease of 31.2% compared to $1,481 in Q4 2023[171]. Capital Expenditures and Investments - The Company anticipates total capital expenditures of $270 to $315 million in 2025, in line with 2024 guidance, as it ramps up projects at New Afton and Rainy River[36]. - Total capital expenditures for the year ended December 31, 2024, were $140 million, below the guidance range of $145 million to $165 million, with approximately $15 million deferred into 2025[116]. - The Company plans to invest approximately $14 million in exploration at Rainy River in 2025, aiming to increase high-tonnage open pit ore[47]. Mineral Reserves and Resources - As of December 31, 2024, New Gold reported total Mineral Reserves of 2,954,000 ounces of gold, 7.8 million ounces of silver, and 631 million pounds of copper[53]. - Rainy River's Indicated Mineral Resources increased by 55% year-over-year in 2024, with a 470% increase in open pit resources due to successful near-surface exploration[55]. - New Afton reported Mineral Reserves increased by 94,000 ounces of gold and 81 million pounds of copper in 2024, primarily due to the inclusion of the East Extension[54]. Market Conditions - The average realized gold price per ounce for the year ended December 31, 2024, was $2,413, compared to $1,944 in 2023, reflecting a significant increase[62]. - The average realized copper price per pound for the year ended December 31, 2024, was $4.19, up from $3.84 in 2023[64]. - The LBMA p.m. gold price decreased by 1% during the fourth quarter of 2024, finishing at $2,609 per ounce, influenced by geopolitical risks and monetary policy expectations[67]. - The LME cash copper price decreased by 11% during the fourth quarter of 2024, finishing at $3.95 per pound, affected by expectations of weaker demand from China[69]. Liquidity and Financial Position - The Company had cash and cash equivalents of $105.2 million as of December 31, 2024, down from $185.5 million in 2023[138]. - The Company has $481.9 million of liquidity available as of December 31, 2024, including cash and cash equivalents and available credit[147]. - The minimum interest coverage ratio improved to 11.0:1 for the year ended December 31, 2024, compared to 8.1:1 in 2023[137]. - The Company repaid $100.0 million under its Credit Facility, reducing the outstanding amount to $nil as of December 31, 2024[136].

Core Viewpoint - New Gold (NGD) is positioned to continue its earnings-beat streak, having a strong track record of exceeding earnings estimates in recent quarters [1][2]. Earnings Performance - In the last reported quarter, New Gold achieved earnings of $0.08 per share, surpassing the Zacks Consensus Estimate of $0.04 per share, resulting in a 100% surprise [2]. - In the previous quarter, the company was expected to earn $0.01 per share but delivered $0.02 per share, also reflecting a 100% surprise [2]. Earnings Estimates - Recent estimates for New Gold have been revised upward, indicating a positive trend in earnings expectations [3]. - The Zacks Earnings ESP for New Gold is currently +5.88%, suggesting analysts are optimistic about the company's near-term earnings potential [6]. Predictive Metrics - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [4]. - New Gold's combination of a positive Earnings ESP and a Zacks Rank of 2 (Buy) indicates a strong likelihood of another earnings beat [6]. Importance of Earnings ESP - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [5]. - A negative Earnings ESP does not necessarily indicate an earnings miss but can reduce the predictive power of the metric [6].

New Gold (NGD) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Since a changing earnings ...

Company Overview - New Gold (NGD) currently holds a Momentum Style Score of B, indicating potential for strong performance in the momentum investing context [3] - The company has a Zacks Rank of 2 (Buy), which is associated with a historical outperformance in the market [4] Price Performance - Over the past week, NGD shares have increased by 3.78%, outperforming the Zacks Mining - Gold industry, which rose by 0.27% [6] - In a longer time frame, NGD's shares have appreciated by 13.5% over the past month, compared to the industry's 10.54% [6] - Over the last quarter, NGD shares have surged by 25.4%, and over the past year, they have gained an impressive 146.82%, while the S&P 500 has only moved 5.14% and 24.19% respectively [7] Trading Volume - NGD's average 20-day trading volume stands at 11,451,392 shares, which is a significant indicator of market interest and can signal bullish or bearish trends [8] Earnings Outlook - In the last two months, 2 earnings estimates for NGD have been revised upwards, while 1 has been revised downwards, leading to an increase in the consensus estimate from $0.18 to $0.19 [10] - For the next fiscal year, there have been 2 upward revisions and 1 downward revision in earnings estimates [10] Conclusion - Considering the positive price trends, trading volume, and earnings outlook, NGD is positioned as a solid momentum pick with a 2 (Buy) rating and a Momentum Score of B [12]

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.Luckily, Zacks has developed ...

TORONTO, Feb. 3, 2025 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX:NGD) (NYSE American: NGD) wishes to advise that Mr. Yohann Bouchard and the Company have mutually decided to part ways. Mr. Bouchard's last day as Executive Vice President and Chief Operating Officer was January 31, 2025. New Gold thanks Mr. Bouchard for his contribution and wishes him well with his future endeavors.   "I thank Yohann for his contribution to New Gold during his tenure," stated Patrick Godin, President & CE ...