New Gold(US:NGD)2025-02-19 22:18Production 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].