NEW GOLD REPORTS SECOND QUARTER 2024 RESULTS

Core Insights - The company reported strong operational performance in Q2 2024, with gold production of 68,598 ounces and copper production of 13.6 million pounds, achieving all-in sustaining costs of $1,381 per gold ounce sold [1] - New Afton mine performed well, producing 18,300 ounces of gold and 13.6 million pounds of copper at negative all-in sustaining costs of $433 per gold ounce sold [1] - Rainy River mine produced 50,298 ounces of gold at all-in sustaining costs of $1,868 per gold ounce sold, with plans for increased production in the second half of the year [1] Operational Highlights - The company generated $100 million in cash flow from operations in Q2 2024, driven by higher copper production and metal prices [2] - Free cash flow for the quarter was $20 million, marking the beginning of a sustained free cash flow generation period [2] - The company increased its effective free cash flow interest in New Afton to 80.1% through a strategic partnership with Ontario Teachers' Pension Plan, receiving $255 million in cash [2] Financial Performance - Revenue increased due to higher metal prices and copper sales volume, despite lower gold sales volume [5] - Net earnings rose primarily due to increased revenues from higher metal prices and a net gain on the derecognition of the New Afton free cash flow obligation [5] - Cash generated from operations and free cash flow increased compared to prior-year periods, reflecting higher revenue and positive working capital movements [5] Production Guidance - The company remains on track to achieve 2024 consolidated production guidance of 310,000 to 350,000 ounces of gold and 50 to 60 million pounds of copper at all-in sustaining costs of $1,240 to $1,340 per gold ounce sold [1] - Gold production for the first half of the year represented 42% of the mid-point of guidance, while copper production represented 49% [1] Exploration and Development - Exploration drilling at Rainy River has progressed significantly, with approximately 20,000 meters drilled in the first half of 2024 [22] - New Afton achieved multiple exploration milestones, including the completion of an exploration drift and drilling of high-grade copper-gold targets [22] - The company aims to extend the mine life of both Rainy River and New Afton beyond 2030 through ongoing exploration efforts [22]