Barrick(US:GOLD) Prnewswire·2025-02-12 22:15Core Viewpoint - New Gold Inc. has provided a three-year operational outlook and filed updated technical reports for its New Afton and Rainy River mines, highlighting increased mineral reserves and a strong production profile with reduced costs and significant free cash flow generation [1][3][6]. Group 1: Operational Outlook - The company expects gold production in 2025 to be between 325,000 and 365,000 ounces, approximately 16% higher than in 2024, driven by increased production at Rainy River [12]. - Consolidated cash costs for 2025 are projected to decrease by about 20% compared to 2024, ranging from $600 to $700 per ounce, while all-in sustaining costs are expected to be between $1,025 and $1,125 per ounce, a decrease of approximately 17% [12][24]. - The total capital expenditure for 2025 is anticipated to be between $270 million and $315 million, with sustaining capital expected to be $95 million to $110 million and growth capital between $175 million and $205 million [13][19]. Group 2: 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, with significant increases in reserves at both New Afton and Rainy River [33][39]. - New Afton’s mineral reserves increased by 15% for copper and 13% for gold compared to year-end 2023, extending the mine life to 2031 [8][40]. - Rainy River's mineral reserves decreased by 2% due to mining depletion but were offset by the addition of Phase 5, which has been optimized to increase gold reserves [8][41]. Group 3: Production and Cost Projections - New Afton is expected to ramp up production to 16,000 tonnes per day by 2026, with total operating costs averaging less than $30 per tonne [8]. - Rainy River is projected to average approximately 300,000 ounces of gold production per year over the next three years, with total cash costs expected to remain between $875 and $975 per ounce [23][24]. - The company anticipates a significant increase in copper production in 2027, expected to be between 95 to 115 million pounds, approximately 94% higher than 2024 [16]. Group 4: Exploration and Growth Strategy - The company plans to prioritize organic growth through exploration, with a budget of approximately $30 million for 2025, focusing on advancing the K-Zone at New Afton and near-surface exploration at Rainy River [9][21]. - Exploration efforts will target high-tonnage open pit material to maintain mill feed at full capacity beyond 2029, with a focus on converting inferred resources into reserves [27][28]. - The development of a new underground drilling platform at Rainy River is expected to accelerate exploration and definition drilling, scheduled to be operational in the fourth quarter of 2025 [28].