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NEW GOLD REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS
GOLDBarrick(GOLD) Prnewswire·2025-02-19 22:15

Core Viewpoint - New Gold Inc. demonstrated strong cost discipline in 2024, achieving all-in sustaining costs below guidance and generating significant free cash flow while continuing to invest in growth projects [2][5][6]. Financial Highlights - Full year 2024 production totaled 298,303 gold ounces at all-in sustaining costs of 1,239pergoldounce,beatingthelowendoftheguidancerange[1][3].−RevenueforQ42024was1,239 per gold ounce, beating the low end of the guidance range [1][3]. - Revenue for Q4 2024 was 262.2 million, up from 199.2millioninQ42023,andfullyearrevenueincreasedto199.2 million in Q4 2023, and full year revenue increased to 924.5 million from 786.5million[3].−Operatingexpensesdecreasedto786.5 million [3]. - Operating expenses decreased to 112.4 million in Q4 2024 from 120.8millioninQ42023,contributingtoimprovednetearningsof120.8 million in Q4 2023, contributing to improved net earnings of 55.1 million compared to a loss of 27.4millionintheprioryear[3][6].−Freecashflowfor2024was27.4 million in the prior year [3][6]. - Free cash flow for 2024 was 84.9 million, significantly higher than 16.6millionin2023[3][5].OperationalHighlights−Q42024goldproductionwas80,438ounces,aslightincreasefrom79,187ouncesinQ42023,whilecopperproductionroseto14.5millionpoundsfrom12.0millionpounds[4][5].−All−insustainingcostsforQ42024were16.6 million in 2023 [3][5]. Operational Highlights - Q4 2024 gold production was 80,438 ounces, a slight increase from 79,187 ounces in Q4 2023, while copper production rose to 14.5 million pounds from 12.0 million pounds [4][5]. - All-in sustaining costs for Q4 2024 were 1,018 per gold ounce, a 31% decrease from the prior year [5][9]. - The New Afton Mine achieved its lowest all-in sustaining costs of the year in Q4 2024, while Rainy River Mine faced production challenges due to mechanical downtime [5][19]. Cost Management - The company maintained strong cost performance, with operating expenses per gold ounce sold decreasing to 1,093inQ42024from1,093 in Q4 2024 from 1,154 in Q4 2023 [4][8]. - All-in sustaining costs per gold ounce sold on a by-product basis for the full year were well below the guidance range of 1,425to1,425 to 1,525 [9][19]. - Sustaining capital expenditures for the year were 87.5million,downfrom87.5 million, down from 121.6 million in 2023, reflecting efficient capital management [4][11]. Growth and Investment - New Gold invested over 270millionintotalcapitalin2024,including270 million in total capital in 2024, including 184 million in growth capital, which facilitated the advancement of key projects [5][11]. - The company is focused on increasing production in the coming years through ongoing exploration and development initiatives [1][2].