The document outlines the agenda for New Gold's February 6, 2014 Investor Day presentation. The agenda includes an introduction and company overview, a discussion of 2013 operational results and the 2014 outlook, presentations on development projects and health and safety, and a review of 2013 year-end reserves, resources, and exploration. Company leadership will also provide a conclusion. The document notes that all monetary amounts are in US dollars unless otherwise stated and includes cautionary statements about forward-looking information.
This document is a corporate presentation from January 2015 that provides cautionary statements about forward-looking information and outlines New Gold's investment thesis. New Gold has a portfolio of assets in top-rated jurisdictions including Canada and the United States. It has 18.5 million ounces of gold reserves, is among the lowest-cost producers, and has a pipeline of growth projects that could add approximately 900,000 ounces of annual gold production. New Gold also has an experienced team and track record of value creation, with its share price increasing over 175% since 2009.
- The document is a presentation from New Gold Inc. summarizing the company's second quarter 2014 results.
- Key highlights include gold production of 89,460 ounces at total cash costs of $251/oz and all-in sustaining costs of $745/oz.
- The New Afton mill expansion remains on schedule for mid-2015. Engineering and permitting of the Rainy River and Blackwater projects are also advancing.
- New Gold reported first quarter 2014 results with gold production of 91,317 ounces at an all-in sustaining cost of $674 per ounce.
- New Afton mine achieved record quarterly gold and copper production of 27,364 ounces of gold and 22 million pounds of copper.
- The company generated $81 million in net cash from operations and increased its cash balance to $438 million.
- New Gold is advancing projects including the planned expansion at New Afton, development of the Rainy River project, and exploration at its properties to fuel production growth.
The document summarizes New Gold's fourth quarter and year-end 2014 results webcast. It highlights that in 2014 New Gold produced 380 thousand ounces of gold, generated $371 million in adjusted net cash from operations before changes in working capital, and ended the year with a $371 million cash balance. It also notes that New Gold received environmental approval for its Rainy River project in early 2015 and advanced engineering, permitting and exploration at the project. New Gold also completed a study on the potential C-zone extension at Rainy River. The document provides cautionary statements regarding the use of forward-looking information in the presentation.
New Gold provided a cautionary statement regarding forward-looking statements in their 2015 TD Securities Mining Conference presentation. The statement outlined important risk factors and uncertainties that could cause actual results to differ from expectations. It noted the reliance on assumptions around commodity prices, currency exchange rates, production estimates, cost estimates, permitting timelines, and other operational factors. The statement also highlighted risks including changes in economic conditions, variations in reserve and resource estimates, reliance on key personnel, and legal and regulatory challenges.
This corporate presentation provides an overview of New Gold Inc. It highlights the company's portfolio of assets located in top-rated mining jurisdictions. New Gold has a history of low-cost production and a growth pipeline that can potentially increase annual production by 900,000 ounces. The special New Afton asset in Canada has outperformed initial estimates and has potential to further increase through the C-zone extension and mill expansion.
New gold bmo print version corporate presentation - february 2014newgold2011
- The document is a presentation from BMO Capital Markets' 23rd Global Metals & Mining Conference in February 2014. It provides an overview of New Gold Inc., including cautionary statements about forward-looking information, New Gold's investment thesis, portfolio of assets, growth in gold reserves, the experience of management and board, 2014 guidance, low cost profile, and growth pipeline including the New Afton mine.
RBC Global Mining & Materials Conferencenewgold2011
- The document discusses New Gold's portfolio of mining assets located in top-rated jurisdictions for mining investment including Canada, the United States, Mexico, Chile, and Australia.
- It provides details on the mine life at each of New Gold's operating and development projects ranging from 2 to 17 years.
- The document contains cautionary statements regarding the use of forward-looking information and the risks and uncertainties inherent in the mining industry.
This document is a corporate presentation from January 2015 that provides cautionary statements about forward-looking information and outlines New Gold's investment thesis. New Gold has a portfolio of assets in top-rated jurisdictions including Canada and the United States. It has 18.5 million ounces of gold reserves, is among the lowest-cost producers, and has a pipeline of growth projects that could add approximately 900,000 ounces of annual gold production. New Gold also has an experienced team and track record of value creation, with its share price increasing over 175% since 2009.
- The document is a presentation from New Gold Inc. summarizing the company's second quarter 2014 results.
- Key highlights include gold production of 89,460 ounces at total cash costs of $251/oz and all-in sustaining costs of $745/oz.
- The New Afton mill expansion remains on schedule for mid-2015. Engineering and permitting of the Rainy River and Blackwater projects are also advancing.
- New Gold reported first quarter 2014 results with gold production of 91,317 ounces at an all-in sustaining cost of $674 per ounce.
- New Afton mine achieved record quarterly gold and copper production of 27,364 ounces of gold and 22 million pounds of copper.
- The company generated $81 million in net cash from operations and increased its cash balance to $438 million.
- New Gold is advancing projects including the planned expansion at New Afton, development of the Rainy River project, and exploration at its properties to fuel production growth.
The document summarizes New Gold's fourth quarter and year-end 2014 results webcast. It highlights that in 2014 New Gold produced 380 thousand ounces of gold, generated $371 million in adjusted net cash from operations before changes in working capital, and ended the year with a $371 million cash balance. It also notes that New Gold received environmental approval for its Rainy River project in early 2015 and advanced engineering, permitting and exploration at the project. New Gold also completed a study on the potential C-zone extension at Rainy River. The document provides cautionary statements regarding the use of forward-looking information in the presentation.
New Gold provided a cautionary statement regarding forward-looking statements in their 2015 TD Securities Mining Conference presentation. The statement outlined important risk factors and uncertainties that could cause actual results to differ from expectations. It noted the reliance on assumptions around commodity prices, currency exchange rates, production estimates, cost estimates, permitting timelines, and other operational factors. The statement also highlighted risks including changes in economic conditions, variations in reserve and resource estimates, reliance on key personnel, and legal and regulatory challenges.
This corporate presentation provides an overview of New Gold Inc. It highlights the company's portfolio of assets located in top-rated mining jurisdictions. New Gold has a history of low-cost production and a growth pipeline that can potentially increase annual production by 900,000 ounces. The special New Afton asset in Canada has outperformed initial estimates and has potential to further increase through the C-zone extension and mill expansion.
New gold bmo print version corporate presentation - february 2014newgold2011
- The document is a presentation from BMO Capital Markets' 23rd Global Metals & Mining Conference in February 2014. It provides an overview of New Gold Inc., including cautionary statements about forward-looking information, New Gold's investment thesis, portfolio of assets, growth in gold reserves, the experience of management and board, 2014 guidance, low cost profile, and growth pipeline including the New Afton mine.
RBC Global Mining & Materials Conferencenewgold2011
- The document discusses New Gold's portfolio of mining assets located in top-rated jurisdictions for mining investment including Canada, the United States, Mexico, Chile, and Australia.
- It provides details on the mine life at each of New Gold's operating and development projects ranging from 2 to 17 years.
- The document contains cautionary statements regarding the use of forward-looking information and the risks and uncertainties inherent in the mining industry.
New Gold Corporate Presentation - BAML May 2014newgold2011
New Gold provides its 2014 consolidated guidance, forecasting gold production of 380-420 thousand ounces at total cash costs of $320-$340 per ounce and all-in sustaining costs of $815-$835 per ounce. The company expects copper production of 1.35-1.75 million pounds and silver production of 92-100 thousand ounces. New Gold highlights that its costs are among the lowest for gold producers and are expected to generate over $200 per ounce of incremental margin compared to industry peers.
Print version corporate presentation - may 2014 v finalnewgold2011
This corporate presentation provides an overview of New Gold Inc., including:
- New Gold has a portfolio of assets located in top-rated mining jurisdictions, including Canada, the United States, Mexico, Chile, and Australia.
- In Q1 2014, New Gold achieved record production at its New Afton mine in Canada and had total cash costs of $254/oz and all-in sustaining costs of $674/oz.
- For 2014, New Gold guidance is for gold production of 380-420koz at total cash costs of $320-340/oz and all-in sustaining costs of $815-835/oz.
2013 fourth quarter and year end webcastv finalnewgold2011
The document summarizes New Gold's 2013 fourth quarter and full-year results. It notes that the fourth quarter was their highest gold production quarter of 2013 and they achieved their lowest total cash costs in company history for the full year. For the fourth quarter, they generated $93 million in adjusted net cash from operations. For the full year, they achieved their lowest annual total cash costs in history and generated $249 million in adjusted net cash from operations.
- New Gold's first quarter 2015 results webcast highlights include 94,977 ounces of gold production, $366 million in cash balance, and receiving environmental approvals for the Rainy River project.
- Costs for the first quarter were $486/oz for total cash costs and $1,014/oz for all-in sustaining costs.
- The New Afton mill expansion is ahead of schedule and under budget. The C-zone scoping study was completed in January 2015.
- Rainy River and Blackwater provide growth opportunities through construction and permitting over the next several years.
Denver corporate presentation - september 2015newgold2011
New Gold hosted a Denver Gold Forum in September 2015 that included cautionary statements about forward-looking information in the presentation. The presentation outlined New Gold's investment thesis of having a portfolio of assets in top-rated jurisdictions, an experienced and invested team, being among the lowest-cost producers with an established track record, and having a peer-leading growth pipeline. Recent developments highlighted transactions that increased New Gold's liquidity by $240 million and eliminated $93 million in debt, including a $175 million gold and silver stream on Rainy River production and the sale of a 30% interest in the El Morro project to Goldcorp.
Print version (td) corporate presentation - january 2014newgold2011
New Gold presented at the 2014 TD Securities Mining Conference in January. The presentation provided an overview of New Gold's portfolio of assets located in top-rated mining jurisdictions, its experienced management team with significant investments in the company, and its track record of low-cost production and organic growth. New Gold also highlighted the potential of its development projects Rainy River and Blackwater to significantly increase annual gold production.
Print version (cibc) corporate presentation - january 2014newgold2011
- The document is a presentation for an investor conference in January 2014 by New Gold.
- It provides an overview of New Gold's portfolio of assets in top-rated mining jurisdictions, experienced management team, low-cost production profile, and peer-leading growth pipeline.
- New Gold has organic growth projects that could increase annual production by over 2 times current levels through the development of Rainy River and Blackwater in Canada.
Corporate Presentation - September 2015newgold2011
This document contains cautionary statements regarding forward-looking information for New Gold Inc. It discusses New Gold's portfolio of assets located in top-rated mining jurisdictions, its experienced management team, and its track record of low-cost production and value creation. The document also provides highlights of recent transactions including a gold and silver stream agreement with Royal Gold for Rainy River and the sale of New Gold's interest in the El Morro project to Goldcorp, which collectively improved New Gold's financial position.
New Gold provides a presentation on its portfolio of mining assets and investment thesis. It owns six operating mines and development projects located in top-rated jurisdictions for mining. New Gold has a history of low-cost production, reserve growth, and value creation through developing projects like New Afton. The company is targeting 8% production growth in 2015 while maintaining industry-leading low costs. New Gold also discusses its strong balance sheet and plans to reinvest free cash flow into its pipeline of projects to further expand production and margins.
Scotia london corporate presentation - june 2015newgold2011
New Gold provides a cautionary note regarding forward-looking statements in the document. Any statements regarding future financial performance, events, results or developments are forward-looking and based on certain assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially. Such risks include variations in metal prices and foreign exchange rates, changes to resource estimates, permitting delays, and uncertainties inherent in mining economic studies and other factors. New Gold is forecasting 2015 gold production of 390,000-430,000 ounces at total cash costs of $340-380/ounce and all-in sustaining costs of $745-785/ounce. The company has a strong balance sheet with $366 million in cash and an und
The document discusses cautionary statements regarding forward-looking information in the presentation. It notes that all statements other than historical facts are considered forward-looking and lists important risks and assumptions. It cautions readers that actual results could differ materially from what is forecasted. The document also provides an overview of New Gold's experienced management team and high quality asset portfolio located in top-rated mining jurisdictions.
The document provides cautionary statements regarding forward-looking information in the corporate presentation. It notes that statements regarding future financial performance, projects, plans and estimates are forward-looking. It outlines risks and uncertainties that could cause actual results to differ from expectations, including operational disruptions, inaccurate estimates, fluctuating commodity prices and exchange rates, lack of funding, legal and political challenges, and other permitting, economic, social and technical factors. Forward-looking statements are based on certain estimates and assumptions, and are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from expectations.
Barclays print version corporate presentation - march 2014 v finalnewgold2011
1) The document discusses New Gold's portfolio of assets located in top-rated mining jurisdictions and its peer-leading growth pipeline.
2) New Gold provides guidance for 2014 of 380-420koz of gold production at all-in sustaining costs of $815-835/oz.
3) The growth pipeline includes the Rainy River and Blackwater projects which could add over 900koz of annual production.
The document provides cautionary statements regarding forward-looking information in the corporate presentation. It identifies factors that could cause actual results to differ from expectations expressed in the forward-looking statements such as risks associated with fluctuations in commodity prices and foreign exchange rates. It also notes the material assumptions underlying the forward-looking statements and lists additional risk factors including those related to production estimates, capital and operating costs, and economic assumptions. The document concludes by stating that the footnotes and appendices contain important additional information.
The document provides cautionary statements regarding forward-looking information in New Gold's corporate presentation. It notes that statements regarding future financial performance, mine life, mineral reserves, production costs, economics, operating parameters, planned activities, and timelines are forward-looking. It lists important risks and assumptions that could cause actual results to differ from expectations, such as disruptions, changes in laws or regulations, inaccurate estimates, price volatility, cost increases, loss of key employees, and delays in permitting. The document states that all forward-looking information is qualified by these risks and uncertainties.
The document provides a corporate presentation for New Gold Inc. It cautions readers that forward-looking statements are based on estimates and assumptions that may prove to be inaccurate. Some key points:
- New Gold is a Canadian-focused gold producer with over 90% of its 14.8 million ounces of gold reserves located in Canada.
- Its assets include the Rainy River mine in Canada, which began commercial production ahead of schedule and is expected to increase overall gold production by 30%.
- The company achieved its 2017 guidance ranges for gold and copper production and its estimates for development capital and all-in sustaining costs.
This document provides a summary of NovaGold Resources Inc.'s third quarter and project update conference call. It includes an introduction of conference call attendees, cautionary statements, an overview of NovaGold and its two projects - Donlin Gold and Galore Creek. It then discusses Donlin Gold's permitting progress, third quarter project activity and funding, operating performance, cash flow highlights, and the projects' resource size and grade compared to peer projects. It also notes Donlin Gold's exploration potential.
RBC Capital Markets London Gold Conferencenewgold2011
The document is a presentation from RBC Capital Markets' London Gold Conference in November 2013. It provides cautionary statements regarding forward-looking information and summarizes New Gold's investment thesis. New Gold has a portfolio of assets in top-rated mining jurisdictions including Canada, the United States, Mexico, and Chile. It has an experienced management team that is significantly invested in the company. New Gold is also among the lowest cost gold producers with a solid track record and goal of further reducing costs.
New Gold Corporate Presentation - BAML May 2014newgold2011
New Gold provides its 2014 consolidated guidance, forecasting gold production of 380-420 thousand ounces at total cash costs of $320-$340 per ounce and all-in sustaining costs of $815-$835 per ounce. The company expects copper production of 1.35-1.75 million pounds and silver production of 92-100 thousand ounces. New Gold highlights that its costs are among the lowest for gold producers and are expected to generate over $200 per ounce of incremental margin compared to industry peers.
Print version corporate presentation - may 2014 v finalnewgold2011
This corporate presentation provides an overview of New Gold Inc., including:
- New Gold has a portfolio of assets located in top-rated mining jurisdictions, including Canada, the United States, Mexico, Chile, and Australia.
- In Q1 2014, New Gold achieved record production at its New Afton mine in Canada and had total cash costs of $254/oz and all-in sustaining costs of $674/oz.
- For 2014, New Gold guidance is for gold production of 380-420koz at total cash costs of $320-340/oz and all-in sustaining costs of $815-835/oz.
2013 fourth quarter and year end webcastv finalnewgold2011
The document summarizes New Gold's 2013 fourth quarter and full-year results. It notes that the fourth quarter was their highest gold production quarter of 2013 and they achieved their lowest total cash costs in company history for the full year. For the fourth quarter, they generated $93 million in adjusted net cash from operations. For the full year, they achieved their lowest annual total cash costs in history and generated $249 million in adjusted net cash from operations.
- New Gold's first quarter 2015 results webcast highlights include 94,977 ounces of gold production, $366 million in cash balance, and receiving environmental approvals for the Rainy River project.
- Costs for the first quarter were $486/oz for total cash costs and $1,014/oz for all-in sustaining costs.
- The New Afton mill expansion is ahead of schedule and under budget. The C-zone scoping study was completed in January 2015.
- Rainy River and Blackwater provide growth opportunities through construction and permitting over the next several years.
Denver corporate presentation - september 2015newgold2011
New Gold hosted a Denver Gold Forum in September 2015 that included cautionary statements about forward-looking information in the presentation. The presentation outlined New Gold's investment thesis of having a portfolio of assets in top-rated jurisdictions, an experienced and invested team, being among the lowest-cost producers with an established track record, and having a peer-leading growth pipeline. Recent developments highlighted transactions that increased New Gold's liquidity by $240 million and eliminated $93 million in debt, including a $175 million gold and silver stream on Rainy River production and the sale of a 30% interest in the El Morro project to Goldcorp.
Print version (td) corporate presentation - january 2014newgold2011
New Gold presented at the 2014 TD Securities Mining Conference in January. The presentation provided an overview of New Gold's portfolio of assets located in top-rated mining jurisdictions, its experienced management team with significant investments in the company, and its track record of low-cost production and organic growth. New Gold also highlighted the potential of its development projects Rainy River and Blackwater to significantly increase annual gold production.
Print version (cibc) corporate presentation - january 2014newgold2011
- The document is a presentation for an investor conference in January 2014 by New Gold.
- It provides an overview of New Gold's portfolio of assets in top-rated mining jurisdictions, experienced management team, low-cost production profile, and peer-leading growth pipeline.
- New Gold has organic growth projects that could increase annual production by over 2 times current levels through the development of Rainy River and Blackwater in Canada.
Corporate Presentation - September 2015newgold2011
This document contains cautionary statements regarding forward-looking information for New Gold Inc. It discusses New Gold's portfolio of assets located in top-rated mining jurisdictions, its experienced management team, and its track record of low-cost production and value creation. The document also provides highlights of recent transactions including a gold and silver stream agreement with Royal Gold for Rainy River and the sale of New Gold's interest in the El Morro project to Goldcorp, which collectively improved New Gold's financial position.
New Gold provides a presentation on its portfolio of mining assets and investment thesis. It owns six operating mines and development projects located in top-rated jurisdictions for mining. New Gold has a history of low-cost production, reserve growth, and value creation through developing projects like New Afton. The company is targeting 8% production growth in 2015 while maintaining industry-leading low costs. New Gold also discusses its strong balance sheet and plans to reinvest free cash flow into its pipeline of projects to further expand production and margins.
Scotia london corporate presentation - june 2015newgold2011
New Gold provides a cautionary note regarding forward-looking statements in the document. Any statements regarding future financial performance, events, results or developments are forward-looking and based on certain assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially. Such risks include variations in metal prices and foreign exchange rates, changes to resource estimates, permitting delays, and uncertainties inherent in mining economic studies and other factors. New Gold is forecasting 2015 gold production of 390,000-430,000 ounces at total cash costs of $340-380/ounce and all-in sustaining costs of $745-785/ounce. The company has a strong balance sheet with $366 million in cash and an und
The document discusses cautionary statements regarding forward-looking information in the presentation. It notes that all statements other than historical facts are considered forward-looking and lists important risks and assumptions. It cautions readers that actual results could differ materially from what is forecasted. The document also provides an overview of New Gold's experienced management team and high quality asset portfolio located in top-rated mining jurisdictions.
The document provides cautionary statements regarding forward-looking information in the corporate presentation. It notes that statements regarding future financial performance, projects, plans and estimates are forward-looking. It outlines risks and uncertainties that could cause actual results to differ from expectations, including operational disruptions, inaccurate estimates, fluctuating commodity prices and exchange rates, lack of funding, legal and political challenges, and other permitting, economic, social and technical factors. Forward-looking statements are based on certain estimates and assumptions, and are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from expectations.
Barclays print version corporate presentation - march 2014 v finalnewgold2011
1) The document discusses New Gold's portfolio of assets located in top-rated mining jurisdictions and its peer-leading growth pipeline.
2) New Gold provides guidance for 2014 of 380-420koz of gold production at all-in sustaining costs of $815-835/oz.
3) The growth pipeline includes the Rainy River and Blackwater projects which could add over 900koz of annual production.
The document provides cautionary statements regarding forward-looking information in the corporate presentation. It identifies factors that could cause actual results to differ from expectations expressed in the forward-looking statements such as risks associated with fluctuations in commodity prices and foreign exchange rates. It also notes the material assumptions underlying the forward-looking statements and lists additional risk factors including those related to production estimates, capital and operating costs, and economic assumptions. The document concludes by stating that the footnotes and appendices contain important additional information.
The document provides cautionary statements regarding forward-looking information in New Gold's corporate presentation. It notes that statements regarding future financial performance, mine life, mineral reserves, production costs, economics, operating parameters, planned activities, and timelines are forward-looking. It lists important risks and assumptions that could cause actual results to differ from expectations, such as disruptions, changes in laws or regulations, inaccurate estimates, price volatility, cost increases, loss of key employees, and delays in permitting. The document states that all forward-looking information is qualified by these risks and uncertainties.
The document provides a corporate presentation for New Gold Inc. It cautions readers that forward-looking statements are based on estimates and assumptions that may prove to be inaccurate. Some key points:
- New Gold is a Canadian-focused gold producer with over 90% of its 14.8 million ounces of gold reserves located in Canada.
- Its assets include the Rainy River mine in Canada, which began commercial production ahead of schedule and is expected to increase overall gold production by 30%.
- The company achieved its 2017 guidance ranges for gold and copper production and its estimates for development capital and all-in sustaining costs.
This document provides a summary of NovaGold Resources Inc.'s third quarter and project update conference call. It includes an introduction of conference call attendees, cautionary statements, an overview of NovaGold and its two projects - Donlin Gold and Galore Creek. It then discusses Donlin Gold's permitting progress, third quarter project activity and funding, operating performance, cash flow highlights, and the projects' resource size and grade compared to peer projects. It also notes Donlin Gold's exploration potential.
RBC Capital Markets London Gold Conferencenewgold2011
The document is a presentation from RBC Capital Markets' London Gold Conference in November 2013. It provides cautionary statements regarding forward-looking information and summarizes New Gold's investment thesis. New Gold has a portfolio of assets in top-rated mining jurisdictions including Canada, the United States, Mexico, and Chile. It has an experienced management team that is significantly invested in the company. New Gold is also among the lowest cost gold producers with a solid track record and goal of further reducing costs.
New gold corporate presentation - baml may 2014newgold2011
New Gold provides its 2014 consolidated guidance, forecasting gold production of 380-420 thousand ounces at total cash costs of $320-$340 per ounce and all-in sustaining costs of $815-$835 per ounce. The company expects copper production of 1.35-1.75 million pounds and silver production of 92-100 thousand ounces. New Gold highlights that its costs are among the lowest for gold producers and are expected to generate over $200 per ounce in incremental margins compared to industry peers.
Este documento contiene 37 artículos que describen los derechos de los niños de una manera poética y colorida. Cada artículo destaca un derecho diferente como el derecho a la educación, la salud, la protección y el cuidado, la imaginación y la libertad. El tono general es celebrar la inocencia de la niñez y pedir que se cuide y proteja a todos los niños.
Fourth Quarter and Full Year 2014 Operational Results and 2015 Guidancenewgold2011
This document provides an overview and summary of New Gold's fourth quarter and full year 2014 operational results and 2015 guidance. Some key points:
- 2014 was a record year for New Gold with lowest costs in the company's history and gold production of 380,000 ounces.
- 2015 guidance forecasts a 8% increase in gold production to 390,000-430,000 ounces, with total cash costs expected to remain low at $340-380 per ounce and all-in sustaining costs of $745-785 per ounce.
- New Gold has a portfolio of long-life assets in top-rated jurisdictions, including the Rainy River and Blackwater growth projects which are expected to add significant production in the
Print version (cibc) corporate presentation - january 2014newgold2011
The document is a presentation for CIBC Whistler 2014 Investor Conference in January 2014. It provides cautionary statements regarding forward-looking information in the presentation and outlines New Gold's investment thesis of having a portfolio of assets in top-rated jurisdictions, an invested and experienced management team, being among the lowest cost producers with a solid track record, and having a peer-leading growth pipeline and a history of value creation.
- The corporate presentation provides an overview of New Gold Inc., including highlights of its portfolio of mining assets located in top-rated jurisdictions, its investment thesis, and forward-looking production and cost guidance.
- New Gold has a portfolio of assets in Canada, the United States, and Mexico, including the Rainy River and Blackwater projects which have the potential to add over 300koz to annual gold production.
- Key aspects of New Gold's investment thesis are its majority of gold reserves located in Canada, low-cost production profile, and a peer-leading growth pipeline including the fully-funded Rainy River project.
2015 q3 earnings webcast v final (webcast)newgold2011
This document provides a summary of New Gold's third quarter 2015 results webcast. It discusses the following key points:
- Production results for the third quarter including 122,580 ounces of gold produced at total cash costs of $495 per ounce and all-in sustaining costs of $788 per ounce.
- Financial results for the third quarter and year-to-date including operating margin of $72 million, adjusted net loss of $9 million, and net cash generated from operations before changes in working capital of $58 million.
- Recent corporate developments that improved New Gold's financial position including the sale of a stream on Rainy River for $175 million and the sale of 30% interest in the El
New gold presentation march 2017 v websitenewgold2011
The corporate presentation provides an overview of New Gold Inc., including:
- New Gold has a portfolio of assets in top-rated mining jurisdictions like Canada, the USA, Australia and Mexico.
- Their key growth project is the Rainy River mine in Ontario, Canada, which is expected to have an initial 14-year mine life upon achieving commercial production in late 2017.
- New Gold's priorities for 2017 include strengthening their team at Rainy River to ensure successful execution of the project, as well as pursuing opportunities to further optimize cash flow from their operating mines.
Corporate presentation november 2015 (1 on 1 meeting)newgold2011
The document is a corporate presentation from New Gold that outlines its investment thesis. It discusses New Gold's portfolio of assets in top-rated jurisdictions, its invested and experienced team, and its track record of being among the lowest-cost gold producers. It also highlights New Gold's peer-leading growth pipeline, which is expected to deliver around 8% production growth in 2015. The presentation notes that New Gold has a history of value creation and that its share price has outperformed industry indexes since 2009.
The document is a corporate presentation from New Gold that outlines its investment thesis. It discusses New Gold's portfolio of assets in top-rated jurisdictions, its invested and experienced team, and its track record of being among the lowest-cost gold producers. It also highlights New Gold's peer-leading growth pipeline, which is expected to deliver around 8% production growth in 2015. The presentation notes that New Gold has a history of value creation and that its share price has outperformed industry indexes since 2009.
The document is a corporate presentation from New Gold that outlines its investment thesis. It discusses New Gold's portfolio of assets in top-rated jurisdictions, its invested and experienced team, and its track record of being among the lowest-cost gold producers. It also highlights New Gold's peer-leading growth pipeline, which is expected to deliver around 8% production growth in 2015. The presentation emphasizes New Gold's history of value creation and outperforming the market, noting its share price has outperformed the S&P/TSX Global Gold Index by over 90% since 2009.
- The corporate presentation discusses New Gold's portfolio of assets in top-rated jurisdictions including Canada, operational and financial results, and growth projects.
- New Gold has over 15 million ounces of gold reserves, with over 80% located in Canada. The company expects to increase annual gold production by around 800,000 ounces from its growth projects Rainy River and Blackwater.
- All-in sustaining costs for Q3 2015 were $788 per ounce, and the company aims to further strengthen its board, executive team, and shareholder value.
The document provides an agenda for an Investor Day presentation on February 18, 2016. The presentation agenda includes an overview of the gold market, a company update, an overview of New Gold, operational results and outlook for 2015 and 2016, mineral reserve updates, development of the Rainy River project, 2015 financial results, and a conclusion. The document also includes cautionary statements regarding forward-looking statements and information contained in the presentation.
New gold presentation april 2018 v finalnewgold2011
New Gold provides a corporate presentation detailing its strategic pillars, assets, and 2018 guidance. The company's key priorities are focusing on long-term shareholder value through its Canadian assets, operational track record, growth opportunities including Rainy River and Blackwater, and enhancing financial flexibility with no debt due until 2022. New Gold expects 2018 production to grow 30% to a range of 525-595 thousand ounces of gold due to the addition of Rainy River, and for all-in sustaining costs to be $555-595 per ounce. Sustaining capital is expected to decrease significantly over the coming years as Rainy River's costs revert to normal levels.
Rainy river site visit presentation v finalnewgold2011
The document provides details about a site visit to the Rainy River gold mine project in Ontario, Canada. It includes:
- An agenda for the site visit with presentations on geology, development plans, operations, and life of mine planning.
- An overview of the Rainy River project including reserves, production targets, costs, and timeline.
- Details on funding for the project including proceeds from a streaming deal and the project's financial analysis.
- The document is a corporate presentation from New Gold that provides cautionary statements regarding forward-looking information.
- It notes that statements regarding future financial performance, events, developments and operating parameters are forward-looking and that actual results could differ materially from expectations.
- Key risks to the forward-looking statements include uncertainties around estimates, commodity prices, exchange rates, permitting, political and economic factors, and other operational risks.
Similar to Investor day presentation february 2014 v final (13)
1. The document discusses New Gold's annual general meeting on April 25, 2018 and provides cautionary statements about forward-looking information.
2. It summarizes New Gold's priorities in 2017 which included streamlining operations, advancing growth projects, enhancing financial flexibility, and delivering operational results while pursuing optimization at Rainy River.
3. The document outlines how New Gold transformed in 2017 through strengthening management, reducing costs, selling non-core assets, achieving commercial production at Rainy River on time and on budget, and increasing earnings and cash flow per share.
New Gold provides a corporate presentation detailing its strategic pillars of being a Canadian focused gold producer with operational track record and growth opportunities. Key highlights include over 14.8 million ounces of gold reserves over 90% located in Canada, 2018 production guidance of 525,000 to 595,000 ounces of gold, and decreasing sustaining capital profile over coming years as Rainy River capital expenditures decrease after initial years of operations. The presentation also outlines New Gold's liquidity position and decreasing leverage ratio, indicating financial flexibility.
New gold presentation january 2018 v final (4)newgold2011
New Gold provides its 2018 corporate presentation, which includes the following key points:
- Guidance for 2018 production of 525-595koz gold and 75-85mlb copper, a 30% increase over 2017.
- Rainy River mine achieved commercial production ahead of schedule in November 2017 and is expected to produce 310-350koz gold in 2018.
- Blackwater remains the next flagship project in permitting with EA approval expected in mid-2018.
- The company has established an operational track record and focuses on long-term shareholder value through its portfolio of assets in top-rated jurisdictions in Canada and growth opportunities like Rainy River and Blackwater.
New gold presentation november 2017v finalnewgold2011
The corporate presentation provides cautionary statements regarding forward-looking information in the document. It notes that all dollar amounts are in US dollars unless otherwise stated, and that the presentation contains forward-looking statements regarding New Gold's future performance, including expectations for production, costs, and development activities. It cautions that these forward-looking statements are based on a number of assumptions and are subject to various risks and uncertainties, such that actual results could differ materially from expectations.
New gold presentation october 2017v finalnewgold2011
This corporate presentation outlines New Gold's strategic pillars and 2017 key objectives. New Gold's strategic pillars are being a Canadian focused gold producer with over 90% of its 14.7 million ounces of reserves located in Canada, having low-cost operations with anticipated all-in sustaining costs of $671 per ounce in the first half of 2017, and pursuing growth opportunities from projects that could provide around 800,000 ounces of annual combined production. New Gold's 2017 key objectives are to streamline its organizational structure and strengthen the Rainy River team, advance its organic growth projects, enhance its financial flexibility, deliver operationally and pursue cash flow optimization opportunities, and execute on its updated plan for the Rainy River project.
New gold denver gold forum september 24 27, 2017newgold2011
New Gold's corporate presentation outlines its strategic focus on long-term shareholder value creation through its Canadian assets, low-cost growth, and disciplined management of capital resources. Key points include advancing the Rainy River project, which began production in September 2017 and is on schedule, as well as long-term growth opportunities through projects like New Afton C-Zone, Blackwater, and Rimfire that provide a pipeline of development options. New Gold also maintains a strong liquidity position and recently restructured its debt for increased financial flexibility.
New gold presentation september 2017 v finalnewgold2011
This corporate presentation from September 2017 provides an overview of New Gold Inc., including:
- Cautionary statements regarding forward-looking information in the presentation.
- Key characteristics of New Gold's portfolio including 14.7 million ounces of gold reserves located primarily in Canada, low costs of $671 per ounce, and potential for 800,000 ounces of annual gold production from growth projects.
- Recent management and board appointments and changes, including a new Executive Vice President & CFO and Vice Presidents of Projects and Business Development, and a new board member. The previous CFO will remain until October 2017 to assist with the transition.
New gold presentation june 2017 v finalnewgold2011
This corporate presentation provides cautionary statements regarding forward-looking information and key characteristics of New Gold's portfolio. It discusses New Gold's assets in top-rated jurisdictions, including operating mines and development projects. New Gold has 14.7 million ounces of gold reserves, over 90% located in Canada. Its first quarter 2017 all-in sustaining costs were $597 per ounce. Growth projects have the potential to increase annual production to approximately 800,000 ounces.
New gold baml global metals, mining & steel conference 16 18 may 2017newgold2011
New Gold provides a corporate presentation outlining its portfolio of assets located in top-rated mining jurisdictions. The presentation cautions that statements regarding future performance are forward-looking in nature. New Gold has a diverse portfolio including operating mines and development projects with potential for 800,000 ounces of annual gold production. Key priorities for 2017 include executing on an updated plan for the Rainy River project in Ontario, Canada, advancing organic growth projects, and enhancing financial flexibility.
Corporate presentation january 2017 v finalnewgold2011
This corporate presentation discusses Cautionary Statements regarding forward-looking information. It notes that all amounts are in US dollars unless otherwise stated. It provides definitions for forward-looking statements and notes that actual results may differ materially from expectations. It lists key assumptions underlying forward-looking statements including assumptions regarding operations, political/legal factors, resource/reserve estimates, exchange rates, prices, costs, permits/approvals, Indigenous group arrangements, feasibility studies, payments from Royal Gold, and 2016 cost guidance. It cautions that forward-looking statements are subject to risks/uncertainties that could cause actual results to differ.
Corporate presentation january 2017 v finalnewgold2011
This corporate presentation provides cautionary statements regarding forward-looking information in the document. It notes that all dollar amounts are in US dollars unless otherwise stated. It also outlines key assumptions and risk factors that could cause actual results to differ from forward-looking statements. Forward-looking statements include production guidance, resource and reserve estimates, construction timelines and costs for the Rainy River project, and other operating parameters. These statements are based on certain material assumptions regarding the business, including around political and economic conditions, commodity prices, exchange rates, costs, and permitting. However, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from expectations.
Corporate presentation november 2016 v finalnewgold2011
The document provides an overview of New Gold's corporate presentation from November 2016. It cautions readers that statements regarding future financial or operating performance are forward-looking. It notes key assets in top-rated jurisdictions including Rainy River, New Afton, Mesquite, and Peak Mines. Construction at Rainy River is currently 60% complete with $680 million spent to date and $365 million remaining. The presentation highlights third quarter 2016 results including 95,546 ounces of gold produced and $151 million in cash. New Gold's liquidity position includes $502 million in cash and an undrawn $276 million credit facility.
Corporate presentation september 2016 v finalnewgold2011
- The document is a corporate presentation from New Gold that outlines cautionary statements regarding forward-looking information.
- It notes that statements in the presentation that address events, results, outcomes or developments that New Gold expects to occur are forward-looking statements which are based on certain assumptions and are subject to risks and uncertainties.
- It lists numerous risks and uncertainties that could cause actual results to differ materially from expectations, including risks related to prices, currency fluctuations, estimates, permitting, political and legal factors, and other operational risks.
- The Rainy River gold project in Ontario, Canada is expected to begin production in mid-2017. Construction is currently 35% complete and $82 million was spent in the first quarter of 2016.
- The feasibility study estimates the project will have an after-tax NPV of $760 million, IRR of 15.3%, and payback period of 5.2 years, using a gold price of $1,200/oz. Average annual gold production is forecast at 325,000oz over the first 9 years at total cash costs of $570/oz and all-in sustaining costs of $670/oz.
- The project benefits from proximity to infrastructure in Canada's top-rated mining jurisdiction
- The document is a corporate presentation from May 2016 that contains cautionary statements about forward-looking information.
- It warns that statements regarding future financial performance, projects, activities, and expectations are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially.
- The presentation outlines numerous risk factors that could affect the company's projections including economic, geological, permitting, environmental, social, regulatory, political, and financial risks.
The document cautions readers that certain information in the presentation regarding New Gold's future performance are forward-looking statements that are based on estimates and assumptions that are subject to risks and uncertainties. It provides context for forward-looking production, cost, and capital expenditure guidance. The document also lists key assumptions underlying the forward-looking statements and outlines risk factors that could materially affect actual results.
- The document is a corporate presentation from New Gold that contains forward-looking statements and cautionary language regarding those statements.
- It discusses New Gold's portfolio of assets in top-rated jurisdictions including Canada, the US, Mexico, and Australia.
- The presentation provides highlights from 2015 including record gold production that exceeded guidance and lower than planned costs. It also outlines New Gold's growth pipeline and 2016 guidance.
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2. Agenda – February 6, 2014
10:00 – 11:30am
Investor Day Presentation including Q&A
11:30 – 12:00pm
Additional discussion and Q&A
12:00 – 1:00pm
Lunch
2
3. Discussion topics
Introduction and company overview
Randall Oliphant
2013 operational results
Ernie Mast
2014 outlook
Ernie Mast/
Brian Penny
Development projects
Robert Gallagher
Health, safety and corporate social responsibility
Robert Gallagher
2013 year-end reserves, resources and exploration
Mark Petersen
New Afton performance review, expansion project details and C-zone update
Kurt Keskimaki/
Mark Petersen
Conclusion
Randall Oliphant
3
4. Cautionary statements
All monetary amounts in U.S. dollars unless otherw ise stated
Total cash costs shown net of by-product sales 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 or developments that New Gold expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and
are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “projects”,
“potential”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the
negative connotation of such terms. Forward-looking statements in this presentation include, among others, statements with respect to: guidance for production, cash costs and all-in sustaining costs (and its
components) and for growth capital expenditures, including the expected drivers of those figures and the nature and amount of particular expected expenditures; the expected throughput and recovery rates at New
Afton; planned modifications to the New Afton Mine and mill, the expected timeline, outcomes, cost and payback period of any such modifications; planed modifications to other operations; expected future mining
activities; planned exploration expenditures (and their accounting treatment) and drilling activities and costs; exploration potential and the goals and expected results of future exploration activities; the estimation of
mineral reserves and resources and the realization of such estimates; the results of the Rainy River and Blackwater feasibility studies, including the expected production, costs, stripping ratio, mining and
processing method and rate, stockpiling plan, recovery rates, mine life, infrastructure, NPV, IRR and payback period (and related sensitivities associated with each project; the potential annual production, cash
costs and capital costs, and the potential for a block cave, at the El Morro project; the timing of permitting activities and environmental asse ssment processes; and the timeline for development of Rainy River,
including targeted timing for commissioning and full production.
All forward-looking statements in this presentation are based on the opinions and estimates of management as of the date such statements are made and are subject to important risk factors and uncertainties,
many of which are beyond New Gold’s ability to control or predict. Certain material assumptions regarding our forward-looking statements are discussed in this presentation, New Gold’s MD&A, its Annual
Information Form and its Technical Reports filed at www.sedar.com. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this presentation are
also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold’s operations; (2) political and legal developments in jurisdictions where New Gold operates, or may in the
future operate, being consistent with New Gold’s current expectations; (3) the accuracy of New Gold’s current mineral reserve and resource estimates; (4) the exchange rate between the Canadian dollar,
Australian dollar, Mexican Peso and U.S. dollar being approximately consistent with current levels; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with
current levels; (6) labour and material costs increasing on a basis consistent with New Gold’s current expectations; (7) permitting and arrangements with First Nations and other Aboriginal groups in respect of
Rainy River and Blackwater being consistent with New Gold’s current expectations; (8) all environmental approvals (including the environmental asse ssment process for the Blackwater and Rainy River projects),
required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines; and (9) the results of the feasibility studies for the Rainy
River and Blackwater projectsbeing realized.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of
activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements; price
volatility in the spot and forward markets for commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States, Australia, Mexico and Chile;
discrepancies between actual and estimated production, between actual and estimated reserves and resources and between actual and estimated metallurgical recoveries; changes in national and local
government legislation in Canada, the United States, Australia, Mexico and Chile or any other country in which New Gold currently or may in the future carry on business; taxation; controls, regulations and political
or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the
validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: in Canada, obtaining
the necessary permits for the Blackwater and Rainy River projects; in Mexico, where Cerro San Pedro has a history of ongoing legal challenges related to our environmental authorization (EIS); and in Chile, where
the courts have temporarily suspended the approval of the environmental permit for El Morro; the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political
pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; diminishing quantities or
grades of reserves and resources; competition; loss of key employees; additional funding requirements; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation
activities; uncertainties inherent to mining economic studies including the feasibility studies for Rainy River and Blackwater; changes in project parameters as plans continue to be refined; accidents; labour
disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other
Aboriginal groups; uncertainties with respect to obtaining all necessary surface and other land use rights or tenure for Rainy River; risks, uncertainties and unanticipated delays associated with obtaining and
maintaining necessary licenses, permits and authorizations and complying with permitting requirements, including those associated with the environmental assessment processe s for Blackwater and Rainy River.
In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) a s well as “Risk Factors” included in New Gold’s
disclosure documents filed on and available at www.sedar.com.
Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements
contained in this presentation are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new
information, events or otherwise, except in accordance with applicable securities laws.
The preliminary information provided for production, sales, total cash costs(1) and all-in sustaining costs(2) are approximate figures and may differ from the final results in the 2013 annual audited financial
statements and management’s discussion and analysis. The footnotes to this presentation contain important information, refer to appendices and endnotes found at the end of the presentation. For those viewing
the webcast, the full presentation including appendices and endnotes isavailable on New Gold’s website at www.newgold.com.
5. New Gold investment thesis
Portfolio
of assets
in top-rated
jurisdictions
Invested
and
experienced
team
Among
lowest-cost
producers with
established
track record
Peer-leading
growth
pipeline
A history
of value
creation
18.5 Moz gold
reserves
~$80 million
investment by
Board &
Management
Targeting
~$825/oz all-in
sustaining
costs(1)
~900 Koz annual
production
potential from
growth projects
+300% increase
in share price
since 2009
1. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
5
6. 2013 highlights
OPERATIONS
$44/oz
REDUCTION IN TOTAL CASH COSTS(1)
EXPLORATION/DEVELOPMENT
+127%
Gold Reserves PER SHARE
• New Afton achieved ramp-up ahead of schedule
+22%
• Lowest total cash costs(1) in company history
Gold M&I Resources(2) PER SHARE
• Achieved updated production outlook
Largest Gold Reserve in New Gold’s History
CORPORATE DEVELOPMENT
COMPLETED RAINY RIVER ACQUISITION
• Minimal dilution - 5.5% increase in shares
outstanding
• Increased Canadian footprint
BALANCE SHEET
$414 million in cash at end of 2013
Prioritizing lower capital cost Rainy River
project
• 325 Koz annual production potential at low cost
• Continued exploration potential
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Resources” and “Technical
Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.
6
7. Collectively ~$80 million invested in New Gold
BOARD OF DIRECTORS
David Emerson
Former Canadian Cabinet Minister
James Estey
Former Chairman, UBS Securities Canada
Robert Gallagher
President & Chief Executive Officer
Vahan Kololian
Founder, Terra Nova Partners
Martyn Konig
Former Executive Chairman, European Goldfields
Pierre Lassonde
Chairman, Franco-Nevada
Randall Oliphant
Executive Chairman
Raymond Threlkeld
Mining Consultant
7
8. Portfolio of assets in top-rated jurisdictions
Mining investment – country rankings (1)
Blackwater
Mine Life: 17 years
New Afton
Mine Life: 10 years
Rainy River
#2
Mine Life: 14 years
Mesquite
Mine Life: 8+ years
Cerro San Pedro
Mine Life: 2+ years
El Morro
Mine Life: 17 years
Peak Mines
Mine Life: 6+ years
CANADA
#6
UNITED
STATES
#5
MEXICO
#3
CHILE
#1
AUSTRALIA
OPERATING
DEVELOPMENT
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
8
9. Lowest costs in company’s history
FOURTH QUARTER AND FULL YEAR 2013
•
•
•
•
Fourth quarter was the highest
production quarter of 2013
Met full year production and cost
outlook
2013 lowest total cash costs (1) in
New Gold’s history
Fourth quarter and full year total
cash costs (1) and all-in sustaining
costs (2) further establish
company’s low cost profile
GOLD PRODUCTION (Koz)
398
107
Q4'13
FY 2013
TOTAL CASH COSTS(1) ($/oz)
$377
$316
Q4'13
FY 2013
ALL-IN SUSTAINING COSTS(2) ($/oz)
$883
Q4'13
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
$899
FY 2013
9
10. Significant increase in gold reserves per share
•
Gold reserves increased
by 10.7 million ounces
during the year
•
•
Attributable to
establishing Blackwater
reserves and accretive
acquisition of Rainy River
GOLD RESERVES(1) (Moz)
18.5
+127%
per share
7.8
YE 2012
Silver reserves increased by
58.8 million ounces and
copper reserves remained
significant at 3.0 billion
pounds
YE 2013
GOLD M&I RESOURCES(1) (Moz)
+22%
per share
27.5
21.4
YE 2012
YE 2013
1. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.
10
11. Strong balance sheet
•
Face value $878 million in
long-term debt(3)
•
Undrawn Credit
Facility (2)
Liquidity
Position
$414 mm
•
Face value $500 million,
6.25% notes due in 2022
•
Cash and
Equivalents (1)
Face value $300 million,
7.00% notes due in 2020
$78 million in carried El Morro
loan, payable out of El Morro
project cash flow
$100 mm
$514 mm
1. Cash and equivalents as at Decem
ber 31, 2013.
2. $50 m
illion of total $150 m
illion at year-end used for Letters of Credit.
3. See Appendix 1 – Sum ary of debt for detailed breakdown of com
m
ponents of debt.
11
12. 2014 consolidated guidance
2013 ACTUAL
•
•
•
•
Continued gold production
increases at New Afton offset
by lower production forecast
at Cerro San Pedro
2014 GUIDANCE
Gold production(1)
380 –
420 Koz
398 Koz
Copper production to increase
by approximately 12 percent
Total cash costs(2)
Depreciation of Canadian and
Australian dollars benefits
New Gold costs
$320 –
$340/oz
$377/oz
Total cash costs (2) and all-in
sustaining costs (3) well below
industry average
All-in sustaining costs(3)
$899/oz
$815 –
$835/oz
1. Gold sales expected to be in the sam range as production.
e
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. All total cash cost estim
ates (excluding historical am
ounts) in this presentation assum com odity price assum
e
m
ptions of: Gold - $1,300 per ounce, Silver - $20.00 per
ounce, Copper - $3.25 per pound, and CDN/USD - $1.11, AUD/USD - $1.14, MXN/USD - $13.00.
3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”. All all-in sustaining cost estim
ates (excluding historical am
ounts) in this presentation assum com odity price assum
e
m
ptions of: Gold - $1,300 per ounce,
Silver - $20.00 per ounce, Copper - $3.25 per pound, and CDN/USD - $1.11, AUD/USD - $1.14, MXN/USD - $13.00.
12
13. Among lowest cost producers in industry
New Gold versus Industry Average Total Cash Costs(1)
$782(2)
Industry
$478
$465
Incremental
Benefit to NGD
Shareholder
$377
2009
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”. New Gold total cash costs as at year-end 2013.
2. Industry data per GFMS reports calculated net of by-product credits for the nine m
onths ended Septem
ber 2013.
New Gold
2013
13
14. 2014 estimated all-in sustaining costs
Total cash costs (1)
~$330/oz
General and administrative (2)
~$90/oz
Exploration expense
~$35/oz
Sustaining capital(3)
~$370/oz
ALL-IN SUSTAINING COSTS(4)
1.
2.
3.
4.
Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
General and adm
inistrative includes stock-based com
pensation and asset retirem
ent obligation.
Sustaining capital based on New Gold’s total 2014 estim
ated capital expenditures excluding expenditures related to growth-related initiatives.
Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
~$825/oz
14
15. New Afton – A special asset
Jurisdiction
Production
102-112
British Columbia,
Canada
Gold
(Koz)
87
2013
2014E
78-84
Country
Ranking(1)
#2
Copper
(Mlbs)
2015 to
benefit
further
from mill
expansion
72
2013
2014E
NEW AFTON
Upside
Contribution
First nine months of
2013 earnings from
mine operations
New Afton
Near-term mill expansion
Longer-term C-zone
potential
= +58%
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
15
16. Peer-leading growth pipeline
•
•
•
Growth projects’ production
potential equivalent to over 2x
today’s production
Blackwater and Rainy River
acquisitions increased shares
outstanding by 25% in total for
potential ~175% increase in
production
Rainy River and Blackwater benefit
significantly from Canadian dollar
depreciation
Organic projects
+900 Koz (1) per year
Future Organic Growth Potential
New Afton
Expansion
El Morro
Blackwater
Rainy River
Four current
operations
2014E Gold Production
•
Rainy River $0.05 change in
exchange rate equivalent to
$141 million/2.8% change in
pre-tax NAV/IRR
•
Blackwater $0.05 change in
exchange rate equivalent to
$270 million/1.9% change in
pre-tax NAV/IRR
1. Based on ~325Koz annual production from Rainy River, ~485Koz annual production from Blackwater and ~90Koz annual production from El Morro as outlined in the feasibility studies for the projects.
16
17. A history of value creation
Cumulative five-year share price outperformance versus
gold price and S&P/TSX Global Gold Index
New Gold (NYSE)
Gold Price
S&P/TSX Global Gold
310%
Index(1)
168%
155%
24% 23%
42%
30% 34%
3% 10%
9%
7%
(14%)
(16%)
(28%)
(52%)
2009
2010
1. S&P/TSX Global Gold Index includes 37 gold com
panies in various stages of developm
ent/producti on.
2011
2012
(52%)
2013
(35%)
Since January 2009
17
19. 2013 operations summary
• Achieved target throughput of 12,000 tonnes per day ahead of schedule
New Afton
• During fourth quarter, 62 days at throughput rate above 12,500 tonnes per day
• Exceeded production guidance
• Negative model reconciliation led to mining of lower grade ore and updated production outlook
Mesquite
• Deeper areas of pit not as well defined
• Conducted infill drilling late in 2013 to support mine planning
• Slightly below production outlook range
• Achieved record annual throughput
Peak Mines
• Gold production increased by 5% over the prior year
• Achieved production guidance
• Pit wall movement led to adjusted 2013 mine plan and updated production outlook
Cerro San
Pedro
• Mined lower grade ore at lower recoveries
• Fourth quarter began to demonstrate increased recoveries
• Above high end of production outlook range
19
20. 2013 consolidated operational results
GOLD PRODUCTION (Koz)
SILVER PRODUCTION (Moz)
COPPER PRODUCTION (Mlbs)
398
1.6
85
• High end of outlook
• New Afton and Peak
Mines met guidance
• In line with outlook
• High end of guidance
TOTAL CASH COSTS(1) ($/oz)
ALL-IN SUSTAINING COSTS(2) ($/oz)
$377
$899
• In line with outlook
• In line with outlook
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
20
21. 2013 fourth quarter mine-by-mine operating results
•
•
New Afton continues to
perform well
Mesquite had strongest
quarter of 2013 as planned
with higher grades
2013 FOURTH QUARTER
Gold production
(Koz)
Total cash costs (1)
($/oz)
All-in sustaining costs (2)
($/oz)
•
Peak Mines all-in sustaining
costs (2) decreased by over
$200 per ounce from third
quarter of 2013
Cerro San Pedro achieved
higher recoveries in each
consecutive month during
the quarter
25
($1,428)
$12
Mesquite
35
$841
$988
Peak Mines
•
New Afton
24
$778
$1,106
Cerro San Pedro
22
$911
$1,076
107
$316
$883
2013 FOURTH QUARTER
New Afton co-product cash costs(1)
Gold ($/oz)
Copper ($/lb)
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
$391
$1.08
21
22. 2013 full year mine-by-mine operating results
•
New Afton throughput higher
in each consecutive quarter
during the year
2013 FULL YEAR
Gold production
(Koz)
Total cash costs (1)
($/oz)
All-in sustaining costs (2)
($/oz)
New Afton
•
•
($1,196)
($133)
Mesquite
107
$907
$1,108
Peak Mines
101
$850
$1,331
Cerro San Pedro
5% increase in gold
production at Peak Mines
versus previous year
87
103
$676
$766
398
$377
$899
Lowest total cash costs (1) in
company’s history
2013 FULL YEAR
New Afton co-product cash costs(1)
Gold ($/oz)
Copper ($/lb)
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
$486
$1.19
22
24. 2014 consolidated guidance
GOLD PRODUCTION (Koz)
SILVER PRODUCTION (Moz)
COPPER PRODUCTION (Mlbs)
380 – 420
1.35 – 1.75
92 – 100
• Increased production at high
margin New Afton offset by lower
production at Cerro San Pedro
• Consistent with 2013
• 12% increase with both New
Afton and Peak Mines higher
TOTAL CASH COSTS(1) ($/oz)
ALL-IN SUSTAINING COSTS(2) ($/oz)
$320 – $340
$815 – $835
• Decrease driven by higher copper
production and depreciation of
Canadian and Australian dollars
• ~$75 per ounce decrease driven
by lower total cash costs(1) and
lower sustaining capital
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
24
25. New Afton
GOLD PRODUCTION (Koz)
COPPER PRODUCTION (Mlbs)
OVERVIEW
• Gold and copper production expected to
increase due to:
102 – 112
78 – 84
• Increase in average annual
throughput rate
• Increase in gold grades
TOTAL CASH COSTS (1) ($/oz)
ALL-IN SUSTAINING COSTS (2) ($/oz)
($1,260) –
($1,240)
($620) –
($600)
$440 –
$460
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
KEY ASSUMPTIONS AND SENSITIVITIES
• Copper price - $3.25 per pound
(2013A - $3.23 per pound)
• Canadian dollar: U.S. dollar exchange –
$1.11
TOTAL CASH COSTS(1)
Co-Product Gold ($/oz)
• Costs benefit from targeted increase in
copper production, depreciating
Canadian dollar and decrease in
sustaining capital costs
Co-Product Copper ($/lb)
$1.10 –
$1.20
• $0.25 per pound change in copper
equals ~$200 per ounce change in New
Afton total cash costs
• $0.01 change in Canadian dollar equals
~$15 per ounce change in New Afton
total cash costs
25
26. Mesquite
GOLD PRODUCTION (Koz)
OVERVIEW
• Production increase driven by planned
mining of higher grades versus 2013
• Increase in costs attributable to
increase in total tonnes mined
113 – 123
TOTAL CASH COSTS (1) ($/oz)
• Peak year for sustaining capital at
Mesquite
ALL-IN SUSTAINING COSTS (2) ($/oz)
KEY ASSUMPTIONS AND SENSITIVITIES
• Diesel comprises ~25% of Mesquite’s
total costs
$930 –
$950
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
$1,310 –
$1,330
• Rack diesel price most correlated to
Brent oil price
• Diesel price - $3.25 per gallon
• Every $0.25 per gallon change in diesel
price has ~$15 per ounce impact on
total cash costs
26
27. Peak Mines
GOLD PRODUCTION (Koz)
COPPER PRODUCTION (Mlbs)
OVERVIEW
• Gold production in line with 2013
• Increase in copper production a result of
increased copper grade and recovery
95 – 105
14 – 16
• Decrease in total cash costs a result of
increased copper by-product revenue,
depreciating Australian dollar and
increased productivity through lower
turnover
TOTAL CASH COSTS (1) ($/oz)
ALL-IN SUSTAINING COSTS (2) ($/oz)
KEY ASSUMPTIONS AND SENSITIVITIES
• Copper price - $3.25 per pound
(2013A - $3.29 per pound)
$630 –
$650
$1,065 –
$1,085
• Australian dollar: U.S. dollar
exchange – $1.14
• $0.25 per pound change in copper
equals ~$40 per ounce change in Peak
Mines total cash costs
• $0.01 change in Australian dollar equals
~$10 per ounce change in Peak Mines
total cash costs
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
27
28. Cerro San Pedro
GOLD PRODUCTION (Koz)
SILVER PRODUCTION (Moz)
OVERVIEW
• Decrease in production reflects the
increased strip ratio for Phase 5
pushback and mining of lower grade ore
70 – 80
1.1 – 1.3
TOTAL CASH COSTS (1) ($/oz)
ALL-IN SUSTAINING COSTS (2) ($/oz)
• Increase in costs primarily driven by
lower gold production, lower silver byproduct revenue and increased volume
of processing reagents
KEY ASSUMPTIONS AND SENSITIVITIES
• Silver price - $20.00 per ounce
(2013A – $23.61 per ounce)
$1,030 –
$1,050
$1,125 –
$1,145
• Mexican peso: U.S. dollar exchange –
$13.00
• $1.00 per ounce change in silver equals
~$15 per ounce change in Cerro San
Pedro total cash costs
• $1.00 change in Mexican peso equals
~$50 per ounce change in Cerro San
Pedro total cash costs
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
28
29. 2014 capital expenditures by category
Total Capital
~$340
million
Sustaining Capital: ~$145 million
Cerro San
Pedro
Growth Capital: ~$195 million
Blackwater
Cerro San
Pedro
Peak
Mines
New
Afton
Rainy
River
New Afton
Mesquite
29
30. 2014 capital expenditures by category
•
Set out below is a breakdown of expected 2014 capital expenditures at each site divided into two
categories – sustaining capital and growth capital (future production growth and mine life extension)
New Afton - $115 million
•
52%
48%
•
•
$60 million – ~2,500 metre development, two new trucks, dam raise and
surface ventilation upgrade
$35 million – mill expansion
$20 million – C-zone scoping level engineering and capitalized exploration
Rainy River - $105 million
•
100%
•
•
$60 million – property, plant and equipment
$35 million – detailed engineering, studies, environmental monitoring and
permitting
$10 million – capitalized exploration
•
•
$28 million – four new trucks and leach pad expansion
$12 million – major components/building and tank construction
Mesquite - $40 million
100%
Growth capital
Sustaining capital
30
31. 2014 capital expenditures by category
Peak Mines - $40 million
•
•
100%
$20 million – two haul trucks and site maintenance
$20 million – capitalized development and capitalized exploration
Cerro San Pedro - $28 million
•
•
29%
$20 million – capitalized stripping
$8 million – leach pad expansion
•
•
$10 million – permitting
$5 million – engineering studies
71%
Blackwater - $15 million
100%
Growth capital
Sustaining capital
New Gold’s 30% share of estimated 2014 El Morro capital costs of
$6 million fully carried by Goldcorp Inc.
31
34. Rainy River
Jurisdiction
2014 Feasibility Study
First nine years:
1.44 g/t
325 Koz
Gold Grade
Annual Production
Ontario, Canada
$613/oz
Total Cash Costs(2)
Country
Ranking(1)
#2
$736/oz
All-in Sustaining Costs(3)
RAINY RIVER
Situated for Mine
Development
Gold Resource/Upside
+3.8 Moz
Reserves(4)
Flat terrain
+169 km2
+6.2 Moz
Land Package
Close to infrastructure
M&I Resources(4)
17km tie-in to power
Multiple regional targets
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
3. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
4. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Resources” and “Technical
Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.
34
35. Rainy River – Project overview
•
21,000 tonne per day process plan with conventional crushing, grinding, leaching and
carbon-in-pulp technology
•
Targeted commissioning in 2016 with first year of full production in 2017
•
14-year mine life with direct processing of open pit and underground ore for first nine years and
processing of a combination of stockpile and underground ore thereafter
•
Development capital of $885 million inclusive of $70 million contingency (at $1.05 CDN/USD)
•
$837 million at $1.11 CDN/USD
•
Life-of-mine gold and silver recoveries of 91% and 64%
•
Open pit mining schedule incorporates an elevated cut-off grade strategy during first nine years
35
36. Indicative timeline
Project Schedule
2014
2015
2016
2017
Feasibility Study
First Nations & Public Consultation
Engineering/Procurement
Environmental Assessment
Permitting
Construction
Production
Ongoing consultation
Final construction during commissioning
1. Indicative tim
eline is dependent on perm approvals and other variables. There is no assurance this tim
it
eline will be achieved or that the deposit will ever reach the production stage.
36
38. Blackwater
Jurisdiction
2013 Feasibility Study
First nine years:
British Columbia,
Canada
17-year
485 Koz
Mine Life
Annual Production
$555/oz
Total Cash Costs(3)
Country
Ranking(1)
#2
$685/oz
All-in Sustaining Costs(4)
BLACKWATER
Significant Gold Resource
GOLD RESOURCE
8.2 Moz
Regional Upside
UPSIDE
Reserves(2)
~1,100 km2
9.5 Moz
Initial resource at
Capoose
Land Package
M&I Resources(2)
Multiple newly
identified targets
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
2. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Resources” and “Technical
Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.
3. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
4. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
38
39. Blackwater – Project overview
•
Conventional truck and shovel open pit mine with 60,000 tonne per day processing plant
•
Simple, conventional flowsheet using whole ore leach process
•
Low grade stockpiling strategy
•
Development capital of $1,865 million inclusive of $190 million contingency (at $1.05 CDN/USD)
•
$1,764 million at $1.11 CDN/USD
•
Life-of-mine operational strip ratio of 1.88 to 1
•
Life-of-mine gold and silver recoveries of 87% and 49%
•
Conventional waste rock and Tailings Storage Facility
•
Power supply from the hydroelectric power grid, via 140-kilometre transmission line
•
Minimal off-site infrastructure required
•
•
Good existing access road; water supply within 15 kilometres
Low environmental risk and facility designed for closure
39
41. El Morro
Jurisdiction
2011 Feasibility Study (30%)
Life of mine:
90 Koz
Chile
Annual Gold Production
85 Mlbs
Annual Copper Production
Country
Ranking(1)
#3
($700/oz)
Total Cash Costs(2)
EL MORRO
Gold/Copper Reserve (30%)
+ Upside
Unique Joint Venture
Structure
2.7 Moz
Gold Reserve (3)
2.0 Blbs
Copper Reserve (3)
Goldcorp 70% partner
Funds 100% of capital
New Gold retains portion of
cash flow from mine start-up
Higher Grade Block Cave Potential
1. Rankings based on 25 countries evaluated in 2013 Behre Dolbear Report – 2013 Ranking of Countries for Mining Investm
ent: “Where Not to Invest”.
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
3. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Resources” and “Technical
Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.
41
42. El Morro (30%) – Funding structure
Total Capital
100%
~ $3.9 billion(1)
30%
100% Average
annual
cash flow
70%
Funded by
$1.2 billion
interest at 4.58%
~ $2.7 billion
30%
20%
70%
80%
Carried funding repayment
•
New Gold’s 30% share of development capital 100% carried
•
Interest fixed at 4.58%
1. Capital estim
ates based on Decem
ber 2011 Feasibility Study.
42
44. Overview
POLICY
•
At New Gold, our commitment to
corporate social responsibility is
specified in our Health, Safety,
Environment and Corporate Social
Responsibility (“HSE & CSR”) Policy
(the “Policy”)
COMMITMENT
•
The HSE & CSR Committee of our
Board of Directors provides oversight
of our progress and adherence to the
principles of our Policy
GOVERNANCE
•
•
•
•
On the ground wherever we work, the organization, resources and commitment of our people are in
place to actualize the Policy
New Gold is a business participant of the UN Global Compact and has committed to its principles in
the areas of human rights, labour, environment and anti-corruption
New Gold is a signatory to the International Cyanide Management Code
Our Sustainability Report, including detailed current and historical statistics, is published annually
44
45. 2013 highlights
SAFETY
•
•
•
Four operations without a lost time incident
Completed corporate safety management system
and standards implementation
Completed safety system audits on all operations
ENVIRONMENT
•
•
•
•
The New Gold Environmental Management
Standards were developed
New Afton received ISO 14001 and 50001
certification
Cerro San Pedro – Achieved substantial compliance
with International Cyanide Management Code
Mesquite – Additional trucks with increased fuel
efficiency
SOCIAL RESPONSIBILITY
•
•
Cerro San Pedro – Fourth consecutive year
recognized as socially responsible company by
Mexican Centre for Philanthropy
Procedures implemented for compliance with
World Gold Council Conflict Free Gold Standard
45
46. Safety performance
New Gold 2012
New Gold 2013
2012 regional regulatory average
3.5
Lost Time Injury Frequency Rate(1)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Peak Mines
Blackwater
Rainy River
New Afton
1. Industry stats are supplied by those jurisdictions in which each m
ine are operating and is reflective of underground and surface operations as appropriate.
2. ‘New Gold’ com
pares the average rate of injury for all New Gold operations versus average rate for all regulatory jurisdictions based on 200,000 hours.
CSP
Mesquite
(2)
New Gold
46
47. 2013 recognition
New Afton has completed the safety system
audit for the Work Safe Certificate of
Recognition for safety system excellence
New Afton 2013 provincial underground mine
rescue champions
Peak Mines received 2013 Environmental
Achievement award
Cerro San Pedro received national recognition
as socially responsible company
47
48. 2014 key objectives
Develop corporate safety orientation program
Complete implementation of Environment Management Standards at all operations
Achieve full compliance under cyanide code for Cerro San Pedro and Peak Mines
Advance environmental assessment for Rainy River and Blackwater
Implement community engagement and development management standards
48
50. Gold reserves and resources summary
Proven and Probable
Reserves
• Increase in gold reserves attributable to:
• Blackwater conversion to reserves from completion of Feasibility
Study
• Accretive acquisition of Rainy River
Measured and Indicated
Resources
• 22% increase in resources per share
• Over 18 million ounces now in Canada
YEAR-END 2012(1)
YEAR-END 2013(2)
Proven and Probable
Resources
7.8 Moz
18.5 Moz
Measured and
Indicated Resources
21.4 Moz
27.5 Moz
Inferred Resources
4.4 Moz
4.2 Moz
1. Year-end 2012 Mineral Reserve and Resource inform
ation per Annual Inform
ation Form dated March 27, 2013.
2. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”. Measured and Indicated Resources are inclusive of Reserves.
50
51. Geographic breakdown
GOLD RESERVES (Moz) – 18.5 Moz
GOLD M&I RESOURCES (1) (Moz) – 27.5 Moz
0.4 Australia 0.4 Mexico
0.8 Australia
2.2 USA
0.4 Mexico
3.0 Chile
2.7 Chile
4.9 USA
12.8 Canada
18.4 Canada
1. Reserves and Resources are as of Decem
ber 31, 2013. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning
estim
ates of Mineral Reserves and Mineral Resources” and “Technical Inform
ation”. Measured and Indicated Resources are inclus of Reserves.
ive
51
52. Growing resource base
M&I GOLD RESOURCES (1) (Moz)
6.8
(0.7)
27.5
21.4
12/31/2012
(2)
45 ounces per
1,000 shares
Ounces mined 2013
Ounces added through
exploration/updated resource
estimates/accretive acquisition
+22%
12/31/2013
55 ounces per
1,000 shares
1. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”. Measured and Indicated Resources are inclusive of Reserves
.
2. Year-end 2012 Mineral Reserve and Resource inform
ation per Annual Inform
ation Form dated March 27, 2013.
52
53. Increasing gold leverage per share
Track record of ‘per share’ growth in Measured and Indicated resources
Year-end 2012 to Year-end 2013
•
M&I GOLD RESOURCES (1)(2) PER 1,000 SHARES
6.1 million ounce increase in
Measured and Indicated gold
resources
55
45
•
16% increase in New Afton
resources driven by C-zone
•
33
18% increase in Blackwater
resources
•
41
Accretive Rainy River
acquisition
YE 2010
YE 2011
YE 2012
YE 2013
1. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”. Measured and Indicated Resources are inclusive of Reserves
.
2. Year-end 2010, 2011 and 2012 Mineral Reserve and Resource inform
ation per Annual Inform
ation Form dated March 31, 2011, March 26, 2012 and March 27, 2013.
s
53
54. Measured and Indicated resource contribution
CSP
New
Afton
Peak
Mines
New
Afton
Peak
Mines
Peak
Mines
El MorroRiver
Rainy
Blackw ater (1)
El Morro
GOLD
27.5 Moz
SILVER
CSP
COPPER
125 Moz
El Morro
4.4 Blbs
New Afton
Blackw ater (1)
Mesquite
Rainy River
On a gold-equivalent basis at guided commodity prices, New Gold has
~41 million ounces (2) of Measured and Indicated resources (3)
1.
2.
3.
of
Blackwater inclusive of Capoose M&I resources.
Based on com odity price assum
m
ptions of: Gold - $1,300/oz; Silver - $20.00/oz; Copper - $3.25/lb.
Mineral Resources are as of Decem
ber 31, 2013. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates
Mineral Reserves and Mineral Resources” and “Technical Inform
ation”. Measured and Indicated Resources are inclusive of Res
erves.
54
55. 2014 exploration program overview
New Gold’s estimated exploration budget for 2014 is $50 million
•
Capitalized: $30 million (included in sustaining capital total shown previously)
•
Expensed: $20 million (approximately 70% related to current operations)
Peak Mines
45,000
metres
Rainy River
35,000-40,000
metres
Blackwater
10,000-15,000
metres
New Afton
30,000-35,000
metres
55
1. Circle proportions are representative of both capitalized and expensed exploration for each respective asset.
56. Rainy River exploration
2013 ACHIEVEMENTS
•
Intrepid resource drilled off and incorporated into Feasibility Study
•
Condemnation drilling program approximately 40% complete by year end
•
Improved ability to predict prospective ore horizons beneath surface cover
2014 PROGRAM
Intrepid Zone
Targeting resource expansion in near-mine environment
•
Complete condemnation drilling program
•
Test potential to expand open pit resource to west
•
Explore prospective trends south of main mine area and extending
from Intrepid Zone
56
57. Blackwater exploration
2013 Achievement
•
Expanded exploration targeting coverage to ~50% of claim block
•
14 prospective target areas identified to date
•
•
Seven new targets drill tested with favorable geology intercepted on six
and gold mineralization intercepted on three
Acquired Key property immediately south of Blackwater deposit area
2014 Program
•
Follow up favorable results at Van Tine, Fawn and earlier stage prospects
•
Initiate exploration at Key
57
58. Peak Mines exploration
2013 ACHIEVEMENTS
•
Near-mine exploration and resource conversion partially offset mine depletion
•
Advanced earlier stage targets along regional Rookery fault trend
2014 PROGRAM
Focus on reserves replacement in near-mine environment
•
Convert Measured and Indicated resources to reserves to extend mine life
•
Test newly emerging targets along mine corridor
•
Continue to advance earlier stage regional targets
58
60. 2013 highlights
New Afton moved successfully
beyond design capacity
•
•
•
Gyratory crusher commissioned in
January 2013
Completed construction of
32 drawbells in 2013
Achieved increase to 12,000 tonnes
per day three months ahead of
schedule in September 2013
QUARTERLY AVERAGE THROUGHPUT
THROUGHPUT (tonnes per day)
11,967
12,460
Q3 2013
Q4 2013
25
11,055
25
Q3 2013
Q4 2013
9,262
Q1 2013
Q2 2013
PRODUCTION (Koz)
GOLD
PRODUCTION (Koz)
22
15
•
Successfully evaluated potential for
further throughput increases going
forward
Q1 2013
Q2 2013
COPPER
PRODUCTION (Mlbs)
•
10-fold increase in C-zone Measured
and Indicated resources
19
21
21
Q3 2013
Q4 2013
12
Q1 2013
Q2 2013
60
61. Expansion evaluation
Process of evaluating further throughput increase
•
Ran operation at 14,000 to 15,500 tonnes per day over multi-day periods in August and
December 2013
•
Mill was able to process higher throughput, however a decrease in recovery was seen
•
Began evaluating low capital cost alternatives to increase recoveries at higher throughput
•
Identified that tertiary grinding and increased flotation capacity would be required to maintain
recoveries
•
Worked with third party engineering firm on the capital cost estimate
61
62. Mill expansion capital estimates
•
Below is a summary of the key capital estimates for the expansion project
Engineering, Construction and Equipment
$26 million
Building and Site Works
$12 million
Owner’s Costs
$2 million
Contingency
$5 million
ESTIMATED EXPANSION
CAPITAL
•
$45
MILLION
Note: $35 million of capital to be spent in 2014 with remainder in 2015
Target: 14,000 tonnes per day at higher metal recoveries
62
63. Value creation through mill expansion
2014 TARGETED
AVERAGES
RUN RATE TARGETED AVERAGES
WITH MILL EXPANSION
Throughput
12,500
+12%
14,000
Gold recovery
~85%
+2-3%
~87-88%
Copper recovery
~86%
+2-3%
~88-89%
IRR of +50% and payback period of less than two years
63
67. C-zone resource expansion
•
•
C-zone originally identified through
limited deep holes drilled from
surface
YEAR-END 2012 C-ZONE(1)
Tonnes
(000’s)
Gold
(g/t)
Copper
(%)
Gold
(Koz)
Copper
(Mlbs)
400
0.60
0.73
8
6
Indicated
2,900
0.63
0.68
58
43
Total M&I
3,300
0.62
0.68
66
49
13,600
0.57
0.76
307
228
Measured
Drilling from underground
commenced in second half of 2012
Inferred
•
During 2013 completed 41 holes
totaling 26,800 metres
•
Increased tonnes and grade of
Measured and Indicated resource
resulting in 10-fold increase in
contained gold and copper
•
Incremental increase to Inferred
resource
YEAR-END 2013 C-ZONE(2)
Tonnes
(000’s)
Gold
(g/t)
Copper
(%)
Gold
(Koz)
Copper
(Mlbs)
618
0.75
0.91
15
12
Indicated
25,223
0.84
0.91
678
504
Total M&I
25,842
0.80
0.91
693
516
Inferred
11,288
0.63
0.64
227
159
Measured
1. 2012 inform
ation per Annual Inform
ation Form dated March 27, 2013.
2. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Res ources” and
“Technical Inform
ation”.
67
68. 2014 C-zone program
•
Convert Inferred resource to Measured and Indicated
•
Expand resource laterally to east and west as well as vertically
•
Underground delineation and infill – 30,000 to 35,000 metres
68
70. New Gold review
Growing in the
Right Jurisdictions
• Organic growth at New Afton through mill expansion and C-zone
• Accretive acquisition of Rainy River
• Increased resources at Blackwater and completed Feasibility Study
Invested
Team
• Board and senior management hold significant stake in company
• Focused on ‘per share’ growth
Lowest Cost
Producer
• Significantly lower total cash costs (1) versus industry average and
continuing to decline in 2014
• 2014E all-in sustaining costs (2) of $825 per ounce
Growth
Pipeline
• Industry leading organic growth profile
• Large scale, low cost projects
Value
Creation
• Cumulative five year outperformance versus gold price and S&P/TSX
Global Gold Index
1. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
2. Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
70
71. Among lowest-cost producers, established track record
Lower costs driving higher margins (1)
• 2014E all-in sustaining costs (2) to
decrease by over $70 per ounce
versus 2013
• Costs benefiting from depreciating
Canadian and Australian dollar
• Generating over $200 per ounce
incremental margin versus average of
peer-company’s (3) that have provided
2014 guidance
1.
2.
3.
4.
2014E GUIDANCE –
ALL-IN SUSTAINING COSTS ($/OZ)(2)
2014 Reported Average (4)
New Gold
~$825
~$825
~$1,060/oz
Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
Refer to Endnote on all-in sustaining costs under the heading “Non-GAAP Measures”.
Based on com
parison with costs published by issuers listed in note 4. The m
anner in which costs are determ
ined m vary from one issuer to another.
ay
Average includes: Alam
os, Detour, Eldorado, Goldcorp, IAMGOLD and Newm
ont. The m
anner in which costs are determ
ined m vary from one issuer to another .
ay
~$825/oz
71
72. Industry leading growth pipeline
Rainy River
Blackwater
El Morro (30% )
Jurisdiction
Ontario, Canada
British Columbia, Canada
Chile
Significant Gold
Reserve(1)
3.8 Moz
8.2 Moz
2.7 Moz
Significant Gold M&I
Resource Base(1)
6.2 Moz
9.5 Moz
3.0 Moz
Robust Production/
Low Cash Costs(2)(3)
~325 Koz at $613/oz
total cash costs
~485 Koz at $555/oz
total cash costs
~90 Koz Au/85 Mlbs Cu at
~($700)/oz total cash costs
Three
world-class
projects
1. For a detailed breakdown of Mineral Resources and Reserves by category, refer to Appendix 2. Refer to Endnotes under the heading “Cautionary note to U.S. readers concerning estim
ates of Mineral Reserves and Mineral Resources” and
“Technical Inform
ation”.
2. Refer to Endnote on total cash costs under the heading “Non-GAAP Measures”.
3. Based on first nine years for Rainy River and Blackwater and life-of-m
ine averages for El Morro as outlined in the feasibility studies for the projects.
72
73. A history of value creation
Generated significant value for shareholders over
last four years on a ‘per share’ basis
Reserves per share
+75%
Analyst consensus
net asset value per share (1)
+75%
Share price performance(1)
+71%
1. Net asset value per share and Canadian dollar share price perform
ance as at February 4, 2013.
73
74. Near-term catalysts
2014 costs declining versus 2013
New Afton production and cash flow continues to increase
New Afton C-zone exploration
Rainy River regional exploration
Blackwater regional exploration
Rainy River permitting
Blackwater permitting
New Afton mill expansion
74
75. New Gold investment thesis
Portfolio
of assets
in top-rated
jurisdictions
Invested
and
experienced
team
Among
lowest-cost
producers with
a history of
delivering
Peer-leading
growth
pipeline
Establishing the leading
intermediate gold company
Track record
of value
creation
77. Appendix 1
Summary of debt
Undrawn Credit
Facility
Senior Unsecured Notes
(April 2012)
Senior Unsecured Notes
(November 2012)
El Morro Funding
Loan
Face Value
$150 million(1)
$300 million
$500 million
$78 million
Maturity
1 year with annual
extensions permitted
April 15, 2020
November 15, 2022
n/a
Interest Rate
See ‘Key features’
7.00%
6.25%
4.58%
Payable
Revolving credit
Semi-annually
Semi-annually
Upon start of
production
Conversion price
n/a
n/a
n/a
n/a
Current trading value
n/a
~103
~96
n/a
Key features
•
•
•
•
•
New Gold to repay
Goldcorp out of
80% of its 30%
share of cash flow
once El Morro
starts production
1. $50 m
illion currently allocated for Letters of Credit.
Normal financial
covenants
Interest Rate
• 3.00-4.25% over
LIBOR based on
ratios
• Standby fee of 0.751.06%
•
Senior unsecured
Redeemable after April 15,
2016 at 103.5% down to
100% of face after 2018
Unlimited dividends if
leverage ratio below 2:1
•
Senior unsecured
Redeemable after
November 15, 2017 at par
plus half coupon, declining
ratably to par
Unlimited dividends if
leverage ratio below 2:1
77
78. Appendix 2
Reserves and resources summary
Mineral Reserves and Resources Summary
As at December 31, 2012 (1)
As at December 31, 2013
Gold
Koz
Silver
Koz
Copper
Mlbs
Gold
Koz
Silver
Koz
Copper
Mlbs
Proven and Probable Reserves
18,538
90,080
2,953
7,752
31,256
3,282
Measured and Indicated Resources (inclusive of Reserves)
27,505
124,499
4,353
21,403
131,847
4,061
4,161
30,360
1,821
4,383
84,620
1,114
New Afton
2,297
7,786
1,988
1,979
6,830
1,818
Mesquite
4,904
-
-
5,684
-
-
810
1,380
158
880
1,350
146
Inferred Resources
M&I Resources (inclusive of Reserves)
Peak Mines
Cerro San Pedro
397
15,948
-
1,703
57,980
-
Rainy River
6,236
14,635
-
n/a
n/a
n/a
Blackwater
9,500
70,130
-
8,070
56,190
-
Capoose
320
3,041
14,620
-
2,207
196
2,891
9,497
-
2,097
27,505
124,499
4,353
21,403
131,847
4,061
El Morro
Total M&I
1. 2012 inform
ation per Annual Inform
ation Form dated March 27, 2013.
78
79. Appendix 2
Reserves and resources summary (cont’d)
Mineral Reserves statement as at December 31, 2013
Metal grade
Tonnes
000's
Gold
g/t
Silver
g/t
Contained metal
Copper
%
Gold
Koz
Silver
Koz
Copper
Mlbs
New Afton
Proven
-
-
-
-
-
-
-
Probable
48,821
0.56
2.2
0.84
879
3,500
904
Total New Afton P&P
48,821
0.56
2.2
0.84
879
3,500
904
Mesquite
Proven
3,809
0.70
-
-
86
-
-
Probable
112,094
0.60
-
-
2,152
-
-
Total Mesquite P&P
115,903
0.60
-
-
2,237
-
-
Proven
1,820
4.35
6.7
1.16
255
390
47
Probable
1,820
2.69
7.4
1.27
157
430
51
Total Peak Mines P&P
3,640
3.52
7.1
1.22
412
820
98
Probable
12,982
13,714
0.47
0.44
17.5
18.7
-
197
195
7,311
8,239
-
Total CSP P&P
26,696
0.46
18.1
-
392
15,550
-
Peak Mines
Cerro San Pedro
Proven
79
84. Appendix 2
Reserves and resources notes
New Gold reports its Measured and Indicated mineral resources inclusive of its mineral reserves. Measured and Indicated miner al resources that are not mineral reserves do not have
demonstrated economic viability. Inferred mineral resources have a greater amount of uncertainty as to their existence and ec onomic and legal feasibility, do not have demonstrated economic
viability, and are exclusive of mineral reserves. Mineral reserves have been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definition
standards and National Instrument 43-101 (“NI 43-101”).
1) Mineral Reserves for the company’s mineral properties have been estimated based on the follow ing metal prices and low er cut-off criteria:
Mineral Property
Gold
(US$/oz)
Silver
(US$/oz)
Copper
(US$/lb)
Low er Cut-off
New Afton
$1,300
$22.00
$3.00
US$21.00/t NSR
Mesquite
$1,300
-
-
Peak Mines
$1,300
$22.00
$3.00
Cerro San Pedro
$1,300
$22.00
-
US$3.00/t
Rainy River
$800
$1,300
$25.00
$22.00
-
Open Pit: 0.3 – 0.7 g/t Au
Underground: 3.5 g/t Au
Blackw ater
$1,300
$22.00
-
Direct processing: 0.26 – 0.38 g/t AuEq
Stockpile: 0.32 g/t AuEq
El Morro
$1,300
-
$3.00
0.21 g/t Au – Oxide and transition reserves
0.41 g/t Au – Non-oxide reserves
A$88 – 134/t NSR
0.20% Cu
84
85. Appendix 2
Reserves and resources notes (cont’d)
2) Mineral Resources for the company’s mineral properties have been estimated based on the follow ing metal prices and low er cut-off criteria:
Mineral Property
Gold
(US$/oz)
Silver
(US$/oz)
Copper
(US$/lb)
Low er Cut-off
New Afton
$1,400
$24.00
$3.25
Mesquite
$1,400
-
-
Peak Mines
$1,400
$24.00
$3.25
Cerro San Pedro
$1,400
$24.00
-
0.10 g/t AuEq – Open pit oxide resources
0.30 g/t AuEq – Open pit sulphide resources
Rainy River
$1,400
$24.00
-
Open Pit: 0.3 – 0.45 g/t Au
Underground: 2.5 g/t Au
Blackw ater
$1,400
$24.00
-
Direct processing: 0.40 g/t AuEq
Stockpile: 0.30 – 0.40 g/t AuEq
Capoose
$1,400
$24.00
-
0.40 g/t AuEq
El Morro
$1,300
-
$3.00
0.40% CuEq
0.11 g/t Au – Oxide and transition resources
0.22 g/t Au – Non-oxide resources
A$92 - 125/t NSR
0.20% Cu
3) Mineral resources are classified as Measured, Indicated and Inferred resources and are reported based on technical and economic parameters consistent w ith the methods most suitable
for their potential commercial exploitation. Where different mining and/or processing methods might be applied to different portions of a mineral resource, the designators ‘open pit’ and
‘underground’ have been applied to indicate envisioned mining method. Likew ise the designators ‘oxide’, ‘non-oxide’ and ‘sulphide’ have been applied to indicate the type of mineralization
as it relates to appropriate mineral processing method and expected payable metal recoveries. Additional details regarding mineral resource estimation, classification, reporting parameters,
key assumptions and associated risks for each of New Gold’s mineral properties, other than Rainy River, are provided in the r espective NI 43-101 Technical Reports w hich are available at
www.sedar.com. Refer to the supplementary information below regarding the mineral reserve and mineral resource estimates for Rainy River.
85
86. Appendix 2
Reserves and resources notes (cont’d)
Rainy River Mineral Reserves:
1. Open pit mineral reserves have been estimated using an optimized pit shell based on metal prices of $800 per ounce gold and $25 per ounce silver, a foreign exchange rate of C$1.05 to
US$1.00, gold recovery of 89.9% (non-CAP Zone) and 74.3% (CAP Zone) and a silver recovery of 67.1% (non-CAP Zone) and 69.5% (CAP Zone). The cut-off grade is based on a gold
price of $1,200. Underground reserves have been estimated from mining shapes generated using a cut-off grade of 3.5 g/t gold-equivalent. Development material from stope access drives
above a cut-off grade of 1.5 g/t gold-equivalent is also assumed to be sent to the mill for processing. Underground breakeven cut-off grade is calculated at 2.75 g/t gold-equivalent based on
metal prices of $1,300 per ounce gold and $22 per ounce silver, a foreign exchange rate of CAD $1.05 to USD $1.00, gold recov ery of 95% and a silver recovery of 75%.
2. Open pit reserves have been estimated using a dilution of 4% at 0.21 g/t Au and 1.19 g/t Ag, and underground reserves have been estimated using an overall dilution of 8.3%, inclusive of
both rock and backfill dilution. Open pit and underground reserves have been estimated using a mining recovery of 95% and 96.5%, respectively.
3. Open pit direct processing material is defined as mineralization likely to be mined and processed directly and above a var iable cut-off grade ranging from 0.3-0.7 Au g/t.
4. Stockpile material includes all material w ithin designed open pit betw een variable cut-offs described above in Note 3, as w ell as material w ithin the CAP Zone (code 500) that is suitable for
stockpiling and future processing.
5. Mineral Reserves for the open pit are derived from the resource model effective November 2, 2013. Models for the underground reserves were derived from the August 2013 and
September 2013 models for the main ODM zone and Intrepid Zone, respectively. Models w ere prepared by Dorota El-Rassi, P.Eng. (APEO #100012348) and Glen Cole, P.Geo. (APGO
#1416), of SRK, both independent “Qualified Persons" as that term is defined in National Instrument 43-101. Rainy River’s exploration program in Richardson Tow nship is being supervised
by Mark A. Petersen, (AIPG Certified Professional Geologist #10563), Vice President, Exploration for New Gold and a “Qualified Person” as defined in National Instrument 43-101. New Gold
continues to implement a rigorous QA/QC program to ensure best practices in drill core sampling, analysis and data management.
6. Qualified persons - The open pit portion of the mineral reserve statement w as prepared under the supervision of Patrice Live (OIQ #38991) of BBA, and the underground portion of the
mineral reserve statement w as prepared by Colm Keogh, P.Eng. (APEGBC #37433) of AMC Mining Consultants (Canada) Ltd., both independent “Qualified Persons" as that term is defined
in National Instrument 43-101.
7. The mineral reserve estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitic al, marketing, and other relevant issues.
Rainy River Mineral Resources:
1. Mineral resources are reported in relation to conceptual pit shells and are inclusive of the Intrepid zone. Vertical limit of -150m msl.
2. Open pit mineral resources are reported at a cut-off grade of 0.30 gpt gold, underground mineral resources are reported at a cut-off grade of 2.5 gpt gold based on a gold price of $1,400
per ounce, a silver price of $24.00 per ounce, a foreign exchange rate of C$1.10 to US$1.00, gold recovery of 88% for open pit resources and 90% for underground resources with silver
recovery at 75%.
3. Direct processing material is defined as mineralization above a cut-off of 0.45 g/t gold and likely to be mined and processed directly.
4. Stockpile material includes all material w ithin conceptual pit shells in the gold grade range 0.30 – 0.45 gpt as w ell as all material w ithin the CAP zone that is suitable for stockpiling and
future processing based on average metallurgical recoveries of 88% gold and 75% silver.
5. Qualified Persons – The mineral resource statement w as prepared by Dorota El-Rassi, P. Eng. (APEO #100012348) and Glen Cole (APGO #1416) from SRK, both independent "Qualified
Persons" as that term is defined in National Instrument 43-101.
6. Mineral resources are inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstr ated economic viability.
7. The mineral resource estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing and other relevant issues.
4) Qualified Person: The preparation of New Gold's mineral reserve and mineral resource statements has been done by Qualified Persons as defined under National Instrument 43-101 under
the supervision of Mark A. Petersen, a Qualified Person under National Instrument 43-101 and an officer of New Gold.
86
87. Endnotes
CAUTIONARY NOTE TO U.S. READERS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCES
Information concerning the properties and operations of New Gold has been prepared in accordance with Canadian standards unde r applicable Canadian securities laws, and may not be comparable to
similar information for United States companies. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Minera l Resource” and “Inferred Mineral Resource” used in this Report are
Canadian mining terms as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards f or Mineral Resources and Mineral Reserves adopted by CIM Council on
November 27, 2010 and incorporated by reference in National Instrument 43 -101 (“NI 43-101”). While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and
“Inferred Mineral Resource” are recognized and required by Canadian securities regulations, they are not defined terms under standards of the United States Securities and Exchange Commission. As such,
certain information contained in this Report concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States
companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission.
An “Inferred Mineral Resource” has a greater amount of uncertainty as to its existence and as to its economic and legal feasi bility. Under Canadian rules, estimates of Inferred Mineral Resources may not
form the basis of feasibility of pre-feasibility studies. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher confidence category. Readers are
cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists or is economically or legally mineable.
Under United States standards, mineralization may not be classified as a “Reserve” unless the determination has been made tha t the mineralization could be economically and legally produced or extracted
at the time the Reserve estimation is made. Readers are cautioned not to assume that all or any part of the Measured or Indi cated Mineral Resources that are not Mineral Reserves will ever be converted
into Mineral Reserves. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” under CIM st andards differ in certain respects from the standards of the United States
Securities and Exchange Commission.
TECHNICAL INFORMATION
The scientific and technical information in this presentation has been reviewed and approved by Mark A. Petersen, Vice President, Exploration of New Gold. Mr. Petersen is an AIPG Certified Professional
Geologist and a “qualified person” under National Instrument 43 -101.
NON-GAAP MEASURES
(1) TOTAL CASH COSTS
“Total cash costs” per ounce figures are non-GAAP measures which are calculated in accordance with a standard developed by The G old Institute, a worldwide association of suppliers of gold and gold
products that ceased operations in 2002. Adoption of the standard is voluntary and the cost measures presented may not be com parable to other similarly titled measures of other companies. New Gold
reports total cash costs on a sales basis. Total cash costs include mine site operating costs such as mining, processing, adm inistration, royalties and production taxes, but are exclusive of amortization,
reclamation, capital and exploration costs. Total cash costs are reduced by any by-product revenue and then divided by ounces of gold sold to arrive at a per ounce figure. Co-product cash costs are
calculated based on total cash costs, prior to any reduction for by-product revenue, being apportioned to each metal produced on a percentage of revenue basis and subsequently divided by ounces of gold
or silver sold or pounds of copper sold to arrive at per ounce or per pound figures. These measures, along with sales, are co nsidered to be a key indicator of a company’s ability to generate operating
earnings and cash flow from its mining operations. This data is furnished to provide additional information and is a non -GAAP measure. Total cash costs and co-product cash costs presented do not have a
standardized meaning under GAAP and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP and is not necessarily indicative of operating costs presented under GAAP. Furth er details regarding our non-GAAP measures and a reconciliation to the
nearest GAAP measures are provided in our MD&A’s accompanying our financial statements filed from time to time on www.sedar.c om.
(2) ALL-IN SUSTAINING COSTS
Consistent with guidance announced in 2013 by the World Gold Council, an association of various gold mining companies from ar ound the world of which New Gold is a member, New Gold defines “all -in
sustaining costs” per ounce as the sum of total cash costs, sustaining capital expenditures, corporate general and administra tive costs, capitalized and expensed exploration that is sustaining in nature and
environmental reclamation costs, all divided by the ounces of gold sold to arrive at a per ounce figure. New Gold believes th is non-GAAP measure provides further transparency into costs associated with
producing gold and will assist analysts, investors and other stakeholders of the company in assessing the company’s expected operating performance, ability to generate free cash flow and its overall value.
This data is furnished to provide additional information and is a non -GAAP measure. All-in sustaining costs presented do not have a standardized meaning under GAAP and may not be comparable to similar
measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative
of operating costs presented under GAAP. Further details regarding our non -GAAP measures and a reconciliation to the nearest GAAP measures are provided in our MD&A’s accompanying our financial
statements filed from time to time on www.sedar.com.
87