New Gold Published Inaugural Three-Year Operational Outlook

SEATTLE (Scrap Monster): New Gold Inc. released its inaugural three-year operational outlook and updated Mineral Reserve and Mineral Resources statement.

The company anticipates significant surge in consolidated gold production, which it expects to increase by nearly 35% from 2023 levels to around 410,000-460,000 ounces by 2026, driven by boosted production profiles at both Rainy River and New Afton mines. Meantime, the copper production is anticipated to see almost 60% boost to hit 71-81 million pounds in 2026, the statement said.

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At the same time, the all-in sustaining costs (AISC) are expected to witness significant decline to between $650 and $750 per ounce in 2026.

New Gold Inc. will see a significant jump in free cash flow, mainly driven by higher production, lower costs and lower capital spend over the next three-year period.

The consolidated gold production is likely to range between 310,000 ounces and 350,000 ounces in 2024, as compared with 321,178 ounces during the previous year. The production is expected to show strength during the second half of the year, which is projected to account for almost 60% of the annual production. The 2024 copper production is forecast to surge higher by 16% from 2023 to total around 50-60 million pounds.

The company targets a sustainable production platform of approximately 600,000 gold equivalent ounces per year beyond 2026.