New Gold Reports Strong Q4 2024 Results Despite Rainy River Setbacks
New Gold reported its fourth quarter and full-year 2024 operational results as of December 31, 2024, showcasing its highest production quarter of the year. The company plans to release its operational outlook, technical reports for Rainy River and New Afton, and updated Mineral Reserve and Resource Statement after market close on February 12, 2025. A conference call and webcast will follow on February 13. The company’s financial results for Q4 and full-year 2024 will be published on February 19, 2025, with an earnings call scheduled for February 20.
President & CEO Patrick Godin highlighted the strong fourth-quarter performance, driven by New Afton's exceptional gold production, which exceeded guidance and partially offset challenges at Rainy River. New Afton achieved commercial production at the C-Zone and processed its first underground ore at Rainy River ahead of schedule.
Q4 2024 Consolidated Production: 80,438 ounces of gold and 14.5 million pounds of copper, marking a 2% and 20% year-over-year increase, respectively, and a 3% and 15% rise over Q3 2024.
New Afton Performance: Produced 19,652 ounces of gold and 14.5 million pounds of copper in Q4, up 19% and 15% from Q3. The B3 cave operated as planned, and C-Zone ore ramp-up progressed smoothly.
Rainy River Challenges: Produced 60,786 ounces of gold in Q4. Mechanical downtime in December impacted the crushing and conveying systems, lowering throughput and causing production to fall slightly below updated guidance.
Full-Year 2024 Production: 298,303 ounces of gold, slightly below the updated guidance of 300,000–310,000 ounces, while copper production of 54.0 million pounds met the midpoint of the initial guidance range.
Cost Management: Consolidated all-in sustaining costs (AISC) are projected at the low end of the $1,240–$1,340 per gold ounce sold guidance on a by-product basis.
