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They're a mid-sized gold mining company, a bit like a smaller, North American-focused Barrick Gold.

Think of them as a gold and silver producer with multiple operating mines, similar to a regional version of Newmont.

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• Gold: New Gold extracts and processes gold ore from its various mining operations for sale.
• Silver: The company produces silver as a co-product or by-product from its mineral deposits.
• Copper: New Gold mines copper, primarily from its New Afton mine, which is then sold as a concentrate.

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New Gold Inc. (NGD) is an intermediate gold mining company that extracts raw gold, silver, and copper. As a producer of commodities, the specific names of its major customers are typically not publicly disclosed due to the fungible nature of the products (gold, silver, copper) and the competitive global market for these metals.

However, based on the standard operating model for mining companies of its type, New Gold's primary customers are generally large industrial and financial entities involved in the processing and trading of precious and base metals. These categories of customers typically include:

1. Precious Metal Refiners: Companies that purchase gold and silver doré bars or concentrates and refine them into high-purity bullion. These refined products are then used by various industries or sold into financial markets. Most major refiners are privately held or are divisions of larger corporations, so public symbols are generally not available for these specific entities.
2. Copper Smelters and Refiners: For the copper concentrate produced from mines like New Afton, New Gold would sell to companies that specialize in smelting and refining copper ore into refined copper metal. These are large industrial operations.
3. Metal Trading Houses and Bullion Banks: Large commodity trading firms and financial institutions (often referred to as bullion banks) that purchase raw or refined metals for trading, hedging, and distribution to industrial users, investors, or central banks. While many of these are public companies (e.g., major investment banks), New Gold does not typically name specific trading partners.

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Mr. Godin has over 30 years of corporate, technical and operations experience in the mining industry. Most recently, he served as Vice President and Chief Operating Officer of Pretium Resources Inc., where he was responsible for the operations of the Brucejack Mine. Prior to that, Mr. Godin was the President and Chief Executive Officer of Stornoway Diamond Corporation, and from 2010 to 2018, he held the position of Chief Operating Officer and Vice President, during which he oversaw the construction and operations of the Renard Diamond Mine in Quebec. He also held roles as Vice President, Project Development for G Mining Services.

Mr. Murphy serves as the Executive Vice President and Chief Financial Officer of New Gold.

Mr. Shah was appointed Executive Vice President & Chief Strategy Officer in April 2025, having previously served as the Executive Vice President, Strategy & Business Development since April 2023. He is responsible for business strategy, corporate development, capital allocation, capital markets, investor relations, and communications. Mr. Shah joined New Gold in 2010 and possesses nearly two decades of mining and advisory experience.

Mr. Murphy's appointment as Vice President, Operations, became effective March 24, 2025. He is a registered professional geologist with over 18 years of industry experience in overseeing mining and planning activities. Before joining New Gold, he was the Principal Advisor – Productivity (North America) for Newmont Corporation. Prior to that, Mr. Murphy held senior positions at Newmont and Pretivm Resources, including Mine Manager at the Brucejack operation, which, under his leadership, received the John T. Ryan Safety Award and Large-scale Underground Mine Safety Award in 2021.

Mr. Keating holds the title of Vice President, General Counsel and Corporate Secretary for New Gold.

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The key risks to New Gold Inc. (NGD) primarily revolve around its complex operational transitions, susceptibility to market price volatility for its commodities, and aspects of its financial position.

1. Operational and Transition Risks: New Gold faces significant operational risks related to the ongoing transitions and ramp-ups at its key mines. At the New Afton mine, the B3 cave is nearing exhaustion, making the successful development and ramp-up of the C-Zone critical for future gold and copper production targets. Any delays in this process could directly impact output. Similarly, the Rainy River mine is transitioning from open-pit to underground mining, which introduces new operational complexities and potential cost pressures. Furthermore, the company faces a strategic challenge in extending its mine life, as the Rainy River open-pit is expected to be depleted soon, with the underground mine life currently projected only until 2031. This necessitates successful exploration and reserve replacement to sustain long-term growth. The ongoing construction of a larger tailings facility at the Rainy River Mine also presents a risk of delays or cost overruns.

2. Commodity Price Fluctuations and Cost Inflation: As a mining company, New Gold's profitability is highly sensitive to the volatile prices of gold, silver, and copper. While high commodity prices can be a tailwind, a reversal in these trends would significantly shrink the company's margins. The business also faces ongoing industry-wide labor and energy cost inflation. There is a risk that the company's All-in Sustaining Costs (AISC) could trend towards the higher end of or exceed guidance, which would reduce profitability despite favorable metal prices.

3. Financial Position and Liquidity: Although New Gold has been working to improve its financial health, the company still carries a significant debt load. As of November 2025, total liabilities were approximately $1.13 billion. There are also concerns regarding liquidity, as the company's short-term assets do not currently cover its short-term or long-term liabilities. While debt coverage by operating cash flow has been positive, maintaining a strong financial position and managing its debt and liquidity remain a key risk factor for the business.

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The addressable markets for New Gold Inc.'s main products are global:

• Gold: The global gold market was valued at approximately USD 291.68 billion in 2024. In terms of volume, the global gold market stood at 4,890.0 tons in 2025.
• Silver: The global silver market size was valued at approximately USD 87.12 billion in 2024.
• Copper: The global copper market size was estimated at approximately USD 241.88 billion in 2024.

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New Gold Inc. (NGD) is anticipated to experience revenue growth over the next two to three years, driven by several key operational and market factors.

Here are the expected drivers of future revenue growth for New Gold:

1. Increased Production from the New Afton C-Zone: The C-Zone at the New Afton mine achieved commercial production in the second half of 2024 and is expected to significantly boost both gold and copper output. This expansion is projected to increase average annual production at New Afton to approximately 90,000 ounces of gold and 70 million pounds of copper, representing a 60% increase over 2023 guidance. The C-Zone is slated to ramp up to a rate of more than 14,500 tonnes per day (tpd) by 2026. Overall, copper production is forecasted to see a substantial 94% increase over the next three years, primarily due to the C-Zone ramp-up.
2. Increased Production and Extended Mine Life at Rainy River: The Rainy River Mine is expected to contribute to revenue growth through higher production and an extended operational life. The mine is anticipated to benefit from increased throughput and slightly higher gold grades, with an expected production of 265,000 ounces at the mid-point for 2024. The Phase 5 pit expansion has extended open-pit mining to 2028, ensuring the mill operates at full capacity until 2029. Furthermore, underground reserves have significantly grown to approximately 1.34 million ounces of gold. Consolidated gold production is expected to increase by approximately 16% in 2025, predominantly driven by the improved output from Rainy River. Underground ore production at Rainy River is expected to ramp up to 5,500 tonnes per day by 2027.
3. Favorable Gold and Copper Prices: New Gold has benefited from and is expected to continue to benefit from the recent surge in gold and copper prices. Record gold prices in 2024 are projected to lead to significant free cash flow generation for the company. The favorable environment for gold, with prices gaining 29% year-to-date and strong demand, presents a promising outlook for New Gold. Analysts anticipate a revenue growth of 51% to $1.4 billion in 2025, partially attributed to favorable gold prices. Strong price movements for key metals in 2025, including a 38.63% year-on-year increase in gold futures, are expected to continue fueling investor demand and, consequently, New Gold's revenue.
4. Exploration Success and Resource Conversion: Ongoing exploration programs at both the New Afton and Rainy River mines are anticipated to contribute to future revenue growth by expanding mineral reserves and extending mine lives. Encouraging drill results at New Afton's East Extension zone and K-Zone indicate the potential for new high-grade material, with the East Extension containing grades more than double those of the C-Zone. New Gold plans to report a maiden mineral resource for New Afton's K-Zone by the end of 2025 and to advance a feasibility study for the zone in 2026. Additionally, the company is evaluating opportunities to extend the C-Zone mine life beyond 2030 and to expand it laterally with minimal capital investment. An increased exploration budget for 2024 and 2025 is focused on mine life extension and discovering high-grade resources.

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Capital Allocation Decisions (2021-2025)

• Share Repurchases

  New Gold has not engaged in share repurchases, as the company's primary focus has been on achieving its production targets for its mines through 2026-2027.

• Outbound Investments

  In 2025, New Gold acquired the remaining 19.9% free cash flow interest in its New Afton mine for $300 million, fully consolidating the mine's cash flow.

• Capital Expenditures

  In 2025, New Gold invested over $310 million in total capital, primarily allocated to growth initiatives such as ramping up C-Zone production at New Afton and advancing the Rainy River underground Main. For 2024, total capital expenditures were below the guidance range of $145 million to $165 million, with approximately $15 million deferred into 2025. Capital expenditures in 2024 were focused on sustaining capital for tailings management and stabilization, and growth capital for C-Zone underground mine development and cave construction.