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Here are 1-2 brief analogies to describe New Gold (NGD):

• New Gold is like a mid-tier version of Barrick Gold (GOLD) or Newmont (NEM).
• Think of them as similar to Freeport-McMoRan (FCX) in the copper mining industry, but primarily focused on gold.

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• Gold: A precious metal extracted from its various operating mines and development projects.
• Silver: A precious metal produced as a significant co-product or by-product from its mining operations.

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New Gold (symbol: NGD) sells its products primarily to other companies rather than individuals.

New Gold does not publicly disclose the specific names of its major customer companies in its financial filings or investor materials, as is common for commodity producers who sell into global markets or through a variety of intermediaries. However, its customers typically fall into the following categories:

• Precious Metals Refineries: New Gold sells its gold and silver doré (a semi-pure alloy) directly to specialized precious metals refineries. These companies process the doré into investment-grade bullion, which is then sold into the global market.
• Copper Smelters/Processors: For its copper concentrate, New Gold enters into long-term sales agreements with various third-party purchasers. These purchasers are typically large industrial companies that operate smelters and other processing facilities to refine copper concentrate into usable metal.
• Commodity Trading Houses: Both copper concentrate and, indirectly, refined precious metals from New Gold's production can be sold through large international commodity trading houses. These firms specialize in sourcing, trading, and distributing raw materials globally.

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Patrick Godin, President and Chief Executive Officer

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. Pretium Resources Inc. was subsequently acquired by Newcrest Mining Ltd. Prior to that, Mr. Godin was the President and Chief Executive Officer of Stornoway Diamond Corporation, and from 2010 to 2018, he held the roles of Chief Operating Officer and Vice President. During his tenure at Stornoway, he oversaw the construction and operations of the Renard Diamond Mine in Quebec. His experience also includes a role as Vice President, Project Development for G Mining Services. Mr. Godin holds a Bachelor of Engineering degree in Mining from Laval University and has been a Chartered Director since 2010.

Keith Murphy, Executive Vice President and Chief Financial Officer

Mr. Murphy is a mining finance executive with more than 15 years of experience in finance, primarily within the mining industry. He joined New Gold in 2013 and was promoted to Chief Financial Officer in January 2024. Since joining the company, he has taken on increasing responsibilities in financial reporting, taxation, and finance. Before his time at New Gold, Mr. Murphy worked as a consultant with BDO. He is a Chartered Accountant (Ireland).

Ankit Shah, Executive Vice President and Chief Strategy Officer

Mr. Shah serves as the Executive Vice President and Chief Strategy Officer for New Gold. Further detailed background information, including prior company management, sales, or private equity involvement, was not readily available in the provided search results.

Sean Keating, Vice President, General Counsel and Corporate Secretary

Mr. Keating possesses over 15 years of experience in corporate and securities law and mergers and acquisitions, predominantly in the mining sector. He joined New Gold in 2016 and was appointed Vice President, General Counsel and Corporate Secretary in November 2019, having previously served as Assistant General Counsel. Prior to joining New Gold, Mr. Keating was corporate counsel to Barrick Gold Corporation from 2010 to 2015, where his responsibilities included mergers and acquisitions, financings, commercial transactions, corporate governance, regulatory compliance, and capital project development.

Paul Melling, Vice President, Treasury and Risk

Mr. Melling has over 15 years of experience in corporate finance and capital markets within the mining industry. He joined New Gold in 2011 and is responsible for managing the company's treasury functions, which encompass corporate finance, risk management and insurance, cash management, commodity and foreign exchange hedging, and metal sales and marketing. Before joining New Gold, Mr. Melling worked in equity research at Scotiabank and as an engineer in the nuclear energy industry.

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New Gold Inc. (NGD) faces several key business risks, primarily stemming from the inherent nature of the mining industry and its specific operational context. The most significant risks include commodity price volatility, challenges related to operational execution and mine life, and managing its debt.

1. Commodity Price Volatility: New Gold's earnings and profitability are heavily influenced by the fluctuating market prices of gold and copper. A sustained decline in these commodity prices could significantly compress the company's margins and negatively impact its cash flow.

2. Operational Execution and Mine Life: The company faces ongoing operational challenges, particularly concerning the successful transition and ramp-up of key assets. This includes the New Afton mine's C-Zone development, which is critical as the B3 cave nears exhaustion, and the Rainy River mine's shift from open-pit to underground operations, both of which introduce complexities and potential cost pressures. Delays in these projects, or unexpected operational disruptions such as mechanical failures, geotechnical issues, or lower-than-anticipated ore grades, can directly impact production targets and overall financial performance. Furthermore, extending the mine life at its current operations is a significant strategic risk, as the Rainy River open-pit is nearing depletion, and the underground mine life for both New Afton and Rainy River is projected to 2031 and 2033, respectively, making future growth dependent on successful exploration efforts.

3. Debt Management: New Gold carries substantial liabilities, which totaled approximately $1.13 billion as of November 2025. While its debt-to-equity ratio is considered within a healthy range for a capital-intensive mining operation, managing this debt load requires careful attention, especially in an environment of potentially rising interest rates. The company's stock has also demonstrated a weaker resilience compared to the S&P 500 during past economic downturns, highlighting the financial vulnerability associated with its leverage.

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New Gold (NGD) is a Canadian mining company whose main products are gold, with silver and copper as by-products from their operations in Canada. The addressable markets for these products are as follows:

Gold Market

• The global gold market size was valued at USD 291.68 billion in 2024 and is projected to reach USD 457.91 billion by 2032.
• The North American gold market is expected to be worth USD 23.22 billion in 2025.
• The North America Gold Mining market is valued at USD 43.5 billion in 2024 and is projected to reach USD 63 billion by 2035.

Silver Market

Copper Market

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New Gold Inc. (NGD) is expected to drive future revenue growth over the next 2-3 years through a combination of increased production, favorable commodity prices, and successful project development.

1. Increased Gold and Copper Production Volumes: New Gold anticipates significant increases in both gold and copper production. Consolidated gold production is projected to rise by approximately 16% in 2025 compared to 2024, primarily driven by enhanced output at the Rainy River mine. Looking further ahead, consolidated gold production for 2026 and 2027 is expected to be 55% and 37% higher, respectively, than in 2024, benefiting from increased production profiles at both the Rainy River and New Afton mines. Copper production is also forecasted to see a substantial 94% increase over the next three years.

2. Favorable Commodity Prices for Gold and Copper: Higher gold and copper prices have already contributed to increased revenue, as observed in Q3 2025. Revenue growth in 2025 is anticipated to be driven by a combination of increased production and favorable gold prices. Geopolitical tensions and inflationary pressures are expected to continue supporting gold demand and prices, while robust demand for copper is projected due to growth in new residential and non-residential construction.

3. Successful Development and Ramp-up of Key Projects: The advancement and ramp-up of significant projects, such as the C-Zone at New Afton and the Rainy River underground operations, are critical. New Afton's C-Zone is on schedule to reach a processing rate of 16,000 tonnes per day (tpd) by early 2026. Capital expenditures in 2025 and 2026 are directed towards completing the C-Zone project and developing the East Extension zone, which are expected to lead to increased production.

4. Cost Optimization and Expanding Margins: While not a direct revenue driver, New Gold's efforts to reduce unit costs and expand margins enhance profitability and free cash flow, indirectly supporting revenue growth by making operations more efficient and sustainable for future expansion. The company expects a 65% reduction in all-in sustaining costs (AISC) over the next three years. All-in sustaining costs decreased significantly in Q3 2025 and are expected to reduce further in Q4, with total cash costs also projected to decrease in 2025 due to efficiencies from C-Zone production and the elimination of truck haulage from the B3 cave.

5. Exploration Success and Mine Life Extensions: Ongoing exploration initiatives are expanding the potential of existing assets, such as the K-Zone at New Afton, where a maiden mineral resource is expected in early 2026. Additionally, exploration at Rainy River is anticipated to offset mining depletion, and the company has announced mine life extensions at both New Afton (until 2031) and Rainy River, ensuring long-term production sustainability.

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Share Repurchases

• New Gold has stated that it is not currently focused on share buybacks, prioritizing instead the achievement of production targets and generation of free cash flow.
• As of October 2025, the company's "Buyback Yield" was reported as -8.48%, indicating dilution rather than repurchases.
• New Gold's share buybacks for NGD stock were reported as $0.00.

Share Issuance

• New Gold's shares outstanding increased by 8.48% in one year, and by 0.14% in 2025 as of November.
• The number of outstanding shares was 791.8 million in November 2025, an increase from 0.67 billion in 2020.

Inbound Investments

• In April 2025, New Gold consolidated its ownership of the New Afton Mine to 100% by acquiring the remaining 19.9% free cash flow interest. This transaction was funded using cash on hand, borrowings from its existing credit facility, and a gold prepayment financing, without equity dilution.
• In March 2025, New Gold completed a $400 million senior notes offering at 6.875% due 2032, primarily used to redeem approximately $289 million of its outstanding 7.50% senior notes due 2027.
• In June 2020, the company completed a $400 million offering of 7.50% Senior Notes due 2027 to fund the redemption of its outstanding 6.25% Senior Notes due 2022.

Outbound Investments

• In February 2021, New Gold agreed to purchase 154,940,153 common shares of Harte Gold Corp. through a private placement.

Capital Expenditures

• Total capital expenditures for 2025 are estimated to be between $270 million and $315 million, comprising approximately $95 million to $110 million in sustaining capital and $175 million to $205 million in growth capital.
• For Q2 2025, total capital expenditures were about $92 million, with $34 million allocated to sustaining capital and $58 million to growth capital.
• The primary focus of capital expenditures includes the New Afton C-Zone expansion and East Extension, the Rainy River Phase 5 expansion, Rainy River underground development, and exploration activities at New Afton's K-Zone.