Canadian bullion producer New Gold closed out 2024 with its strongest production quarter of the year, achieving a record 80 438 oz of gold and 14.5-million pounds of copper in the fourth quarter. While New Afton exceeded expectations, operational challenges at Rainy River slightly impacted consolidated gold production for the year.

“The fourth quarter was our highest production quarter of the year. This was during a quarter that saw New Gold deliver on key growth milestones including commercial production at New Afton's C-Zone and first ore from Rainy River underground, both ahead of schedule,” stated president and CEO Patrick Godin.

New Afton was a standout performer, producing 19 652 oz of gold and 14.5-million pounds of copper in the fourth quarter, representing a 19% and 15% increase over the prior quarter, respectively. The B3 cave met expectations, and production from the C-Zone ramped up following the early start of commercial operations in the fourth quarter. New Afton’s gold production exceeded the top end of its 2024 guidance range, while copper production met the midpoint of its guidance.

At Rainy River, fourth-quarter production totalled 60 786 oz of gold. However, unexpected mechanical issues with the crushing and conveying system in December limited throughput and resulted in production falling slightly below the updated gold guidance range.

“New Afton delivered a standout quarter for gold production, beating the top end of its gold production guidance range. Rainy River experienced operational challenges in December impacting processing capabilities, leading to a slight miss on updated consolidated gold production guidance for the year,” Godin noted.

For the full year, New Gold produced 298 303 oz of gold and 54.0-million pounds of copper. While gold production narrowly missed the updated guidance range of 300 000 oz to 310 000 oz, copper output achieved the midpoint of initial projections. The company expects consolidated all-in sustaining costs to be at the low end of its $1 240/oz to $1 340/oz guidance range.

Looking ahead, New Gold aims to further strengthen its operations with two updated technical reports set for release in the first quarter of 2025, one for Rainy River and one for New Afton. “The company continues to advance initiatives to shape its future. We will release two updated technical reports later this quarter to illustrate our ability to increase our production, decrease our costs, and maximise our free cash flow generation in the years to come,” added Godin.