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New Gold CEO says Turnaround Accelerates 96,000oz Gold Equivalent Q2 at Near US$1,400 AISC
New Gold (TSX: NGD; NYSE American: NGD) is leaning into a full turnaround. Q2 production reached 96,000 ounces of gold equivalent at an all-in sustaining cost of US$1,400 per ounce. The share price is up approximately 125% year over year, and the market value is around US$5 billion. Speaking at Mining Forum Americas in Colorado Springs, CEO Patrick Godin kept the message simple: “What we can control is the execution of our plan and to deliver our guidance.” He says projects remain on time and on budget, with New Afton’s copper uplift adding meaningful leverage.
Rainy River is set up to maintain full mill capacity through 2030 via pit pushbacks, work on the Northwest Trend, and underground mining. Management expects roughly 130,000 additional ounces over that period. They also plan a larger exploration program across a largely underexplored Rainy River land package, noting the main pit could serve as future tailings storage if a discovery is developed.
At New Afton in British Columbia, the K-Zone discovery anchors a mine life push well past 2040. Godin flagged the next steps “to deliver indicated resources for K-Zone at the beginning of next year,” followed by a feasibility study starting next year and a reserves target in 2027. New Gold also completed the last Ontario Teachers’ transaction at New Afton in May, simplifying ownership as K-Zone advances.
Balance sheet priorities include repaying the revolver by year-end and using rising free cash flow to fund exploration and advance Key Zone while remaining selective on external growth. If attractive projects are not available, buybacks or dividends remain on the table.
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