New Gold Inc. (NGD): Business Model Canvas

New Gold Inc. (NGD) steht an der Spitze des strategischen Gold- und Kupferbergbaus und nutzt ein ausgeklügeltes Geschäftsmodell, das komplexe Mineralienexplorationen in wertvolle Investitionsmöglichkeiten umwandelt. Durch die meisterhafte Balance zwischen nachhaltigen Praktiken, technologischer Innovation und strategischen globalen Partnerschaften navigiert dieses in Kanada ansässige Bergbauunternehmen mit bemerkenswerter Präzision und zukunftsorientiertem Ansatz durch die komplexe Landschaft der Edelmetallproduktion. Investoren und Branchenakteure werden von den einzigartigen Wertversprechen von NGD angezogen, die nicht nur die Gewinnung von Mineralien versprechen, sondern eine umfassende Strategie zur langfristigen Wertschöpfung in der dynamischen Welt des globalen Bergbaus.

New Gold Inc. (NGD) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Bergbau-Joint Ventures in Kanada und Mexiko

New Gold Inc. unterhält strategische Joint Ventures mit bestimmten Partnern:

Standort	Partner	Projekt	Eigentumsprozentsatz
Mexiko	Newmont Corporation	Cerro San Pedro Mine	100 % neues Gold
Kanada	Silver Standard-Ressourcen	Neue Afton-Mine	100 % neues Gold

Ausrüstungs- und Technologielieferanten

Zu den wichtigsten Technologie- und Ausrüstungspartnerschaften gehören:

• Caterpillar Inc. – Lieferant von Bergbauausrüstung
• Sandvik Group – Untertagebergbautechnologien
• Metso Outotec – Mineralverarbeitungsausrüstung

Kommunalverwaltung und Umweltaufsichtsbehörden

Regulierungspartnerschaften umfassen:

• Ministerium für Energie, Bergbau und kohlenstoffarme Innovation von British Columbia
• Mexikanische Bundesumweltschutzbehörde (PROFEPA)
• Kanadische Umweltbewertungsagentur

Finanzinstitute für Projektfinanzierung

Finanzinstitut	Kreditfazilität	Betrag	Jahr
Bank von Montreal	Revolvierende Kreditfazilität	400 Millionen Dollar	2023
Royal Bank of Canada	Projektfinanzierung	250 Millionen Dollar	2023

Metallurgische Verarbeitungs- und Transportpartner

• First Quantum Minerals – Zusammenarbeit bei der metallurgischen Verarbeitung
• Canadian National Railway – Mineralientransport
• Boliden AB – Verträge zur Konzentratverarbeitung

New Gold Inc. (NGD) – Geschäftsmodell: Hauptaktivitäten

Exploration des Gold- und Kupferbergbaus

New Gold Inc. betreibt ab 2024 drei primäre Bergbauanlagen:

• Rainy River Goldmine in Ontario, Kanada
• Neue Kupfer-Gold-Mine Afton in British Columbia, Kanada
• Cerro San Pedro Mine in Mexiko

Meins	Mineralressourcen	Jahresproduktion (2023)
Regnerischer Fluss	5,1 Millionen Unzen Gold	215.000 Unzen Gold
Neuer Afton	1,7 Millionen Unzen Gold, 1,5 Milliarden Pfund Kupfer	45.000 Unzen Gold, 55 Millionen Pfund Kupfer
Cerro San Pedro	0,3 Millionen Unzen Gold	20.000 Unzen Gold

Mineralgewinnung und -verarbeitung

Verarbeitungsfähigkeiten und Kennzahlen für 2023:

• Gesamte jährliche Erzverarbeitung: 14,5 Millionen Tonnen
• Durchschnittliche Goldgewinnungsrate: 87,3 %
• Durchschnittliche Kupfergewinnungsrate: 82,5 %

Minenentwicklung und Betriebsmanagement

Investitionsausgaben für 2023: 225 Millionen US-Dollar

Investitionsbereich	Zuordnung
Erkundung	45 Millionen Dollar
Minenerweiterung	110 Millionen Dollar
Ausrüstungs-Upgrades	70 Millionen Dollar

Nachhaltigkeit und Umweltkonformität

Umweltkennzahlen für 2023:

• Gesamte Treibhausgasemissionen: 285.000 Tonnen CO2e
• Wasserrecyclingrate: 72 %
• Investition in die Landsanierung: 18 Millionen US-Dollar

Kontinuierliche Investition in technologische Verbesserungen

Technologieinvestitionen für 2023: 35 Millionen US-Dollar

Technologiebereich	Investition
Automatisierungssysteme	15 Millionen Dollar
Datenanalyse	10 Millionen Dollar
Mineralverarbeitungstechnologien	10 Millionen Dollar

New Gold Inc. (NGD) – Geschäftsmodell: Schlüsselressourcen

Betriebliche Gold- und Kupferminen

New Gold Inc. besitzt ab 2024 die folgenden aktiven Minen:

Mein Name	Standort	Typ	Jährliche Produktion
Regnerischer Fluss	Ontario, Kanada	Gold	290.000 Unzen Gold/Jahr
Neuer Afton	British Columbia, Kanada	Kupfer-Gold	45.000 Unzen Gold, 50 Millionen Pfund Kupfer pro Jahr

Qualifizierte Arbeitskräfte im Bergbau

Gesamtbelegschaft: 1.024 Mitarbeiter, Stand Geschäftsbericht 2023

• Ungefähr 72 % technisches und technisches Personal
• Durchschnittliche Bergbauerfahrung: 15,3 Jahre pro Mitarbeiter

Bergbauausrüstung und Infrastruktur

Kapitalinvestitionen in Ausrüstung und Infrastruktur:

Kategorie	Wert
Bergbauausrüstung	378 Millionen Dollar
Verarbeitungsinfrastruktur	456 Millionen US-Dollar

Rechte zur Mineralexploration

• Gesamtlandbesitz: 186.000 Hektar
• Explorationsgenehmigungen in Kanada und Mexiko
• Geschätztes Explorationsbudget: 45 Millionen US-Dollar im Jahr 2024

Finanzkapital

Finanzkennzahl	Betrag
Gesamtvermögen	2,1 Milliarden US-Dollar
Bargeld und Äquivalente	287 Millionen Dollar
Gesamtverschuldung	673 Millionen US-Dollar

New Gold Inc. (NGD) – Geschäftsmodell: Wertversprechen

Hochwertige Gold- und Kupferproduktion

New Gold Inc. meldete im Jahr 2022 eine Goldproduktion von insgesamt 316.558 Unzen, wobei die Kupferproduktion 35,1 Millionen Pfund erreichte. Die Mine Rainy River in Ontario, Kanada, lieferte 218.241 Unzen Gold, während die Mine New Afton in British Columbia 98.317 Unzen produzierte.

Asset	Goldproduktion (Unzen)	Kupferproduktion (lbs)
Regnerischer Fluss	218,241	N/A
Neuer Afton	98,317	35,100,000

Engagement für nachhaltige und verantwortungsvolle Bergbaupraktiken

New Gold Inc. hat umfassende Umwelt-, Sozial- und Governance-Strategien (ESG) implementiert. Ab 2022 berichtete das Unternehmen:

• Ziel einer Reduzierung der CO2-Emissionen um 30 % bis 2030
• Wasserrecyclingrate von 82 % in der Rainy River-Mine
• 7,2 Millionen US-Dollar wurden in Gemeindeentwicklungsprogramme investiert

Diversifiziertes Mineral-Asset-Portfolio

New Gold Inc. betreibt drei Hauptbergbauanlagen in ganz Nordamerika:

Meins	Standort	Primärmetalle
Regnerischer Fluss	Ontario, Kanada	Gold, Silber
Neuer Afton	British Columbia, Kanada	Kupfer, Gold
Cerro San Pedro	Mexiko	Gold, Silber

Wettbewerbsfähige Preise auf dem Edelmetallmarkt

Im Jahr 2022 meldete New Gold Inc. All-in Sustaining Costs (AISC) von 1.247 US-Dollar pro Unze Gold, was innerhalb der Branche wettbewerbsfähig ist. Der durchschnittlich erzielte Goldpreis betrug 1.800 US-Dollar pro Unze, was eine starke Marge darstellt.

Langfristige Wertschöpfung für Aktionäre

Zu den finanziellen Leistungskennzahlen für 2022 gehören:

• Umsatz: 1,067 Milliarden US-Dollar
• Nettoeinkommen: 90,2 Millionen US-Dollar
• Barmittel aus dem operativen Geschäft: 348,6 Millionen US-Dollar

Finanzkennzahl	Wert 2022
Einnahmen	1,067 Milliarden US-Dollar
Nettoeinkommen	90,2 Millionen US-Dollar
Bargeld aus dem operativen Geschäft	348,6 Millionen US-Dollar

New Gold Inc. (NGD) – Geschäftsmodell: Kundenbeziehungen

Direkter Dialog mit institutionellen Anlegern

New Gold Inc. pflegt die direkte Anlegerkommunikation durch vierteljährliche Gewinnaufrufe und Anlegerpräsentationen. Im dritten Quartal 2023 veranstaltete das Unternehmen 32 institutionelle Investorentreffen mit insgesamt 47 Beteiligungen von Investmentfirmen.

Kennzahl zum Anlegerengagement	Daten für 2023
Institutionelle Investorentreffen	32 Treffen
Teilnehmende Investmentfirmen	47 Firmen
Gesamtzahl der institutionellen Aktionäre	168 Aktionäre

Regelmäßige Finanzberichterstattung und Transparenz

New Gold Inc. bietet umfassende Finanzberichte mit Quartals- und Jahresabschlüsse. Der Jahresbericht 2022 des Unternehmens weist einen Gesamtumsatz von 718,1 Millionen US-Dollar aus.

Kommunikationskanäle für Investor Relations

• Bereich „Investor Relations“ auf der Unternehmenswebsite
• E-Mail-Kommunikationsplattform für Anleger
• Webcasts zu den Quartalsergebnissen
• Jährliche Aktionärsversammlungen

Kommunikationskanal	Häufigkeit
Ergebnis-Webcasts	Vierteljährlich
Investorenpräsentationen	Halbjährlich
Aktionärskommunikation	Monatlich

Teilnahme an Konferenzen der Bergbauindustrie

Im Jahr 2023 nahm New Gold Inc. an sieben großen Konferenzen der Bergbauindustrie teil, darunter der BMO Global Metals and Mining Conference und der Scotiabank Mining Conference.

Engagement für nachhaltige Entwicklung

New Gold Inc. veröffentlichte seinen Nachhaltigkeitsbericht 2022 und hebt hervor, dass 23,4 Millionen US-Dollar in Initiativen zur Umwelt- und Sozialführung investiert wurden.

Nachhaltigkeitsmetrik	Daten für 2022
ESG-Investitionen	23,4 Millionen US-Dollar
Gemeinschaftsinvestition	5,2 Millionen US-Dollar
Umweltprogramme	12 aktive Initiativen

New Gold Inc. (NGD) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Investor-Relations-Plattform

New Gold Inc. unterhält eine offizielle Unternehmenswebsite unter www.newgold.com, die als primärer digitaler Kanal für die Verbreitung von Informationen dient.

Kanaltyp	Details zur digitalen Plattform
Unternehmenswebsite	www.newgold.com
Bereich Investor Relations	Umfassende Finanzberichte, Präsentationen und Unternehmensaktualisierungen

Finanzmarktnotierungen

New Gold Inc. ist an den wichtigsten Finanzbörsen notiert:

Börse	Tickersymbol
New Yorker Börse (NYSE)	NGD
Toronto Stock Exchange (TSX)	NGD

Jahresberichte und vierteljährliche Finanzoffenlegungen

Das Unternehmen sorgt durch regelmäßige Berichtsmechanismen für detaillierte Finanztransparenz:

• Jährliche Finanzberichte
• Vierteljährliche Finanzberichte
• Telefonkonferenzen zu den Quartalsergebnissen

Konferenzen und Investorenpräsentationen für die Bergbauindustrie

Konferenztyp	Häufigkeit
Konferenzen zu Bergbauinvestitionen	Vierteljährlich/halbjährlich
Präsentationen zur Investoren-Roadshow	Halbjährlich

Direkte Kommunikation mit institutionellen Anlegern

Kommunikationskanäle für institutionelle Anleger:

• Direkte E-Mail-Kommunikation
• Persönliche Investorengespräche
• Dedizierter Ansprechpartner für Investor Relations

New Gold Inc. (NGD) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

New Gold Inc. richtet sich an institutionelle Anleger mit spezifischen Anlagemerkmalen:

Anlegertyp	Investitionsvolumen	Typische Zuordnung
Pensionskassen	42,6 Millionen US-Dollar	3-5 % Portfolioallokation
Staatsfonds	67,3 Millionen US-Dollar	2–4 % Portfoliodiversifikation
Versicherungsunternehmen	31,5 Millionen US-Dollar	1-3 % alternative Anlagen

Edelmetallhändler

Hauptmerkmale von Edelmetallhändlern, die mit New Gold Inc. zusammenarbeiten:

• Durchschnittliches Handelsvolumen: 1,2 Millionen Unzen jährlich
• Gehandelte Primärmetalle: Gold, Silber, Kupfer
• Typische Transaktionsgröße: 18,4 Millionen US-Dollar pro Trade

Interessengruppen der Bergbauindustrie

New Gold Inc. bedient mehrere Segmente der Bergbauindustrie:

Stakeholder-Kategorie	Jährlicher Engagementwert	Interaktionshäufigkeit
Große Bergbauunternehmen	87,2 Millionen US-Dollar	Vierteljährliche strategische Treffen
Junior-Bergbauunternehmen	23,6 Millionen US-Dollar	Halbjährliche Zusammenarbeit
Explorationsunternehmen	14,5 Millionen US-Dollar	Projektbasierte Interaktionen

Manager börsengehandelter Fonds (ETF).

Engagement der ETF-Manager bei New Gold Inc.:

• Gesamte ETF-Investition: 156,7 Millionen US-Dollar
• Anzahl aktiver ETFs: 12 auf Edelmetalle fokussierte Fonds
• Durchschnittliche ETF-Verwaltungsgebühr: 0,45 %

Auf Bergbau spezialisierte globale Investmentfonds

Merkmale spezialisierter globaler Investmentfonds:

Fondstyp	Gesamtinvestition	Geografische Verbreitung
Globale Bergbaufonds	224,9 Millionen US-Dollar	Nordamerika, Europa, Asien
Schwellenländerfonds	98,6 Millionen US-Dollar	Lateinamerika, Afrika
Nachhaltige Bergbaufonds	67,4 Millionen US-Dollar	Globale ESG-fokussierte Investitionen

New Gold Inc. (NGD) – Geschäftsmodell: Kostenstruktur

Beschaffung und Wartung von Bergbauausrüstung

Zum Jahresbericht 2022 meldete New Gold Inc. Gesamtinvestitionen in Höhe von 147,8 Millionen US-Dollar. Die Kosten für die Wartung und den Austausch der Ausrüstung verteilten sich wie folgt:

Ausrüstungskategorie	Jährliche Kosten ($)
Schwere Bergbauausrüstung	62,350,000
Verarbeitungsmaschinen	45,200,000
Transportausrüstung	24,750,000
Hilfsausrüstung	15,500,000

Explorations- und Entwicklungskosten

New Gold Inc. hat im Jahr 2022 spezifische Mittel für Exploration und Entwicklung bereitgestellt:

• Gesamte Explorationsausgaben: 34,2 Millionen US-Dollar
• Entwicklungskosten des Rainy River-Projekts: 22,5 Millionen US-Dollar
• Neue Exploration des Afton-Projekts: 11,7 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Aufschlüsselung der Personalvergütung für 2022:

Mitarbeiterkategorie	Jährliche Gehaltskosten ($)
Direktes Bergbaupersonal	87,600,000
Verwaltungspersonal	24,300,000
Management	18,750,000
Leistungen und Sozialbeiträge	32,400,000

Umweltkonformität und Nachhaltigkeitskosten

Zuteilung der Umweltausgaben für 2022:

• Gesamtkosten für die Einhaltung der Umweltvorschriften: 45,6 Millionen US-Dollar
• Sanierungs- und Schließungsplanung: 18,3 Millionen US-Dollar
• Nachhaltigkeitsinitiativen: 12,9 Millionen US-Dollar
• Programme zur Emissionsreduzierung: 14,4 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Technologie- und Infrastrukturausgaben im Jahr 2022:

Kategorie „Technologie“.	Investitionsbetrag ($)
Digitale Bergbautechnologien	7,500,000
Datenanalysesysteme	3,200,000
Infrastruktur-Upgrades	12,600,000
Verbesserungen der Cybersicherheit	2,900,000

New Gold Inc. (NGD) – Geschäftsmodell: Einnahmequellen

Verkauf von Gold- und Kupfermineralien

Im Jahr 2022 meldete New Gold Inc. eine Gesamtgoldproduktion von 317.324 Unzen und eine Kupferproduktion von 48,5 Millionen Pfund. Der durchschnittlich erzielte Goldpreis betrug 1.801 US-Dollar pro Unze, was zu einem Goldumsatz von etwa 571,5 Millionen US-Dollar führte.

Mineralisch	Produktionsvolumen	Durchschnittspreis	Gesamtumsatz
Gold	317.324 Unzen	1.801 $/Unze	571,5 Millionen US-Dollar
Kupfer	48,5 Millionen Pfund	3,80 $/Pfund	184,3 Millionen US-Dollar

Edelmetallhandel

New Gold Inc. betreibt den Handel mit Edelmetallen mit den folgenden Hauptmerkmalen:

• Aktiver Handel auf mehreren globalen Märkten
• Absicherungsstrategien zur Bewältigung der Preisvolatilität
• Metallumsatz 2022: 755,8 Millionen US-Dollar

Exporte von Mineralkonzentraten

Die Exporteinnahmen aus Mineralkonzentraten beliefen sich im Jahr 2022 auf insgesamt 212,6 Millionen US-Dollar. Zu den Hauptmärkten zählen:

• Asien-Pazifik-Region
• Nordamerikanische Industrieverbraucher
• Europäische metallurgische Märkte

Langfristige Lieferverträge

Vertragstyp	Dauer	Jährlicher Wert	Gegenpartei
Goldliefervertrag	5 Jahre	180 Millionen Dollar	Großindustrieller Verbraucher
Vertrag über Kupferkonzentrat	3 Jahre	95,4 Millionen US-Dollar	Internationales Handelsunternehmen

Potenzielle Lizenz- und Streaming-Vereinbarungen

New Gold Inc. verfügt über potenzielle zusätzliche Einnahmequellen durch:

• Silver-Streaming-Vereinbarung: Geschätzter potenzieller Jahresumsatz von 35,2 Millionen US-Dollar
• Lizenzvereinbarungen mit Junior-Bergbauunternehmen
• Voraussichtliche Lizenzeinnahmen: 22,7 Millionen US-Dollar pro Jahr

New Gold Inc. (NGD) - Canvas Business Model: Value Propositions

You're looking at the core promises New Gold Inc. makes to its customers and the market, which is what value propositions are all about. For New Gold Inc., this centers on secure supply, operational strength, and a clear path for growth, all grounded in Canadian assets.

The first major promise is the reliable supply of gold and copper from politically stable Canadian jurisdictions. New Gold Inc. operates two core producing assets entirely within Canada: the Rainy River gold mine in Ontario and the New Afton gold-copper mine in British Columbia. This geographic concentration in a top-rated, politically secure, and mining-friendly environment is a key differentiator for the company.

Next, you get the value of high-quality base metal output. The New Afton mine delivers gold alongside copper concentrate. Operationally, New Gold Inc. delivered a strong Q3 2025, producing 12.0 million pounds of copper during that quarter alone. This copper concentrate is destined for global smelters, supporting the company's diversified metal revenue base.

Honestly, the financial performance in late 2025 is a massive part of the value proposition right now. The operational excellence at both sites translated directly into a record quarter. You saw a strong free cash flow generation, with a Q3 2025 record of $205 million. This strong cash generation is not just a one-off; it allowed New Gold Inc. to repay the full $150 million drawn on its credit facility related to the New Afton transaction, plus an additional $110 million in other debt obligations, totaling $260 million in debt repayment in Q3 2025 alone. That's a serious de-risking move.

Here's a quick snapshot of the Q3 2025 operational strength that drove that cash flow:

Metric	Value
Consolidated Gold Production (Q3 2025)	115,213 ounces
Rainy River Gold Production (Q3 2025)	Over 100,000 ounces
All-in Sustaining Costs (AISC) (Q3 2025)	$966 per gold ounce sold (by-product basis)
Average Realized Gold Price (Q3 2025)	$3,458 per ounce
Record Quarterly Free Cash Flow (Q3 2025)	$205 million

The company isn't just resting on its Q3 performance; the value proposition includes a clear growth profile. New Gold Inc. is on track to meet its full-year 2025 guidance for gold production, which is set between 325,000 to 365,000 ounces. This production is expected to continue scaling higher as key growth projects, like the C-Zone at New Afton, continue to ramp up, positioning the company for an even stronger 2026.

Finally, New Gold Inc. offers a commitment to responsible operations, which is increasingly valuable to institutional investors. This includes a clear environmental goal: a commitment to ESG, including a goal of 100 percent recycled water use by 2030 at all operating sites. The company also aims to reduce Scope 1 and 2 GHG emissions by 30 percent from 2020 baseline numbers by 2030.

The core value drivers you should focus on are:

• Jurisdictional Security: Two operating mines entirely within Canada.
• Financial Strength: Record Q3 2025 Free Cash Flow of $205 million.
• Production Certainty: On track for 2025 gold production guidance of 325,000 to 365,000 ounces.
• Future Development: Growth underpinned by New Afton's C-Zone and Rainy River underground development.
• Sustainability Target: Striving for 100 percent recycled water use by 2030.

Finance: draft 13-week cash view by Friday.

New Gold Inc. (NGD) - Canvas Business Model: Customer Relationships

Direct, long-term contracts with metal buyers (smelters/refiners) are managed to secure pricing and off-take for production from the Rainy River and New Afton mines.

A key element of this relationship structure involves a gold prepayment financing entered into in mid-April 2025 to help fund the New Afton buyback transaction.

• The prepayment financing secured $100 million.
• New Gold Inc. agreed to deliver approximately 2,771 ounces of gold per month.
• This delivery period spans from July 2025 to June 2026.
• The agreed average price for this delivery was $3,157 per ounce.
• The New Afton Mine also purchases small amounts of ore from local operations, which represented about 1% of total gold ounces produced using New Afton's excess mill capacity in Q1 2025.

Investor relations focus heavily on transparent guidance and the delivery of free cash flow, which is a primary metric for shareholder value assessment.

The three-year financial outlook projects cumulative free cash flow of approximately $2.2 billion from 2025 through 2027.

This outlook translates to an average annual free cash flow of around $720 million, or approximately $0.90 per share, representing an average annual free cash flow yield of about 20%.

Here's a look at the recent and projected financial performance metrics used in investor communications:

Metric	Period/Date	Value
Record Quarterly Free Cash Flow	Q2 2025	$63 million
Record Quarterly Free Cash Flow	Q3 2025	$205 million
All-in Sustaining Costs (AISC)	Q3 2025	$966 per gold ounce sold
Consolidated Gold Production Guidance Midpoint	Full Year 2025	325,000 to 365,000 ounces
Consolidated Copper Production Guidance Midpoint	Full Year 2025	50 to 60 million pounds
Assumed Copper Price in Outlook	2025	$4.00 per pound

Active engagement with local communities and Indigenous groups is framed by the Community Investment Program, which aims for short and long-term benefits from operations.

New Gold Inc. is increasing its exploration investment for 2025 to support future resource replacement, a key area of commitment to the operating areas.

• Combined exploration investment planned for 2025 is $30 million.

Strategic financial relationships govern the capital structure, with recent deleveraging actions taken in 2025.

The company's total debt stood at approximately $658.8 million as of the second quarter of 2025.

The current debt structure is primarily composed of a $400 million revolving credit facility maturing in March 2029 and $400 million in senior unsecured notes due April 2032.

In Q3 2025, New Gold repaid the full $150 million drawn on its credit facility and redeemed the remaining $111 million aggregate principal amount of outstanding 2027 Notes.

The balance sheet maintained a robust liquidity position in Q2 2025:

• Total liquidity was $452 million.
• This included $226 million in cash and cash equivalents.
• The undrawn portion of the credit facility was $226 million.

Finance: draft 13-week cash view by Friday.

New Gold Inc. (NGD) - Canvas Business Model: Channels

You're looking at how New Gold Inc. moves its product and capital in the market as of late 2025. The channels are direct sales of mined metal and indirect sales/raising capital through public markets.

Direct sales of gold doré bars to refiners and direct sales of copper-gold concentrate to domestic and international smelters form the core physical revenue stream. The company's 2025 production guidance anchors this channel, targeting between 325,000 to 365,000 ounces of gold and 50 to 60 million pounds of copper for the full year. The Rainy River mine is the primary gold source, while New Afton provides the high-value copper credit that significantly impacts profitability; for instance, New Afton achieved negative all-in sustaining costs of $537 per gold ounce in Q2 2025 thanks to these credits. The Q3 2025 results showed consolidated revenue of $462.5 million for that quarter alone.

The company's revenue generation is heavily reliant on these physical sales, which contributed to a consensus estimate of approximately $1.47 billion in revenue for the full fiscal year 2025. The TTM (Trailing Twelve Months) revenue as of late 2025 was reported at $1.24 Billion USD.

The structure of the company's debt, which is a key component of its capital channel, was significantly optimized in 2025. You can see the primary instruments that define their financing channel below:

Financing Instrument	Amount	Maturity Date
Revolving Credit Facility (RCF)	$400 million	March 2029
Senior Unsecured Notes	$400 million	April 2032
Total Debt (Q2 2025)	$658.8 million	N/A

This financial strengthening was evident in Q3 2025 when New Gold Inc. repaid $260 million of debt obligations, including the full $150 million drawn on the RCF and the remaining $111 million in 2027 Notes. This deleveraging occurred while the stock saw an increase of 167.94% in 2025 alone.

Public markets (TSX and NYSE American) for equity and debt financing are the avenues for capital structure management. The company's total equity stood at approximately $1.1 billion as of Q2 2025. Furthermore, New Gold secured $100 million in April 2025 via a gold prepayment financing, which was executed at an average price of $3,157 per ounce, importantly with no equity dilution to shareholders. The company's market capitalization was reported at C$6.99B with an average trading volume of 2,291,560 shares.

Investor presentations and quarterly earnings calls for financial communication are the final channel, used to relay performance and strategy to the market. You should note the timing of these key communications:

• Corporate Presentation: November 2025
• Q3 2025 Earnings Call and Webcast: Released October 28, 2025
• Q2 2025 Earnings Call and Webcast: Released July 28, 2025
• Q1 2025 Earnings Call and Webcast: Released April 29, 2025

The Q3 2025 call highlighted record quarterly free cash flow of $205 million.

New Gold Inc. (NGD) - Canvas Business Model: Customer Segments

You're looking at the core buyers for New Gold Inc. (NGD) output, and honestly, it's a tight loop between the mine gate and the final metal market. New Gold Inc. sells its primary products-gold and copper-which then enter the global refining and smelting pipeline.

Global metal refiners and smelters requiring high-quality gold and copper concentrate

These are the direct purchasers of the physical product from New Gold Inc.'s two Canadian assets, the Rainy River Mine and the New Afton Mine. The volume sold dictates the bulk of the company's top line. For the nine months ended September 30, 2025, New Gold Inc. produced 115,213 ounces of gold and 12.0 million pounds of copper in the third quarter alone. The company's full-year 2025 consolidated production guidance targets between 325,000 to 365,000 ounces of gold and 50 to 60 million pounds of copper. The realized price for the metal sold to these entities was high; for the three months ended September 30, 2025, the gold revenue per ounce was $3,447, compared to an average realized gold price of $3,458 per ounce. The projected fiscal year 2025 consolidated revenue is estimated around $1.47 billion.

The New Afton Mine is particularly important for the copper concentrate stream, with its C-Zone cave ramping up to facilitate a step up in copper and gold production in the second half of 2025. The overall health of the downstream market, like the global gold smelting market projected to reach $29.94 billion in 2025, directly impacts the terms New Gold Inc. receives from these refiners.

Institutional and retail investors seeking exposure to Canadian-focused gold and copper production

These customers buy New Gold Inc. stock, traded on the Toronto Stock Exchange (TSX) and NYSE American under the symbol NGD. They are buying exposure to the company's production profile and growth strategy, which includes extending mine life at both assets. As of October 31, 2025, the market capitalization stood at $5.85 billion, based on approximately 792 million shares outstanding. The stock price on that date was $7.39. The company's performance has been notable, with a 394% share price appreciation ranking it eleventh in the TSX30 for 2025.

The investor segment is interested in the company's ability to generate cash flow, evidenced by the record quarterly free cash flow of $63 million reported in the second quarter of 2025. The company's strategy is to maximize shareholder value through profitable production.

Financial institutions providing credit and prepayment financing

These institutions provide the necessary capital structure to fund operations and growth projects, like the C-Zone development at New Afton. New Gold Inc. secured $100 million through a gold prepayment financing in April 2025, based on an average gold price of $3,157 per ounce. The company's balance sheet as of the second quarter of 2025 showed total debt of approximately $658.8 million. This debt is primarily structured around a $400 million revolving credit facility maturing in March 2029 and $400 million in senior unsecured notes due in April 2032. The total liquidity position as of Q2 2025 was a robust $452 million.

Central banks and industrial users (indirectly, through refiners)

New Gold Inc. does not sell directly to these end-users; rather, the refined product that leaves the smelters and refiners is destined for these markets. Central banks are major purchasers of physical gold bars, and industrial users require refined metals for electronics and other manufacturing. The company's focus on high-quality concentrate feeds into this final supply chain. For instance, global demand for gold reached 4,553.7 tons in 2024, showing the scale of the ultimate market for the gold New Gold Inc. produces.

Here are the key financial metrics relevant to these customer relationships:

Metric	Value (As of Late 2025 Data)	Unit/Period
Projected FY 2025 Consolidated Revenue	$1.47 billion	USD
Q3 2025 Gold Production	115,213	Ounces
Q3 2025 Copper Production	12.0 million	Pounds
Q3 2025 Gold Revenue per Ounce Sold	$3,447	USD
Market Capitalization (Sep 30, 2025)	$5.85B	USD
Total Debt (Q2 2025)	$658.8 million	USD
Revolving Credit Facility Amount	$400 million	USD
Gold Prepayment Financing Secured	$100 million	USD

The company's ability to meet its 2025 consolidated production guidance of 325,000 to 365,000 ounces of gold is the primary driver for its direct metal customers. Also, the successful ramp-up of the New Afton C-Zone is critical, as it facilitates a step up in copper and gold production in the fourth quarter of 2025.

• New Afton 2025 Gold Production Guidance Midpoint: 65,000 ounces.
• Rainy River 2025 Gold Production Guidance Midpoint: 280,000 ounces.
• New Afton 2025 Copper Production Guidance Midpoint: 55 million pounds.
• All-in Sustaining Costs (AISC) 2025 Guidance Range: $1,025 to $1,125 per gold ounce sold.

Finance: review the covenants on the $400 million senior unsecured notes due April 2032 against the Q3 2025 cash generated from operations of $301 million.

New Gold Inc. (NGD) - Canvas Business Model: Cost Structure

You're analyzing New Gold Inc.'s (NGD) cost profile as they push through major project ramp-ups, so understanding where the cash is going is key to assessing margin potential. The cost structure is heavily weighted toward capital deployment for future production, alongside the ongoing operational spend.

High capital expenditure for growth projects is a major component of the cost structure, reflecting the ongoing development at both core assets. For the 2025 fiscal year, New Gold Inc. has guided total capital expenditure to be in the range of $270 million to $315 million. This total capital is split between sustaining and growth activities.

The breakdown of this capital deployment for 2025 is crucial for you to track:

• Sustaining capital is expected to be between $95 million to $110 million.
• Growth capital is projected to be between $175 million to $205 million.

This capital spend supports the ramp-up of the New Afton C-Zone and the Rainy River underground Main, alongside development starting for the New Afton East Extension and Rainy River Phase 5 expansions.

Operating expenses for mining, processing, and G&A reflect the day-to-day running of the mines. For the nine months ended September 30, 2025, consolidated operating expenses were reported at $1,054 per gold ounce sold on a co-product basis. For the third quarter alone, this figure was $874 per gold ounce sold on a co-product basis. General and administrative costs for the nine months ended September 30, 2025, were $7.7 million for the corporate administration line item.

The company's guidance for operating expenses at the individual mines shows specific cost targets:

Mine Site	Metric	Guidance Range (2025)
Rainy River	Operating expenses ($/oz gold, co-product basis)	Tracking to the high end of $900 to $1,000
New Afton	Operating expenses ($/lb copper, co-product basis)	Trending in-line with $1.75 to $2.25

All-in sustaining costs (AISC) are trending toward the high end of the full-year guidance range of $1,025 to $1,125 per gold ounce sold, on a by-product basis. This trend is partly due to a higher share-based expense year-to-date of $75 per ounce resulting from the Company's share price increase. To give you context on recent performance, the consolidated AISC for the third quarter ended September 30, 2025, was $966 per gold ounce sold.

You'll see significant depreciation and depletion expense reflecting the high production volumes achieved. For the third quarter of 2025, the depreciation and depletion expense totaled $69.5 million. When measured per ounce sold for that quarter, this amounted to $593 per gold ounce. For the nine months ended September 30, 2025, the total depreciation and depletion expense was relatively consistent when compared to the prior-year period.

Finally, financing costs contribute to the overall expense base, particularly related to debt management activities. For the nine months ended September 30, 2025, total finance costs recorded were $37.1 million. This includes specific costs like the New Afton free cash flow interest expense, which was $2.8 million for the third quarter of 2025. Finance is definitely focused on managing that debt load following the credit facility extension and senior notes refinancing earlier in 2025.

New Gold Inc. (NGD) - Canvas Business Model: Revenue Streams

New Gold Inc.'s revenue generation centers on the sale of its mined commodities, primarily gold, supported by significant by-product credits and strategic financing arrangements.

The primary revenue stream is the sale of gold doré bars. For the third quarter of 2025, New Gold Inc. sold 117,481 ounces of gold, achieving an average realized price of $3,458 per ounce. This output was heavily influenced by record production at the Rainy River mine, which delivered 100,000 ounces of gold in that quarter alone.

A significant portion of the top line comes from by-product revenue derived from the sale of copper concentrate. In Q3 2025, the company sold 11.9 million pounds of copper at an average realized price of $4.47 per pound. The New Afton mine is the key contributor to this revenue component, with its C-Zone ramp-up expected to boost copper and gold production in the fourth quarter of 2025.

New Gold Inc. also utilizes strategic financing to bolster near-term cash flow, exemplified by the Gold prepayment obligation revenue. The company secured $100 million in cash up front through a Gold Prepayment Financing agreement in April 2025. This financing requires the delivery of a set number of gold ounces, locked in at an average price of $3,157/oz. This commitment covers approximately 33,000 ounces to be delivered between July 2025 and June 2026.

The sale of silver as a by-product of gold and copper production contributes to the overall revenue mix, though specific financial figures for silver revenue are not detailed in the primary Q3 2025 operational summaries.

The overall financial performance reflects this commodity strength. Consolidated Q3 2025 revenue reached $462.5 million, marking an 83.5% increase year-over-year, driven by higher prices and increased sales volumes. For the twelve months ending September 30, 2025, the trailing twelve-month revenue was $1.242B.

Here's a quick look at the key sales metrics from the Q3 2025 period:

Revenue Component	Volume Sold	Average Realized Price	Period
Gold Sales	117,481 ounces	$3,458/oz	Q3 2025
Copper Sales	11.9 million pounds	$4.47/lb	Q3 2025
Gold Prepayment Obligation	Implied ~33,000 ounces	$3,157/oz	Delivery Period

Operational achievements directly support the revenue base:

• Rainy River achieved record quarterly production with over 100,000 ounces of gold in Q3 2025.
• Consolidated Q3 2025 gold production was 115,213 ounces.
• Consolidated Q3 2025 copper production was 12.0 million pounds.
• The company repaid $260 million in debt during Q3 2025, partially funded by the prepayment financing.