New Gold Inc. (NGD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

New Gold Inc. (NGD) está a la vanguardia de la minería estratégica de oro y cobre, aprovechando un modelo comercial sofisticado que transforma la exploración mineral compleja en valiosas oportunidades de inversión. Al equilibrar magistralmente las prácticas sostenibles, la innovación tecnológica y las asociaciones globales estratégicas, esta compañía minera con sede en canadiense navega el intrincado panorama de la producción de metales preciosos con una notable precisión y un enfoque de pensamiento a futuro. Los inversores y las partes interesadas de la industria se sienten atraídas por las propuestas de valor únicas de NGD que prometen no solo la extracción de minerales, sino una estrategia integral para la creación de valor a largo plazo en el mundo dinámico de la minería global.

New Gold Inc. (NGD) - Modelo de negocio: asociaciones clave

Empresas conjuntas de minería estratégica en Canadá y México

New Gold Inc. mantiene empresas conjuntas estratégicas con socios específicos:

Ubicación	Pareja	Proyecto	Porcentaje de propiedad
México	NEWMONT CORPORACIÓN	Mina Cerro San Pedro	Oro 100% nuevo
Canadá	Recursos estándar de plata	Nueva mina Afton	Oro 100% nuevo

Proveedores de equipos y tecnología

La tecnología clave y las asociaciones de equipos incluyen:

• Caterpillar Inc. - Proveedor de equipos mineros
• Grupo Sandvik - Tecnologías de minería subterránea
• MetSo Outotec - Equipo de procesamiento de minerales

Gobierno local y organismos reguladores ambientales

Las asociaciones regulatorias abarcan:

• Ministerio de Energía, Minas e Innovación de Bajo Carbono de Columbia Británica
• Agencia Federal de Protección Ambiental de México (ProfEPA)
• Agencia Canadiense de Evaluación Ambiental

Instituciones financieras para el financiamiento de proyectos

Institución financiera	Línea de crédito	Cantidad	Año
Banco de Montreal	Facilidad de crédito giratorio	$ 400 millones	2023
Banco Real de Canadá	Financiamiento de proyectos	$ 250 millones	2023

Socios de procesamiento y transporte metalúrgico

• Primeros minerales cuánticos: colaboración de procesamiento metalúrgico
• Ferrocarril Nacional Canadiense - Transporte mineral
• Boliden AB - Acuerdos de procesamiento de concentrados

New Gold Inc. (NGD) - Modelo de negocio: actividades clave

Exploración minera de oro y cobre

New Gold Inc. opera tres activos mineros primarios a partir de 2024:

• Mina de oro de Rainy River en Ontario, Canadá
• Nueva mina Afton Copper-Gold en Columbia Británica, Canadá
• Mina Cerro San Pedro en México

Mío	Recursos minerales	Producción anual (2023)
Río lluvioso	5.1 millones de onzas de oro	215,000 onzas de oro
Nuevo Afton	1.7 millones de onzas de oro, 1.500 millones de libras de cobre	45,000 onzas de oro, 55 millones de libras de cobre
Cerro San Pedro	0.3 millones de onzas de oro	20,000 onzas de oro

Extracción y procesamiento de minerales

Capacidades y métricas de procesamiento para 2023:

• Procesamiento de mineral anual total: 14.5 millones de toneladas
• Tasa promedio de recuperación de oro: 87.3%
• Tasa promedio de recuperación de cobre: ​​82.5%

Desarrollo de la mina y gestión operativa

Gastos de capital para 2023: $ 225 millones

Área de inversión	Asignación
Exploración	$ 45 millones
Expansión de la mía	$ 110 millones
Actualizaciones de equipos	$ 70 millones

Sostenibilidad y cumplimiento ambiental

Métricas ambientales para 2023:

• Emisiones totales de gases de efecto invernadero: 285,000 toneladas CO2E
• Tasa de reciclaje de agua: 72%
• Inversión de rehabilitación de tierras: $ 18 millones

Inversión continua en mejoras tecnológicas

Inversión tecnológica para 2023: $ 35 millones

Área tecnológica	Inversión
Sistemas de automatización	$ 15 millones
Análisis de datos	$ 10 millones
Tecnologías de procesamiento mineral	$ 10 millones

New Gold Inc. (NGD) - Modelo de negocio: recursos clave

Minas operativas de oro y cobre

New Gold Inc. posee las siguientes minas operativas a partir de 2024:

Nombre de la mía	Ubicación	Tipo	Producción anual
Río lluvioso	Ontario, Canadá	Oro	290,000 oz de oro/año
Nuevo Afton	Columbia Británica, Canadá	Dorado de cobre	45,000 oz de oro, 50 millones de libras de cobre/año

Fuerza laboral minera calificada

Fuerza laboral total: 1.024 empleados a partir del informe anual de 2023

• Aproximadamente el 72% de personal técnico e de ingeniería
• Experiencia minera promedio: 15.3 años por empleado

Equipo de minería e infraestructura

Inversión de capital en equipos e infraestructura:

Categoría	Valor
Equipo minero	$ 378 millones
Infraestructura de procesamiento	$ 456 millones

Derechos de exploración mineral

• Total de tenencia de la tierra: 186,000 hectáreas
• Permisos de exploración en Canadá y México
• Presupuesto de exploración estimado: $ 45 millones en 2024

Capital financiero

Métrica financiera	Cantidad
Activos totales	$ 2.1 mil millones
Efectivo y equivalentes	$ 287 millones
Deuda total	$ 673 millones

New Gold Inc. (NGD) - Modelo de negocio: propuestas de valor

Producción de oro y cobre de alta calidad

New Gold Inc. reportó una producción total de oro de 316,558 onzas en 2022, con una producción de cobre que alcanza 35.1 millones de libras. La mina Rainy River en Ontario, Canadá, contribuyó con 218,241 onzas de oro, mientras que la nueva mina Afton en Columbia Británica produjo 98,317 onzas.

Asset	Producción de oro (OZ)	Producción de cobre (LBS)
Río lluvioso	218,241	N / A
Nuevo Afton	98,317	35,100,000

Compromiso con prácticas mineras sostenibles y responsables

New Gold Inc. ha implementado estrategias integrales ambientales, sociales y de gobierno (ESG). A partir de 2022, la compañía informó:

• Objetivo de reducción de emisiones de carbono del 30% para 2030
• Tasa de reciclaje de agua del 82% en Rainy River Mine
• $ 7.2 millones invertidos en programas de desarrollo comunitario

Cartera de activos minerales diversificados

New Gold Inc. opera tres activos mineros principales en América del Norte:

Mío	Ubicación	Metales primarios
Río lluvioso	Ontario, Canadá	Oro, plata
Nuevo Afton	Columbia Británica, Canadá	Cobre, oro
Cerro San Pedro	México	Oro, plata

Precios competitivos en el mercado de metales preciosos

En 2022, New Gold Inc. informó un costo de mantenimiento (AISC) de $ 1,247 por onza de oro, que es competitivo dentro de la industria. El precio promedio de oro realizado era de $ 1,800 por onza, proporcionando un margen fuerte.

Creación de valor a largo plazo para accionistas

Las métricas de desempeño financiero para 2022 incluyen:

• Ingresos: $ 1.067 mil millones
• Ingresos netos: $ 90.2 millones
• Efectivo de las operaciones: $ 348.6 millones

Métrica financiera	Valor 2022
Ganancia	$ 1.067 mil millones
Lngresos netos	$ 90.2 millones
Efectivo de las operaciones	$ 348.6 millones

New Gold Inc. (NGD) - Modelo de negocios: relaciones con los clientes

Compromiso directo con inversores institucionales

New Gold Inc. mantiene la comunicación directa de los inversores a través de llamadas trimestrales de ganancias y presentaciones de inversores. En el tercer trimestre de 2023, la compañía organizó 32 reuniones de inversores institucionales con participación total de 47 empresas de inversión.

Métrica de compromiso de los inversores	2023 datos
Reuniones de inversores institucionales	32 reuniones
Empresas de inversión participantes	47 empresas
Accionistas institucionales totales	168 accionistas

Información financiera y transparencia regulares

New Gold Inc. proporciona información financiera integral con estados financieros trimestrales y anuales. El informe anual de 2022 de la Compañía reveló ingresos totales de $ 718.1 millones.

Canales de comunicación de relaciones con los inversores

• Sección de relaciones con los inversores del sitio web corporativo
• Plataforma de comunicación de inversores por correo electrónico
• Transmisiones web trimestrales de ganancias
• Reuniones anuales de accionistas

Canal de comunicación	Frecuencia
Transmisiones web de ganancias	Trimestral
Presentaciones de inversores	By-anualmente
Comunicaciones de los accionistas	Mensual

Participación en conferencias de la industria minera

En 2023, New Gold Inc. participó en 7 principales conferencias de la industria minera, incluida la BMO Global Metals and Mining Conference y la Conferencia de Minería Scotiabank.

Compromiso de desarrollo sostenible

New Gold Inc. publicó su informe de sostenibilidad 2022, destacando $ 23.4 millones invertidos en iniciativas de gobierno ambiental y social.

Métrica de sostenibilidad	Datos 2022
Inversión de ESG	$ 23.4 millones
Inversión comunitaria	$ 5.2 millones
Programas ambientales	12 iniciativas activas

New Gold Inc. (NGD) - Modelo de negocio: canales

Sitio web corporativo y plataforma de relaciones con los inversores

New Gold Inc. mantiene un sitio web corporativo oficial en www.newgold.com, que sirve como un canal digital primario para la difusión de información.

Tipo de canal	Detalles de la plataforma digital
Sitio web corporativo	www.newgold.com
Sección de relaciones con los inversores	Informes financieros exhaustivos, presentaciones y actualizaciones corporativas

Listados del mercado financiero

New Gold Inc. mantiene listados en intercambios financieros clave:

Bolsa	Símbolo de ticker
Bolsa de Nueva York (NYSE)	Ngd
Bolsa de Valores de Toronto (TSX)	Ngd

Informes anuales y revelaciones financieras trimestrales

La Compañía proporciona transparencia financiera detallada a través de mecanismos de informes regulares:

• Informes financieros anuales
• Estados financieros trimestrales
• Llamadas de conferencia trimestrales de ganancias

Conferencias de la industria minera y presentaciones de inversores

Tipo de conferencia	Frecuencia
Conferencias de inversión minera	Trimestral/semestral
Presentaciones de Roadshow de inversores	Semestral

Comunicación directa con inversores institucionales

Canales de comunicación para inversores institucionales:

• Comunicaciones directas por correo electrónico
• Reuniones de inversores individuales
• Contacto dedicado de relaciones con los inversores

New Gold Inc. (NGD) - Modelo de negocio: segmentos de clientes

Inversores institucionales

New Gold Inc. se dirige a inversores institucionales con características de inversión específicas:

Tipo de inversor	Volumen de inversión	Asignación típica
Fondos de pensiones	$ 42.6 millones	Asignación de cartera de 3-5%
Fondos de riqueza soberana	$ 67.3 millones	Diversificación de cartera de 2-4%
Compañías de seguros	$ 31.5 millones	1-3% de inversiones alternativas

Comerciantes de metales preciosos

Características clave de los comerciantes de metales preciosos que se involucran con New Gold Inc.:

• Volumen comercial promedio: 1.2 millones de onzas anualmente
• Metales primarios negociados: oro, plata, cobre
• Tamaño típico de la transacción: $ 18.4 millones por operación

Partes interesadas de la industria minera

New Gold Inc. atiende a múltiples segmentos de la industria minera:

Categoría de partes interesadas	Valor de compromiso anual	Frecuencia de interacción
Grandes corporaciones mineras	$ 87.2 millones	Reuniones estratégicas trimestrales
Compañías mineras junior	$ 23.6 millones	Colaboración bianual
Empresas de exploración	$ 14.5 millones	Interacciones basadas en proyectos

Gerentes de Fondo cotizado por intercambio (ETF)

El compromiso de los gerentes de ETF con New Gold Inc.:

• Inversión total de ETF: $ 156.7 millones
• Número de ETF activos: 12 fondos centrados en metales preciosos
• Tarifa promedio de gestión del ETF: 0.45%

Fondos de inversión global especializados en minería

Características especializadas del fondo de inversión global:

Tipo de fondo	Inversión total	Extensión geográfica
Fondos mineros globales	$ 224.9 millones	América del Norte, Europa, Asia
Fondos del mercado emergente	$ 98.6 millones	América Latina, África
Fondos mineros sostenibles	$ 67.4 millones	Inversiones globales centradas en ESG

New Gold Inc. (NGD) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de equipos mineros

A partir del informe anual de 2022, New Gold Inc. reportó gastos de capital totales de $ 147.8 millones. El mantenimiento del equipo y los costos de reemplazo se distribuyeron de la siguiente manera:

Categoría de equipo	Costo anual ($)
Equipo minero pesado	62,350,000
Procesamiento de maquinaria	45,200,000
Equipo de transporte	24,750,000
Equipo auxiliar	15,500,000

Gastos de exploración y desarrollo

New Gold Inc. asignó fondos específicos para exploración y desarrollo en 2022:

• Gastos de exploración total: $ 34.2 millones
• Costos de desarrollo del proyecto Rainy River: $ 22.5 millones
• Nueva exploración del proyecto Afton: $ 11.7 millones

Salarios y beneficios de los empleados

Desglose de compensación de la fuerza laboral para 2022:

Categoría de empleado	Gastos salariales anuales ($)
Personal minero directo	87,600,000
Personal administrativo	24,300,000
Gestión	18,750,000
Beneficios y contribuciones sociales	32,400,000

Costos de cumplimiento ambiental y sostenibilidad

Asignación de gastos ambientales para 2022:

• Costos totales de cumplimiento ambiental: $ 45.6 millones
• Planificación de recuperación y cierre: $ 18.3 millones
• Iniciativas de sostenibilidad: $ 12.9 millones
• Programas de reducción de emisiones: $ 14.4 millones

Inversiones de tecnología e infraestructura

Gasto de tecnología e infraestructura en 2022:

Categoría de tecnología	Monto de inversión ($)
Tecnologías de minería digital	7,500,000
Sistemas de análisis de datos	3,200,000
Actualizaciones de infraestructura	12,600,000
Mejoras de ciberseguridad	2,900,000

New Gold Inc. (NGD) - Modelo de negocios: flujos de ingresos

Ventas minerales de oro y cobre

En 2022, New Gold Inc. reportó una producción total de oro de 317,324 onzas y producción de cobre de 48.5 millones de libras. El precio promedio de oro realizado fue de $ 1,801 por onza, generando aproximadamente $ 571.5 millones en ingresos de oro.

Mineral	Volumen de producción	Precio medio	Ingresos totales
Oro	317,324 onzas	$ 1,801/onza	$ 571.5 millones
Cobre	48.5 millones de libras	$ 3.80/libra	$ 184.3 millones

Comercio de metales preciosos

New Gold Inc. se involucra en el comercio de metales preciosos con las siguientes características clave:

• Comercio activo en múltiples mercados globales
• Estrategias de cobertura para administrar la volatilidad de los precios
• 2022 Ingresos de ventas de metal: $ 755.8 millones

Exportaciones de concentrados minerales

Los ingresos por exportaciones de los concentrados minerales en 2022 totalizaron $ 212.6 millones, con mercados primarios que incluyen:

• Región de Asia-Pacífico
• Consumidores industriales norteamericanos
• Mercados metalúrgicos europeos

Contratos de suministro a largo plazo

Tipo de contrato	Duración	Valor anual	Contraparte
Acuerdo de suministro de oro	5 años	$ 180 millones	Major consumidor industrial
Contrato de concentrado de cobre	3 años	$ 95.4 millones	Empresa comercial internacional

Posibles acuerdos de regalías y transmisión

New Gold Inc. tiene posibles flujos de ingresos adicionales a través de:

• Acuerdo de transmisión de plata: estimado de $ 35.2 millones de ingresos potenciales anuales
• Arreglos de regalías con compañías mineras junior
• Ingresos de regalías proyectados: $ 22.7 millones anuales

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.