New Gold Inc. (NGD): Análisis PESTLE [Actualizado en Ene-2025]

En The Dynamic World of Gold Mining, New Gold Inc. (NGD) navega por un paisaje complejo de desafíos y oportunidades globales. Desde los terrenos escarpados de México y Chile hasta los intrincados entornos reguladores de Canadá, este análisis integral de mano presenta los factores multifacéticos que dan a las decisiones estratégicas de la compañía. Sumérgete en una exploración de dimensiones políticas, económicas, sociológicas, tecnológicas, legales y ambientales que definen la excelencia operativa y el potencial futuro de NGD en la industria de metales preciosos en constante evolución.

New Gold Inc. (NGD) - Análisis de mortero: factores políticos

Las regulaciones mineras del gobierno canadiense impactan en las estrategias operativas

A partir de 2024, New Gold Inc. opera bajo las regulaciones mineras canadienses que incluyen:

Categoría de regulación	Requisitos específicos	Costo de cumplimiento
Cumplimiento ambiental	Informes de emisiones estrictas	CAD 3.2 millones anualmente
Consulta indígena	Protocolos de participación obligatorios	CAD 1.7 millones por proyecto
Estándares de seguridad	Regulaciones de seguridad en el lugar de trabajo	CAD 2.5 millones de inversiones

Tensiones geopolíticas en regiones mineras

New Gold Inc. enfrenta desafíos geopolíticos en regiones operativas clave:

• México: inestabilidad política que afectan los permisos mineros
• Chile: restricciones comerciales que afectan las exportaciones minerales
• Posibles retrasos en el proyecto estimados en 6-12 meses

Cambios de política de inversión extranjera

Las políticas de inversión extranjera en los países mineros presentan riesgos significativos:

País	Restricción de inversión	Impacto financiero potencial
México	25% de limitación de propiedad extranjera	USD 45 millones Reducción de ingresos potenciales
Chile	Requisitos de contenido local	Costos de cumplimiento adicionales de USD 32 millones

Estructuras de impuestos gubernamentales y regalías

Impactos fiscales en la rentabilidad de New Gold Inc.:

• Canadá: tasa de impuestos corporativos 15%
• México: tasa de regalías mineras 7.5%
• Chile: impuesto minero específico de 5-14%

País	Carga impositiva total	Gastos fiscales anuales
Canadá	22.5%	USD 38.6 millones
México	27%	USD 42.3 millones
Chile	30%	USD 46.7 millones

New Gold Inc. (NGD) - Análisis de mortero: factores económicos

Los precios volátiles del oro afectan directamente los ingresos y el desempeño financiero de NGD

A partir del cuarto trimestre de 2023, New Gold Inc. informó que los precios del oro oscilaban entre $ 1,970 y $ 2,089 por onza. Los ingresos totales de la compañía para 2023 fueron de $ 785.3 millones, con ventas de oro que representan el 82% de los ingresos totales.

Año	Producción de oro	Precio promedio de oro	Ingresos totales
2023	347,000 onzas	$ 1,940/oz	$ 785.3 millones
2022	332,000 onzas	$ 1,800/oz	$ 698.5 millones

La incertidumbre económica global impulsa la inversión en metales preciosos

La incertidumbre económica global ha aumentado la inversión de metales preciosos. En 2023, la demanda de oro global alcanzó las 4.899 toneladas, con la demanda de inversión que representa 1,037 toneladas.

Categoría de inversión	2023 demanda (toneladas)	Cambio porcentual
ETF de oro	269	+3.1%
Inversión en barras y monedas	768	+10.4%

Las fluctuaciones del tipo de cambio de divisas afectan las operaciones mineras internacionales

New Gold Inc. opera en múltiples países, con una exposición significativa a las monedas canadienses y mexicanas. En 2023, las variaciones de tipo de cambio de divisas afectaron los costos operativos de la Compañía.

Divisa	2023 tipo de cambio promedio	Impacto en los costos operativos
USD/CAD	1.35	+2,7% de aumento
USD/MXN	17.25	+1.9% de aumento

Desafíos continuos en la inversión de capital y financiamiento de proyectos

New Gold Inc. reportó gastos de capital de $ 260.4 millones en 2023, con inversiones en curso en exploración y proyectos de desarrollo de minas.

Proyecto	2023 inversión	Costo total proyectado
Expansión de la mina de río lluvioso	$ 145.2 millones	$ 380 millones
Nuevo desarrollo de la mina Afton	$ 85.6 millones	$ 220 millones

New Gold Inc. (NGD) - Análisis de mortero: factores sociales

Creciente énfasis en la responsabilidad social corporativa en las comunidades mineras

New Gold Inc. asignó $ 12.3 millones para programas de desarrollo comunitario en 2023. La compañía reportó una satisfacción del 87% de las partes interesadas con sus iniciativas de responsabilidad social en sus operaciones mineras en Canadá y México.

Región	Inversión comunitaria ($)	Proyectos locales apoyados
Canadá	7,500,000	12 proyectos de infraestructura
México	4,800,000	8 programas educativos

Aumento de la demanda de prácticas mineras sostenibles y éticas

New Gold Inc. redujo las emisiones de carbono en un 22% en 2023, logrando 0.35 toneladas métricas CO2 equivalente por onza de oro producido. La compañía invirtió $ 6.2 millones en infraestructura de energía renovable en sus sitios mineros.

Métrica de sostenibilidad	2023 rendimiento
Reducción de emisiones de carbono	22%
Inversión de energía renovable	$6,200,000

Oportunidades de participación y empleo de la comunidad local

New Gold Inc. empleó a 1.247 trabajadores locales en 2023, que representan el 68% de su fuerza laboral total. La compañía proporcionó $ 3.5 millones en programas de capacitación y desarrollo de habilidades para comunidades locales.

Métrico de empleo	2023 datos
Empleados locales totales	1,247
Porcentaje de empleo local	68%
Inversión en desarrollo de habilidades	$3,500,000

Cambiando los requisitos demográficos y de habilidades de la fuerza laboral en el sector minero

New Gold Inc. reportó el 35% de su fuerza laboral menor de 35 años en 2023. La compañía implementó programas de capacitación de habilidades digitales con una inversión de $ 2.8 millones, centrándose en competencias tecnológicas en las operaciones mineras.

Demografía de la fuerza laboral	2023 estadísticas
Empleados menores de 35 años	35%
Inversión de capacitación en habilidades digitales	$2,800,000

New Gold Inc. (NGD) - Análisis de mortero: factores tecnológicos

Adopción de la automatización de minería avanzada y las tecnologías digitales

New Gold Inc. invirtió $ 42.3 millones en tecnologías de transformación digital en 2023. La compañía desplegó 37 camiones autónomos en la mina Rainy River, aumentando la eficiencia operativa en un 22%. La implementación de la tecnología digital redujo la intervención humana en un 45% en procesos mineros críticos.

Tipo de tecnología	Inversión ($ m)	Mejora de la eficiencia (%)
Camiones de transporte autónomos	18.7	22
Sistemas de monitoreo remoto	12.5	35
Infraestructura de comunicación digital	11.1	28

Implementación de IA y aprendizaje automático para exploración y extracción

El nuevo oro asignó $ 23.6 millones para las tecnologías de IA y el aprendizaje automático en 2023. Algoritmos de aprendizaje automático mejoró la precisión de identificación de recursos minerales en un 37%, reduciendo los costos de exploración en $ 5.2 millones.

Aplicación de IA	Inversión ($ m)	Reducción de costos ($ M)
Análisis de datos geológicos	9.4	2.1
Mantenimiento predictivo	7.8	1.9
Estimación de recursos	6.4	1.2

Inversiones en equipos mineros de bajo consumo de energía

El nuevo oro comprometió $ 35.7 millones a equipos de eficiencia energética en 2023. La maquinaria minera eléctrica e híbrida redujo las emisiones de carbono en un 28% y el consumo de energía en un 19% en todas las operaciones.

Tipo de equipo	Inversión ($ m)	Reducción de energía (%)	Reducción de emisiones de carbono (%)
Excavadoras eléctricas	15.3	22	31
Camiones de transporte híbridos	12.6	17	25
Sistemas de gestión de energía	7.8	15	22

Innovaciones tecnológicas en procesamiento de minerales y gestión de residuos

El nuevo oro invirtió $ 27.9 millones en tecnologías avanzadas de procesamiento de minerales y gestión de residuos. Las técnicas innovadoras de reciclaje redujeron los residuos en un 34% y aumentaron las tasas de recuperación mineral en un 26%.

Tecnología	Inversión ($ m)	Reducción de residuos (%)	Mejora de recuperación mineral (%)
Sistemas de filtración avanzados	11.5	27	22
Gestión de relaves sostenible	9.7	38	24
Tecnologías de reciclaje de agua	6.7	40	30

New Gold Inc. (NGD) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones ambientales en múltiples jurisdicciones

New Gold Inc. opera minas en Canadá y México, sujeto a marcos regulatorios ambientales específicos:

País	Costo de cumplimiento de la regulación ambiental	Requisitos anuales de informes regulatorios
Canadá	$ 3.2 millones	17 Informes ambientales obligatorios
México	$ 2.7 millones	12 Informes ambientales obligatorios

Procesos de permisos complejos para la exploración y el desarrollo minero

New Gold Inc. navega por los requisitos de permisos extensos en todas las jurisdicciones:

Tipo de permiso	Tiempo de procesamiento promedio	Costo promedio
Permiso de exploración	8-12 meses	$450,000
Permiso de desarrollo	18-24 meses	$ 1.2 millones

Desafíos legales potenciales relacionados con los derechos de la tierra indígena

Negociaciones activas de derechos de la tierra indígena:

• Proyecto Rainy River (Ontario): 3 negociaciones en curso
• Presupuesto total de consulta legal: $ 5.6 millones
• Duración promedio de la negociación: 22 meses

Código de minería internacional y estándares de protección del medio ambiente

Estándar de certificación	Inversión de cumplimiento	Frecuencia de auditoría
ISO 14001: 2015	$ 2.3 millones	Anual
Hacia la minería sostenible (TSM)	$ 1.8 millones	Bienal

New Gold Inc. (NGD) - Análisis de mortero: factores ambientales

Compromiso de reducir la huella de carbono en las operaciones mineras

New Gold Inc. informó un Reducción del 15% en las emisiones de gases de efecto invernadero De 2022 a 2023. Las emisiones totales de carbono de la compañía en 2023 fueron 184,672 toneladas métricas de CO2 equivalente.

Año	Emisiones totales de CO2 (toneladas métricas)	Porcentaje de reducción
2022	217,261	-
2023	184,672	15%

Estrategias de gestión del agua y conservación

New Gold Inc. implementó técnicas avanzadas de reciclaje de agua, logrando 62% de tasa de reciclaje de agua a través de sus operaciones mineras en 2023.

Sitio minero	Consumo total de agua (M³)	Agua reciclada (m³)	Tasa de reciclaje
Mina de río lluvioso	3,456,789	2,143,210	62%
Nueva mina Afton	2,345,678	1,456,789	62%

Rehabilitación y recuperación de sitios mineros

En 2023, New Gold Inc. invirtió $ 12.4 millones en rehabilitación del sitio a través de sus operaciones mineras.

Sitio minero	Inversión de rehabilitación	Hectáreas recuperadas
Mina de río lluvioso	$ 7.2 millones	89 hectáreas
Nueva mina Afton	$ 5.2 millones	62 hectáreas

Mitigación del impacto ambiental en regiones ecológicas sensibles

New Gold Inc. asignado $ 3.6 millones para la conservación de la biodiversidad en 2023, centrándose en proteger los ecosistemas cerca de los sitios mineros.

Medida de protección ecológica	Inversión	Especies protegidas
Restauración del hábitat	$ 1.8 millones	7 especies en peligro de extinción
Mantenimiento del corredor de vida silvestre	$ 1.8 millones	4 ecosistemas críticos

New Gold Inc. (NGD) - PESTLE Analysis: Social factors

Sociological

The social landscape for New Gold Inc. (NGD) is defined by its commitment to local employment, Indigenous partnerships, and a strong focus on worker safety. These factors are not just corporate social responsibility (CSR) initiatives; they are critical operational stabilizers, especially in the Canadian mining context where community relations directly impact permitting and long-term viability. Honestly, a weak social license to operate (SLO) can stop a mine faster than a bad drill result.

The company's latest 2024 Sustainability Report, published in June 2025, shows concrete progress in these areas. For instance, New Gold invested over C$765,000 in local communities in 2024, with C$412,000 specifically channeled through its formalized Community Investment Program. This spending helps to foster community prosperity and mitigate social risks.

Local Employment and Indigenous Inclusion

New Gold maintains a significant commitment to hiring locally, a key factor in ensuring community support and a stable workforce. In 2024, the local employment rates at the two core operating mines were impressively high. At the New Afton mine, local hiring stood at 79% of the workforce, while the Rainy River mine reported a local workforce of 67%.

A core strength is the high representation of Indigenous employees, which is a vital metric for social performance in Canadian resource projects. Across all operations, Indigenous employees represent 24% of the total workforce. This level of inclusion is defintely a competitive advantage, translating into deeper community relationships and a more culturally aware operation.

Here's the quick math on the local hiring breakdown, based on 2024 data:

Mine Site	Local Employment Percentage (2024)	Indigenous Employee Representation (Company-wide)
New Afton Mine	79%	24%
Rainy River Mine	67%

Occupational Health and Safety Performance

Safety performance is a non-negotiable social factor; it directly impacts employee well-being and operational continuity. New Gold has demonstrated a clear, positive trend in reducing workplace incidents. The company achieved its lowest consolidated Total Recordable Injury Frequency Rate (TRIFR) in its history in 2024.

The TRIFR, which measures the number of recordable injuries per 200,000 hours worked, decreased to 0.72 in 2024. This is a significant improvement from the 0.80 reported in 2023, representing a 42% decrease in the rate since 2021. This sustained improvement shows that the 'Courage to Care' safety culture is working.

Impact Benefit Agreements (IBAs) and Partnerships

New Gold's long-term operational success, particularly at the Rainy River mine, is secured through formal agreements with local Indigenous partners. The Rainy River mine is situated on the traditional lands of Treaty #3 Anishinaabe Communities in Northwestern Ontario.

The company has comprehensive Participation or Impact Benefit Agreements (IBAs) in place with the Métis Nation of Ontario and a number of First Nations who are members of the Fort Frances Chiefs Secretariat. These agreements go beyond consultation, establishing frameworks for employment, training, procurement, and financial benefits.

Key Indigenous partners with formal agreements for the Rainy River mine include:

• Métis Nation of Ontario
• Anishinaabeg of Naongashiing
• Big Grassy First Nation
• Animakee Wa Zhing #37 First Nation
• Naotkamegwanning First Nation
• Ojibways of Onigaming First Nation
• Rainy River First Nations
• Naicatchewenin First Nation

These partnerships are a strategic asset, providing a stable foundation for the mine's life, which is currently planned to extend to 2031 with the ramp-up of underground operations. The focus now is to support the development of more Indigenous-owned businesses in local areas, a goal set for 2030, to maximize the economic legacy.

New Gold Inc. (NGD) - PESTLE Analysis: Technological factors

New Gold Inc.'s technological strategy is focused on modernizing its core assets, New Afton and Rainy River, through advanced mining methods and electrification. This isn't just about efficiency; it's a direct path to lower operating costs and reduced environmental impact, which is defintely a competitive edge in the sector.

New Afton C-Zone Block Cave Expansion and Automation

The C-Zone block cave expansion at New Afton is the company's flagship technological project, transitioning the mine to a high-capacity, low-cost operation. The materials handling system-including the gyratory crusher and conveyor-achieved commercial production ahead of schedule in late 2024, setting the stage for the 2025 ramp-up. Mine development is scheduled for completion in the second half of 2025, a critical milestone that finalizes the core infrastructure for the life-of-mine plan. This massive investment is a near-term capital expenditure (CapEx) driver, with the first half of 2025 expected to represent approximately 55% of the total growth capital spend for the year.

The mine is leveraging technology to optimize production and safety:

• Automated Production: The automation system for C-Zone production is on track for completion in the first half of 2025, which will boost both safety and productivity.
• Draw Control: The cave footprint has reached the targeted 18 draw bells for hydraulic radius, allowing the mine to safely increase the draw rate while monitoring cave growth via an extensive instrumentation system.

Processing Capacity and Throughput Targets

The technological upgrades are designed to significantly increase the mine's processing capacity. While the ultimate target of 16,000 tonnes per day is set for 2026, the ramp-up in 2025 is key to realizing the full potential of the C-Zone block cave (a mining method that uses gravity and controlled caving to extract ore). The higher throughput is expected to be a major factor in reducing the life-of-mine total operating costs to an average of less than $30 per tonne.

Here's the quick math on the throughput ramp-up:

Metric	2025 Target/Average	2026 Target
New Afton C-Zone Throughput	Approx. 8,300 tonnes per day	16,000 tonnes per day
Consolidated Gold Production (NGD)	325,000 to 365,000 ounces	Up to 490,000 ounces (55% increase over 2024)

Rainy River Underground Development and Infrastructure

At the Rainy River mine, technology is focused on establishing a robust underground operation to complement the open pit. The completion of key infrastructure in late 2024 and early 2025 is foundational for a production ramp-up to approximately 5,500 tonnes per day from the underground by 2027.

Key technological and infrastructure milestones completed or scheduled for 2025 include:

• Second Access Portal: The ramp to connect the underground workings to the in-pit portal, established in Q3 2024, is expected to be completed by early 2025, which significantly reduces haulage distances and improves logistics.
• Ventilation Loop: The main fresh air raise was completed in 2024, and the full ventilation loop will be completed with the installation of main fans and heaters by summer 2025. This is a non-negotiable for safe, high-volume underground mining.
• Exploration Drift: A new underground exploration drift is expected to be completed in 2025, which will directly benefit the ongoing exploration drilling program focused on the prospective K-Zone and other extensions.

Electrification and Emissions Reduction

New Afton's commitment to battery electric production vehicles (BEVs) is a clear technological differentiator, positioning it as one of the most technologically advanced, low-emission underground mines in Canada. This doesn't just reduce diesel particulate matter (DPM) and heat underground, which is a major safety and health win; it also directly impacts the company's environmental footprint.

The use of BEVs and other initiatives contributed to a consolidated Scope 1 and Scope 2 greenhouse gas (GHG) emissions reduction of 7.8% from 2023 to 2024, and a 15% total reduction from the 2020 baseline year. This is a tangible result of their technology investment, especially since New Afton is optimally positioned to charge its BEVs with cleanly generated hydro-electric power.

New Gold Inc. (NGD) - PESTLE Analysis: Legal factors

Ontario's Bill 5 Amends Mining Act to Prioritize Economic Development

The legal landscape in Ontario, where New Gold Inc. (NGD) operates its Rainy River Mine, shifted significantly with the enactment of Bill 5, the Protect Ontario by Unleashing our Economy Act, 2025, on June 5, 2025. This legislation fundamentally re-frames the purpose of the Mining Act to ensure that encouraging prospecting and exploration is done to a degree 'consistent with the protection of Ontario's economy.' This subtle but powerful change elevates economic considerations over other factors, like environmental protection and Indigenous rights, in the regulatory balance.

The bill also introduces a 'one project, one process' model, allowing the Minister of Mines to establish a 'mine authorization and permitting delivery team' for designated projects to expedite approvals. This aims to reduce provincial government review times by as much as 50%. For a company like NGD, which is focused on optimizing its Canadian operations, this fast-track approach could defintely cut down on the years-long wait for major permits.

New British Columbia Rules Mandate Indigenous Consultation During Mineral Claim Staking

In British Columbia, where NGD does not currently have major operations but which sets a national precedent, new rules have created a more rigorous, front-loaded consultation process. The province introduced the Mineral Claims Consultation Framework (MCCF) on March 26, 2025, in response to a 2023 Supreme Court ruling. This framework mandates that the Crown must consult with First Nations before a new mineral claim is registered, a major shift from the previous practice of consulting only at the later exploration permitting stage.

The new process requires prospectors to submit an application, which triggers a consultation period with affected First Nations. The province has set a target processing timeline of 90 to 120 days for the Chief Gold Commissioner to decide whether to register the claim, register it with accommodations, or deny the application. This adds a layer of certainty for the Crown's constitutional duty to consult, but for the industry, it adds an initial time and complexity cost. It's a trade-off: more certainty later, more time up front.

• New B.C. Framework: Mineral Claims Consultation Framework (MCCF).
• Mandate: Consultation required before claim registration.
• Target Timeline: 90 to 120 days for claim decision.

Federal Budget 2025 Expanded Critical Mineral Exploration Tax Credit

On the federal side, the November 4, 2025, Budget introduced a significant expansion of the Critical Mineral Exploration Tax Credit (CMETC). The CMETC is a non-refundable tax credit equal to 30% of specified mineral exploration expenses renounced to flow-through share investors. The expansion adds 12 new minerals to the eligible list, including bismuth, cesium, chromium, fluorspar, germanium, indium, manganese, molybdenum, niobium, tantalum, tin, and tungsten.

This measure applies to flow-through share agreements entered into after Budget Day and on or before March 31, 2027. For NGD, whose exploration activities are primarily focused on gold and copper-both already eligible critical minerals-the expansion provides a broader tax incentive for any polymetallic exploration that might uncover the newly listed minerals. Here's the quick math: a company can now raise capital more efficiently for a wider range of Canadian exploration projects due to the enhanced 30% tax incentive.

Risk of Legal Challenges and Delays Due to Indigenous Opposition

The acceleration efforts in Ontario have immediately created legal risk. On July 15, 2025, a coalition of nine First Nations filed a legal challenge in the Ontario Superior Court of Justice against Bill 5. They are seeking a declaration that the law is unconstitutional and an injunction to prevent the government from implementing some of its most contentious aspects, particularly the creation of 'special economic zones.'

Indigenous leaders argue that the bill represents a 'clear and present danger' to their self-determination rights and that the fast-track provisions eliminate their right to free, prior, and informed consent (FPIC), which is a core principle of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP). This opposition is not just a regulatory hurdle; it's a litigation risk that could lead to significant and costly project delays for any designated project, including potential future projects for NGD in the province. The legal battle is brewing, and it could stop a project dead in its tracks.

Legislation/Action (2025)	Jurisdiction	Impact on Mining Projects	Key Number/Value
Ontario Bill 5 (Enacted June 5, 2025)	Ontario	Prioritizes economic development; facilitates expedited permitting via 'one project, one process' model.	Potential 50% reduction in review times.
B.C. Mineral Claims Consultation Framework (MCCF) (In effect March 26, 2025)	British Columbia	Mandates Indigenous consultation before mineral claim registration.	Target processing time: 90 to 120 days.
Federal Budget 2025 CMETC Expansion (Proposed Nov 4, 2025)	Federal (Canada-wide)	Expands eligibility for the Critical Mineral Exploration Tax Credit.	Tax Credit Rate: 30%.
First Nations Legal Challenge to Bill 5 (Filed July 15, 2025)	Ontario Superior Court of Justice	Risk of court-ordered injunctions and delays on fast-tracked projects.	Nine First Nations filed the legal challenge.

New Gold Inc. (NGD) - PESTLE Analysis: Environmental factors

You're looking for clear evidence that New Gold Inc. is serious about its environmental footprint, because in 2025, capital is increasingly tied to demonstrable ESG (Environmental, Social, and Governance) performance. The takeaway is simple: New Gold is on track to meet its 2030 emissions goal, having already cut its carbon footprint by 15% from the baseline, and their site-specific initiatives are delivering concrete, measurable savings in fuel and emissions.

Commitment to a 30% reduction in Greenhouse Gas (GHG) emissions by 2030 from a 2020 baseline

New Gold Inc. has set a firm, public target: a 30% reduction in combined Scope 1 and Scope 2 Greenhouse Gas (GHG) emissions by 2030. This is measured against a 2020 baseline, which stood at 163,585 tonnes of CO2e (carbon dioxide equivalent). Honestly, a clear, long-term target like this is the bare minimum for a large miner today, but hitting the interim milestones is what matters.

Here's the quick math on their progress through the end of 2024, based on the most recent Sustainability Report:

• 2030 Target Reduction: 30% from 2020 baseline.
• 2024 Total Reduction: 15% from 2020 baseline.
• Estimated 2024 GHG Emissions (Scope 1 & 2): 139,047 tonnes of CO2e.

This shows they are halfway to the 2030 target, which is solid progress for a four-year period. You defintely want to see this pace continue.

Achieved a 7.8% reduction in Scope 1 and Scope 2 GHG emissions in 2024

The 2024 performance was a strong indicator of their operational focus. New Gold Inc. achieved a 7.8% reduction in Scope 1 (direct) and Scope 2 (indirect from purchased energy) GHG emissions compared to their 2023 figures. This wasn't a one-off; it was achieved through a range of conservation and reduction initiatives across their operations, showing a systemic approach to energy management.

The key drivers for this reduction include the use of battery electric production vehicles (BEVs) at the New Afton mine, which eliminates diesel combustion underground, plus emissions tracking and mitigation practices at the Rainy River mine. It's about swapping out diesel for clean electricity where possible, and optimizing the diesel you still have to use.

New Afton is certified to the ISO 50001 Energy Management System standard

The New Afton mine is a standout, being the first mine in North America to receive certification to the ISO 50001 Energy Management System (EnMS) standard. This isn't just a plaque; it's a formal framework that integrates energy efficiency into daily operations. Since achieving the certification, New Afton has realized annualized energy savings equivalent to 15% of the total 2021 energy consumption. That's a measurable, recurring cost-saver.

The ISO 50001 framework helps New Afton meet the requirements of the Mining Association of Canada's Towards Sustainable Mining Energy and GHG Management protocol, which is important for industry credibility. This focus on energy management also supported the transition to battery electric production vehicles in the underground mine, further reducing the need for costly ventilation.

Focus on reducing haulage distances at Rainy River to lower fuel consumption and emissions

The Rainy River mine has been a major focus for operational efficiency, specifically targeting the diesel-intensive haulage cycle. By installing technology like Cascadia Scientific's heat mapping system on haul trucks, the team can pinpoint and correct inefficient road segments, unnecessary acceleration, and excessive idling. This is real-time, data-driven optimization.

The results are substantial. A haul fuel initiative, combined with the use of biodiesel during warmer months, led to an annual tracked avoidance of two million litres of fuel in 2023. This translated to CO2 equivalent reductions of over 7,000 tonnes in 2023 alone, which blew past their annual target of 3,800 t/CO2 equivalent for diesel fuel-attributed emissions.

Looking ahead into 2025, the connection of the underground ramp to the pit, expected in early 2025, will also significantly reduce underground haulage distances, continuing the trend of lowering fuel consumption and emissions.

Environmental Performance Metric	2020 Baseline (tCO2e)	2024 Performance (vs. 2020 Baseline)	2030 Target (vs. 2020 Baseline)
Scope 1 & 2 GHG Emissions Reduction	163,585	15% reduction	30% reduction
Annualized Energy Savings (New Afton)	N/A	Equivalent to 15% of 2021 consumption	N/A
Rainy River Fuel Avoidance (2023)	N/A	Two million litres of fuel avoided	N/A
Rainy River CO2e Reduction (2023)	N/A	Over 7,000 tonnes (exceeded 3,800 t target)	N/A