New Gold Inc. (NGD): Business Model Canvas [Jan-2025 Mise à jour]

New Gold Inc. (NGD) est à l'avant-garde de l'exploitation stratégique d'or et de cuivre, tirant parti d'un modèle commercial sophistiqué qui transforme l'exploration minérale complexe en opportunités d'investissement précieuses. En équilibrant magistralement les pratiques durables, l'innovation technologique et les partenariats mondiaux stratégiques, cette entreprise miniers dont le siège est au Canada navigue dans le paysage complexe de la production de métaux précieux avec une précision remarquable et une approche avant-gardiste. Les investisseurs et les parties prenantes de l'industrie sont attirés par les propositions de valeur uniques de NGD qui promettent non seulement l'extraction minérale, mais une stratégie complète pour la création de valeur à long terme dans le monde dynamique de l'exploitation minière mondiale.

New Gold Inc. (NGD) - Modèle commercial: partenariats clés

Coentreprises minières stratégiques au Canada et au Mexique

New Gold Inc. maintient des coentreprises stratégiques avec des partenaires spécifiques:

Emplacement	Partenaire	Projet	Pourcentage de propriété
Mexique	Newmont Corporation	Mine Cerro San Pedro	100% Nouvel or
Canada	Ressources standard en argent	Nouvelle mine afton	100% Nouvel or

Fournisseurs d'équipement et de technologie

Les partenariats clés de la technologie et de l'équipement comprennent:

• Caterpillar Inc. - Fournisseur d'équipement minière
• Sandvik Group - Technologies mines souterraines
• MetSo Outotec - Équipement de traitement des minéraux

Gouvernement local et organes réglementaires environnementaux

Les partenariats réglementaires englobent:

• Ministère britannique de l'Énergie, des mines et de l'innovation à faible teneur en carbone
• Agence fédérale mexicaine de la protection de l'environnement (ProfEPA)
• Agence canadienne d'évaluation environnementale

Institutions financières pour le financement du projet

Institution financière	Facilité de crédit	Montant	Année
Banque de Montréal	Facilité de crédit renouvelable	400 millions de dollars	2023
Banque royale du Canada	Financement du projet	250 millions de dollars	2023

Partenaires de transformation et de transport métallurgiques

• First Quantum Minerals - Collaboration de traitement métallurgique
• Canadian National Railway - Transport minéral
• Boliden AB - Accords de traitement des concentrés

New Gold Inc. (NGD) - Modèle d'entreprise: activités clés

Exploration minière en or et en cuivre

New Gold Inc. exploite trois actifs miniers primaires à partir de 2024:

• Mine d'or de la rivière Rainy en Ontario, Canada
• New Afton Copper-Gold Mine en Colombie-Britannique, Canada
• Mine Cerro San Pedro au Mexique

Le mien	Ressources minérales	Production annuelle (2023)
Rivière pluvieuse	5,1 millions d'onces d'or	215 000 onces d'or
Nouveau afton	1,7 million d'onces d'or, 1,5 milliard de livres de cuivre	45 000 onces d'or, 55 millions de livres de cuivre
Cerro San Pedro	0,3 million d'onces d'or	20 000 onces d'or

Extraction et traitement des minéraux

Capacités de traitement et métriques pour 2023:

• Total annuel total du minerai: 14,5 millions de tonnes
• Taux de récupération d'or moyen: 87,3%
• Taux de récupération du cuivre moyen: 82,5%

Développement des mines et gestion opérationnelle

Dépenses en capital pour 2023: 225 millions de dollars

Zone d'investissement	Allocation
Exploration	45 millions de dollars
Expansion de la mine	110 millions de dollars
Amélioration de l'équipement	70 millions de dollars

Durabilité et conformité environnementale

Métriques environnementales pour 2023:

• Émissions totales de gaz à effet de serre: 285 000 tonnes CO2E
• Taux de recyclage de l'eau: 72%
• Investissement en réadaptation des terres: 18 millions de dollars

Investissement continu dans les améliorations technologiques

Investissement technologique pour 2023: 35 millions de dollars

Zone technologique	Investissement
Systèmes d'automatisation	15 millions de dollars
Analyse des données	10 millions de dollars
Technologies de traitement des minéraux	10 millions de dollars

New Gold Inc. (NGD) - Modèle d'entreprise: Ressources clés

Mines d'or opérationnel et de cuivre

New Gold Inc. possède les mines opérationnelles suivantes en 2024:

Nom de mine	Emplacement	Taper	Production annuelle
Rivière pluvieuse	Ontario, Canada	Or	290 000 oz d'or / an
Nouveau afton	Colombie-Britannique, Canada	Cuivre en or	45 000 oz d'or, 50 millions de livres de cuivre / an

Main-d'œuvre minière qualifiée

Total de la main-d'œuvre: 1 024 employés à partir de 2023 Rapport annuel

• Environ 72% de personnel technique et d'ingénierie
• Expérience minière moyenne: 15,3 ans par employé

Équipement d'exploitation et infrastructure

Investissement en capital dans l'équipement et les infrastructures:

Catégorie	Valeur
Équipement d'exploitation	378 millions de dollars
Infrastructure de traitement	456 millions de dollars

Droits d'exploration minérale

• Total total: 186 000 hectares
• Permis d'exploration au Canada et au Mexique
• Budget d'exploration estimé: 45 millions de dollars en 2024

Capital financier

Métrique financière	Montant
Actif total	2,1 milliards de dollars
Espèce et équivalents	287 millions de dollars
Dette totale	673 millions de dollars

New Gold Inc. (NGD) - Modèle d'entreprise: propositions de valeur

Production d'or et de cuivre de haute qualité

New Gold Inc. a déclaré une production totale d'or de 316 558 onces en 2022, la production de cuivre atteignant 35,1 millions de livres. La mine Rainy River en Ontario, au Canada, a contribué 218 241 onces d'or, tandis que la nouvelle mine Afton en Colombie-Britannique a produit 98 317 onces.

Asset	Production d'or (OZ)	Production de cuivre (LBS)
Rivière pluvieuse	218,241	N / A
Nouveau afton	98,317	35,100,000

Engagement envers les pratiques minières durables et responsables

New Gold Inc. a mis en œuvre des stratégies complètes environnementales, sociales et de gouvernance (ESG). En 2022, la société a rapporté:

• Objectif de réduction des émissions de carbone de 30% d'ici 2030
• Taux de recyclage de l'eau de 82% à Rainy River Mine
• 7,2 millions de dollars investis dans des programmes de développement communautaire

Portfolio de réduction des actifs minéraux diversifiés

New Gold Inc. exploite trois actifs miniers principaux à travers l'Amérique du Nord:

Le mien	Emplacement	Métaux primaires
Rivière pluvieuse	Ontario, Canada	Or, argent
Nouveau afton	Colombie-Britannique, Canada	Cuivre, or
Cerro San Pedro	Mexique	Or, argent

Prix ​​compétitifs sur le marché des métaux précieux

En 2022, New Gold Inc. a signalé un coût de maintien tout-in (AISC) de 1 247 $ par ory d'or, ce qui est compétitif dans l'industrie. Le prix d'or réalisé moyen était de 1 800 $ l'once, ce qui donne une marge forte.

Création de valeur à long terme pour les actionnaires

Les mesures de performance financière pour 2022 comprennent:

• Revenus: 1,067 milliard de dollars
• Revenu net: 90,2 millions de dollars
• Caisse provenant des opérations: 348,6 millions de dollars

Métrique financière	Valeur 2022
Revenu	1,067 milliard de dollars
Revenu net	90,2 millions de dollars
Cash provenant des opérations	348,6 millions de dollars

New Gold Inc. (NGD) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les investisseurs institutionnels

New Gold Inc. maintient la communication directe des investisseurs grâce aux appels de bénéfices trimestriels et aux présentations des investisseurs. Au troisième trimestre 2023, la société a accueilli 32 réunions d'investisseurs institutionnelles avec une participation totale de 47 sociétés d'investissement.

Métrique de l'engagement des investisseurs	2023 données
Réunions d'investisseurs institutionnels	32 réunions
Sociétés d'investissement participantes	47 entreprises
Total des actionnaires institutionnels	168 actionnaires

Information financière régulière et transparence

New Gold Inc. fournit des rapports financiers complets avec États financiers trimestriels et annuels. Le rapport annuel en 2022 de la société a révélé des revenus totaux de 718,1 millions de dollars.

Canaux de communication des relations avec les investisseurs

• Section des relations avec les investisseurs sur le site Web de l'entreprise
• Plateforme de communication des investisseurs par e-mail
• Webdiffusions sur les résultats trimestriels
• Réunions annuelles des actionnaires

Canal de communication	Fréquence
Webdiffusions sur les gains	Trimestriel
Présentations des investisseurs	Bi-annuellement
Communications des actionnaires	Mensuel

Participation aux conférences de l'industrie minière

En 2023, New Gold Inc. a participé à 7 grandes conférences de l'industrie minière, notamment la BMO Global Metals and Mining Conference et la Scotia Bank Mining Conference.

Engagement de développement durable

New Gold Inc. a publié son rapport sur le développement durable de 2022, mettant en évidence 23,4 millions de dollars investis dans des initiatives de gouvernance environnementale et sociale.

Métrique de la durabilité	2022 données
Investissement ESG	23,4 millions de dollars
Investissement communautaire	5,2 millions de dollars
Programmes environnementaux	12 initiatives actives

New Gold Inc. (NGD) - Modèle d'entreprise: canaux

Plateforme de relations avec le site Web et les investisseurs

New Gold Inc. conserve un site Web officiel d'entreprise à www.newgold.com, qui sert de canal numérique principal pour la diffusion de l'information.

Type de canal	Détails de la plate-forme numérique
Site Web de l'entreprise	www.newgold.com
Section des relations avec les investisseurs	Rapports financiers complets, présentations et mises à jour d'entreprise

Listes de marchés financiers

New Gold Inc. maintient des listes sur les échanges financiers clés:

Bourse	Symbole de ticker
Bourse de New York (NYSE)	NGD
Bourse de Toronto (TSX)	NGD

Rapports annuels et divulgations financières trimestrielles

La Société assure une transparence financière détaillée par le biais de mécanismes de rapports réguliers:

• Rapports financiers annuels
• États financiers trimestriels
• Conférences de résultats trimestriels

Conférences de l'industrie minière et présentations des investisseurs

Type de conférence	Fréquence
Conférences d'investissement minière	Trimestriellement / semestriel
Présentations des investisseurs Roadshow	Semestriel

Communication directe avec les investisseurs institutionnels

Canaux de communication pour les investisseurs institutionnels:

• Communications par e-mail directes
• Réunions d'investisseurs en tête-à-tête
• Contact des relations avec les investisseurs dédiés

New Gold Inc. (NGD) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

New Gold Inc. cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Type d'investisseur	Volume d'investissement	Allocation typique
Fonds de pension	42,6 millions de dollars	Attribution du portefeuille de 3 à 5%
Fonds de richesse souverain	67,3 millions de dollars	Diversification du portefeuille de 2 à 4%
Compagnies d'assurance	31,5 millions de dollars	1 à 3% d'investissements alternatifs

Commerçants de métaux précieux

Caractéristiques clés des commerçants de métaux précieux se livrant à New Gold Inc .:

• Volume de trading moyen: 1,2 million d'onces par an
• Métaux primaires échangés: or, argent, cuivre
• Taille typique des transactions: 18,4 millions de dollars par commerce

Parties prenantes de l'industrie minière

New Gold Inc. dessert plusieurs segments de l'industrie minière:

Catégorie des parties prenantes	Valeur d'engagement annuelle	Fréquence d'interaction
Grandes sociétés minières	87,2 millions de dollars	Réunions stratégiques trimestrielles
Sociétés minières juniors	23,6 millions de dollars	Collaboration bi-annuelle
Sociétés d'exploration	14,5 millions de dollars	Interactions basées sur des projets

Gestionnaires de fonds négociés en bourse (ETF)

ETF Managers 'Engagement avec New Gold Inc.:

• Investissement total des ETF: 156,7 millions de dollars
• Nombre de FNB actives: 12 fonds précieux axés sur les métaux
• Frais de gestion des ETF moyens: 0,45%

Fonds d'investissement mondial spécialisés dans l'exploitation minière

Caractéristiques spécialisées du fonds d'investissement mondial:

Type de fonds	Investissement total	Propagation géographique
Fonds minières mondiaux	224,9 millions de dollars	Amérique du Nord, Europe, Asie
Fonds de marché émergents	98,6 millions de dollars	Amérique latine, Afrique
Fonds minières durables	67,4 millions de dollars	Investissements mondiaux axés sur l'ESG

New Gold Inc. (NGD) - Modèle d'entreprise: Structure des coûts

Acquisition et maintenance des équipements d'exploitation

Depuis le rapport annuel de 2022, New Gold Inc. a déclaré un total de dépenses en capital de 147,8 millions de dollars. Les coûts de maintenance et de remplacement des équipements ont été distribués comme suit:

Catégorie d'équipement	Coût annuel ($)
Équipement d'extraction lourde	62,350,000
Machinerie de traitement	45,200,000
Équipement de transport	24,750,000
Équipement auxiliaire	15,500,000

Frais d'exploration et de développement

New Gold Inc. a alloué des fonds spécifiques pour l'exploration et le développement en 2022:

• Dépenses d'exploration totales: 34,2 millions de dollars
• Coût de développement du projet Rainy River: 22,5 millions de dollars
• New Afton Project Exploration: 11,7 millions de dollars

Salaires et avantages sociaux des employés

Répartition de l'indemnisation de la main-d'œuvre pour 2022:

Catégorie des employés	Dépenses salariales annuelles ($)
Personnel minier direct	87,600,000
Personnel administratif	24,300,000
Gestion	18,750,000
Avantages et contributions sociales	32,400,000

Coûts de conformité environnementale et de durabilité

Attribution des dépenses environnementales pour 2022:

• Coûts totaux de conformité environnementale: 45,6 millions de dollars
• Reclamation et planification de la fermeture: 18,3 millions de dollars
• Initiatives de durabilité: 12,9 millions de dollars
• Programmes de réduction des émissions: 14,4 millions de dollars

Investissements technologiques et infrastructures

Dépenses technologiques et infrastructures en 2022:

Catégorie de technologie	Montant d'investissement ($)
Technologies minières numériques	7,500,000
Systèmes d'analyse de données	3,200,000
Mises à niveau des infrastructures	12,600,000
Améliorations de la cybersécurité	2,900,000

New Gold Inc. (NGD) - Modèle d'entreprise: Strots de revenus

Ventes minérales en or et en cuivre

En 2022, New Gold Inc. a déclaré une production totale d'or de 317 324 onces et une production de cuivre de 48,5 millions de livres. Le prix d'or réalisé moyen était de 1 801 $ l'once, générant environ 571,5 millions de dollars de revenus d'or.

Minéral	Volume de production	Prix ​​moyen	Revenus totaux
Or	317 324 onces	1 801 $ / once	571,5 millions de dollars
Cuivre	48,5 millions de livres	3,80 $ / livre	184,3 millions de dollars

Trading métallique précieux

New Gold Inc. s'engage dans des métaux précieux échangeant avec les caractéristiques clés suivantes:

• Échange actif sur plusieurs marchés mondiaux
• Stratégies de couverture pour gérer la volatilité des prix
• 2022 Revenus de ventes de métaux: 755,8 millions de dollars

Exportations de concentrés minéraux

Les revenus d'exportation des concentrés minéraux en 2022 ont totalisé 212,6 millions de dollars, avec les marchés primaires, notamment:

• Région Asie-Pacifique
• Consommateurs industriels nord-américains
• Marchés métallurgiques européens

Contrats d'approvisionnement à long terme

Type de contrat	Durée	Valeur annuelle	Contrepartie
Contrat d'approvisionnement en or	5 ans	180 millions de dollars	Grand consommateur industriel
Contrat de concentré de cuivre	3 ans	95,4 millions de dollars	Société commerciale internationale

Accords potentiels de royauté et de streaming

New Gold Inc. a des sources de revenus supplémentaires potentielles:

• Contrat de streaming en argent: revenus potentiels annuels estimés de 35,2 millions de dollars
• Arrangements de redevances avec les sociétés minières juniors
• Revenu des redevances projetées: 22,7 millions de dollars par an

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.