New Gold Inc. (NGD): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A New Gold Inc. (NGD) fica na vanguarda da mineração estratégica de ouro e cobre, alavancando um modelo de negócios sofisticado que transforma a exploração mineral complexa em valiosas oportunidades de investimento. Ao equilibrar magistralmente práticas sustentáveis, inovação tecnológica e parcerias globais estratégicas, esta empresa de mineração com sede no Canadá navega no intrincado cenário da produção de metais preciosos com notável abordagem de precisão e pensamento avançado. Investidores e partes interessadas do setor são atraídas pelas proposições de valor exclusivas da NGD que prometem não apenas extração mineral, mas uma estratégia abrangente para a criação de valor a longo prazo no mundo dinâmico da mineração global.

New Gold Inc. (NGD) - Modelo de Negócios: Principais Parcerias

Joint ventures de mineração estratégica no Canadá e no México

A New Gold Inc. mantém joint ventures estratégicos com parceiros específicos:

Localização	Parceiro	Projeto	Porcentagem de propriedade
México	Newmont Corporation	Mina Cerro San Pedro	100% novo ouro
Canadá	Recursos padrão de prata	Nova mina de Afton	100% novo ouro

Fornecedores de equipamentos e tecnologia

As principais parcerias de tecnologia e equipamentos incluem:

• Caterpillar Inc. - Fornecedor de equipamentos de mineração
• Grupo Sandvik - Tecnologias de mineração subterrânea
• Metso OUSTEC - Equipamento de processamento mineral

Governo local e órgãos regulatórios ambientais

As parcerias regulatórias abrangem:

• Ministério da Energia da Colúmbia Britânica, Minas e Inovação de Baixa Carbono
• Agência Federal de Proteção Ambiental mexicana (Profepa)
• Agência de Avaliação Ambiental Canadense

Instituições financeiras para financiamento de projetos

Instituição financeira	Linha de crédito	Quantia	Ano
Banco de Montreal	Linha de crédito rotativo	US $ 400 milhões	2023
Royal Bank of Canada	Financiamento do projeto	US $ 250 milhões	2023

Parceiros de processamento e transporte metalúrgico

• Minerais quânticos - colaboração de processamento metalúrgico
• Ferrovia Nacional Canadense - Transporte Mineral
• Boliden AB - Acordos de processamento de concentrado

New Gold Inc. (NGD) - Modelo de negócios: Atividades -chave

Exploração de mineração de ouro e cobre

A New Gold Inc. opera três ativos de mineração primária a partir de 2024:

• Mina de Ouro do Rio Rainoso em Ontário, Canadá
• New Afton Copper-Gold Mine na Colúmbia Britânica, Canadá
• Mina Cerro San Pedro no México

Meu	Recursos minerais	Produção anual (2023)
Rio chuvoso	5,1 milhões de onças de ouro	215.000 onças de ouro
New Afton	1,7 milhão de onças de ouro, 1,5 bilhão de libras de cobre	45.000 onças de ouro, 55 milhões de libras de cobre
Cerro San Pedro	0,3 milhão de onças de ouro	20.000 onças de ouro

Extração e processamento minerais

Recursos e métricas de processamento para 2023:

• Processamento anual total de minério: 14,5 milhões de toneladas
• Taxa média de recuperação de ouro: 87,3%
• Taxa média de recuperação de cobre: ​​82,5%

Desenvolvimento de minas e gerenciamento operacional

Despesas de capital para 2023: US $ 225 milhões

Área de investimento	Alocação
Exploração	US $ 45 milhões
Expansão da mina	US $ 110 milhões
Atualizações de equipamentos	US $ 70 milhões

Sustentabilidade e conformidade ambiental

Métricas ambientais para 2023:

• Emissões totais de gases de efeito estufa: 285.000 toneladas CO2E
• Taxa de reciclagem de água: 72%
• Investimento de reabilitação de terras: US $ 18 milhões

Investimento contínuo em melhorias tecnológicas

Investimento de tecnologia para 2023: US $ 35 milhões

Área de tecnologia	Investimento
Sistemas de automação	US $ 15 milhões
Análise de dados	US $ 10 milhões
Tecnologias de processamento mineral	US $ 10 milhões

New Gold Inc. (NGD) - Modelo de negócios: Recursos -chave

Minas operacionais de ouro e cobre

A New Gold Inc. possui as seguintes minas operacionais a partir de 2024:

Nome do meu	Localização	Tipo	Produção anual
Rio chuvoso	Ontário, Canadá	Ouro	290.000 onças de ouro/ano
New Afton	Colúmbia Britânica, Canadá	Gold de cobre	45.000 onças de ouro, 50 milhões de libras cobre/ano

Força de trabalho de mineração qualificada

Força de trabalho total: 1.024 funcionários em 2023 Relatório Anual

• Aproximadamente 72% da equipe técnica e de engenharia
• Experiência média de mineração: 15,3 anos por funcionário

Equipamento de mineração e infraestrutura

Investimento de capital em equipamentos e infraestrutura:

Categoria	Valor
Equipamento de mineração	US $ 378 milhões
Infraestrutura de processamento	US $ 456 milhões

Direitos de exploração mineral

• TOTAL da terra: 186.000 hectares
• Permissões de exploração no Canadá e no México
• Orçamento de exploração estimado: US $ 45 milhões em 2024

Capital financeiro

Métrica financeira	Quantia
Total de ativos	US $ 2,1 bilhões
Dinheiro e equivalentes	US $ 287 milhões
Dívida total	US $ 673 milhões

New Gold Inc. (NGD) - Modelo de Negócios: Proposições de Valor

Produção de ouro e cobre de alta qualidade

A New Gold Inc. relatou uma produção total de ouro de 316.558 onças em 2022, com a produção de cobre atingindo 35,1 milhões de libras. A mina do rio chuvoso em Ontário, Canadá, contribuiu com 218.241 onças de ouro, enquanto a nova mina de Afton na Colúmbia Britânica produziu 98.317 onças.

Asset	Produção de ouro (OZ)	Produção de cobre (LBS)
Rio chuvoso	218,241	N / D
New Afton	98,317	35,100,000

Compromisso com práticas de mineração sustentáveis ​​e responsáveis

A New Gold Inc. implementou estratégias abrangentes ambientais, sociais e de governança (ESG). A partir de 2022, a empresa informou:

• Alvo de redução de emissões de carbono de 30% até 2030
• Taxa de reciclagem de água de 82% na mina de Rainy River
• US $ 7,2 milhões investidos em programas de desenvolvimento comunitário

Portfólio de ativos minerais diversificados

A New Gold Inc. opera três ativos de mineração primária em toda a América do Norte:

Meu	Localização	Metais primários
Rio chuvoso	Ontário, Canadá	Ouro, prata
New Afton	Colúmbia Britânica, Canadá	Cobre, ouro
Cerro San Pedro	México	Ouro, prata

Preços competitivos no mercado de metais preciosos

Em 2022, a New Gold Inc. relatou um custo de sustentação all-in (AISC) de US $ 1.247 por onça de ouro, que é competitiva na indústria. O preço médio realizado no ouro foi de US $ 1.800 por onça, fornecendo uma margem forte.

Criação de valor a longo prazo para os acionistas

As métricas de desempenho financeiro para 2022 incluem:

• Receita: US $ 1,067 bilhão
• Lucro líquido: US $ 90,2 milhões
• Dinheiro das operações: US $ 348,6 milhões

Métrica financeira	2022 Valor
Receita	US $ 1,067 bilhão
Resultado líquido	US $ 90,2 milhões
Dinheiro das operações	US $ 348,6 milhões

New Gold Inc. (NGD) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com investidores institucionais

A New Gold Inc. mantém a comunicação direta dos investidores por meio de chamadas de ganhos trimestrais e apresentações de investidores. No terceiro trimestre de 2023, a empresa organizou 32 reuniões institucionais de investidores com participação total de 47 empresas de investimento.

Métrica de Engajamento do Investidor	2023 dados
Reuniões institucionais de investidores	32 reuniões
Empresas de investimento participantes	47 empresas
Acionistas institucionais totais	168 acionistas

Relatórios financeiros regulares e transparência

A New Gold Inc. fornece relatórios financeiros abrangentes com demonstrações financeiras trimestrais e anuais. O relatório anual de 2022 da Companhia divulgou receitas totais de US $ 718,1 milhões.

Canais de comunicação de relações com investidores

• Seção de Relações com Sites Corporativos
• Plataforma de comunicação por e -mail para investidores
• Webcasts trimestrais de ganhos
• Reuniões anuais de acionistas

Canal de comunicação	Freqüência
Webcasts de ganhos	Trimestral
Apresentações de investidores	Bi-semestralmente
Comunicações para os acionistas	Mensal

Participação em conferências da indústria de mineração

Em 2023, a New Gold Inc. participou de 7 principais conferências da indústria de mineração, incluindo a conferência de metais e mineração da BMO e a Conferência de Mineração do Scotiabank.

Compromisso de Desenvolvimento Sustentável

A New Gold Inc. publicou seu relatório de sustentabilidade de 2022, destacando US $ 23,4 milhões investidos em iniciativas de governança ambiental e social.

Métrica de sustentabilidade	2022 dados
Investimento ESG	US $ 23,4 milhões
Investimento comunitário	US $ 5,2 milhões
Programas ambientais	12 iniciativas ativas

New Gold Inc. (NGD) - Modelo de Negócios: Canais

Site corporativo e plataforma de relações com investidores

A New Gold Inc. mantém um site corporativo oficial em www.newgold.com, que serve como um canal digital primário para disseminação de informações.

Tipo de canal	Detalhes da plataforma digital
Site corporativo	www.newgold.com
Seção de relações com investidores	Relatórios financeiros abrangentes, apresentações e atualizações corporativas

Listagens de mercado financeiro

A New Gold Inc. mantém listagens nas principais trocas financeiras:

Bolsa de valores	Símbolo do ticker
Bolsa de Valores de Nova York (NYSE)	NGD
Bolsa de Valores de Toronto (TSX)	NGD

Relatórios anuais e divulgações financeiras trimestrais

A empresa fornece transparência financeira detalhada por meio de mecanismos regulares de relatórios:

• Relatórios financeiros anuais
• Demonstrações financeiras trimestrais
• Chamadas de conferência de ganhos trimestrais

Conferências da indústria de mineração e apresentações de investidores

Tipo de conferência	Freqüência
Conferências de investimento em mineração	Trimestral/semestral
Apresentações de roadshow de investidores	Semestral

Comunicação direta com investidores institucionais

Canais de comunicação para investidores institucionais:

• Comunicações de email direto
• Reuniões individuais de investidores
• Contato de relações com investidores dedicados

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

Investidores institucionais

A New Gold Inc. tem como alvo investidores institucionais com características específicas de investimento:

Tipo de investidor	Volume de investimento	Alocação típica
Fundos de pensão	US $ 42,6 milhões	Alocação de portfólio de 3-5%
Fundos soberanos de riqueza	US $ 67,3 milhões	2-4% de diversificação do portfólio
Companhias de seguros	US $ 31,5 milhões	1-3% de investimentos alternativos

Comerciantes de metais preciosos

Principais características dos comerciantes de metais preciosos que se envolvem com o New Gold Inc.:

• Volume médio de negociação: 1,2 milhão de onças anualmente
• Metais primários negociados: ouro, prata, cobre
• Tamanho da transação típica: US $ 18,4 milhões por negociação

Partes interessadas da indústria de mineração

A New Gold Inc. serve a vários segmentos da indústria de mineração:

Categoria de partes interessadas	Valor anual de engajamento	Frequência de interação
Grandes corporações de mineração	US $ 87,2 milhões	Reuniões estratégicas trimestrais
Empresas de mineração júnior	US $ 23,6 milhões	Colaboração bienual
Empresas de exploração	US $ 14,5 milhões	Interações baseadas em projetos

Gerentes de fundos negociados em câmbio (ETF)

O envolvimento dos gerentes de ETF com o New Gold Inc.:

• Investimento total de ETF: US $ 156,7 milhões
• Número de ETFs ativos: 12 fundos preciosos focados em metais
• Taxa média de gerenciamento de ETF: 0,45%

Fundos de investimento global especializados em mineração

Características especializadas de fundos de investimento global:

Tipo de fundo	Investimento total	Propagação geográfica
Fundos globais de mineração	US $ 224,9 milhões	América do Norte, Europa, Ásia
Fundos de mercado emergentes	US $ 98,6 milhões	América Latina, África
Fundos de mineração sustentáveis	US $ 67,4 milhões	Investimentos globais focados em ESG

New Gold Inc. (NGD) - Modelo de negócios: estrutura de custos

Aquisição e manutenção de equipamentos de mineração

Até o relatório anual de 2022, a New Gold Inc. registrou despesas totais de capital de US $ 147,8 milhões. Os custos de manutenção e reposição de equipamentos foram distribuídos da seguinte forma:

Categoria de equipamento	Custo anual ($)
Equipamento de mineração pesada	62,350,000
Máquinas de processamento	45,200,000
Equipamento de transporte	24,750,000
Equipamento auxiliar	15,500,000

Despesas de exploração e desenvolvimento

A New Gold Inc. alocou fundos específicos para exploração e desenvolvimento em 2022:

• Total de despesas de exploração: US $ 34,2 milhões
• Custos de desenvolvimento do projeto Rainy River: US $ 22,5 milhões
• New Afton Project Exploration: US $ 11,7 milhões

Salários e benefícios dos funcionários

Remutação de compensação da força de trabalho para 2022:

Categoria de funcionários	Despesas salariais anuais ($)
Pessoal de mineração direta	87,600,000
Equipe administrativo	24,300,000
Gerenciamento	18,750,000
Benefícios e contribuições sociais	32,400,000

Custos de conformidade ambiental e sustentabilidade

Alocação de despesas ambientais para 2022:

• Custos totais de conformidade ambiental: US $ 45,6 milhões
• Planejamento de recuperação e fechamento: US $ 18,3 milhões
• Iniciativas de sustentabilidade: US $ 12,9 milhões
• Programas de redução de emissões: US $ 14,4 milhões

Investimentos de tecnologia e infraestrutura

Gastos de tecnologia e infraestrutura em 2022:

Categoria de tecnologia	Valor do investimento ($)
Tecnologias de mineração digital	7,500,000
Sistemas de análise de dados	3,200,000
Atualizações de infraestrutura	12,600,000
Aprimoramentos de segurança cibernética	2,900,000

New Gold Inc. (NGD) - Modelo de negócios: fluxos de receita

Vendas minerais de ouro e cobre

Em 2022, a New Gold Inc. relatou uma produção total de ouro de 317.324 onças e produção de cobre de 48,5 milhões de libras. O preço médio realizado no ouro foi de US $ 1.801 por onça, gerando aproximadamente US $ 571,5 milhões em receita de ouro.

Mineral	Volume de produção	Preço médio	Receita total
Ouro	317.324 onças	$ 1.801/onça	US $ 571,5 milhões
Cobre	48,5 milhões de libras	US $ 3,80/libra	US $ 184,3 milhões

Comércio de metais preciosos

A New Gold Inc. se envolve em metais preciosos negociando com as seguintes características -chave:

• Negociação ativa em vários mercados globais
• Estratégias de hedge para gerenciar a volatilidade dos preços
• 2022 Receita de vendas de metal: US $ 755,8 milhões

Exportação de concentrado mineral

As receitas de exportação de concentrados minerais em 2022 totalizaram US $ 212,6 milhões, com mercados primários, incluindo:

• Região da Ásia-Pacífico
• Consumidores industriais norte -americanos
• Mercados metalúrgicos europeus

Contratos de fornecimento de longo prazo

Tipo de contrato	Duração	Valor anual	Contraparte
Contrato de fornecimento de ouro	5 anos	US $ 180 milhões	Grande consumidor industrial
Contrato de concentrado de cobre	3 anos	US $ 95,4 milhões	Empresa de comércio internacional

Possíveis acordos de royalties e streaming

A New Gold Inc. possui possíveis fluxos de receita adicionais através de:

• Contrato de Streaming de Prata: Receita Potencial Anual estimada em US $ 35,2 milhões
• Acordos de royalties com empresas de mineração júnior
• Renda de royalties projetada: US $ 22,7 milhões anualmente

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.