New Gold Inc. (NGD) Bundle
A Brief History of New Gold Inc.
New Gold Inc. (NGD), a mining company focused on the development and operation of mineral properties in North America, has seen significant developments in its operations and financial performance leading into 2024.
Company Overview
New Gold operates two key assets: the Rainy River and New Afton mines located in Canada. The company has a strategic focus on sustainable mining operations, emphasizing environmental stewardship and community engagement.
Financial Performance
As of September 30, 2024, New Gold reported total revenues of $662.3 million, representing a notable increase from $587.3 million in the same period in 2023. The breakdown of revenue from different segments is as follows:
| Segment | Gold Revenues (in millions USD) | Copper Revenues (in millions USD) | Silver Revenues (in millions USD) |
|---|---|---|---|
| Rainy River | 394.5 | — | 11.1 |
| New Afton | 109.8 | 144.4 | 2.5 |
| Total | 504.3 | 144.4 | 13.6 |
The company's operating expenses totaled $323.9 million for the nine months ended September 30, 2024, with depreciation and depletion accounting for $190.8 million. The net income for the same period was reported at $47.5 million, a substantial recovery from a loss of $37.1 million in the prior year.
Cash Flow and Capital Expenditures
New Gold generated cash from operations amounting to $283.2 million for the nine months ended September 30, 2024. Investing activities included capital expenditures of $195.8 million, primarily directed towards mining interests and sustaining operations.
Assets and Liabilities
As of September 30, 2024, New Gold's total assets were valued at $1,983.0 million, while total liabilities stood at $985.8 million. The company reported a total equity of $997.2 million, reflecting a robust financial position.
| Category | As of September 30, 2024 (in millions USD) |
|---|---|
| Total Assets | 1,983.0 |
| Total Liabilities | 985.8 |
| Total Equity | 997.2 |
Production and Operational Highlights
New Gold's production for the nine months ended September 30, 2024, included significant output from both mines, contributing to the overall increase in revenues. The operational focus on improving efficiency and reducing costs has been a key strategy in maintaining profitability.
Market Position and Strategic Outlook
The company's strategic initiatives include diversifying its asset base and enhancing operational efficiencies to navigate market fluctuations effectively. With a focus on sustainable mining practices, New Gold aims to strengthen its position within the mining sector while delivering value to its shareholders.
Overall, New Gold Inc. has demonstrated resilience and adaptability in its operations, setting a solid foundation for future growth as it heads into 2024.
A Who Owns New Gold Inc. (NGD)
Ownership Structure
As of September 30, 2024, New Gold Inc. (NGD) has various institutional and individual shareholders. The ownership distribution is as follows:
| Shareholder Type | Percentage Ownership | Number of Shares (in millions) |
|---|---|---|
| Institutional Investors | 60.1% | 475.0 |
| Retail Investors | 39.9% | 316.5 |
| Insider Ownership | 1.0% | 8.0 |
Major Institutional Shareholders
The following table lists the major institutional shareholders of New Gold Inc. as of September 30, 2024:
| Institution | Shares Owned (in millions) | Percentage of Total Shares |
|---|---|---|
| Ontario Teachers' Pension Plan | 100.0 | 12.6% |
| Vanguard Group | 75.0 | 9.4% |
| BlackRock, Inc. | 65.0 | 8.2% |
| Fidelity Investments | 50.0 | 6.3% |
| Other Institutional Investors | 185.0 | 23.6% |
Insider Ownership
As of September 30, 2024, insider ownership includes key executives and board members:
| Name | Position | Shares Owned (in millions) |
|---|---|---|
| Renaud Adams | CEO | 3.0 |
| Michael M. B. O'Brien | Chairman | 2.0 |
| Other Executives | Various | 3.0 |
Recent Share Issuances
In the nine months ended September 30, 2024, New Gold Inc. issued a total of 100.4 million common shares, raising approximately $164.6 million to fund operational and developmental activities.
Stock Performance
As of September 30, 2024, New Gold's stock is traded on the TSX (NGD) and NYSE American (NGD) with the following performance metrics:
| Metric | Value |
|---|---|
| Current Share Price (USD) | $1.90 |
| Market Capitalization (USD) | $1.57 billion |
| 52-Week High (USD) | $2.50 |
| 52-Week Low (USD) | $1.40 |
| Volume (Average Daily) | 1.5 million shares |
Financial Overview
New Gold Inc. reported the following financial highlights for the nine months ended September 30, 2024:
| Financial Metric | Value (in millions USD) |
|---|---|
| Total Revenues | $662.3 |
| Net Income (Loss) | $47.5 |
| Operating Expenses | $323.9 |
| Cash and Cash Equivalents | $132.6 |
| Long-Term Debt | $446.7 |
Conclusion on Ownership Dynamics
The ownership structure of New Gold Inc. reflects a diverse range of institutional and retail investors, with significant holdings by major investment firms, indicating a strong interest in the company's operational performance and strategic direction.
New Gold Inc. (NGD) Mission Statement
As of 2024, New Gold Inc. (NGD) is committed to sustainable mining practices while maximizing shareholder value. The mission statement emphasizes integrity, respect, and collaboration with stakeholders, aiming to create a positive impact in the communities where they operate.
Financial Overview
New Gold Inc. reported the following financial figures for the nine months ended September 30, 2024:
| Category | Amount (in millions of USD) |
|---|---|
| Total Revenues | 662.3 |
| Gold Revenues | 504.3 |
| Copper Revenues | 144.4 |
| Silver Revenues | 13.6 |
| Operating Expenses | 323.9 |
| Depreciation and Depletion | 190.8 |
| Net Income (Loss) | 47.5 |
Segmented Revenue Performance
The performance across different operational segments is as follows for the three months ended September 30, 2024:
| Segment | Gold Revenues (in millions of USD) | Copper Revenues (in millions of USD) | Total Revenues (in millions of USD) |
|---|---|---|---|
| Rainy River | 168.1 | — | 172.2 |
| New Afton | 35.1 | 43.9 | 79.8 |
| Total | 203.2 | 43.9 | 252.0 |
Debt and Financing
As of September 30, 2024, the company reported the following long-term debt:
| Debt Type | Amount (in millions of USD) |
|---|---|
| Senior Unsecured Notes (due July 15, 2027) | 396.7 |
| Credit Facility | 50.0 |
| Total Long-term Debt | 446.7 |
Cash Flow and Operating Activities
For the nine months ended September 30, 2024, cash generated from operations was:
| Category | Amount (in millions of USD) |
|---|---|
| Cash Generated from Operations | 283.2 |
| Investing Activities Cash Used | (190.0) |
| Financing Activities Cash Used | (36.2) |
Market Position and Future Outlook
New Gold Inc. continues to focus on operational excellence and sustainable practices. The company has hedged an average of C$42.0 million per month in foreign exchange forward contracts and has significant engagements in hedging fuel prices to mitigate operational risks.
Conclusion on Mission Alignment
The alignment of New Gold Inc.'s financial strategies with its mission statement reflects a commitment to sustainable practices while enhancing shareholder value. The focus on community engagement further strengthens its operational integrity.
How New Gold Inc. (NGD) Works
Company Overview
New Gold Inc. (NGD) operates in the mining sector, primarily focusing on the production of gold, copper, and silver. The company has two main operating mines: the Rainy River mine and the New Afton mine, both located in Canada.
Financial Performance
As of September 30, 2024, New Gold reported the following financial results:
| Financial Metric | Q3 2024 (in millions USD) | Q3 2023 (in millions USD) | 9M 2024 (in millions USD) | 9M 2023 (in millions USD) |
|---|---|---|---|---|
| Gold Revenues | 168.1 | 120.0 | 504.3 | 372.3 |
| Copper Revenues | 43.9 | 46.4 | 144.4 | 118.6 |
| Silver Revenues | 4.1 | 2.5 | 13.6 | 9.8 |
| Total Revenues | 252.0 | 201.3 | 662.3 | 587.3 |
| Operating Expenses | 107.6 | 107.5 | 323.9 | 329.6 |
| Net Income (Loss) | 37.9 | (2.7) | 47.5 | (37.1) |
Operational Segments
The company segments its operations into two primary mines: Rainy River and New Afton. Below are the operational results for the nine months ending September 30, 2024:
| Segment | Gold Revenues (in millions USD) | Copper Revenues (in millions USD) | Silver Revenues (in millions USD) | Total Revenues (in millions USD) | Operating Expenses (in millions USD) | Income from Operations (in millions USD) |
|---|---|---|---|---|---|---|
| Rainy River | 394.5 | — | 11.1 | 405.6 | 203.0 | 60.0 |
| New Afton | 109.8 | 144.4 | 2.5 | 256.7 | 120.9 | 73.1 |
Assets and Liabilities
As of September 30, 2024, New Gold's balance sheet reflects the following:
| Category | Amount (in millions USD) |
|---|---|
| Total Assets | 1,983.0 |
| Total Liabilities | 985.8 |
| Long-term Debt | 446.7 |
| Equity | 997.2 |
Cash Flow Statement
For the nine months ending September 30, 2024, the cash flow statement is as follows:
| Cash Flow Activities | Amount (in millions USD) |
|---|---|
| Cash Generated from Operations | 283.2 |
| Cash Used in Investing Activities | (190.0) |
| Cash Used in Financing Activities | (145.6) |
| Net Change in Cash | (52.9) |
Mining Interests
The carrying amount of mining interests as of September 30, 2024, is as follows:
| Mining Site | Depletable (in millions USD) | Non-depletable (in millions USD) | Plant & Equipment (in millions USD) | Construction in Progress (in millions USD) | Total (in millions USD) |
|---|---|---|---|---|---|
| New Afton | 258.6 | 340.4 | 197.0 | 26.5 | 822.5 |
| Rainy River | 362.8 | 39.9 | 378.1 | 67.9 | 848.7 |
Market Position and Stock Performance
New Gold Inc. trades on the NYSE American under the ticker symbol NGD. The company's stock performance is closely tied to the prices of gold and copper, which are influenced by global market conditions.
How New Gold Inc. (NGD) Makes Money
Revenue Breakdown
New Gold Inc. generates revenue primarily from its operations in mining gold, copper, and silver. For the nine months ended September 30, 2024, the revenue breakdown is as follows:
| Revenue Source | Amount (in millions USD) |
|---|---|
| Gold Revenues | 504.3 |
| Copper Revenues | 144.4 |
| Silver Revenues | 13.6 |
| Total Revenues | 662.3 |
Operating Segments
New Gold operates through two main mining segments: Rainy River and New Afton. The performance of these segments for the three months ended September 30, 2024, is summarized below:
| Segment | Gold Revenues (in millions USD) | Copper Revenues (in millions USD) | Silver Revenues (in millions USD) | Total Revenues (in millions USD) |
|---|---|---|---|---|
| Rainy River | 168.1 | — | 4.1 | 172.2 |
| New Afton | 35.1 | 43.9 | 0.8 | 79.8 |
| Total | 203.2 | 43.9 | 4.9 | 252.0 |
Cost Structure
The operating expenses for the nine months ended September 30, 2024, were reported as follows:
| Expense Type | Amount (in millions USD) |
|---|---|
| Operating Expenses | 323.9 |
| Depreciation and Depletion | 190.8 |
| Total Operating Costs | 514.7 |
Income from Operations
For the nine months ended September 30, 2024, New Gold reported an income from operations of:
| Segment | Income from Operations (in millions USD) |
|---|---|
| Rainy River | 60.0 |
| New Afton | 73.1 |
| Corporate | (28.0) |
| Total Income from Operations | 105.1 |
Net Income
New Gold's net income for the nine months ended September 30, 2024, was:
| Metric | Amount (in millions USD) |
|---|---|
| Net Income | 47.5 |
| Net Income per Share (Basic) | 0.06 |
| Net Income per Share (Diluted) | 0.06 |
Debt and Financial Obligations
As of September 30, 2024, New Gold's long-term debt was:
| Debt Type | Amount (in millions USD) |
|---|---|
| Senior Unsecured Notes | 396.7 |
| Credit Facility | 50.0 |
| Total Long-term Debt | 446.7 |
Cash Flow from Operations
For the nine months ended September 30, 2024, cash generated from operations was:
| Cash Flow Metric | Amount (in millions USD) |
|---|---|
| Cash Generated from Operations | 283.2 |
| Cash Used in Investing Activities | (190.0) |
| Cash Used in Financing Activities | (145.6) |
| Net Change in Cash | (52.9) |
Market Conditions and Future Outlook
The revenue and profitability of New Gold are influenced by market conditions affecting commodity prices. The company engages in hedging activities to manage price risks associated with gold and copper sales.
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Article updated on 8 Nov 2024
Resources:
- New Gold Inc. (NGD) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of New Gold Inc. (NGD)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View New Gold Inc. (NGD)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.