Past year: ▲ 129%(5.32 – 18.32 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
10 June 2021drilling result▲ Good
Underground drilling on targets picked out by an artificial-intelligence study of the New Afton deposit hit 2 metres at 25.2 g/t gold and 8 metres at 0.97 g/t gold with 1.27% copper about 500 metres west of the B3 reserve, while surface drilling on the Cherry Creek trend three kilometres west returned 1 metre at 21 g/t gold.
1 June 2021regulatory community update● Neutral
A statement of condolence after the remains of 215 children were found at the former Kamloops residential school, near New Gold's New Afton mine on Tk'emlups te Secwepemc territory. Nothing to do with drilling: the headline classifier read the word discovery.
14 Apr 2021drilling progress report● Neutral
First-quarter production came in on plan, with Rainy River's deferred capital projects finished and the mine turning to free cash flow, and the New Afton B3 zone due to start in the second quarter after its Mines Act permit. New Afton was still ramping back up from a mud-rush incident in February 2021.
1 Apr 2021debt financing● Neutral
The indenture for the 7.50% senior notes due 2027, dated 24 June 2020, among New Gold, its subsidiary guarantors and Computershare as trustee, furnished as an exhibit. No new terms.
2 Feb 2021production update▼ BadMajor
A mud rush at New Afton at about 1:40am on 2 February 2021 injured two employees and left a contract driller presumed dead. All activity was suspended pending investigation by the company, the RCMP and provincial safety authorities.
28 Dec 2020debt financing▲ Good
Completed the US$200 million partial redemption, leaving about US$205 million of cash and US$510 million of liquidity, of which roughly US$45 million of the US$350 million facility is tied up in mine-closure letters of credit.
23 Nov 2020debt financing▲ Good
Called US$200 million of the US$300 million 6.375% notes due 2025 for redemption on 23 December, funded from cash. Deleveraging with the proceeds of the year's asset sales.
24 Aug 2020asset acquisition disposition▲ GoodMajor
Closed the Blackwater sale to Artemis, receiving C$140 million cash with C$50 million due August 2021, the 8% gold stream, and 7,407,407 Artemis shares then worth about C$34.4 million.
13 July 2020debt financing● Neutral
Completed the redemption of the US$400 million 6.25% notes. The release's headline and body disagree on the maturity year, calling them the 2022 notes in the title and due 2020 in the text; the March and June 2020 releases both describe them as due 2022.
24 June 2020capital raising announcement● Neutral
Closed the US$400 million 7.50% 2027 note issue, with redemption of the 6.25% notes set for about 10 July.
23 June 2020asset acquisition disposition● Neutral
The signed asset purchase agreement for Blackwater, dated 9 June 2020, among New Gold, BW Gold Ltd. and Artemis Gold Inc., furnished as an exhibit to the 6-K announcing the sale.
11 June 2020debt financing▼ BadMajor
Priced the offering at US$400 million of 7.50% senior notes due 2027 to repay the 6.25% 2022 notes. The coupon is 125 basis points higher than the debt being refinanced, and higher than either of New Gold's two previous issues.
10 June 2020debt financing● Neutral
Launched a US$400 million senior note offering due 2027 with a conditional redemption notice for the 6.25% notes due 2022.
9 June 2020asset acquisition disposition▲ GoodMajor
Agreed to sell the Blackwater project in British Columbia to Artemis Gold for C$190 million in cash split C$140 million at closing and C$50 million a year later, plus an 8% gold stream stepping down to 4% after about 280,000 ounces delivered, C$20 million of Artemis shares, and C$28 million payments on each of the seventh, eighth and ninth anniversaries if production targets are missed.
3 Apr 2020capital raising announcement▲ GoodMajor
Closed a strategic partnership with the Ontario Teachers' Pension Plan at the New Afton mine for US$300 million of upfront cash, taking total available liquidity to about US$590 million including US$390 million of cash. Ontario Teachers' took a free cash flow interest in the mine rather than lending against it.
2 Apr 2020resource reserve update● Neutral
Filed the New Afton NI 43-101 technical report dated 28 February 2020, prepared by Roscoe Postle Associates.
30 Mar 2020resource reserve update● Neutral
Filed the Rainy River NI 43-101 technical report with an effective date of 12 March 2020 and resources as at 31 December 2019.
27 Feb 2020capital raising announcement▲ GoodMajor
Agreed to sell Ontario Teachers' Pension Plan a 46.0% free cash flow interest in New Afton for US$300 million upfront, with an option after four years for Ontario Teachers' to convert to a 46.0% joint venture interest or stay at a reduced 42.5% free cash flow share. New Gold keeps operating control and used the money to cut net debt while developing C-Zone.
20 Feb 2020drilling result▲ Good
Thirteen holes for 7,160 metres at New Afton defined an East Extension zone beneath the sub-level cave and east of the planned C-zone block cave, about 300 by 40 metres in plan and 700 metres down dip, open to the east. A 2020 programme was planned to turn it into a resource.
30 Aug 2019capital raising announcement● Neutral
Closed the bought deal, issuing 93.75 million shares at C$1.60 for C$150 million, led by BMO Nesbitt Burns.
What it means for a shareholder
93.8m new shares at C$1.60 to raise about C$150m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held C$1,000 of shares (625 at the issue price), your slice goes from 0.000108% to 0.0000929% of the company. To keep it you'd need 101 more shares - about C$162 at the issue price.
Create a free account to see this worked out for your own holding.
9 Aug 2019capital raising announcement▼ BadMajor
Announced a bought deal of 93.75 million shares at C$1.60 for C$150 million, to be used for balance-sheet repair including debt repayment. The price is well below the US$2.80 raised in March 2017.
31 Oct 2018asset acquisition disposition● NeutralMajor
Closed the Mesquite sale to Equinox for US$158 million gross, leaving New Gold with Rainy River, New Afton and the Cerro San Pedro residual leach.
20 Sept 2018asset acquisition disposition● NeutralMajor
Agreed to sell the Mesquite heap-leach mine in California to Equinox Gold for US$158 million cash. Mesquite had averaged more than 135,000 ounces a year for a decade, and New Gold described the sale as crystallising several years of future free cash flow to manage its balance sheet.
15 Aug 2018resource reserve update● NeutralMajor
The Rainy River technical report, effective 30 June 2018, puts combined open pit and underground proven and probable reserves at 120.5 million tonnes at 1.09 g/t gold and 3.2 g/t silver, for 4.220 million ounces of gold and 12.398 million ounces of silver. The 2013 feasibility had contemplated producing 3.645 million ounces over sixteen years.
9 Aug 2018resource reserve update● Neutral
A short notice that the Rainy River NI 43-101 technical report had been filed on SEDAR. The report itself was furnished separately a week later.
29 Mar 2018debt financing● Neutral
The indenture itself for the 6.375% senior notes due 2025, dated 18 May 2017, furnished as an exhibit. No new terms.
21 Nov 2017asset acquisition disposition● NeutralMajor
Agreed to sell the Peak Mines at Cobar in New South Wales to Aurelia Metals for US$58 million cash, after 25 years of operation, to shore up liquidity and concentrate on the Americas.
20 Oct 2017production update▲ GoodMajor
Rainy River reached commercial production about two weeks early, having processed roughly 457,000 tonnes in its first 30 days at an average 15,200 tonnes a day, 72% of the 21,000 tonne nameplate, and 19,000 tonnes a day over 1-18 October. New Gold's own definition of commercial production is 60% of nameplate over 30 days.
6 June 2017debt financing● NeutralMajor
Completed the redemption of the US$300 million 7.00% 2020 notes, and separately amended the US$400 million revolver to push its maturity out a year to August 2020 and to raise the maximum net debt to EBITDA covenant from 4.0 to 4.5 times for the third quarter of 2017. The covenant change is relief granted while Rainy River was still being built, not a tightening.
18 May 2017capital raising announcement● Neutral
Closed the US$300 million 6.375% 2025 note issue, with the proceeds to redeem the 7.00% 2020 notes on or about 3 June.
