New Gold maintains a strong liquidity position. The company’s December 31, 2015 cash balance of $336 million together with the receivable for Royal Gold’s second instalment under the stream agreement of $75 million (the receipt of which is subject to the satisfaction of certain conditions) and the $184 million available for drawdown under New Gold’s revolving credit facility provide approximately $595 million of liquidity in addition to the net cash the company’s operating mines are expecting to generate.

Gold Production (thousands of ounces)
Copper Production (millions of pounds)
Silver Production (millions of ounces)

In 2015, New Gold’s record full-year gold production of 435,718 ounces exceeded the high end of the guidance range of 390,000 to 430,000 ounces and delivered a 15 percent increase in production over 2014.

Total Cash Costs(1) ($ per gold ounce sold)
All-In Sustaining Costs(1) ($ per gold ounce sold)
Gold Production by Operating Mine

New Gold’s production costs remained competitive compared to the broader gold mining space as New Gold had total cash costs(1) of $443 per gold ounce sold and all-in sustaining costs(1) of $809 per gold ounce sold in 2015. We believe New Gold will continue to establish itself as one of the lowest-cost producers in the industry.

(in millions of U.S. dollars, except where noted)

Average Realized
Gold Price(1)
Operating Cash Flow(1)
Cash and credit
2015 2014 2013
Operating Information
Gold production (ounces) 435,718 380,136 397,688
Gold sales (ounces) 428,852 371,179 391,823
Average realized price ($/ounce)(1) 1,149 1,256 1,337
Total cash costs per gold ounce sold ($/ounce)(1) 443 312 377
All-in sustaining costs per gold ounce sold ($/ounce)(1) 809 779 899
Financial Information
Revenues 712.9 726.0 779.7
Net loss (201.4) (477.1) (191.2)
Adjusted net (loss) earnings(1) (10.9) 45.2 61.3
Cash generated from operations 262.6 268.8 171.9
Adjusted cash generated from operations before changes in non-cash operating working capital(1) 265.0 310.4 258.6
Cash and cash equivalents 335.5 370.5 414.4
Capital expenditures (sustaining capital)(1) 121.5 129.8 159.5
Capital expenditures (growth capital) 268.0 149.5 129.8
Share Data
Loss per basic share ($) (0.40) (0.95) (0.39)
Adjusted net (loss) earnings per basic share(1) ($) (0.02) 0.09 0.13

(1) The company uses certain non-­GAAP financial performance measures throughout this Annual Report. Average realized price, total cash costs and all-in sustaining costs per gold ounce sold, sustaining capital expenditures and adjusted net earnings are non-GAAP financial performance measures with no standard meaning under IFRS. For a description of each of the non-GAAP measures used in this Annual Report and a detailed reconciliation, please refer to the “Non-­GAAP Financial Performance Measures” section of the Management’s Discussion and Analysis on pages 84–95 of the printed report.

(2) Of the $300 million credit facility, $115.9 million was utilized for letters of credit as at December 31, 2015.

This Annual Report contains information regarding New Gold’s 2015 guidance and other forward-looking information. Forward-looking information is based on various assumptions and is subject to risk. For further information, please refer to the inside back cover of the printed Annual Report.