New Gold Inc
(NYSE MKT:NGD)

New Gold Inc., an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River gold-silver mine located in Ontario,...

Website: http://www.newgold.com

Founded: 1980

Full Time Employees: 1,337

Sector: Basic Materials

Industry: Gold

Gold Mining

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• Market Cap:

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• Shs Outstanding:

• Employees:

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-22	2025-09-30	2025-06-30	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-05-04	2021-02-19	2020-07-29	2020-04-29	2020-02-13	2019-11-06	2019-07-31	2019-04-24	2019-02-14	2010-03-10	2007-03-29	2006-11-15	2005-08-11

revenue	1,395,279,000															198,200,000				142,300,000	139,200,000
yoy																39.28%
qoq																				2.23%
costs and expenses
costs applicable to sales	682,456,000
amortization	177,444,000																										139,000	33,005	21,952
general and administrative	41,992,000
exploration	68,079,000																				9					-6,412,000
pre-development, reclamation, and other	45,957,000
total costs and expenses	1,015,928,000
income from operations	379,351,000			66,000,000	24,000,000	15,100,000	61,800,000	26,400,000	14,000,000	21,000,000	-11,000,000	-13,100,000	18,400,000	137,300,000	35,800,000	40.9	19,600,000	81,400,000	16,600,000	-5.9		6,000,000	9,800,000	13,800,000	-1,046,600,000	-141,162,000
yoy	1480.63%			150.00%	71.43%	-28.10%	-661.82%	-301.53%	-23.91%	-84.71%	-130.73%	-32029439.85%	-6.12%	68.67%	115.66%	-793.22%		1256.67%	69.39%	-100.00%		-104.25%
qoq				175.00%	58.94%	-75.57%	134.09%	88.57%	-33.33%	-290.91%	-16.03%	-171.20%	-86.60%	283.52%	87530462.35%	-100.00%	-75.92%	390.36%	-281356032.20%			-38.78%	-28.99%	-101.32%	641.42%
operating margin %	27.19%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	0.00%	Infinity%	Infinity%	Infinity%	-0.00%	0%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%
other income
gain on debt extinguishment	-6,000
fair value adjustments	-342,000
interest expense, net of capitalized interest	-24,974,000
other	1,001,000															-0.5				-0.5
total other income	-24,321,000
income before income and mining taxes	355,030,000
income and mining tax expense	15,873,000
net income	370,903,000			37,900,000	53,100,000	-43,500,000	-64,500,000	-2,700,000	-2,600,000	-31,800,000	-4,200,000							-79,300,000	-45,600,000	-28.3		-24,700,000	-35,700,000	-13,400,000	-1,225,700,000	-194,316,000
yoy	598.50%			-1503.70%	-2142.31%	36.79%	1435.71%											221.05%	27.73%	-100.00%		-87.29%
qoq				-28.63%	-222.07%	-32.56%	2288.89%	3.85%	-91.82%	657.14%								73.90%	161130642.05%			-30.81%	166.42%	-98.91%	530.78%
net income margin %	26.58%	NaN%	NaN%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	0%	NaN%	-Infinity%	-Infinity%	-0.00%	0%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%
other comprehensive income:
other comprehensive income
comprehensive income	370,903,000
net income per share
basic income per share:
basic	0.62
diluted	0.61
revenues		462,500,000	308,400,000	252,000,000	218,200,000	192,100,000	786,500,000	201,300,000	184,400,000	201,600,000	151,200,000	115,700,000	174,700,000	745,500,000	179,800,000		164,900,000	643,400,000	128,500,000			168,400,000	155,100,000	167,900,000	604,500,000	323,780,000
operating expenses		131,200,000	111,000,000	107,600,000	109,500,000	106,800,000	450,400,000	107,500,000	104,900,000	117,200,000	99,200,000	79,800,000	95,200,000	377,300,000	88,600,000	95.2	93,900,000	339,900,000	66,200,000	89.7		94,700,000	85,100,000	86,900,000	325,400,000	-176,491,000
depreciation and depletion		69,500,000	66,000,000	58,300,000	69,800,000	62,700,000	234,200,000	58,800,000	54,300,000	55,100,000	55,200,000	39,100,000	48,800,000	195,700,000	48,100,000	51.2	45,100,000	193,100,000	40,600,000	52		61,400,000	53,600,000	61,200,000	239,900,000	-58,668,000
revenue less cost of goods sold		261,800,000	131,400,000	86,100,000	38,900,000	22,600,000	101,900,000	35,000,000	25,200,000	29,300,000	-3,200,000	-3,200,000	30,700,000	172,500,000	43,100,000	51,800,000	25,900,000	110,400,000	21,700,000	18,100,000	-30,400,000	12,300,000	16,400,000	19,800,000	39,200,000
corporate administration		7,700,000	5,500,000	5,500,000	5,400,000	5,800,000	24,500,000	5,800,000	6,500,000	5,600,000	5,100,000	5,400,000	5,500,000	21,800,000	4,300,000	6.5	5,300,000	15,600,000	3,400,000	4.5		3,800,000	3,700,000	5,300,000	23,200,000	-24,689,000
corporate restructuring																									4,100,000
share-based payment expenses		7,100,000	9,000,000	8,900,000	3,500,000	800,000	5,400,000	600,000	1,500,000	400,000	-1,300,000	-100,000	1,600,000	2,200,000	800,000	2		7,600,000	800,000	0.2		400,000	1,100,000	300,000	700,000
new afton free cash flow interest expense			-6,000,000
exploration and business development		13,600,000	10,000,000	5,700,000	6,000,000	900,000	10,200,000	2,200,000	3,200,000	2,300,000	4,000,000	4,600,000	5,200,000	11,200,000	2,200,000	2.4	2,100,000	5,800,000	900,000	1.8		2,100,000	1,800,000	400,000	3,000,000
earnings from operations		233,400,000	112,900,000
finance income		1,500,000	1,500,000	1,700,000	1,800,000	2,100,000	7,500,000	1,900,000	1,900,000	1,800,000	1,300,000	600,000	200,000	300,000		0.1	100,000	1,100,000	300,000	0.2		700,000	500,000	500,000	1,500,000
finance costs		-11,700,000	-11,700,000	-2,500,000	-2,300,000	-2,600,000	-13,200,000	-3,100,000	-3,400,000	-4,300,000	-5,200,000	-10,300,000	-7,600,000	-34,800,000	-8,700,000	-8.8		-79,200,000	-14,000,000	-13.5		-16,500,000	-16,500,000	-15,300,000	-69,000,000
other losses		-49,200,000	-30,700,000	-29,100,000	-500,000	-55,100,000	-115,300,000	-20,300,000	-14,300,000	-50,000,000	-1,000,000	-13,700,000						-78,300,000					-28,500,000	-8,700,000
earnings before taxes		174,000,000	72,000,000													-10.6										-168,528,000
income tax (expense) recovery		-31,700,000	-3,400,000					-7,600,000					-500,000		-6,400,000	-5.2		-4,300,000
net earnings		142,300,000	68,600,000									-37,900,000	-7,800,000	140,600,000	-11,300,000	-15,800,000	15,100,000			-28,300,000	300,000
earnings per share
basic		0.18	0.09											0.21		-0.02	0.02
diluted		0.18	0.09											0.21		-0.02	0.02
weighted-average number of shares outstanding																											22,689,000
basic		791.7	791.8	790.7	738.6	687.6	684	684.5	683.2	682.7	682.3	682	681.3	680.8	680.8		680.6	676.3	676			610.7	579.1	579.1	578.7	306,288
diluted		797.8	797.2	796.1	744.9	687.6	684	684.5	683.2	682.7	682.3	682	681.3	682.4	680.8		682.8	676.3	676			610.7	579.1	579.1	578.7	306,288
income before taxes				36,100,000	23,000,000	-40,500,000	-59,200,000	4,900,000	-1,800,000	-31,500,000	-15,900,000	-36,500,000	-7,300,000	160,300,000	-4,900,000		19,000,000	-75,000,000	-53,600,000			-23,200,000	-34,700,000	-9,700,000	-1,096,000,000
income tax recovery				1,800,000	30,100,000						11,700,000								8,000,000	-5.2		-1,500,000	-1,000,000		25,200,000
net income per share
basic				0.05	0.07	-0.06				-0.05	-0.01	-0.06						-0.12	-0.07			-0.04	-0.06	-0.02	-2.12
diluted				0.05	0.07	-0.06				-0.05	-0.01	-0.06						-0.12	-0.07			-0.04	-0.06	-0.02	-2.12
income tax expense						-3,000,000	-5,300,000		-800,000	-300,000		-1,400,000		-19,700,000										-3,700,000
loss per share																											-0.15	-0.03
basic							-0.09
diluted							-0.09
other gains													-18,300,000	57,500,000	-32,000,000		8,700,000		-56,500,000			-13,400,000			18,100,000
net earnings per share
basic													-0.01		-0.02
diluted													-0.01		-0.02
financial information
adjusted net earnings																26,700,000				-17,800,000	-28,000,000
cash generated from operations																110,300,000
cash generated from operations before changes in non-cash operating working capital																84,700,000
sustaining capital																46,600,000
growth capital																33,200,000					100
total assets																2,284,200,000				2,457,700,000	2,158,500,000
cash and cash equivalents																138,400,000				400,400,000	83,400,000
long-term debt																490,100,000				750,200,000	714,500,000
non-current liabilities excluding long-term debt																803,000,000				596,600,000	310,800,000
share data
adjusted net earnings per basic share																0.04
share price as at june 30																2.23
weighted-average outstanding shares																680.8				676	674.4
financial results
other gains and losses
gain on foreign exchange																-0.6				10.8						-52,667,000
loss on disposal of assets																-1.4
loss on revaluation of investments																-5.4
gain on foreign exchange derivative
unrealized loss on revaluation of non-current derivative financial liabilities																-32.9
settlement and loss on revaluation of gold price option contracts
loss on revaluation of copper price option contracts																-0.3
revaluation of csp’s reclamation and closure cost obligation																-1.5				0.4
financial instrument transaction costs																-0.2				-3.4
impairment loss on reclassification of asset as held for sale
flow through share premium
operating margin																				52,600,000	34,000,000
operating cash flows																				51,300,000	47,900,000
operating cash flows before changes in non-cash operating working capital																				47,100,000	38,800,000
capital expenditures																				46,300,000	90,000,000
loss per share from operations:
basic																				-0.04
diluted																				-0.04
adjusted net loss per basic share																				-0.03	-0.04
share price as at march 31																				0.73
rainy river underground project costs
loss on disposal of other assets																				-0.8
gain on revaluation of investments
settlement and loss on revaluation of copper price option contracts and copper forward contracts
unrealized loss on revaluation of gold stream obligation																				-9.2
settlement and gain on revaluation of gold price option contracts																				-1.2
gain on receivable associated with mesquite sale
loss before taxes																				-23.1
adjusted net loss																				-17.8
financial information from continuing operations
share price as at december 31																					1.15
operational estimates
gold produced																					313,000
copper produced																					75
gold eq. produced																					465,000
operating expense per gold eq. ounce																					725
cash costs per gold eq. ounce																					775
corporate g&a per gold eq. ounce																					30
depreciation and depletion per gold eq. ounce																					390
all-in sustaining costs per gold eq. ounce																					1,260
capital investment & exploration estimates																					2,020
sustaining capital & sustaining leases																					178
1. gold equivalent ounces includes approximately 420,000 to 445,000 ounces of silver at rainy river and approximately 330,000 to 340,000 ounces of silver at new afton.
2. consolidated growth capital includes ~12 million for blackwater.
3. exploration includes ~2 million for blackwater.
asset impairment																									1,054,800,000
settlement and gain on foreign exchange forward contracts
gain on disposal of el morro stream and other assets
unrealized gain on revaluation of gold stream obligation
settlement and gain on revaluation of copper price option contracts and copper forward contracts
net income from continuing operations
earnings from discontinued operations
adjusted net loss from continuing operations
income from continuing operations																						-24,700,000	-35,700,000	-13,400,000	-1,070,800,000
earnings from discontinued operations, net of tax																									-154,900,000
income from continuing operations per share
basic																						-0.04	-0.06	-0.02	-1.85
diluted																						-0.04	-0.06	-0.02	-1.85
earnings from mine operations																										88,621,000
business combination transaction costs																										-6,583,000
goodwill impairment charge																										-192,099,000
realized and unrealized gain on gold contracts																										8,161,000
realized and unrealized gain on fuel contracts																										797,000
realized and unrealized loss on investments																										351,000
interest and other income																										4,896,000			131,878
gain on redemption of long-term debt																										14,236,000
interest and finance fees																										-3,140,000
income and mining taxes																										-14,906,000
net earnings from continuing operations																										-183,434,000
income from discontinued operations,																										-10,882,000
earnings per share from continuing operations
basic and diluted																										-0.6
loss per share from discontinued operations
basic and diluted																										-0.04
loss per share																											-0.15	-0.03
basic and diluted																										-0.64
(i) stock option expense (a non-cash item included in corporate
administration)																										-6,621
income
interest income																											2,746,000	837,862
income - sum																											2,746,000
expenses
foreign exchange																											1,000	599
loss on disposal of property and equipment																											8,000
administrative, office and miscellaneous																											645,000	162,588
professional and regulatory fees																											944,000	123,029
travel, conferences and promotion																											651,000	124,909	177,792
wages, benefits and stock-based compensation																											4,449,000
expenses - sum																											6,837,000	1,587,926
income before income taxes																											-4,091,000	-750,064
income taxes																											587,000
loss for the year																											-3,504,000
deficit, beginning of the year																											-5,993,000
deficit, end of the year																											-9,497,000
weighted-average number of shares outstanding																											22,689,000
loss per share																											-0.15	-0.03
loss on disposal of equipment
wages,benefits and stock-based compensation																												1,143,796
loss for the period																												-750,064
deficit, beginning of period before restatement																												-9,812,014
restatement adjustment																												2,439,888
deficit, end of period																												-8,122,190	-5,849,816
weighted-average number of shares outstanding restated																												24,067,119
income:
gain on sale of marketable security
gain on sale of investment property
foreign exchange gain																													5,487
expenses:
consulting and management fees																													17,368
insurance																													29,838
office and miscellaneous																													21,325
professional fees																													3,958
regulatory and filing fees																													38,663
rent																													20,690
stock-based compensation
telephone																													3,587
transfer agent																													7,452
wages and benefits																													679,777
income before income taxes:																													-885,037
future income taxes																													81,959
(loss) net income for the period																													-803,078
deficit, beginning of period																													-5,046,738
earnings per share

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-05-04	2021-02-19	2020-12-31	2020-09-30	2020-06-30	2020-04-29	2020-03-31	2019-12-31	2019-09-30	2019-07-31	2019-06-30	2019-03-31	2019-02-14	2018-12-31	2018-09-30	2018-03-31	2017-12-31	2017-09-30	2017-07-26	2016-12-31	2016-09-30	2016-07-28	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-05-01	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2012-03-06	2011-12-31	2011-09-30	2011-08-10	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-03-31	2008-03-31	2007-05-08	2007-03-29	2006-11-16	2006-11-15	2006-11-14	2006-09-30	2006-06-30	2006-05-10	2005-11-16	2005-11-10	2005-05-11	2004-12-31

assets
current assets
cash and cash equivalents	123,300,000	225,800,000	212,800,000	105,200,000	132,600,000	184,400,000	156,700,000	185,500,000	179,400,000	174,400,000	197,300,000	200,800,000	247,000,000	277,200,000	431,500,000	481,500,000	150,900,000	138,400,000	131,200,000	186,300,000	186,300,000	416,400,000	700,200,000	400,400,000	400,400,000	83,400,000	178,800,000	109,700,000	109,700,000	132,300,000	103,700,000	103,700,000	129,000,000	191,300,000	216,200,000	207,100,000	198,800,000	185,900,000	151,200,000	219,500,000	298,300,000	335,500,000	384,600,000	326,800,000	365,800,000	370,500,000	416,100,000	414,000,000	438,100,000	414,400,000	428,800,000	562,500,000	672,400,000	672,400,000	687,800,000	147,600,000	230,400,000	235,677,000	309,406,000	309,406,000	433,113,000	490,446,000	490,446,000	520,169,000	490,754,000	391,004,000	376,092,000	343,715,000	262,325,000	242,586,000	136,610,000	158,147,000	59,461,000	68,054,000	18,178,820	46,388,689	50,687,624	46,388,689	76,928,478	82,269,293	18,178,820	14,513,155	21,326,584	25,029,585
trade and other receivables	31,300,000	27,000,000	10,300,000	26,200,000	16,500,000	16,600,000	11,700,000	16,300,000	13,000,000	18,100,000	14,400,000	14,100,000	11,400,000	23,100,000	31,900,000	26,400,000	38,400,000	76,800,000	81,200,000	77,100,000	77,100,000	61,900,000	20,800,000	14,700,000	14,700,000	23,700,000	19,200,000	28,600,000	28,600,000	26,700,000	35,900,000	35,900,000	33,400,000	24,000,000	27,100,000	28,900,000	43,200,000	37,100,000	99,700,000	106,000,000	99,000,000	109,000,000	110,700,000	22,800,000	28,900,000	34,800,000	32,600,000	52,500,000	20,700,000	19,300,000	19,700,000	10,600,000	23,400,000	23,400,000	46,900,000	67,600,000	29,700,000	26,768,000	37,572,000	37,572,000	20,616,000	25,398,000	25,398,000	29,542,000
inventories	138,300,000	120,100,000	110,900,000	118,700,000	114,700,000	113,300,000	130,500,000	126,700,000	135,400,000	136,400,000	125,100,000	115,700,000	101,600,000	110,800,000	92,200,000	101,000,000	106,900,000	93,000,000	95,900,000	93,300,000	93,300,000	97,500,000	100,600,000	100,900,000	100,900,000	110,000,000	123,300,000	139,000,000	139,000,000	127,700,000	141,800,000	141,800,000	122,800,000	195,300,000	193,200,000	160,000,000	165,100,000	150,000,000	154,500,000	141,000,000	160,100,000	145,900,000	160,400,000	186,800,000	178,700,000	187,500,000	223,400,000	202,100,000	184,900,000	182,000,000	189,600,000	185,000,000	170,200,000	170,200,000	163,300,000	158,000,000	124,700,000	117,636,000	106,490,000	106,490,000	122,073,000	118,895,000	118,895,000	107,902,000	106,325,000	108,422,000	96,579,000	88,743,000	86,299,000	92,263,000
investments	1,000,000	7,200,000	6,800,000	5,100,000	7,900,000	8,000,000	7,600,000	7,100,000	6,500,000	8,500,000	11,200,000	35,600,000	32,900,000	47,700,000	63,200,000	59,500,000	52,100,000	65,500,000	59,700,000	45,400,000	45,400,000																										400,000	600,000	500,000	500,000	700,000	600,000	700,000	700,000	1,000,000	1,000,000	900,000	1,134,000	1,823,000	1,823,000					7,533,000	46,851,000	18,645,000	2,149,000	45,890,000	88,315,000	70,210,000	120,065,000
prepaid expenses and other	9,400,000	13,700,000	13,000,000	18,900,000	7,800,000	8,100,000	11,800,000	15,700,000	14,600,000	11,400,000	10,600,000	11,300,000	8,800,000	11,200,000	15,500,000	14,800,000	9,900,000	9,000,000	9,000,000			9,400,000	9,300,000	6,400,000	6,400,000	7,100,000	6,500,000	7,300,000	7,300,000	5,400,000	4,700,000	4,700,000	4,900,000	8,400,000	5,600,000	3,900,000	5,100,000	6,100,000	7,100,000	5,400,000	9,500,000	5,000,000	4,300,000	5,700,000	8,100,000	10,600,000	5,200,000	5,800,000	8,100,000	10,500,000	7,500,000	6,900,000	10,300,000	10,300,000	12,900,000	5,300,000	4,900,000	6,142,000	7,928,000	7,928,000	6,624,000	5,862,000	5,862,000	5,467,000	7,325,000	6,390,000	3,430,000	6,539,000	6,933,000	5,992,000	3,057,000
total current assets	303,300,000	393,800,000	353,800,000	274,100,000	279,500,000	331,100,000	319,600,000	351,800,000	349,000,000	349,400,000	358,600,000	377,500,000	401,700,000	471,500,000	637,900,000	686,300,000	361,800,000	386,400,000	380,500,000	418,800,000	418,800,000	588,800,000	834,500,000	526,000,000	526,000,000	228,700,000	332,500,000	289,300,000	289,300,000	296,800,000	290,400,000	290,400,000	294,400,000	434,200,000	455,000,000	405,800,000	423,100,000	409,600,000	422,400,000	485,600,000	582,900,000	614,600,000	683,800,000	564,800,000	606,100,000	634,500,000	697,800,000	703,400,000	681,800,000	658,000,000	675,400,000	777,800,000	882,400,000	882,400,000	917,500,000	378,500,000	389,700,000	386,223,000	461,396,000	461,396,000	582,426,000	640,601,000	640,601,000	663,080,000	625,460,000	524,626,000	491,061,000	472,886,000	394,955,000
non-current inventories	59,900,000	44,400,000	33,700,000	32,600,000	21,900,000	16,600,000	12,400,000																				17,100,000	16,600,000	16,600,000	15,900,000	14,900,000	14,900,000	13,300,000	99,500,000	78,700,000	92,600,000	91,900,000	103,300,000	131,600,000	140,300,000	114,400,000	115,400,000	105,800,000	70,500,000	63,700,000	66,500,000	28,700,000	30,200,000	29,500,000	31,000,000	36,700,000	33,300,000	32,300,000	32,300,000	32,400,000	28,000,000	25,800,000	24,016,000	20,253,000	20,253,000
mining interests	2,003,500,000	2,010,800,000	1,717,600,000	1,687,100,000	1,675,200,000	1,654,900,000	1,919,500,000	1,927,200,000	1,901,000,000	1,886,800,000	1,868,200,000	1,863,900,000	1,850,900,000	1,819,900,000	1,794,200,000	1,787,900,000	1,906,800,000	1,896,100,000	1,838,800,000	1,828,300,000	1,828,300,000	1,766,600,000	1,593,300,000	1,929,400,000	1,929,400,000	1,928,000,000	1,888,700,000	1,853,300,000	1,853,300,000	1,845,700,000	1,853,400,000	1,853,400,000	2,581,300,000	3,154,400,000	3,200,400,000	3,421,800,000	3,383,700,000	3,206,700,000	3,079,200,000	2,966,500,000	2,868,200,000	2,803,200,000	2,710,500,000	3,092,500,000	3,057,500,000	3,008,700,000	3,387,600,000	3,360,900,000	3,351,000,000	3,336,500,000	3,588,800,000	3,202,800,000	3,190,400,000	3,190,400,000	3,134,900,000	3,053,400,000	2,938,000,000	2,839,560,000	2,695,297,000	2,695,297,000	2,413,101,000	2,375,677,000	2,375,677,000	1,830,427,000	2,073,695,000	2,054,663,000	2,030,479,000	2,012,749,000	2,000,438,000	1,988,885,000	1,637,456,000
other assets	2,300,000	2,100,000	2,100,000	1,300,000	1,500,000	1,700,000	1,900,000	2,100,000	2,300,000	2,800,000	2,000,000	2,100,000	2,300,000	2,400,000	2,500,000	2,600,000	1,500,000	1,700,000	1,900,000	3,000,000	3,000,000	38,900,000	3,500,000
deferred tax assets		10,500,000	11,200,000	8,700,000	4,900,000	4,700,000	4,700,000	4,900,000																									113,000,000	159,800,000	171,600,000	252,200,000	241,400,000	224,900,000	195,500,000	177,700,000	166,900,000	138,900,000	157,100,000	179,000,000	175,300,000	168,300,000	132,700,000	182,500,000	175,500,000	171,000,000	192,500,000	189,700,000	192,800,000	192,800,000	194,100,000	15,800,000	13,000,000	10,425,000	8,924,000	8,924,000	21,728,000	18,800,000	18,800,000	10,211,000
total assets	2,369,000,000	2,461,600,000	2,118,400,000	2,003,800,000	1,983,000,000	2,009,000,000	2,258,100,000	2,286,000,000	2,252,300,000	2,239,000,000	2,228,800,000	2,243,500,000	2,254,900,000	2,293,800,000	2,434,600,000	2,476,800,000	2,270,100,000	2,284,200,000	2,221,200,000	2,250,100,000	2,250,100,000	2,394,300,000	2,751,300,000	2,457,700,000	2,457,700,000	2,158,500,000	2,250,200,000	2,169,300,000	2,169,300,000	2,168,800,000	2,169,600,000	2,169,600,000	3,210,300,000	3,951,500,000	4,017,300,000	4,321,200,000	4,143,400,000	3,948,000,000	3,831,500,000	3,773,700,000	3,735,600,000	3,675,500,000	3,919,800,000	3,910,500,000	3,907,800,000	3,881,800,000	4,250,700,000	4,279,400,000	4,240,200,000	4,199,000,000	4,496,800,000	4,207,400,000	4,302,200,000	4,302,200,000	4,283,700,000	3,481,300,000	3,372,600,000	3,292,964,000	3,221,402,000	3,221,402,000	3,050,995,000	3,059,317,000	3,059,317,000	2,528,271,000	2,738,914,000	2,656,795,000	2,560,008,000	2,536,560,000	2,488,259,000
liabilities and equity
current liabilities
trade and other payables	243,800,000	218,300,000	209,000,000	196,100,000	196,200,000	221,300,000	211,900,000	229,000,000	214,000,000	203,800,000	156,800,000	170,900,000	178,000,000	168,100,000	146,100,000	172,900,000	150,700,000	171,300,000	146,300,000	158,000,000	158,000,000	187,200,000	165,000,000	171,600,000	171,600,000	171,600,000	184,000,000	138,000,000	138,000,000	125,500,000	130,900,000	130,900,000	138,700,000	150,800,000	178,200,000	175,300,000	165,200,000	169,200,000	168,000,000	160,000,000	155,900,000	141,100,000	160,000,000	95,900,000	102,500,000	97,000,000	114,400,000	101,600,000	93,500,000	90,200,000	111,600,000	88,400,000	111,800,000	111,800,000	120,700,000	122,400,000	103,500,000	117,107,000	100,437,000	100,437,000	90,438,000	71,560,000	71,560,000	76,975,000
gold prepayment obligation	97,800,000	112,400,000
current income tax payable	3,300,000	1,900,000	1,000,000	500,000	700,000				100,000		700,000	300,000	400,000				1,000,000	1,100,000	500,000	700,000	700,000	1,300,000		500,000	500,000	300,000	900,000	800,000	800,000	800,000						2,600,000	11,700,000	6,200,000	12,200,000	3,600,000	3,300,000	6,200,000	4,800,000	3,900,000	6,900,000	7,900,000
total current liabilities	344,900,000	443,100,000	210,000,000	196,600,000	196,900,000	221,300,000	211,900,000	229,000,000	214,100,000	203,800,000	157,500,000	171,200,000	178,400,000	168,100,000	146,100,000	172,900,000	151,700,000	172,400,000	146,800,000	158,700,000	158,700,000	188,500,000	165,000,000	172,100,000	172,100,000	171,900,000	184,900,000	138,800,000	138,800,000	126,300,000	130,900,000	130,900,000	138,700,000	153,800,000	181,200,000	177,900,000	176,900,000	175,400,000	180,200,000	163,600,000	159,200,000	147,300,000	164,800,000	99,800,000	109,400,000	104,900,000	114,400,000	101,600,000	93,500,000	90,200,000	111,600,000	88,400,000	163,200,000	163,200,000	177,100,000	243,200,000	219,700,000	243,427,000	223,404,000	223,404,000	189,215,000	156,697,000	156,697,000	155,896,000	140,709,000	109,408,000	84,663,000	84,908,000	93,418,000
reclamation and closure cost obligations	115,300,000	119,400,000	119,800,000	117,800,000	117,600,000	117,500,000	119,600,000	123,400,000	105,600,000	117,400,000	117,100,000	119,500,000	105,700,000	116,700,000	138,500,000	154,600,000	131,600,000	133,800,000	108,100,000	113,500,000	113,500,000	93,200,000	85,800,000	84,100,000	84,100,000	94,700,000	94,400,000	92,600,000	92,600,000	89,800,000	86,100,000	86,100,000	96,300,000	120,400,000	121,500,000	115,300,000	97,700,000	81,000,000	76,600,000	72,400,000	71,400,000	67,500,000	69,100,000	71,600,000	63,000,000	63,500,000	65,200,000	66,300,000	64,000,000	61,400,000	60,800,000	59,800,000	67,000,000	67,000,000	68,500,000	53,300,000	49,700,000	47,738,000	50,713,000	50,713,000				35,571,000	25,721,000	22,639,000	20,722,000	21,040,000	19,889,000	17,075,000	21,953,000
non-current derivative financial liabilities	187,300,000	180,400,000	183,000,000	174,600,000	169,800,000	168,600,000	712,200,000	667,600,000	575,000,000	565,400,000	612,500,000	525,500,000	473,300,000	537,500,000	643,500,000	618,400,000	584,200,000	590,000,000	558,300,000	617,400,000	617,400,000	513,100,000	503,400,000	437,400,000	437,400,000
long-term debt	394,000,000	543,800,000	504,100,000	397,000,000	446,700,000	496,500,000	396,200,000	396,000,000	395,700,000	395,500,000	395,200,000	394,900,000	394,700,000	394,400,000	491,500,000	491,000,000	490,600,000	490,100,000	489,600,000	489,200,000	489,200,000	681,200,000	1,078,900,000	750,200,000	750,200,000	714,500,000	727,500,000	781,900,000	781,900,000	781,200,000	780,500,000	780,500,000	939,800,000	1,008,400,000	1,007,700,000	977,000,000	880,100,000	889,500,000	789,000,000	788,500,000	788,000,000	787,600,000	787,100,000	879,300,000	876,900,000	874,300,000	871,900,000	870,500,000	865,000,000	862,500,000	859,700,000	855,500,000	854,300,000	854,300,000	847,800,000	397,500,000	384,700,000	262,292,000	251,664,000	251,664,000	241,055,000	246,692,000	246,692,000	239,550,000	229,884,000	217,088,000	209,683,000	217,704,000	225,456,000	233,750,000	169,539,000
deferred tax liabilities	76,500,000	61,100,000	60,000,000	55,600,000	44,100,000	46,400,000	77,300,000	74,800,000	73,400,000	66,600,000	66,600,000	66,800,000	71,900,000	68,900,000	69,800,000	69,600,000	64,800,000	59,000,000	56,700,000	53,500,000	53,500,000	45,400,000	44,500,000	52,800,000	52,800,000	48,300,000	54,500,000	56,500,000	56,500,000	56,300,000	41,500,000	41,500,000	128,400,000	257,900,000	250,300,000	404,000,000	433,300,000	460,500,000	421,800,000	410,000,000	400,000,000	414,400,000	470,400,000	538,700,000	545,700,000	494,900,000	426,000,000	403,400,000	411,600,000	381,000,000	402,000,000	354,000,000	336,400,000	336,400,000	322,900,000	130,000,000	130,300,000	131,613,000	146,880,000	146,880,000	136,699,000	174,754,000	174,754,000	178,034,000
lease obligations	1,700,000	1,800,000	1,800,000	2,000,000	2,200,000	2,100,000	2,300,000	2,600,000	2,900,000	1,600,000	200,000	1,300,000	4,000,000	6,100,000	8,500,000	10,700,000	13,400,000	15,800,000	17,900,000	19,500,000	19,500,000	21,800,000	23,900,000	21,500,000	21,500,000	23,900,000	25,600,000	27,800,000	27,800,000	17,800,000
other liabilities	9,700,000	10,400,000	6,400,000	7,900,000	8,500,000	3,800,000	2,200,000	3,400,000	2,000,000	1,500,000	1,900,000	4,800,000	3,800,000	3,600,000	3,300,000	3,700,000	5,600,000	4,300,000	3,300,000	9,000,000	9,000,000	4,600,000	2,200,000
total liabilities	1,129,400,000	1,360,000,000	1,085,100,000	951,500,000	985,800,000	1,056,200,000	1,521,700,000	1,496,800,000	1,368,700,000	1,351,800,000	1,351,000,000	1,284,000,000	1,231,800,000	1,295,300,000	1,501,200,000	1,520,900,000	1,441,900,000	1,465,400,000	1,380,700,000	1,460,800,000	1,460,800,000	1,547,800,000	1,913,600,000	1,518,900,000	1,518,900,000	1,197,200,000	1,292,700,000	1,276,000,000	1,276,000,000	1,239,400,000	1,210,300,000	1,210,300,000	1,532,000,000	1,836,200,000	1,877,800,000	1,987,700,000	1,835,000,000	1,865,100,000	1,719,800,000	1,657,700,000	1,602,100,000	1,575,900,000	1,813,900,000	1,650,500,000	1,662,700,000	1,610,600,000	1,556,500,000	1,531,400,000	1,516,000,000	1,479,100,000	1,526,500,000	1,449,700,000	1,572,100,000	1,572,100,000	1,607,200,000	1,089,700,000	1,023,800,000	954,557,000	939,033,000	939,033,000	944,398,000	926,578,000	926,578,000	958,660,000	845,723,000	814,300,000	763,725,000	786,206,000	757,214,000
equity
common shares	3,337,000,000	3,336,900,000	3,335,700,000	3,334,500,000	3,334,500,000	3,333,500,000	3,168,100,000	3,163,500,000	3,160,000,000	3,159,800,000	3,157,600,000	3,157,100,000	3,157,100,000	3,157,000,000	3,155,700,000	3,155,400,000	3,155,000,000	3,155,000,000	3,154,900,000	3,154,000,000	3,154,000,000	3,144,600,000	3,144,600,000	3,144,600,000	3,144,600,000	3,144,500,000	3,141,900,000	3,035,200,000	3,035,200,000	3,035,200,000	3,035,200,000	3,035,200,000	3,036,800,000	3,036,700,000	3,036,500,000	3,032,600,000	3,027,700,000	2,859,000,000	2,856,400,000	2,854,200,000	2,842,900,000	2,841,000,000	2,840,100,000	2,839,900,000	2,839,900,000	2,820,900,000	2,818,000,000	2,817,400,000	2,816,100,000	2,815,300,000	2,810,600,000	2,625,300,000	2,624,100,000	2,624,100,000	2,618,400,000	2,474,900,000	2,470,800,000	2,468,441,000	2,463,968,000	2,463,968,000	2,356,107,000	2,347,620,000	2,347,620,000	1,862,196,000	1,846,712,000	1,822,785,000	1,822,212,000	1,812,625,000	1,810,865,000	1,804,457,000	1,321,156,000
contributed surplus	105,100,000	104,900,000	105,600,000	106,200,000	106,200,000	106,400,000	106,500,000	106,900,000	107,400,000	107,300,000	107,800,000	107,800,000	108,500,000	108,000,000	107,800,000	107,500,000	107,400,000	107,000,000	106,600,000	106,700,000	106,700,000	106,500,000	106,200,000	105,900,000	105,900,000	105,700,000	105,800,000	105,500,000	105,500,000	105,200,000	105,000,000	105,000,000	105,000,000	104,300,000	103,200,000	103,600,000	102,700,000	100,500,000	101,400,000	100,800,000	103,400,000	102,300,000	102,300,000	100,600,000	98,900,000	96,700,000	94,900,000	93,500,000	91,300,000	90,000,000	88,200,000	86,900,000	85,300,000	85,300,000	85,200,000	83,800,000	82,700,000	81,119,000	80,394,000	80,394,000	79,425,000	78,897,000	78,897,000	77,881,000	82,787,000	84,225,000	82,648,000	84,291,000	82,984,000	77,228,000	66,741,000	11,921,000			1,727,584	3,837,954	2,893,680	3,837,954	2,893,680	2,346,150	1,727,584	1,440,805	1,440,805	868,190
other reserves	-39,500,000	-34,900,000	-34,100,000	-31,200,000	-31,200,000	-36,900,000	-149,400,000	-135,900,000	-65,900,000	-64,700,000	-75,000,000	-24,600,000	21,400,000	-6,800,000	-108,300,000	-93,000,000	-69,300,000	-89,600,000		-116,800,000	-116,800,000	-71,100,000	-63,900,000	-8,100,000	-8,100,000	-13,600,000	-14,600,000	3,500,000	3,500,000	4,200,000	6,100,000	6,100,000	-4,900,000	-34,900,000	-38,900,000	-37,000,000	-29,400,000	-33,000,000	-22,600,000	-10,700,000	6,700,000	2,600,000	300,000	-1,200,000	-5,000,000	-1,500,000	-5,700,000	-9,500,000	-13,600,000	-17,600,000	-24,900,000	-29,200,000	-39,000,000	-39,000,000	-50,500,000	-66,600,000	-86,400,000	-69,058,000	-86,367,000	-86,367,000	-118,311,000	-42,445,000	-42,445,000	-40,531,000
deficit	-2,163,000,000	-2,305,300,000	-2,373,900,000	-2,357,200,000	-2,412,300,000	-2,450,200,000	-2,388,800,000	-2,345,300,000	-2,317,900,000	-2,315,200,000	-2,312,600,000	-2,280,800,000	-2,263,900,000	-2,259,700,000	-2,221,800,000	-2,214,000,000	-2,364,900,000	-2,353,600,000		-2,354,600,000	-2,354,600,000	-2,333,500,000	-2,349,200,000	-2,303,600,000	-2,303,600,000	-2,275,300,000	-2,275,600,000	-2,250,900,000	-2,250,900,000	-2,215,200,000	-2,187,000,000	-2,187,000,000	-1,458,600,000	-990,800,000	-961,300,000	-765,700,000	-792,600,000	-843,600,000	-823,500,000	-828,300,000	-819,500,000	-846,300,000	-836,800,000	-679,300,000	-688,700,000	-644,900,000	-213,000,000	-153,400,000	-169,600,000							-100,500,000	-118,300,000	-142,095,000	-175,626,000	-175,626,000	-210,624,000	-251,333,000	-251,333,000	-329,935,000	-128,905,000	-201,784,000	-229,230,000	-288,366,000	-305,859,000	-298,209,000		-80,166,000	-9,959,000	-9,497,000	-5,993,161	-8,122,190	-7,372,126	-8,122,190	-9,812,014	-8,956,219	-5,993,161	-6,340,670	-5,046,738	-4,220,830
total equity	1,239,600,000	1,101,600,000	1,033,300,000	1,052,300,000	997,200,000	952,800,000	736,400,000	789,200,000	883,600,000	887,200,000	877,800,000	959,500,000	1,023,100,000	998,500,000	933,400,000	955,900,000	828,200,000	818,800,000	840,500,000	789,300,000	789,300,000	846,500,000	837,700,000	938,800,000	938,800,000	961,300,000	957,500,000	893,300,000	893,300,000	929,400,000	959,300,000	959,300,000	1,678,300,000	2,115,300,000	2,139,500,000	2,333,500,000	2,308,400,000	2,082,900,000	2,111,700,000	2,116,000,000	2,133,500,000	2,099,600,000	2,105,900,000	2,260,000,000	2,245,100,000	2,271,200,000	2,694,200,000	2,748,000,000	2,724,200,000	2,719,900,000	2,970,300,000	2,757,700,000	2,730,100,000	2,730,100,000	2,676,500,000	2,391,600,000	2,348,800,000	2,338,407,000	2,282,369,000	2,282,369,000	2,106,597,000	2,132,739,000	2,132,739,000	1,569,611,000
total liabilities and equity	2,369,000,000	2,461,600,000	2,118,400,000	2,003,800,000	1,983,000,000	2,009,000,000	2,258,100,000	2,286,000,000	2,252,300,000	2,239,000,000	2,228,800,000	2,243,500,000	2,254,900,000	2,293,800,000	2,434,600,000	2,476,800,000	2,270,100,000	2,284,200,000	2,221,200,000	2,250,100,000	2,250,100,000	2,394,300,000	2,751,300,000	2,457,700,000	2,457,700,000	2,158,500,000	2,250,200,000	2,169,300,000	2,169,300,000	2,168,800,000	2,169,600,000	2,169,600,000	3,210,300,000	3,951,500,000	4,017,300,000	4,321,200,000	4,143,400,000	3,948,000,000	3,831,500,000	3,773,700,000	3,735,600,000	3,675,500,000	3,919,800,000	3,910,500,000	3,907,800,000	3,881,800,000	4,250,700,000	4,279,400,000	4,240,200,000	4,199,000,000	4,496,800,000	4,207,400,000	4,302,200,000	4,302,200,000	4,283,700,000	3,481,300,000	3,372,600,000	3,292,964,000	3,221,402,000	3,221,402,000	3,050,995,000	3,059,317,000	3,059,317,000	2,528,271,000
current debt		110,500,000
current income tax receivable						700,000	1,300,000	500,000	100,000	600,000				1,500,000	3,600,000	3,100,000	3,600,000	3,700,000	3,500,000	4,000,000	4,000,000	3,600,000	3,600,000	3,600,000	3,600,000	4,500,000	4,700,000	4,700,000	4,700,000	4,700,000	4,300,000	4,300,000	4,300,000	15,200,000	12,900,000	5,600,000	6,500,000	12,500,000	9,900,000	13,700,000	16,000,000	19,200,000	23,800,000	22,700,000	24,600,000	31,100,000	20,500,000	29,000,000	30,000,000	31,800,000	29,800,000	12,800,000	6,100,000	6,100,000	6,600,000
prepaid expenses and othert																				12,700,000	12,700,000
assets held for sale																							320,000,000										206,200,000	101,000,000	109,000,000	145,700,000							259,400,000
liabilities held for sale																							9,900,000										36,000,000	55,200,000	62,800,000	69,100,000							140,400,000
other																								2,300,000	2,300,000	1,800,000	11,900,000	10,100,000	10,100,000	10,400,000	10,900,000	10,900,000	2,100,000	2,600,000	2,600,000	3,100,000	3,300,000	3,500,000	2,800,000	3,600,000	3,200,000	3,400,000	3,200,000	3,700,000	5,200,000	3,800,000	3,500,000	1,800,000	1,900,000	2,000,000	2,700,000	3,200,000	3,600,000	3,600,000	700,000	600,000	600,000	674,000	747,000	747,000	33,740,000	651,000	651,000	661,000
gold stream obligation																										142,900,000	198,000,000	170,400,000	170,400,000	167,500,000	161,900,000	161,900,000	181,300,000	235,300,000	249,000,000	236,000,000	14,100,000	246,500,000	233,800,000	207,300,000	169,500,000	147,600,000	163,200,000
deferred benefit – peak sale prepayment																																		3,000,000	3,000,000
deferred benefit - peak sale prepayment
provisions																																	1,000,000	2,900,000	2,600,000	6,400,000	230,900,000	12,000,000	15,300,000	13,600,000	11,400,000	9,200,000	12,700,000	10,000,000	9,500,000	9,400,000	10,600,000	10,500,000	10,600,000	9,400,000	12,100,000	10,900,000	10,700,000	10,700,000	9,500,000	12,800,000	12,100,000	11,460,000	12,646,000	12,646,000	17,979,000	14,661,000	14,661,000	12,569,000
derivative assets																																				300,000	4,400,000	18,000,000
derivative liabilities																																							2,900,000	2,100,000	2,400,000	2,100,000	5,900,000	4,500,000	11,500,000																				113,303,000
deferred benefit																																												46,300,000	46,300,000	46,300,000	46,300,000	46,300,000	46,300,000	46,300,000	46,300,000	46,300,000	46,300,000	46,300,000	46,300,000	46,300,000	46,300,000	46,276,000	46,276,000	46,276,000	46,276,000	46,276,000	46,276,000	46,276,000	46,276,000	46,276,000	46,276,000	46,276,000
share purchase warrants																																														16,900,000	21,700,000	32,400,000	24,500,000																138,806,000	150,656,000	150,656,000	150,656,000	150,656,000	157,464,000	145,614,000	35,163,000	5,959,000	5,959,000		5,958,810	5,958,810	5,958,810
approved and authorized by the board on july 30, 2014
"robert gallagher"
robert gallagher, director
current derivative liabilities																																																					51,400,000	51,400,000	56,400,000	62,600,000	51,400,000	55,909,000	49,184,000	49,184,000	53,068,000	45,016,000	45,016,000
non-current derivative liabilities																																																					37,000,000	37,000,000	54,100,000	74,800,000	73,200,000	92,650,000	92,407,000	92,407,000	111,642,000	106,553,000	106,553,000
non-current non-hedged derivative liabilities																																																		27,800,000	33,400,000	34,200,000	56,200,000	56,200,000	80,300,000	131,200,000	107,200,000	118,427,000	114,296,000	114,296,000	159,336,000	141,688,000	141,688,000
(deficit) retained earnings																																																		-167,800,000
retained earnings																																																			86,900,000	74,700,000	59,700,000	59,700,000	23,400,000
total equity attributable to new gold inc. shareholders																																																			2,960,800,000
non-controlling interests																																																			9,500,000
approved and authorized by the board on october 28, 2013
approved and authorized by the board on july 30, 2013
approved and authorized by the board on may 1, 2013
non-current non-hedged derivative asset																																																										15,400,000	18,797,000	18,797,000
reclamation deposits and other																																																							3,800,000	4,600,000	5,200,000	16,206,000	14,912,000	14,912,000		24,239,000	24,239,000	24,553,000	31,295,000		18,158,000	19,739,000	17,646,000	16,108,000	4,783,000
current tax liabilities																																																								10,500,000	10,600,000	13,175,000	20,495,000	20,495,000	31,053,000	27,716,000	27,716,000	38,203,000
current non-hedged derivative liabilities																																																								47,700,000	54,200,000	57,236,000	53,288,000	53,288,000	14,656,000	12,405,000	12,405,000
approved and authorized by the board on february 28, 2013
approved and authorized by the board on november 1, 2012
approved and authorized by the board on august 1, 2012
approved and authorized by the board on may 2, 2012
current derivative assets
current assets of operations held for sale																																																																				10,585,000	10,298,000	11,657,000
assets of operations held for sale																																																																				27,009,000	27,080,000	26,412,000
current portion of long-term debt																																																																					12,088,000	31,404,000		224,521,000
current liabilities of operations held for sale																																																																				8,943,000	10,414,000	8,908,000
liabilities of operations held for sale																																																																				19,272,000	19,890,000	19,316,000
approved and authorized by the board on march 1, 2012
"james estey"
james estey, director
liabilities
reclamation and closure obligations																																																													41,431,000	38,606,000	38,606,000
commitments and contingencies
subsequent events
approved and authorized by the board on november 3, 2011
see accompanying notes to the condensed consolidated interim financial statements.
approved and authorized by the board on august 3, 2011
current portion of derivative assets
current portion of derivative liabilities																																																																40,718,000	40,072,000
non-current portion of derivative liabilities																																																																106,736,000
non-hedged derivative liabilities																																																																183,367,000
approved and authorized by the board on may 4, 2011
robert gallagher'
james estey'
see accompanying notes to the condensed consolidated financial statements.
restricted cash																																																																					9,201,000	7,500,000
accounts receivable																																																																	11,929,000	8,528,000	5,276,000	15,644,000	10,345,000	11,601,000	19,130,000
future income and mining taxes																																																																	9,127,000	10,026,000	9,499,000	6,934,000	8,848,000	986,000	1,842,000
future income tax asset																																																																	931,000	1,428,000	1,665,000	2,028,000	2,250,000	39,538,000
accounts payable and accrued liabilities																																																																	66,654,000	56,001,000	41,143,000	40,610,000	36,033,000	39,065,000	37,955,000	13,716,000	4,417,000	3,786,000	3,767,475	1,972,505	1,703,105	1,972,505	1,703,105	2,530,415	3,767,475	2,152,352
income and mining taxes payable																																																																	33,983,000	20,575,000	14,918,000	15,067,000	15,677,000	12,867,000	7,115,000
employee benefits and other																																																																	9,804,000	9,775,000	7,465,000	5,618,000	5,355,000	5,147,000	4,803,000
shareholders' equity
equity component of convertible debentures																																																																	21,604,000	21,604,000	21,604,000	21,604,000	21,604,000	21,604,000	21,604,000
accumulated other comprehensive loss																																																																	-67,813,000	-34,991,000	-51,607,000	-30,456,000	-29,205,000	-16,310,000
total shareholders' equity																																																																	1,893,191,000	1,842,495,000	1,796,283,000	1,750,354,000	1,731,045,000
total liabilities and shareholders' equity																																																																	2,738,914,000	2,656,795,000	2,560,008,000	2,536,560,000	2,488,259,000
approved by the board
current portion of mark-to-market gain on fuel contracts																																																																		256,000	185,000	726,000	706,000
reclamation deposits and other assets																																																																		29,227,000
current portion of mark-to-market loss on gold contracts																																																																		32,832,000	28,602,000	20,288,000	19,206,000
mark-to-market loss on gold contracts																																																																		100,481,000	96,335,000	76,782,000	76,780,000	63,237,000
“robert gallagher”
“james estey”
(signed) robert gallagher
(signed) james estey
mark-to-market gain on fuel contracts																																																																						46,000
current portion of mark-to-market loss on gold
contracts																																																																						13,548,000
current portion of mark-to-market loss on fuel
inventories and stockpiled ore																																																																							37,290,000
intangible royalty asset																																																																							14,022,000
short-term borrowings
accrued interest receivables on cash equivalents																																																																								346,000
amounts receivable																																																																								2,695,000	1,250,000	1,123,000	305,810	179,937	846,030	179,937	846,030	246,808	305,810	643,751
prepaid expenses																																																																								457,000	489,000	80,000	107,686	168,421	249,065	168,421	249,065	88,218	107,686	103,513	187,214	81,442
reclamation deposits																																																																								3,500,000
mineral properties – schedule																																																																								149,264,000	69,233,000	61,440,000	42,440,604	56,829,285	51,683,413	56,829,285	31,500,507	26,703,258	42,440,604	18,391,292
property and equipment																																																																								40,973,000	2,805,000	1,959,000	578,499	795,886	684,948	795,886	684,948	662,689	578,499	514,721
long-term debt – debentures																																																																								35,676,000
future income taxes																																																																								8,144,000	10,004,000	10,004,000	7,346,588	10,004,440	10,004,440	10,004,440	4,248,794	4,258,951	7,346,588	1,918,697
shareholders’ equity
share capital																																																																								208,069,000	118,038,000	117,858,000	54,752,468	117,388,620	117,343,245	117,388,620	109,314,523	108,024,809	54,752,468	34,973,210
convertible debenture																																																																								18,403,000
current assets - sum																																																																									61,200,000	69,257,000		73,414,968	78,162,793						21,856,278	25,353,575
current liabilities - sum																																																																									14,421,000	3,786,000		1,972,505	1,703,105						1,289,345	1,187,021
stock options																																																																									4,779,000	4,546,000
shareholders’ equity - sum																																																																									118,817,000	118,866,000		119,063,194	118,823,609
capital lease payable																																																																																		13,225
accrued interest receivable																																																																											19,763	437,067	139,220	437,067	139,220	234,000	19,763	13,858	14,029	71,912
current portion of capital lease payable																																																																											30,228						30,228	22,671
short-term investments																																																																												26,240,854	26,240,854	26,240,854
common share purchase warrants																																																																															2,000,160	2,000,160
current assets:
current liabilities:
commitments and contingent liabilities
amounts receivable - government																																																																																			328,451	170,636
mineral claim interests - schedule [notes 2 and 3]																																																																																			9,287,510	5,933,932
property and equipment [notes 2 and 4]																																																																																			496,008
accounts payable and accruals																																																																																			1,266,674	1,164,350
current portion of capital lease payable [note 5]																																																																																			22,671
capital lease payable [note 5]																																																																																			24,561
future income taxes [note 6[c]]																																																																																			923,462
share capital [note 7]																																																																																			33,008,361
shareholders' equity - sum																																																																																			29,402,428	29,655,721
commitments and contingent liabilities [note 11]
marketable security
investment property [note 4]
property and equipment [notes 2 and 5]																																																																																				508,138
capital taxes payable
current portion of capital lease payable [note 6]																																																																																				22,671
capital lease payable [note 6]																																																																																				30,228
future income taxes [note 7[c]]																																																																																				922,675
share capital [note 8]																																																																																				33,008,361
commitments and contingent liabilities [note 13]

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-05-04	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-04-24	2018-12-31	2018-03-31	2017-12-31	2017-03-31	2016-12-31	2016-07-28	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-05-01	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2010-12-31	2010-09-30	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2007-05-08	2007-03-29	2006-11-16	2006-11-15	2006-09-30	2006-06-30	2006-05-10	2005-11-10	2005-08-11	2005-05-11

operating activities
net earnings	73,700,000													-30,100,000	-7,800,000	151,900,000	4,500,000	-30,900,000	15,100,000												37,500,000	-2,400,000	-8,800,000	26,800,000	-43,600,000	-167,200,000					18,000,000	-1,800,000	-203,400,000	-2,800,000	-21,300,000	36,300,000	36,300,000	181,200,000	-5,900,000	-9,831,000	33,531,000	149,508,000	27,386,864				12,079,000
adjustments for:
foreign exchange loss	-10,400,000	6,300,000	600,000								100,000			-4,800,000	1,900,000		-3,200,000	-800,000	500,000								1,900,000
depreciation and depletion	3,700,000	8,500,000	57,500,000	189,500,000	-11,400,000	7,300,000	62,700,000	175,700,000	5,400,000	-1,200,000	55,200,000	140,600,000	15,900,000	-9,500,000	48,900,000	148,500,000	-3,200,000	6,100,000	45,400,000	144,600,000	9,300,000	-12,100,000	52,800,000	180,400,000	7,400,000	-7,500,000	61,400,000	183,500,000	68,000,000	169,600,000	57,900,000	188,200,000	62,600,000	57,700,000	180,500,000	10,200,000	-4,400,000	55,100,000			1,000,000	51,500,000	135,800,000	-1,700,000	6,700,000	37,800,000	37,800,000	86,800,000	7,700,000	3,169,000	18,531,000	55,401,000	20,887,072	44,772,000	3,675,000	277,000	10,749,000
new afton free cash flow interest expense		-14,800,000	8,800,000
other non-cash adjustments	38,100,000	-12,500,000	24,800,000	58,900,000	23,800,000	-57,200,000	55,100,000	88,300,000	14,100,000	-38,700,000	50,000,000	30,000,000	-12,800,000	1,700,000	17,700,000	57,500,000	-3,200,000			52,600,000	-9,600,000	-600,000	12,900,000	1,500,000	-11,700,000	20,500,000	7,200,000	2,400,000	-11,400,000	34,300,000	12,300,000	-7,500,000	6,000,000	-1,200,000	-7,200,000	3,300,000	3,100,000	-4,500,000
income tax expense	28,300,000	600,000	2,800,000				3,000,000	-2,300,000	6,800,000	500,000	300,000	13,100,000	-13,100,000	900,000	500,000	13,300,000	1,200,000	1,300,000	3,900,000	2,300,000					500,000	-2,700,000	3,700,000	-26,800,000	5,000,000		2,300,000		5,800,000				-5,900,000	6,800,000	115,700,000	-48,900,000	-6,500,000	7,300,000		6,300,000	-8,400,000	12,400,000	12,400,000	49,200,000	13,600,000	-1,293,000	18,293,000
finance income	-100,000	-400,000	-1,000,000	-5,200,000	100,000	300,000	-2,100,000	-5,700,000	200,000	-200,000	-1,800,000	-2,500,000	-700,000	-400,000	-200,000					-700,000	-100,000	-100,000	-200,000	-1,500,000	-200,000	0	-500,000	-1,200,000	-500,000	-800,000	-200,000	-1,200,000	-200,000	-300,000	-1,000,000	0	-200,000	-200,000			100,000	-300,000	-2,100,000	-400,000	200,000	-400,000	-400,000	-1,200,000	400,000	-372,000	-228,000
finance costs	-100,000	-1,900,000	13,700,000	14,600,000	200,000	-300,000	2,600,000	10,200,000	-500,000	-800,000	4,300,000	22,600,000	-5,100,000	2,700,000	7,600,000	26,100,000	-100,000	-600,000	9,400,000	57,800,000	7,400,000	500,000	13,500,000	46,100,000	0	1,200,000	15,300,000	51,500,000	16,700,000	15,100,000	1,400,000	9,300,000	3,100,000	4,600,000	28,500,000	-600,000	-200,000	10,800,000			-100,000	7,400,000	31,200,000	-2,300,000	-100,000	11,500,000	11,500,000	14,100,000	1,800,000	-1,571,000	2,071,000
reclamation and closure costs paid		0	-100,000	-300,000			-200,000	-2,100,000	400,000	-100,000	-600,000	-3,000,000	300,000	300,000	-1,600,000	-8,500,000	700,000			-5,400,000	-900,000	1,000,000	-2,100,000	-7,100,000	700,000	700,000	-3,100,000	-800,000	-200,000	-1,100,000	-400,000	-2,100,000		-900,000	-300,000	-100,000	0	-100,000			-200,000	-200,000	-1,800,000	200,000	-200,000	-400,000	-400,000	-4,600,000	1,100,000
change in non-cash operating working capital	2,300,000	-15,500,000	17,500,000	-23,900,000	-2,100,000	27,800,000	-17,800,000	-18,200,000	21,200,000	6,300,000	-15,100,000	-1,000,000	100,000	8,600,000	1,400,000	28,000,000	-52,600,000			8,000,000	7,000,000	-3,000,000	4,200,000	2,200,000	33,800,000	-13,300,000	3,200,000	-45,100,000	-17,200,000	34,600,000	7,400,000	-20,600,000	-3,200,000	-600,000	5,000,000	-1,600,000	-8,200,000	2,400,000			-3,900,000	-8,700,000	4,300,000	-9,800,000	8,700,000	-12,900,000	-12,900,000	-21,300,000	-15,400,000	8,223,000	-16,323,000
income taxes paid	-3,800,000	-200,000	-400,000			700,000	-1,100,000							200,000	-600,000		0				200,000	-200,000	-500,000	-1,800,000	-1,200,000	1,800,000	-1,400,000	-3,300,000	-1,000,000	-9,700,000	-4,800,000										-1,300,000	-100,000	-20,000,000	4,500,000	-6,500,000	-9,700,000	-9,700,000	-80,200,000	5,500,000	3,458,000	-29,358,000
cash generated from operations	137,800,000	55,400,000	107,500,000	264,900,000	27,500,000	45,700,000	54,700,000	187,500,000	43,700,000	-4,200,000	60,600,000	137,000,000	16,300,000	-30,400,000	67,800,000	269,400,000	-56,000,000	57,000,000	53,300,000	202,600,000	39,400,000	1,500,000	51,300,000	172,400,000	40,900,000	-24,100,000	74,300,000	194,000,000	65,100,000	276,200,000	76,800,000	192,600,000	79,200,000	61,500,000	211,600,000	-5,900,000	-12,900,000	69,800,000			-20,800,000	81,500,000	155,700,000			68,200,000	68,200,000	269,300,000	-5,000,000	6,041,000	66,059,000
investing activities
mining interests	16,500,000	-16,900,000	-75,200,000	-208,600,000	9,700,000	-11,100,000	-61,100,000	-195,300,000	1,000,000	-8,500,000	-63,100,000	-223,000,000	6,200,000	-500,000	-75,600,000	-191,900,000	24,600,000			-224,800,000	-9,200,000	15,100,000	-65,300,000	-190,700,000	-24,800,000	12,600,000	-50,400,000	-157,500,000	-68,700,000	-416,400,000	-143,700,000	-410,400,000	-138,200,000	-107,400,000	-312,800,000	-2,800,000	-4,700,000	-69,200,000			-3,700,000	-56,600,000	-225,600,000	-2,700,000	15,400,000	-76,400,000	-76,400,000	-373,400,000	2,700,000	-35,220,000	-110,080,000	-114,921,000	-34,209,232	-95,052,000
new afton mineral properties acquisition	277,700,000
proceeds from sale of other assets												400,000	200,000	200,000	100,000	1,000,000	100,000	200,000	100,000	0
proceeds from sale of investments
interest received	300,000	200,000	1,100,000	5,100,000	-100,000	-300,000	2,100,000	5,600,000	0	100,000	1,800,000	2,600,000	700,000	400,000	200,000			0	100,000	700,000	100,000	100,000	200,000	1,700,000	-100,000	200,000	400,000	1,000,000	300,000	700,000	200,000	1,300,000	200,000	300,000	1,000,000	0	200,000	200,000			0	200,000	1,700,000	200,000	0	200,000	200,000	900,000	-200,000	163,000	237,000
cash used by investing activities	300,900,000	-296,700,000	-74,100,000	-202,600,000	9,400,000	-11,200,000	-59,000,000	-165,300,000	-100,000	-30,700,000	-37,900,000		20,400,000	5,800,000	-81,500,000					-217,000,000	93,200,000	9,000,000	-58,400,000	-171,900,000	-25,200,000	1,100,000	-38,000,000	26,700,000	-76,800,000	-375,600,000	-78,200,000	-411,100,000	-137,400,000	-108,700,000	-248,300,000	-3,300,000	-4,100,000	-68,800,000
financing activities
proceeds received from exercise of options	-600,000	600,000	100,000	1,500,000	500,000	0	200,000																								100,000			800,000	300,000
proceeds received from issuance of common shares																								-400,000
proceeds from gold prepayment
repayment of gold prepayment
new afton free cash flow interest minimum payment guarantee				0
extinguishment of new afton free cash flow obligation
lease payments and other financing charges
settlement of non-current derivative financial liabilities	-12,100,000	-900,000	-6,300,000	-26,000,000
credit facility (repayment) drawdown
interest paid	-19,800,000	16,000,000	-18,800,000	-18,900,000	-17,200,000	14,200,000	-15,800,000	-18,000,000	-16,000,000	14,300,000	-15,800,000	-20,400,000	-13,700,000	12,400,000	-15,900,000	-26,900,000	-11,700,000			-37,000,000	18,000,000	-22,400,000	-1,400,000	-51,600,000	23,400,000	-24,600,000	-1,300,000	-59,800,000	-3,600,000	-61,200,000	-1,500,000	-54,500,000	-26,700,000	-800,000
issuance of senior unsecured notes, net of transaction costs			393,700,000
repayment of senior unsecured notes, including redemption premium paid			-291,400,000
cash generated from (used by) financing activities	-552,500,000	145,400,000	74,300,000
effect of exchange rate changes on cash and cash equivalents	-1,700,000	1,300,000	-100,000	-2,000,000	300,000	200,000	-400,000	700,000	-1,300,000	600,000	-300,000	-1,100,000	-1,100,000	-2,800,000	500,000	1,200,000	-1,300,000	-100,000	800,000	3,000,000	-1,300,000	3,000,000	-1,500,000	900,000	-800,000	0	300,000	-1,100,000	-800,000	-900,000	700,000	9,300,000	-300,000	10,300,000	-4,300,000	-17,600,000	8,900,000	-5,800,000			4,600,000	-2,200,000	-4,300,000	800,000	100,000	-1,100,000	-1,100,000	-2,200,000	7,800,000	-9,225,000	3,825,000	3,596,000	13,220,005
change in cash and cash equivalents	-115,500,000	-94,600,000	107,600,000	-28,500,000	-79,500,000	56,500,000	-28,800,000	-20,300,000	27,900,000	-19,400,000	-3,500,000	-250,500,000	124,100,000	-104,300,000	-50,000,000	282,700,000	5,300,000			386,700,000	-583,600,000	-17,200,000	317,000,000	-89,400,000	91,700,000	-51,200,000	28,600,000	-74,100,000	-24,900,000	22,000,000	163,600,000	-81,300,000	-78,800,000	-37,200,000	-92,800,000	96,800,000	-34,300,000	-4,700,000			-47,800,000	23,700,000
cash and cash equivalents, beginning of period	13,000,000	107,600,000	105,200,000	1,100,000	27,700,000	-28,800,000	185,500,000	26,400,000	-22,900,000	-3,500,000	200,800,000	204,300,000	-154,300,000	-50,000,000	481,500,000	47,900,000	7,200,000	-55,100,000	186,300,000	-616,800,000	299,800,000	317,000,000	83,400,000	-6,000,000	-22,600,000	28,600,000	103,700,000	48,800,000	216,200,000	-12,900,000	185,900,000		298,300,000	335,500,000		-39,000,000	-4,700,000	370,500,000											-5,300,000	-73,706,000	309,406,000		375,747,384		4,478,000	-49,058,000	185,668,000				-31,581,669	-31,581,669	64,090,473	18,178,820	-1,497,363	-3,703,001	25,029,585
cash and cash equivalents, end of period	-102,500,000	13,000,000	212,800,000	-27,400,000	-51,800,000	27,700,000	156,700,000	6,100,000	5,000,000	-22,900,000	197,300,000	-46,200,000	-30,200,000	-154,300,000	431,500,000	330,600,000	12,500,000	7,200,000	131,200,000	-230,100,000	-283,800,000	299,800,000	400,400,000	-95,400,000	69,100,000	-22,600,000	132,300,000	-25,300,000	191,300,000	9,100,000	349,500,000		219,500,000	298,300,000		57,800,000	-39,000,000	365,800,000											-82,800,000	-5,277,000	235,677,000		390,627,908		102,081,000	4,478,000	136,610,000				-4,298,935	-30,539,789	-5,340,815	82,269,293	-5,316,066	-1,497,363	21,326,584
cash and cash equivalents are comprised of:
cash	-37,600,000	7,900,000	153,000,000	-37,300,000	-41,900,000	42,700,000	121,800,000	-3,900,000	14,800,000	-12,800,000	142,500,000	-11,400,000	-18,900,000	-99,500,000	297,500,000	236,600,000	-7,500,000	14,100,000	94,300,000	-165,600,000	-299,600,000	257,400,000	333,200,000	-75,900,000	60,400,000	-6,600,000	88,100,000	-52,700,000	141,400,000	27,100,000	255,800,000	30,700,000	154,200,000	214,400,000	-42,900,000	39,800,000	-14,600,000	247,400,000			-14,100,000	298,100,000	6,900,000	0	-50,100,000	317,600,000	317,600,000	229,300,000	-104,400,000	14,606,000	137,994,000	71,711,000	120,004,028	21,465,000	-10,736,000	34,592,000	39,640,000			2,883,130	-1,507,893			997,051			160,329
short-term money market instruments		5,100,000	59,800,000	9,900,000	-9,900,000	-15,000,000	34,900,000	10,000,000	-9,800,000	-10,100,000	54,800,000	-34,800,000	-11,300,000	-54,800,000	134,000,000	94,000,000	20,000,000	-6,900,000	36,900,000	-64,500,000	15,800,000	42,400,000	67,200,000	-19,400,000	8,700,000	-16,000,000	44,200,000	27,400,000	49,900,000	-18,000,000	93,700,000	4,000,000	65,300,000	83,900,000	-6,200,000	18,000,000	-24,400,000	118,400,000			-10,000,000	140,000,000	-21,300,000	-133,700,000	-59,800,000	354,800,000	354,800,000	310,900,000	21,600,000	-19,883,000	97,683,000	28,039,000	270,623,880	-1,483,000	112,817,000	-30,114,000	96,970,000
lease payments		0	-1,100,000	-2,500,000	400,000	800,000	-1,300,000	-7,900,000	2,500,000	-1,500,000	-2,400,000	-7,700,000	0	-100,000	-2,500,000	-7,800,000	100,000			-8,100,000	-500,000	500,000	-2,900,000	-10,100,000	2,900,000	-3,700,000	-2,100,000
credit facility drawdown
other finance charges			-700,000
financing initiation costs			-1,200,000																															-300,000	200,000											-300,000	-300,000			-4,768,000	-1,632,000
net loss			-16,700,000
income tax (recovery) expense																																		-5,700,000
net proceeds from sale of equity investments
settlement of new afton free cash flow interest obligation
cash used by financing activities				-88,800,000	-116,700,000	21,800,000	-24,100,000	-43,200,000	-14,500,000	15,000,000	-25,900,000	-159,800,000	88,500,000	-76,900,000	-36,800,000					398,100,000	-714,900,000	-30,700,000	325,600,000	-90,800,000	76,800,000	-28,200,000	-8,000,000						-20,300,000
net income					-15,200,000	96,600,000	-43,500,000	-61,800,000	-100,000	29,200,000	-31,800,000																											-43,800,000
foreign exchange gain												800,000									-900,000	13,100,000	-9,600,000								-6,200,000
income taxes recovered
proceeds from sale of equity investments
foreign exchange (gain) loss						3,400,000	-4,000,000
cash settlement of non-current derivative financial liabilities						-300,000	-7,200,000	-22,300,000	400,000	700,000	-7,700,000	-31,000,000	1,300,000	11,900,000	-18,600,000	-25,000,000	-800,000
cash settlement of new afton free cash flow interest obligation
transaction costs from sale of blackwater stream
tax refunds collected from mesquite sale												0
investment and other financial instrument acquisitions														3,100,000	-3,600,000
repayment of long-term debt and premium paid
proceeds received from issuance of shares								5,000,000	-1,400,000					500,000	200,000
income taxes (paid) refunded																																-5,700,000	-1,400,000	-100,000		2,800,000
blackwater stream transaction costs paid															-2,600,000
proceeds from sale of investment in artemis gold inc.											23,400,000
gain on disposal of blackwater stream
financial instrument transaction costs																		0	200,000				3,400,000												-200,000
proceeds from sale of blackwater																0				0
proceeds from sale of blackwater stream
cash (used by) generated from investing activities
loss on disposal of blackwater
.
income taxes (paid) recovered
proceeds from sale of mesquite
cash generated from (used by) investing activities
proceeds from new afton free cash flow interest obligation, net of transaction costs
repayment of credit facility
cash (used by) generated from financing activities																	-12,500,000												-6,700,000					-300,000
impairment loss on reclassification of asset as held for sale
drawdown of credit facility																														30,000,000
investment acquisitions
government grant received
issuance and repayment of senior unsecured notes, net of transaction costs																				183,500,000
cash settlement of gold stream obligation																				-15,700,000	-2,200,000	700,000	-4,700,000	-14,400,000	-900,000	100,000	-4,600,000	-10,700,000	-3,100,000
(repayment) drawdown of credit facility																												-210,000,000
(gain) loss on disposal of blackwater
financial instrument acquisition costs																					900,000	-200,000	-800,000
income tax recovery																						-13,200,000	5,200,000									3,500,000
proceeds from sale of mesquite and other assets
income from continuing operations																							-28,300,000	-48,800,000	11,000,000	-22,300,000	-13,400,000
proceeds from sale of mesquite and other adjustments																							7,500,000
proceeds from new afton free cash flow interest obligation																							299,600,000
long term debt drawdown																							35,000,000
asset impairment
operating cash flows generated from continuing operations																								172,400,000	40,900,000	-24,100,000	74,300,000	149,800,000	50,200,000	209,500,000
operating cash flows generated from discontinued operations																												44,200,000	14,900,000	66,700,000
proceeds from the sale of other assets
proceeds from sale of mesquite, net of transaction costs and other adjustments																											12,000,000
proceeds from the sale of peak mines, net of transaction costs
investing cash flows used by continuing operations																								-171,900,000	-25,200,000	1,100,000	-38,000,000	36,700,000	-68,100,000	-348,700,000
investing cash flows used by discontinued operations																												-10,000,000	-8,700,000	-26,900,000
repayment of long-term debt																								-44,300,000
cash and cash equivalents sold or classified as held-for-sale
cash and cash equivalents sold
proceeds from the sale of assets																																	600,000	500,000	1,100,000	-500,000	400,000	200,000				300,000
proceeds from sale of assets
loss from continuing operations
foreign exchange (gains) loss																												4,100,000
gain on disposal of el morro stream																															-33,000,000
proceeds from the sale of the el morro stream and other assets																												1,000,000	300,000
gold price option contract investment costs																																		-2,100,000
net proceeds received from issuance of common shares																															165,700,000
finance lease payments																												-2,700,000
repayment of senior unsecured notes
cash (used by) generated by financing activities																												-283,800,000
cash and cash equivalents sold with the sale of mesquite
cash and cash equivalents sold with the sale of peak mines
earnings from continuing operations																													-29,100,000
cash and cash equivalents classified as held for sale
foreign exchange losses																													19,900,000				4,900,000
cash and cash equivalents classified as held-for-sale																													-5,700,000
foreign exchange gains
impairment of assets and inventory write-down
prepayment received on peak sale, net of transaction costs
tax on proceeds from disposal of el morro
proceeds from gold stream agreement
cash generated by financing activities																																										600,000				3,400,000	3,400,000		-87,000,000	88,307,000	1,593,000
foreign exchange (gains) losses																																		-33,900,000	57,400,000	45,000,000
cash generated by (used by) financing activities
reversal of inventory write down																															-500,000
unrealized loss on gold stream liability																															3,100,000		10,400,000	15,100,000
proceeds from the sale of el morro stream and other assets																															65,300,000
gold price option contract and other investment costs
cash generated (used) from financing activities																															164,300,000
impairment of assets and inventory write down
loss on disposal of el morro
unrealized gain on gold stream liability
proceeds from disposal of el morro
proceeds received from exercise of options and warrants																																8,400,000	6,400,000
gold stream agreement cash flow
drawdown of revolving credit facility
cash generated from financing activities																																						100,000
cash and cash equivalents, beginning of year																																																												25,029,585
cash and cash equivalents, end of year																																																												18,178,820
impairment loss on reclassification of asset held for sale
gold stream agreement deposit
cash generated (used by) financing activities
realized losses on gold contracts
impairment of assets
income tax (recovery)/ expense
income taxes refunded																																						7,400,000
gold stream obligation deposit
cash generated from/(used by) financing activities
loss on disposal of assets																																												-200,000	200,000	500,000	500,000	2,600,000	400,000	33,000	267,000	1,051,000	2,355
income tax expense/
unrealized (gain)/ loss on gold stream liability
cash generated from/ (used by) financing activities
realized and unrealized foreign exchange losses																																						36,000,000			-34,600,000	18,800,000	32,400,000	-19,600,000	7,300,000	5,600,000	5,600,000	-2,400,000
gain on disposal of assets																																						-100,000
issuance of common shares on exercise of options																																						100,000
settlement payment of gold hedge contracts
payment of rainy river acquisition expenses
loss on disposal and impairment of assets
net cash generated from operations																																							210,600,000			81,400,000	135,700,000			58,500,000	58,500,000	189,100,000	500,000
acquisition of rainy river																																											-5,400,000
cash from investing activities																																									-4,000,000	-56,100,000	-223,200,000	-109,700,000	15,400,000	-76,200,000	-76,200,000	-362,700,000	1,200,000	-20,152,000	-115,848,000									-15,076,802	806,341	806,341	29,236	-5,523,088	-168,450
issuance of common shares on exercise of options and warrants																																									-200,000	600,000	4,700,000	100,000	-3,000,000	3,700,000	3,700,000	72,500,000
add back: settlement payment of gold hedge contracts
add back: payment of rainy river acquisition expenses
add back: rainy river transaction costs
add back: change in non-cash operating working capital
adjusted net cash generated from operations before changes in working capital
new gold adjusted net earnings reconciliation
net earnings/(loss) before taxes
loss on foreign exchange
unrealized loss/(gain) on share purchase warrants
loss on hedge monetization over original term of hedge
other																																																							-450,000	1,696,000	64,000
adjusted net earnings before tax
income tax adjustments
adjusted income tax expense
adjusted net earnings
adjusted net earnings per share
unrealized losses (gains) on share purchase warrants
unrealized (gains) losses on concentrate contracts
equity-settled share-based payment expense																																									-500,000	1,700,000	6,200,000	-200,000	0	2,100,000	2,100,000	6,300,000	-100,000	327,000	1,973,000
realized and unrealized losses on cash flow hedging items
net cash generated from (used by) operations
cash and cash equivalents, beginning of the period																																									23,700,000	414,400,000		-109,900,000	-15,400,000	687,800,000	687,800,000											68,054,000
cash and cash equivalents, end of the period																																									-24,100,000	438,100,000		-133,700,000	-109,900,000	672,400,000	672,400,000											59,461,000
realized losses (gains) on gold contracts																																										6,800,000
unrealized gains on share purchase warrants																																										-2,300,000
unrealized losses on concentrate contracts																																										1,600,000				500,000	500,000
(gain) loss on disposal of assets																																										-300,000
realized and unrealized gains on non-hedged derivatives
loss on redemption of senior secured notes
impairment loss of available-for-sale securities
realized and unrealized (gains) losses on cash flow hedging items
proceeds received from government assistance
proceeds received from sale of pre-commercial production inventory																																																6,900,000
purchase of additional blackwater mining claims																																																			-6,005,000
recovery of reclamation deposits
redemption of senior secured notes
proceeds from issuance of senior notes
cash (used) generated by financing activities
cash and cash equivalents, beginning of the year																																																											18,179,000
cash and cash equivalents, end of the year																																																											68,054,000
realized gains on gold contracts																																												3,100,000	6,600,000	-2,700,000	-2,700,000	-7,400,000
realized and unrealized (gains) losses on non-hedged derivatives																																												19,000,000
unrealized losses (gains) on concentrate contracts
payment of rainy river acquistion expenses
cash generated (used) by financing activities
decrease in cash and cash equivalents																																												-23,800,000	-94,500,000	-15,400,000	-15,400,000		-77,500,000
realized and unrealized losses on concentrate contracts
cash (used) generated from operations
net cash (used) generated from operations
unrealized losses on non-hedged derivatives																																														-22,600,000
unrealized losses on cash flow hedging items																																														500,000	500,000
unrealized (gains) losses on non-hedged derivatives																																															-22,600,000
realized and unrealized gains on investments
receipt of reclamation deposits
cash acquired in asset acquisition, net transaction costs - richfield
asset acquisition costs, net of cash received - silver quest
asset acquisition costs, net of cash received - geo minerals
purchase of available-for-sale securities
proceeds from disposal of assets																																																				361,000	77,835
proceeds from issuance of senior unsecured notes
increase in cash and cash equivalents																																																			-73,729,000	212,691,000	14,880,524	-24,598,000	97,603,000			-8,593,000	49,875,000	-6,850,765	27,282,734	1,041,880	-69,431,288	64,090,473	-3,818,703
realized and unrealized losses on non-hedged derivatives
unrealized gain on non-hedged derivative gains on concentrate contracts
unrealized (gain) loss on cash flow hedging items
cash acquired in asset acquisition, net transaction costs
realized gain on gold contracts																																																		-18,000	-2,382,000
realized and unrealized foreign exchange gain																																																		-2,001,000	1,501,000
realized and unrealized gain on investments
realized and unrealized gain on non-hedged derivatives
unrealized loss on cash flow hedging items																																																		1,786,000	214,000
exercise of options to purchase common stock																																																		-1,559,000	3,059,000		373,355
exercise of warrants to purchase common stock																																																			166,000
cash generated from (used in) discontinued operations
unrealized loss on non-hedged derivatives																																																			8,611,000
net cash generated from continuing operations																																																			36,701,000
loss from discontinued operations
realized loss on fuel contracts
realized and unrealized foreign exchange loss
impairment of exploration asset
cash from discontinued operations																																																						5,224,000
recovery of (contribution to) reclamation deposits
cash acquired in asset acquisition, net of transaction costs - richfield
cash received in el morro transaction, net of transaction costs
investment in el morro
cash generated from discontinued operations
el morro loan
revolving credit facility initiation costs
cash and cash equivalents are comprised of
cash and cash equivalents are comprised of - sum
supplemental cash flow information
income from discontinued operations																																																						8,887,000
realized and unrealized foreign exchange (gain) loss
earnings from discontinued operations
unrealized gain on gold contracts																																																				-6,412,000	-2,010,911
unrealized loss on fuel contracts
unrealized foreign exchange loss																																																				8,919,000			-25,674,000	27,353,000	2,748,000
unrealized and realized gain on of investments
share-based payments
unrealized loss on embedded derivative contract
change in operating working capital
recovery (contribution) of reclamation deposits
cash acquired in asset acquisition, net of transaction costs
cash from continuing operations																																																				146,766,000	35,455,188	72,979,000
revolving credit facility costs
cash generated by (used in) discontinued operations
see accompanying notes to the condensed consolidated interim financial statements.
unrealized foreign exchange (gain) loss
unrealized (gain) loss on non-hedged derivatives
unrealized (gain) loss on embedded derivative contract
unrealized foreign exchange gain
unrealized loss on non-hedge derivatives
unrealized gain on embedded derivative contract
unrealized gain on hedging items entered into for cash flow hedges
income tax paid
change in non-cash working capital																																																				12,855,000	-6,787,387	-978,000	-15,683,000
comprised of
cash and cash equivalents of continuing operations																																																				99,750,000	390,627,908	19,739,000
cash and cash equivalents of discontinued operations																																																						243,000
see accompanying notes to the condensed consolidated financial statements.
(earnings) income from discontinued operations
items not involving cash
goodwill impairment charge
unrealized (gain) loss on fuel contracts																																																				285,000	54,882
unrealized and realized (gain) loss on investments
gain on sale of beadell shares
impairment charge of exploration asset
stock option expense																																																				6,372,000	1,776,702	4,712,000	304,000	273,000	1,332,000
unrealized gain on prepayment option																																																				3,237,000
future income and mining taxes																																																				-11,461,000	-5,738,320	2,020,000	-3,924,000	-2,324,000	2,787,000
gain on redemption of long-term debt
cash acquired in business combination and asset acquisition
reclamation deposits
receipt of accrued interest on investments																																																									4,716,000
reduction of restricted cash
proceeds from sale of beadell shares
proceeds from settlement of investments																																																						30,640,000	-1,293,000
common shares issued																																																						3,189,000	103,716,000	64,000	46,000
exercise of options and warrants to purchase common stock
loss (earnings) from discontinued operations
unrealized and realized gain on investments																																																					-2,125,052
remediation costs incurred																																																					-17,990
purchase of short term investment
repayment of short-term borrowings
unrealized gain on fuel contracts																																																						-627,000
gain on embedded derivative contract
unrealized and realized gain on gold contracts																																																						-11,212,000
loss on investments
gain on investments
purchase of short-term investment
cash acquired in business combination and asset
acquisition
repayment of borrowings
redemption of long-term debt
proceeds from marketable securities
effect of exchange rate changes on cash and cash
equivalents
proceeds from short-term borrowing
cash provided by
loss for the period																																																										-462,000			-689,514	105,731	480,254	-1,336,049
items not involving cash:
amortization																																																										8,000	139,000	95,496	3,235	3,235	1,625	28,145	3,999	-88	22,040
stock-based compensation																																																										224,000	2,487,000	811,481	114,847	-49,282	195,996	618,566			572,615
future income taxes																																																												-561,148			115,572	-125,729	90,393	-82,746	787
accretion and interest
net change in non-cash working capital items																																																										-1,385,000	16,000	837,718	148,730	148,730	-233,136	-112,439	-1,083,260	1,055,419	-376,141
payments for mineral properties and exploration costs																																																										-5,867,000		-14,910,945	898,255	898,255	-39,192	-5,402,631
acquisition of property and equipment																																																										-1,249,000		-165,857	-91,914	-91,914	98,656	-150,685	1,412	-18,588	-9,910
cash proceeds from shares and share purchase warrants issued, net of issue costs																																																										138,000
government of canada treasury bills
short-term investments
loss on disposal of property and equipment																																																											8,000
impairment in short-term investments
interest and accretion
reclassification to short-term investments
cash proceeds from the issuance of debt, net of issue costs
(decrease) / increase in cash and cash equivalents
cash from
investing activities - sum																																																										-7,116,000
financing activities - sum																																																										138,000
loss for the year																																																												-2,858,946
proceeds on sale of marketable security and
investment property
payments on capital lease																																																												-22,671				-30,228	0	-1	-5,667
cash proceeds from shares and share purchase warrants
issued, net of issue costs																																																											72,034,000
gain on sale of marketable security
gain on sale of investment property
write-off of mineral properties
cash from operating activities																																																												-1,675,399	218,571	218,571	552,189	-919,384	-676,644
capital expenditures																																																												-165,857	-91,914	-91,914	98,656	-150,685	1,412
free cash flows																																																												-1,841,256	126,657	126,657	650,845	-1,070,069	-675,232
proceeds on sale of marketable security
proceeds on sale of investment property
cash proceeds from shares issued																																																												10,010,000			-70,042,941	70,563,173
share issue costs paid																																																												-85,893
cash from financing activities																																																												9,901,436	26,257,822	16,968	-70,012,713	70,532,945	-2,973,609	2,973,608	-5,667
cash and cash equivalents comprises:
term deposits and short-term discount notes																																																												15,295,690	-2,791,042			81,272,242			21,166,255
loss on disposal of equipment
cash from short-term investments
cash proceeds from shares and purchase warrants issued																																																													16,968
cash and cash equivalents comprises: - sum																																																													-4,298,935						21,326,584
proceeds on sale of equipment																																																																30,228
loss on disposal of fixed assets																																																																8,122
cash from:
payments for mineral properties exploration costs																																																																	-169,862
(loss) net income for the period
capital lease contract
cash provided by [used for]:
net income for the period																																																																			-825,908
cash used for operating activities																																																																			-606,607
payments for mineral claim interest exploration costs																																																																			-3,080,817
cash used for investing activities																																																																			-3,090,727
(decrease) increase in cash and cash equivalents																																																																			-3,703,001
* supplemental disclosure of non-cash financing and investing activities: refer to note 9
write-off of mineral claim interests
write-down of marketable security
cash provided by [used for] operating activities
repurchase of shares for cancellation
share issue costs
cash provided by financing activities

New Gold Inc(NYSE MKT:NGD)

New Gold Inc
(NYSE MKT:NGD)