In 2014, New Gold’s operations met production guidance and also beat guidance for all-in sustaining costs(1). Despite lower metal prices, we delivered the highest cash flow in our Company’s history.

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

New Gold’s production costs remained competitive compared to the broader gold mining space as New Gold had total cash costs(1) of $312 per gold ounce sold and all-­in sustaining costs(1) of $779 per gold ounce sold, achieving costs below guidance for 2014. In the fourth quarter of 2014, New Gold achieved total cash costs(1) of $414 per gold ounce sold and all-­in sustaining costs(1) of $845 per gold ounce sold. We believe New Gold will continue to establish itself as one of the lowest-cost producers in the industry.

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

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

New Gold maintains a strong liquidity position with total liquidity of $629 million as of December 31, 2014. In August 2014, New Gold announced the completion of a $300 million revolving credit facility which replaced the Company’s previous $150 million revolving credit facility.

Average Realized
Gold Price(1)
Operating Cash Flow(1)
2014 2013 2012
Operating Information
Gold production (ounces) 380,135 397,688 411,892
Gold sales (ounces) 371,179 391,823 395,535
Average realized price ($/ounce)(1) 1,256 1,337 1,551
Total cash costs per gold ounce sold ($/ounce)(1) 312 377 421
All-in sustaining costs per gold ounce sold ($/ounce)(1) 779 899 827
Financial Information
Revenues 726.0 779.7 791.3
Net (loss) earnings (477.1) (191.2) 199.0
Adjusted net earnings(1) 45.2 61.3 183.5
Net cash generated from operations 268.8 171.9 235.8
Adjusted net cash generated from operations(1) 268.8 248.9 235.8
Cash and cash equivalents 370.5 414.4 687.8
Capital expenditures 279.3 289.3 516.0
Share Data
(Loss) earnings per basic share from continuing operations ($) (0.95) (0.39) 0.43
Adjusted net earnings per basic share(1) ($) 0.09 0.13 0.40

(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, total cash costs and all-in sustaining costs on a co-product basis, average realized price, adjusted net earnings, and adjusted net cash generated from operations 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 75–76.

(2) Of the $300 million credit facility, $41.7 million was utilized for letters of credit as at December 31, 2014.