New Gold is a Canadian intermediate gold mining company that operates two mines in Canada. The Rainy River Mine in Ontario is an open-pit and underground gold mine that produces gold doré, sold to bullion banks at spot prices. The New Afton Mine in British Columbia is a copper-gold underground mine that produces copper concentrate, sold to smelters. Gold is the primary revenue driver, with copper generated as a significant by-product at New Afton. New Gold sells into global commodity markets and is a price-taker on both metals. Because revenues are USD-denominated while most costs are in Canadian dollars, the CAD/USD rate is a meaningful earnings driver. New Gold's near-term growth story is organic, centered on two ramp-ups already underway: the C-Zone block cave at New Afton, which is targeting roughly double current throughput and is expected to drive copper production from ~54M lbs in FY24 to ~105M lbs in FY27; and the Underground Main Zone at Rainy River, which is expected to deliver higher-grade ore and lift gold production from ~226,000 oz in FY24 to ~275,000 oz in 2025. New Afton already generates negative by-product AISC, meaning copper revenue alone covers all gold-side sustaining costs. New Gold carries a gold stream obligation at Rainy River with Royal Gold, and Ontario Teachers holds a 19.9% free cash flow royalty in New Afton. As a two-mine company, New Gold carries meaningful concentration risk.