Ian Pearce to retire
August 1st, 2024 and Mr.
O'Brien to transition to Chair of the Board
TORONTO, March 25,
2024 /PRNewswire/ - New Gold Inc. ("New Gold" or
the "Company") (TSX: NGD) (NYSE American: NGD) is pleased
to announce that Richard O'Brien has
been appointed to its Board of Directors (the "Board")
effective immediately and will stand for election by shareholders
at New Gold's Annual General Meeting on May
14, 2024 (the "AGM"). Ian
Pearce has informed the Board that he will retire from the
Board on August 1, 2024. Following
the AGM, it is expected that the Board will appoint Mr. O'Brien as
Chair upon Mr. Pearce's retirement from the Board. Mr. Pearce
will assist Mr. O'Brien in transitioning into the role over the
coming months.
Richard O'Brien has over 40 years
of experience in the mining and energy sectors, including more than
20 years in chief executive officer and chief financial officer
roles. He served as President and Chief Executive Officer of
Newmont Mining Corporation from 2007 to 2013, Executive Vice
President and Chief Financial Officer from 2006 to 2007, and Senior
Vice President and Chief Financial Officer from 2005 to 2006.
Mr. O'Brien also served as President and Chief Executive
Officer of Boart Longyear Limited, the world's leading provider of
drilling services, drilling equipment and performance tooling for
mining and drilling companies, from 2013 to 2015. He is currently a
corporate director, serving on the boards of Vulcan Materials Co.,
Xcel Energy Inc. and Ma'aden, The Saudi Arabian Mining Company. He
was also Chair of the Board of Pretivm Resources Inc. from 2019 to
2022, until its acquisition by Newcrest Mining Limited.
"On behalf of the Board and the team at New Gold, I would
like to welcome Richard to our Board. I am confident he will
provide valuable leadership as the Company prepares for increasing
production and decreasing costs, transitioning to a significant
free cash flow generator," said Nick Chirekos, Chair of the
Corporate Governance and Nominating Committee of the Board. "I
would also like to thank Ian for his commitment, resilience and
invaluable contributions to our Company since joining the Board of
Directors in 2016."
"It has been an honor to serve as Chair of the Board of New
Gold. 2023 was a year of strong performance at our Company's
operations. With the completion of the Company's growth projects
this year and the release of three-year guidance, I believe now is
the right time to look to the longer-term future of the Company and
it is prudent to refresh leadership at the board periodically" said
Ian Pearce, Chair of the Board.
"Richard has an excellent reputation and track record of value
creation and I'm looking forward to working closely with him during
this transition period."
About New Gold
New Gold is a Canadian-focused intermediate mining company with
a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New
Afton copper-gold mine. The Company also holds other
Canadian-focused investments. New Gold's vision is to build a
leading diversified intermediate gold company based in Canada that is committed to the environment
and social responsibility. For further information on the Company,
visit www.newgold.com.
Cautionary Note Regarding
Forward-Looking Statements
Certain information contained in this news release, including
any information relating to New Gold's future financial or
operating performance are "forward-looking". All statements in this
news release, other than statements of historical fact, which
address events, results, outcomes or developments that New Gold
expects to occur are "forward-looking statements". Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the use of forward-looking
terminology such as "plans", "expects", "is expected", "budget",
"scheduled", "targeted", "estimates", "forecasts", "intends",
"anticipates", "projects", "potential", "believes" or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "would", "should", "might" or "will be
taken", "occur" or "be achieved" or the negative connotation of
such terms. Forward-looking statements in this news release
include, among others, statements with respect to: the anticipated
appointment of Mr. O'Brien as Chair upon Mr. Pearce's retirement
from the Board and the successful transition thereof; and
accomplishing the Company's operational goals.
All forward-looking statements in this news release are based on
the opinions and estimates of management that, while considered
reasonable as at the date of this news release in light of
management's experience and perception of current conditions and
expected developments, are inherently subject to important risk
factors and uncertainties, many of which are beyond New Gold's
ability to control or predict. Certain material assumptions
regarding such forward-looking statements are discussed in this
news release, New Gold's latest annual management's discussion and
analysis ("MD&A"), its most recent annual information form and
technical reports on the Rainy River Mine and New Afton Mine filed
on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. In
addition to, and subject to, such assumptions discussed in more
detail elsewhere, the forward-looking statements in this news
release are also subject to there being no significant disruptions
affecting New Gold's operations, including material disruptions to
the Company's supply chain, workforce or otherwise.
Forward-looking statements are necessarily based on estimates
and assumptions that are inherently subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking statements. Such factors include, without
limitation, the "Risk Factors" included in New Gold's most recent
annual information form, MD&A and other disclosure documents
filed on and available on SEDAR+ at www.sedarplus.ca and on EDGAR
at www.sec.gov. Forward looking statements are not guarantees of
future performance, and actual results and future events could
materially differ from those anticipated in such statements. All
forward-looking statements contained in this news release are
qualified by these cautionary statements. New Gold expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
events or otherwise, except in accordance with applicable
securities laws.
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SOURCE New Gold Inc.