Exhibit 2























MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS
            2MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
            3REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
            4REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
            6CONSOLIDATED INCOME STATEMENTS
            8CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
            9CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
            10CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
            11CONSOLIDATED STATEMENTS OF CASH FLOW
            12NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
            131. Description of business and nature of operations
            132. Basis of preparation and significant accounting policies
            133. Critical judgments and estimation uncertainties
            234. Revisions to prior period comparatives
            265. Expenses
            276. Trade and other receivables
            287. Trade and other payables
            298. Inventories
            299. Mining interests
            3010. Impairment
            3111. Long-term debt
            3212. Gold stream obligation
            3413. Leases
            3514. Derivative instruments
            3615. Share capital
            3916. Discontinued operations
            4117. Income and mining taxes
            4318. Reclamation and closure cost obligations
            4619. Supplemental cash flow information
            4720. Segmented information
            4821. Capital risk management
            5122. Financial risk management
            5223. Fair value measurement
            5624. Compensation of key management personnel
            5925. Commitments
            60
  
  1
  
  (Signed) Renaud Adams
            (Signed) Robert ChausseRenaud Adams
            Robert ChaussePresident and
            Executive Vice President andChief Executive Officer
            Chief Financial Officer
  
  
   2
 
 ●
                  pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
 ●
                  provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
                      expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
 ●
                  provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial
                      statements.
  
  (Signed) Renaud Adams
              (Signed) Robert ChausseRenaud Adams
              Robert ChaussePresident and
              Executive Vice President andChief Executive Officer
              Chief Financial Officer
  
  
  
  3
  4
 ●
                                Evaluated the effectiveness of the Company’s controls over management’s assessment of indicators of impairment or impairment reversal.
 ●
                                With the assistance of a fair value specialist;
 o
                                Evaluated the future commodity prices (for both gold and copper) by comparing forecasts to third party forecasts,
 o
                                Performed an assessment of the market capitalization to the carrying value of the CGUs which included; assessing control premiums, industry specific factors, and company performance,
 o
                                Evaluated the reasonableness of the discount rate by comparing to independent market data, and
 o
                                Evaluated the reasonableness of management’s determination of the in-situ ounce multiples by comparing to independent market data.
  
 5
 6
 7
 Year ended December 31(in millions of U.S. dollars, except per share amounts)
                                                
                                                Note
                                                
                                                
                                                2019
                                                
                                                
                                                2018
                                                  (Note 4)Revenues
                                                
                                                
                                                
                                                
                                                
                                                630.6
                                                
                                                
                                                
                                                604.5Operating expenses
                                                
                                                
                                                5
                                                
                                                
                                                
                                                371.9
                                                
                                                
                                                
                                                325.4Depreciation and depletion
                                                
                                                
                                                
                                                
                                                
                                                
                                                240.6
                                                
                                                
                                                
                                                239.9Revenue less cost of goods sold
                                                
                                                
                                                
                                                
                                                
                                                
                                                18.1
                                                
                                                
                                                
                                                39.2Corporate administration
                                                
                                                
                                                
                                                
                                                
                                                
                                                17.6
                                                
                                                
                                                
                                                23.2Corporate restructuring(1)
                                                
                                                
                                                
                                                
                                                
                                                
                                                1.1
                                                
                                                
                                                
                                                4.1Share-based payment expenses
                                                
                                                
                                                15
                                                
                                                
                                                
                                                1.7
                                                
                                                
                                                
                                                0.7Exploration and business development
                                                
                                                
                                                
                                                
                                                
                                                
                                                5.6
                                                
                                                
                                                
                                                3.0Asset impairment
                                                
                                                
                                                10
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                1,054.8Loss from operations
                                                
                                                
                                                
                                                
                                                
                                                
                                                (7.9
                                                )
                                                
                                                
                                                (1,046.6
                                                )Finance income
                                                
                                                
                                                5
                                                
                                                
                                                
                                                2.2
                                                
                                                
                                                
                                                1.5Finance costs
                                                
                                                
                                                5
                                                
                                                
                                                
                                                (62.6
                                                )
                                                
                                                
                                                (69.0
                                                )Other (losses) gains
                                                
                                                
                                                5
                                                
                                                
                                                
                                                (5.6
                                                )
                                                
                                                
                                                18.1Loss before taxes
                                                
                                                
                                                
                                                
                                                
                                                
                                                (73.9
                                                )
                                                
                                                
                                                (1,096.0
                                                )Income tax recovery
                                                
                                                
                                                17
                                                
                                                
                                                
                                                0.4
                                                
                                                
                                                
                                                10.4Loss from continuing operations(2)
                                                
                                                
                                                
                                                
                                                
                                                
                                                (73.5
                                                )
                                                
                                                
                                                (1,085.6
                                                )Loss from discontinued operations, net of tax(2)
                                                
                                                
                                                16
                                                
                                                
                                                
                                                -
                                                
                                                
                                                
                                                (154.9
                                                )Net loss
                                                
                                                
                                                
                                                
                                                
                                                
                                                (73.5
                                                )
                                                
                                                
                                                (1,240.5
                                                )Loss from continuing operations per shareBasic
                                                
                                                
                                                15
                                                
                                                
                                                
                                                (0.12
                                                )
                                                
                                                
                                                (1.88
                                                )Diluted
                                                
                                                
                                                15
                                                
                                                
                                                
                                                (0.12
                                                )
                                                
                                                
                                                (1.88
                                                )Net loss per shareBasic
                                                
                                                
                                                15
                                                
                                                
                                                
                                                (0.12
                                                )
                                                
                                                
                                                (2.14
                                                )Diluted
                                                
                                                
                                                15
                                                
                                                
                                                
                                                (0.12
                                                )
                                                
                                                
                                                (2.14
                                                )Weighted average number of shares outstanding (in millions)Basic
                                                
                                                
                                                15
                                                
                                                
                                                
                                                611.1
                                                
                                                
                                                
                                                578.7Diluted
                                                
                                                
                                                15
                                                
                                                
                                                
                                                611.1
                                                
                                                
                                                
                                                578.7
 
 1.
                                                    During 2019 and 2018, the Company recognized restructuring charges of $1.1 million and $4.1million respectively related to severance and other
                                                        termination benefits.
 2.
                                                    In the prior year period, Peak Mines and Mesquite were classified as discontinued operations and accordingly earnings and cash flows from continuing
                                                        operations are presented exclusive of Peak Mines and Mesquite. Peak Mines was sold in April 2018 and Mesquite was sold in October 2018. Refer to Note 16 for further details.
 
 8
 Year ended December 31(in millions of U.S. dollars)
                                                                            
                                                                            Note
                                                                            
                                                                            
                                                                            2019
                                                                            
                                                                            
                                                                            2018
                                                                              (Note 4)Net loss
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            (73.5
                                                                            )
                                                                            
                                                                            
                                                                            (1,240.5
                                                                            )Other comprehensive income(Loss) gain on revaluation of gold stream obligation
                                                                            
                                                                            
                                                                            12
                                                                            
                                                                            
                                                                            
                                                                            (24.4
                                                                            )
                                                                            
                                                                            
                                                                            66.6Deferred income tax related to gold stream obligation
                                                                            
                                                                            
                                                                            12
                                                                            
                                                                            
                                                                            
                                                                            4.7
                                                                            
                                                                            
                                                                            
                                                                            (21.6
                                                                            )Total other comprehensive (loss) income
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            (19.7
                                                                            )
                                                                            
                                                                            
                                                                            45.0Total comprehensive loss
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            (93.2
                                                                            )
                                                                            
                                                                            
                                                                            (1,195.5
                                                                            )
 
 9
 As at December 31(in millions of U.S. dollars)
                                                                  
                                                                  Note
                                                                  
                                                                  
                                                                  2019
                                                                  
                                                                  
                                                                  2018
                                                                    (Note 4)ASSETSCurrent assetsCash and cash equivalents
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  83.4
                                                                  
                                                                  
                                                                  
                                                                  103.7Trade and other receivables
                                                                  
                                                                  
                                                                  6
                                                                  
                                                                  
                                                                  
                                                                  23.7
                                                                  
                                                                  
                                                                  
                                                                  35.9Inventories
                                                                  
                                                                  
                                                                  8
                                                                  
                                                                  
                                                                  
                                                                  110.0
                                                                  
                                                                  
                                                                  
                                                                  141.8Current income tax receivable
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  4.5
                                                                  
                                                                  
                                                                  
                                                                  4.3Prepaid expenses and other
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  7.1
                                                                  
                                                                  
                                                                  
                                                                  4.7Total current assets
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  228.7
                                                                  
                                                                  
                                                                  
                                                                  290.4Non-current inventories
                                                                  
                                                                  
                                                                  8
                                                                  
                                                                  
                                                                  
                                                                  -
                                                                  
                                                                  
                                                                  
                                                                  14.9Mining interests
                                                                  
                                                                  
                                                                  9
                                                                  
                                                                  
                                                                  
                                                                  1,928.0
                                                                  
                                                                  
                                                                  
                                                                  1,853.4Other
                                                                  
                                                                  
                                                                  16
                                                                  
                                                                  
                                                                  
                                                                  1.8
                                                                  
                                                                  
                                                                  
                                                                  10.9Total assets
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  2,158.5
                                                                  
                                                                  
                                                                  
                                                                  2,169.6LIABILITIES AND EQUITYCurrent liabilitiesTrade and other payables
                                                                  
                                                                  
                                                                  7
                                                                  
                                                                  
                                                                  
                                                                  171.6
                                                                  
                                                                  
                                                                  
                                                                  130.9Current income tax payable
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  0.3
                                                                  
                                                                  
                                                                  
                                                                  -Total current liabilities
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  171.9
                                                                  
                                                                  
                                                                  
                                                                  130.9Reclamation and closure cost obligations
                                                                  
                                                                  
                                                                  18
                                                                  
                                                                  
                                                                  
                                                                  94.7
                                                                  
                                                                  
                                                                  
                                                                  86.1Gold stream obligation
                                                                  
                                                                  
                                                                  12
                                                                  
                                                                  
                                                                  
                                                                  142.9
                                                                  
                                                                  
                                                                  
                                                                  161.9Long-term debt
                                                                  
                                                                  
                                                                  11
                                                                  
                                                                  
                                                                  
                                                                  714.5
                                                                  
                                                                  
                                                                  
                                                                  780.5Deferred tax liabilities
                                                                  
                                                                  
                                                                  17
                                                                  
                                                                  
                                                                  
                                                                  48.3
                                                                  
                                                                  
                                                                  
                                                                  56.3Lease obligations
                                                                  
                                                                  
                                                                  13
                                                                  
                                                                  
                                                                  
                                                                  23.9
                                                                  
                                                                  
                                                                  
                                                                  8.9Other
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  1.0
                                                                  
                                                                  
                                                                  
                                                                  0.5Total liabilities
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  1,197.2
                                                                  
                                                                  
                                                                  
                                                                  1,225.1EquityCommon shares
                                                                  
                                                                  
                                                                  15
                                                                  
                                                                  
                                                                  
                                                                  3,144.5
                                                                  
                                                                  
                                                                  
                                                                  3,035.2Contributed surplus
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  105.7
                                                                  
                                                                  
                                                                  
                                                                  105.0Other reserves
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  (13.6
                                                                  )
                                                                  
                                                                  
                                                                  6.1Deficit
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  (2,275.3
                                                                  )
                                                                  
                                                                  
                                                                  (2,201.8
                                                                  )Total equity
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  961.3
                                                                  
                                                                  
                                                                  
                                                                  944.5Total liabilities and equity
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  
                                                                  2,158.5
                                                                  
                                                                  
                                                                  
                                                                  2,169.6
 “Ian Pearce”
                                                                    
                                                                    
                                                                    
                                                                    “Marilyn Schonberner”Ian Pearce, Director
                                                                    
                                                                    
                                                                    
                                                                    Marilyn Schonberner, Director
 10
 Year ended December 31(in millions of U.S. dollars)
                                                                          
                                                                          Note
                                                                          
                                                                          
                                                                          2019
                                                                          
                                                                          
                                                                          2018
                                                                            (Note 4)COMMON SHARESBalance, beginning of period
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          3,035.2
                                                                          
                                                                          
                                                                          
                                                                          3,036.5Common share issuance
                                                                          
                                                                          
                                                                          15
                                                                          
                                                                          
                                                                          
                                                                          109.3
                                                                          
                                                                          
                                                                          
                                                                          0.3Shares issued for exercise of options and vested PSUs
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          -
                                                                          
                                                                          
                                                                          
                                                                          0.3Reversal of deferred tax recovery
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          -
                                                                          
                                                                          
                                                                          
                                                                          (1.9
                                                                          )Balance, end of period
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          3,144.5
                                                                          
                                                                          
                                                                          
                                                                          3,035.2CONTRIBUTED SURPLUSBalance, beginning of period
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          105.0
                                                                          
                                                                          
                                                                          
                                                                          103.2Exercise of options and vested PSU’s
                                                                          
                                                                          
                                                                          15
                                                                          
                                                                          
                                                                          
                                                                          -
                                                                          
                                                                          
                                                                          
                                                                          (0.3
                                                                          )Equity settled share-based payments
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          0.7
                                                                          
                                                                          
                                                                          
                                                                          2.1Balance, end of period
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          105.7
                                                                          
                                                                          
                                                                          
                                                                          105.0OTHER RESERVESBalance, beginning of period
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          6.1
                                                                          
                                                                          
                                                                          
                                                                          (38.9
                                                                          )(Loss) gain on revaluation of gold stream obligation (net of tax)
                                                                          
                                                                          
                                                                          12
                                                                          
                                                                          
                                                                          
                                                                          (19.7
                                                                          )
                                                                          
                                                                          
                                                                          45.0Balance, end of period
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          (13.6
                                                                          )
                                                                          
                                                                          
                                                                          6.1DEFICITBalance, beginning of period
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          (2,201.8
                                                                          )
                                                                          
                                                                          
                                                                          (961.3
                                                                          )Net loss
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          (73.5
                                                                          )
                                                                          
                                                                          
                                                                          (1,240.5
                                                                          )Balance, end of period
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          (2,275.3
                                                                          )
                                                                          
                                                                          
                                                                          (2,201.8
                                                                          )Total equity
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          
                                                                          961.3
                                                                          
                                                                          
                                                                          
                                                                          944.5
 11
 Year ended December 31(in millions of U.S. dollars)
                                                                                  
                                                                                  Note
                                                                                  
                                                                                  
                                                                                  2019
                                                                                  
                                                                                  
                                                                                  2018
                                                                                    (Note 4)OPERATING ACTIVITIESLoss from continuing operations
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  (73.5
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (1,085.6
                                                                                  )Adjustments for:Asset impairment
                                                                                  
                                                                                  
                                                                                  10
                                                                                  
                                                                                  
                                                                                  
                                                                                  -
                                                                                  
                                                                                  
                                                                                  
                                                                                  1,054.8Foreign exchange loss (gain)
                                                                                  
                                                                                  
                                                                                  5
                                                                                  
                                                                                  
                                                                                  
                                                                                  3.3
                                                                                  
                                                                                  
                                                                                  
                                                                                  (6.6
                                                                                  )Reclamation and closure costs paid
                                                                                  
                                                                                  
                                                                                  18
                                                                                  
                                                                                  
                                                                                  
                                                                                  (8.8
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (1.2
                                                                                  )Depreciation and depletion
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  241.7
                                                                                  
                                                                                  
                                                                                  
                                                                                  241.2Other non-cash adjustments
                                                                                  
                                                                                  
                                                                                  19
                                                                                  
                                                                                  
                                                                                  
                                                                                  17.5
                                                                                  
                                                                                  
                                                                                  
                                                                                  9.0Income tax recovery
                                                                                  
                                                                                  
                                                                                  17
                                                                                  
                                                                                  
                                                                                  
                                                                                  (0.4
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (10.4
                                                                                  )Finance income
                                                                                  
                                                                                  
                                                                                  5
                                                                                  
                                                                                  
                                                                                  
                                                                                  (2.2
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (1.5
                                                                                  )Finance costs
                                                                                  
                                                                                  
                                                                                  5
                                                                                  
                                                                                  
                                                                                  
                                                                                  62.6
                                                                                  
                                                                                  
                                                                                  
                                                                                  69.0240.2
                                                                                  
                                                                                  
                                                                                  
                                                                                  268.7Change in non-cash operating working capital
                                                                                  
                                                                                  
                                                                                  19
                                                                                  
                                                                                  
                                                                                  
                                                                                  25.9
                                                                                  
                                                                                  
                                                                                  
                                                                                  (71.6
                                                                                  )Income taxes paid
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  (2.6
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (4.1
                                                                                  )Operating cash flows generated from continuing operations(1)
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  263.5
                                                                                  
                                                                                  
                                                                                  
                                                                                  193.0Operating cash flows generated from discontinued operations
                                                                                  
                                                                                  
                                                                                  16
                                                                                  
                                                                                  
                                                                                  
                                                                                  -
                                                                                  
                                                                                  
                                                                                  
                                                                                  52.1Cash generated from operations
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  263.5
                                                                                  
                                                                                  
                                                                                  
                                                                                  245.1INVESTING ACTIVITIESMining interests
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  (253.3
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (213.9
                                                                                  )Proceeds from the sale of other assets
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  2.7
                                                                                  
                                                                                  
                                                                                  
                                                                                  1.1Proceeds from sale of Mesquite, net of transaction costs and other adjustments
                                                                                  
                                                                                  
                                                                                  16
                                                                                  
                                                                                  
                                                                                  
                                                                                  12.4
                                                                                  
                                                                                  
                                                                                  
                                                                                  149.8Proceeds from the sale of Peak Mines, net of transaction costs
                                                                                  
                                                                                  
                                                                                  16
                                                                                  
                                                                                  
                                                                                  
                                                                                  -
                                                                                  
                                                                                  
                                                                                  
                                                                                  42.4Government grant received
                                                                                  
                                                                                  
                                                                                  9
                                                                                  
                                                                                  
                                                                                  
                                                                                  2.0
                                                                                  
                                                                                  
                                                                                  
                                                                                  -Interest received
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  2.2
                                                                                  
                                                                                  
                                                                                  
                                                                                  1.2Investing cash flows used by continuing operations(1)
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  (234.0
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (19.4
                                                                                  )Investing cash flows used by discontinued operations
                                                                                  
                                                                                  
                                                                                  16
                                                                                  
                                                                                  
                                                                                  
                                                                                  -
                                                                                  
                                                                                  
                                                                                  
                                                                                  (12.8
                                                                                  )Cash used by investing activities
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  (234.0
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (32.2
                                                                                  )FINANCING ACTIVITIESProceeds received from issuance of common shares
                                                                                  
                                                                                  
                                                                                  15
                                                                                  
                                                                                  
                                                                                  
                                                                                  106.7
                                                                                  
                                                                                  
                                                                                  
                                                                                  -Drawdown of Credit Facility
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  30.0
                                                                                  
                                                                                  
                                                                                  
                                                                                  -Lease payments
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  (13.0
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (4.0
                                                                                  )Repayment of long-term debt
                                                                                  
                                                                                  
                                                                                  11
                                                                                  
                                                                                  
                                                                                  
                                                                                  (100.0
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (230.0
                                                                                  )Cash settlement of gold stream obligation
                                                                                  
                                                                                  
                                                                                  12
                                                                                  
                                                                                  
                                                                                  
                                                                                  (19.8
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (14.9
                                                                                  )Financing initiation costs
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  -
                                                                                  
                                                                                  
                                                                                  
                                                                                  (0.6
                                                                                  )Interest paid
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  (54.1
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (63.2
                                                                                  )Cash used by financing activities
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  (50.2
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (312.7
                                                                                  )Effect of exchange rate changes on cash and cash equivalents
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  0.4
                                                                                  
                                                                                  
                                                                                  
                                                                                  (0.5
                                                                                  )Cash and cash equivalents sold or classified as held-for-sale
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  -
                                                                                  
                                                                                  
                                                                                  
                                                                                  (12.2
                                                                                  )Change in cash and cash equivalents
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  (20.3
                                                                                  )
                                                                                  
                                                                                  
                                                                                  (112.5
                                                                                  )Cash and cash equivalents, beginning of period
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  103.7
                                                                                  
                                                                                  
                                                                                  
                                                                                  216.2Cash and cash equivalents, end of period
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  83.4
                                                                                  
                                                                                  
                                                                                  
                                                                                  103.7Cash and cash equivalents are comprised of:Cash
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  66.0
                                                                                  
                                                                                  
                                                                                  
                                                                                  64.3Short-term money market instruments
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  
                                                                                  17.5
                                                                                  
                                                                                  
                                                                                  
                                                                                  39.483.4
                                                                                  
                                                                                  
                                                                                  
                                                                                  103.7 1.
                                                                                      In the prior year period, Peak Mines and Mesquite were classified as discontinued operations and accordingly
                                                                                          earnings and cash flows from continuing operations are presented exclusive of Peak Mines and Mesquite. Peak Mines was sold in April 2018 and Mesquite was sold in
                                                                                          October 2018. Refer to Note 16 for further details.
 12
 Name of subsidiary/associate(1)
                                                                                          Principal activity
                                                                                          Method of
                                                                                            accounting
                                                                                          Country of
                                                                                            incorporation and
                                                                                            operation
                                                                                          Interest as at
                                                                                            December 31,
                                                                                            2019
                                                                                          Interest as at
                                                                                            December 31,
                                                                                            2018Minera San Xavier S.A. de C.V.
                                                                                          Mining
                                                                                          Consolidated
                                                                                          Mexico
                                                                                          100%
                                                                                          100% 1.
                                                                                              The Company sold Peak Gold Mines Pty Ltd in April 2018 and sold Western Mesquite Mines Inc. in October
                                                                                                  2018.
 2.
                                                                                              New Gold Inc. directly owns the assets of Rainy River, New Afton and Blackwater.
 
  13
 Business Combinations,
 
  
  14
 15
 ●
                                                                                                                  The Company controls access to the benefit;
 
 ●
                                                                                                                  Internal project economics are beneficial to the Company;
 
 ●
                                                                                                                  The project is technically feasible; and
 
 ●
                                                                                                                  Costs can be reliably measured.
 Asset class
                                                                                                          Estimated useful life (years)Plant and machinery
                                                                                                          3 – 13Mobile equipment
                                                                                                          5 – 7
 16
 17
 18
 ●
                                                                                                                                              The main influences of sales prices for goods and the country whose competitive forces and regulations
                                                                                                                                                  mainly determine the sales price;
 ●
                                                                                                                                              The currency that mainly influences labour, material and other costs of providing goods;
 ●
                                                                                                                                              The currency in which funds from financing activities are generated; and
 ●
                                                                                                                                              The currency in which receipts from operating activities are usually retained.
 19
 ●
                                                                                                                      Mining interest and equity method investments using historical exchange
                                                                                                                          rates;
 ●
                                                                                                                      Financial instruments measured at fair value through profit or loss using
                                                                                                                          the closing exchange rate as at the statement of financial position date with translation gains and losses recorded in net earnings;
 ●
                                                                                                                      Deferred tax assets and liabilities using the closing exchange rate as at
                                                                                                                          the statement of financial position date with translation gains and losses recorded in net earnings;
 ●
                                                                                                                      Other assets and liabilities using the closing exchange rate as at the
                                                                                                                          statement of financial position date with translation gains and losses recorded in net earnings; and
 ●
                                                                                                                      Income and expenses using the average exchange rate for the period, except
                                                                                                                          for expenses that relate to non-monetary assets and liabilities measured at historical rates, which are translated using the same
                                                                                                                          historical rate as the associated non-monetary assets and liabilities.
     ●
                                                                                                                      The Company has transferred to the buyer the significant risks and rewards
                                                                                                                          of ownership to the purchaser;
 ●
                                                                                                                      The Company has transferred legal title to the asset sold to the purchaser;
 ●
                                                                                                                      The Company retains neither continuing managerial involvement to the degree
                                                                                                                          usually associated with ownership nor effective control over the goods sold;
 ●
                                                                                                                      The Company has transferred physical possession of the asset to the
                                                                                                                          purchaser;
 ●
                                                                                                                      The Company has present right to payment; and
 ●
                                                                                                                      The purchaser has accepted the asset.
  20
 Category under IFRS 9
                                                                                                                      DescriptionFair value through profit or loss
                                                                                                                      Includes equity investments, gold and copper
                                                                                                                          price option contract assets, gold and copper swap contracts, copper forward contracts, and other financial assets designated to this
                                                                                                                          category under the fair value option. The Company has assessed the contractual cash flows of its provisionally priced contracts in
                                                                                                                          accordance with IFRS 9 and has classified these contracts as fair value through profit or loss (“FVTPL”).Financial assets at amortized cost
                                                                                                                      Includes cash and cash equivalents, and trade
                                                                                                                          receivables at amortized cost. 
    Category under IFRS 9
                                                                                                                      DescriptionFair value through profit or loss
                                                                                                                      Includes provisions related to the RSU plans,
                                                                                                                          DSU plans and the cash settled portion of the PSU plans, gold and copper price option contract liabilities and gold stream obligation.Financial liabilities at amortized cost
                                                                                                                      Includes trade and other payables and
                                                                                                                          long-term debt. 
   21
 ●
                                                                                                                                      Accretion expense due to passage of time
 ●
                                                                                                                                      Change in the risk-free interest rate
 ●
                                                                                                                                      Change in the Company specific credit spread
 ●
                                                                                                                                      Change in any expected ounces to be delivered
 ●
                                                                                                                                      Change in future metal prices
       22
 23
 ●
                                                                                                                                                      All major capital expenditures to bring the
                                                                                                                                                          mine to the condition necessary for it to be capable of operating in the manner intended by management
                                                                                                                                                          have been completed;
 ●
                                                                                                                                                      The completion of a reasonable period of
                                                                                                                                                          testing of the mine plant and equipment has been completed;
 ●
                                                                                                                                                      The mine or mill has reached a
                                                                                                                                                          pre-determined percentage of design capacity; and
 ●
                                                                                                                                                      The ability to sustain ongoing production
                                                                                                                                                          of ore has been achieved.
        24
 25
 26
 Year Ended December 31(in millions of U.S. dollars)
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      2019
                                                                                                                                                                      2018OPERATING EXPENSES BY NATURERaw materials and consumables
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      126.6
                                                                                                                                                                      148.1Salaries and employee benefits
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      112.5
                                                                                                                                                                      102.1Contractors
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      81.1
                                                                                                                                                                      60.6Repairs and maintenance
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      37.2
                                                                                                                                                                      47.7General and administrative
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      24.4
                                                                                                                                                                      20.3Leases
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      6.9
                                                                                                                                                                      4.2Royalties
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      6.2
                                                                                                                                                                      3.5Drilling and analytical
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      3.8
                                                                                                                                                                      2.4Other
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      6.1
                                                                                                                                                                      5.2Total production expenses
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      404.8
                                                                                                                                                                      394.1Less: Production expenses capitalized
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      (71.6)
                                                                                                                                                                      (45.3)Add (less): Change in inventories
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      38.7
                                                                                                                                                                      (23.4)Total operating expenses
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      371.9
                                                                                                                                                                      325.4  Year ended December 31(in millions of U.S. dollars)
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      2019
                                                                                                                                                                      2018FINANCE COSTSInterest and accretion on senior unsecured notes(1)
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      51.1
                                                                                                                                                                      53.2Interest on Credit Facility
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      0.1
                                                                                                                                                                      9.0Accretion expense on decommissioning obligations (Note 18)
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      2.7
                                                                                                                                                                      2.0Loss on repayment of long-term debt (Note 11)
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      1.2
                                                                                                                                                                      -Other finance costs
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      7.5
                                                                                                                                                                      4.8Total finance costs
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      62.6
                                                                                                                                                                      69.0FINANCE INCOMEInterest income
                                                                                                                                                                      
                                                                                                                                                                      
                                                                                                                                                                      2.2
                                                                                                                                                                      1.5 1.
                                                                                                                                                                          For the year ended 31 December 2019, the Company capitalized
                                                                                                                                                                              $0.6 million of interest expense to qualifying assets.
 27
 Year ended December 31(in millions of U.S.
                                                                                                              dollars)
                                                                                                          2019
                                                                                                          2018OTHER (LOSSES) AND GAINSRainy River Underground project costs(1)
                                                                                                          (3.4)
                                                                                                          -(Loss) gain on foreign exchange
                                                                                                          (3.7)
                                                                                                          6.6Loss on disposal of assets
                                                                                                          (1.2)
                                                                                                          (0.3)Loss on revaluation of investments
                                                                                                          -
                                                                                                          (0.2)Unrealized gain on revaluation of gold stream obligation
                                                                                                              (Note 12)
                                                                                                          20.1
                                                                                                          11.7Settlement and loss on revaluation of gold price option contracts
                                                                                                          (21.7)
                                                                                                          (4.8)Settlement and (loss) gain on revaluation of copper price option contracts
                                                                                                          (0.7)
                                                                                                          4.8Settlement and gain on revaluation of foreign exchange
                                                                                                              forward contracts
                                                                                                          1.5
                                                                                                          -Revaluation of Cerro San Pedro’s reclamation and closure
                                                                                                              cost obligation(2)
                                                                                                          0.6
                                                                                                          (1.0)Gain on receivable associated with Mesquite sale(3)
                                                                                                          4.0
                                                                                                          -Other(2)
                                                                                                          (1.1)
                                                                                                          1.3Total other (losses) gains
                                                                                                          (5.6)
                                                                                                          18.1 1.
                                                                                                              In early 2019, the Company announced that it
                                                                                                                  has deferred the Rainy River underground mine development plan. As a result, the Company has recognized demobilization and related costs
                                                                                                                  within other (losses) and gains.
 2.
                                                                                                              Cerro San Pedro has transitioned to the
                                                                                                                  reclamation phase of its mine life cycle effective December 31, 2018. As a result, changes in estimate to Cerro San Pedro’s reclamation and
                                                                                                                  closure cost obligation resulting from revisions to the expected cash flows will be recognized within other gains and losses. Additionally,
                                                                                                                  social closure costs associated with Cerro San Pedro are also recognized within other (losses) gains within the Other line item.
 3.
                                                                                                              In 2019, the Company recognized a gain on the
                                                                                                                  collection of the outstanding working capital proceeds due from the sale of Mesquite and income tax refunds at Mesquite.
 
  As at
                                                                                                            December 31
                                                                                                          As at
                                                                                                            December 31(in millions of U.S.
                                                                                                              dollars)
                                                                                                          2019
                                                                                                          2018TRADE AND OTHER RECEIVABLESTrade receivables
                                                                                                          5.9
                                                                                                          9.5Sales tax receivable
                                                                                                          7.1
                                                                                                          14.0Unsettled provisionally priced concentrate derivatives and swap contracts
                                                                                                              (Note 14)
                                                                                                          0.2
                                                                                                          (0.7)Proceeds due from the sale of Mesquite, including income tax refund receivable
                                                                                                              (Note 16)
                                                                                                          9.0
                                                                                                          11.2Other
                                                                                                          1.5
                                                                                                          1.9Total trade and other receivables
                                                                                                          23.7
                                                                                                          35.9 
 28
 As at
                                                                                                                    December 31
                                                                                                                  As at
                                                                                                                    December 31(in millions
                                                                                                                      of U.S. dollars)
                                                                                                                  2019
                                                                                                                  2018TRADE AND OTHER PAYABLESTrade payables
                                                                                                                  39.7
                                                                                                                  47.1Interest payable
                                                                                                                  6.1
                                                                                                                  6.9Accruals
                                                                                                                  65.5
                                                                                                                  47.3Current portion of reclamation and closure cost obligations (Note 18)
                                                                                                                  12.3
                                                                                                                  6.5Current portion of gold stream obligation (Note
                                                                                                                      12)
                                                                                                                  21.6
                                                                                                                  18.3Current portion of derivative liabilities (Note
                                                                                                                      14)
                                                                                                                  26.4
                                                                                                                  4.8Total trade and other payables
                                                                                                                  171.6
                                                                                                                  130.9 
  As at
                                                                                                                    December 31
                                                                                                                  As at
                                                                                                                    December 31(in millions
                                                                                                                      of U.S. dollars)
                                                                                                                  2019
                                                                                                                  2018INVENTORIESStockpile ore(3)
                                                                                                                  32.6
                                                                                                                  74.3Work-in-process
                                                                                                                  8.3
                                                                                                                  7.7Finished goods(1)
                                                                                                                  12.5
                                                                                                                  25.4Supplies
                                                                                                                  56.6
                                                                                                                  49.3110.0
                                                                                                                  156.7Less: non-current inventories(2)
                                                                                                                  -
                                                                                                                  (14.9)Total current inventories
                                                                                                                  110.0
                                                                                                                  141.8 1.
                                                                                                                      The amount of inventories recognized in
                                                                                                                          operating expenses for the year ended December 31, 2019 was $358.0 million (2018 - $311.6 million).
 2.
                                                                                                                      Non-current inventories consist of
                                                                                                                          low-grade stockpiled inventories at Rainy River.
 3.
                                                                                                                      For the year ended December 31, 2019,
                                                                                                                          the Company wrote down $19.8 million of stockpile ore at Rainy River, of which $14.1 million was included in operating expenses and
                                                                                                                          $5.7 million was included in depreciation and depletion, primarily resulting from the write down of the low-grade stockpile.
 
 29
 Mining PropertiesDepletable
                                                                                                  Non- depletable
                                                                                                  Plant & equipment
                                                                                                  Construction in
                                                                                                    progress
                                                                                                  Total(in millions of U.S. dollars)COSTAs at
                                                                                                      December 31, 2017
                                                                                                  2,353.0
                                                                                                  562.0
                                                                                                  1,379.3
                                                                                                  57.0
                                                                                                  4,351.3Additions
                                                                                                  70.8
                                                                                                  23.8
                                                                                                  48.3
                                                                                                  72.0
                                                                                                  214.9Disposals
                                                                                                  (0.4)
                                                                                                  -
                                                                                                  (4.8)
                                                                                                  -
                                                                                                  (5.2)Sale of Mesquite(1)
                                                                                                  (323.5)
                                                                                                  -
                                                                                                  (232.0)
                                                                                                  (1.8)
                                                                                                  (557.3)Transfers
                                                                                                  (0.6)
                                                                                                  -
                                                                                                  0.6
                                                                                                  -
                                                                                                  -Asset impairment
                                                                                                  (836.6)
                                                                                                  (218.2)
                                                                                                  -
                                                                                                  -
                                                                                                  (1,054.8)As at
                                                                                                      December 31, 2018
                                                                                                  1,262.7
                                                                                                  367.6
                                                                                                  1,191.4
                                                                                                  127.2
                                                                                                  2,948.9Additions
                                                                                                  87.3
                                                                                                  43.5
                                                                                                  75.5
                                                                                                  103.5
                                                                                                  309.8Disposals
                                                                                                  (0.2)
                                                                                                  (0.1)
                                                                                                  (6.7)
                                                                                                  -
                                                                                                  (7.0)Transfers
                                                                                                  101.3
                                                                                                  -
                                                                                                  -
                                                                                                  (101.3)
                                                                                                  -Government Grants(2)
                                                                                                  -
                                                                                                  (2.0)
                                                                                                  -
                                                                                                  -
                                                                                                  (2.0)As at
                                                                                                      Decemeber 31, 2019
                                                                                                  1,451.1
                                                                                                  409.0
                                                                                                  1,260.2
                                                                                                  129.4
                                                                                                  3,249.7ACCUMULATED DEPRECIATIONAs at
                                                                                                      December 31, 2017
                                                                                                  737.3
                                                                                                  -
                                                                                                  413.6
                                                                                                  -
                                                                                                  1,150.9Depreciation for the year
                                                                                                  169.1
                                                                                                  -
                                                                                                  130.7
                                                                                                  -
                                                                                                  299.8Disposals
                                                                                                  (0.1)
                                                                                                  -
                                                                                                  (3.6)
                                                                                                  -
                                                                                                  (3.7)Sale of Mesquite(1)
                                                                                                  (189.3)
                                                                                                  -
                                                                                                  (162.2)
                                                                                                  -
                                                                                                  (351.5)As at
                                                                                                      December 31, 2018
                                                                                                  717.0
                                                                                                  -
                                                                                                  378.5
                                                                                                  -
                                                                                                  1,095.5Depreciation for the year
                                                                                                  114.4
                                                                                                  -
                                                                                                  114.9
                                                                                                  -
                                                                                                  229.3Disposals
                                                                                                  -
                                                                                                  -
                                                                                                  (3.1)
                                                                                                  -
                                                                                                  (3.1)As at
                                                                                                      December 31, 2019
                                                                                                  831.4
                                                                                                  -
                                                                                                  490.3
                                                                                                  -
                                                                                                  1,321.7CARRYING AMOUNTAs at
                                                                                                      December 31, 2018
                                                                                                  545.7
                                                                                                  367.6
                                                                                                  812.9
                                                                                                  127.2
                                                                                                  1,853.4As at
                                                                                                      December 31, 2019
                                                                                                  619.7
                                                                                                  409.0
                                                                                                  769.9
                                                                                                  129.4
                                                                                                  1,928.0 1.
                                                                                                      Refer to Note 16 for further information on
                                                                                                          discontinued operations. Mesquite was classified as an asset held-for-sale in the third quarter of 2018 and was sold in October 2018.
 2.
                                                                                                      The province of British Columbia provides an incentive
                                                                                                          for exploration in British Columbia as a refundable tax credit. This refundable tax credit is treated as government assistance and reduces Mining
                                                                                                          Interests. For the year ended December 31, 2019, the Company received $2.0 million in refundable tax credits which was recorded as a reduction to
                                                                                                          Mining Interests.
  As at December 31, 2019(in millions of U.S. dollars)
                                                                                                  Depletable
                                                                                                  Non-
                                                                                                    depletable
                                                                                                  Plant &
                                                                                                    equipment
                                                                                                  Construction
                                                                                                    in progress
                                                                                                  TotalMINING INTEREST BY SITENew Afton
                                                                                                  371.4
                                                                                                  50.0
                                                                                                  149.2
                                                                                                  17.8
                                                                                                  588.4Rainy River
                                                                                                  248.3
                                                                                                  17.8
                                                                                                  602.1
                                                                                                  111.6
                                                                                                  979.8Blackwater
                                                                                                  -
                                                                                                  340.1
                                                                                                  14.5
                                                                                                  -
                                                                                                  354.6Other(1)
                                                                                                  -
                                                                                                  1.1
                                                                                                  4.1
                                                                                                  -
                                                                                                  5.2Carrying amount
                                                                                                  619.7
                                                                                                  409.0
                                                                                                  769.9
                                                                                                  129.4
                                                                                                  1,928.0 1.
                                                                                                      Other includes corporate balances and exploration
                                                                                                          properties.
 30
 As at December 31, 2018(in millions of U.S. dollars)
                                                                                          Depletable
                                                                                          Non-
                                                                                            depletable
                                                                                          Plant &
                                                                                            equipment
                                                                                          Construction
                                                                                            in progress
                                                                                          TotalMINING INTEREST BY SITENew Afton
                                                                                          421.9
                                                                                          26.1
                                                                                          191.6
                                                                                          16.4
                                                                                          656.0Cerro San Pedro(2)
                                                                                          -
                                                                                          -
                                                                                          -
                                                                                          -
                                                                                          -Rainy River
                                                                                          123.8
                                                                                          14.3
                                                                                          605.0
                                                                                          110.8
                                                                                          853.9Blackwater
                                                                                          -
                                                                                          326.1
                                                                                          14.2
                                                                                          -
                                                                                          340.3Other(1)
                                                                                          -
                                                                                          1.1
                                                                                          2.1
                                                                                          -
                                                                                          3.2Carrying amount
                                                                                          545.7
                                                                                          367.6
                                                                                          812.9
                                                                                          127.2
                                                                                          1,853.4 1.
                                                                                              Other includes corporate balances and exploration properties.
 2.
                                                                                              Cerro San Pedro transitioned to the reclamation phase of its
                                                                                                  mine life cycle on December 31, 2018. As a result, Cerro San Pedro’s mining interest are fully amortized as at December 31, 2018.
 
     June 30, 2018
                                                                                          December 31, 2018
                                                                                          Year ended
                                                                                            December 31, 2018(in millions of U.S. dollars)IMPAIRMENT LOSSRainy River depletable mining properties
                                                                                          383.7
                                                                                          452.9
                                                                                          836.6Blackwater non-depletable mining properties
                                                                                          -
                                                                                          218.2
                                                                                          218.2Total impairment loss
                                                                                          383.7
                                                                                          671.1
                                                                                          1,054.8Tax recovery(1)
                                                                                          (101.6)
                                                                                          -
                                                                                          (101.6)Total impairment loss, net of tax
                                                                                          282.1
                                                                                          671.1
                                                                                          953.2 1.
                                                                                              There was no tax recovery associated with the impairment losses
                                                                                                  at Rainy River and Blackwater recorded during the fourth quarter of 2018 as the Company has not recognized any deferred tax assets as at December 31, 2018.
                                                                                                  Refer to Note 17 for further information.
 31
 As at December 31(in millions of U.S. dollars)
                                                                                  
                                                                                  
                                                                                  2019
                                                                                  2018LONG-TERM DEBTSenior unsecured notes - due November 15, 2022 (a)
                                                                                  
                                                                                  
                                                                                  397.4
                                                                                  495.3Senior unsecured notes - due May 15, 2025 (b)
                                                                                  
                                                                                  
                                                                                  287.1
                                                                                  285.2Credit Facility (c)
                                                                                  
                                                                                  
                                                                                  30.0
                                                                                  -Total long-term debt
                                                                                  
                                                                                  
                                                                                  714.5
                                                                                  780.5     ●
                                                                                      During the 12-month period beginning on November 15 of the years indicated at the redemption prices below, expressed as a percentage of the
                                                                                            principal amount of the 2022 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date:
 Date
                                                                                  Redemption prices (%)2019
                                                                                  101.04%2020 and thereafter
                                                                                  100.00%    32
 ●
                                                                                                  At any time prior to May 15, 2020 at a redemption price of 100% of the aggregate principal
                                                                                                      amount of the 2025 Unsecured Notes, plus a make-whole premium (consisting of future interest that would have been paid up to the first call date of May
                                                                                                      15, 2020), plus accrued and unpaid interest, if any, to the redemption date.
 ●
                                                                                                  During the 12-month period beginning on May 15 of the years indicated at the redemption prices
                                                                                                      below, expressed as a percentage of the principal amount of the 2025 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the
                                                                                                      redemption date:
 Date
                                                                                          Redemption prices (%)2020
                                                                                          104.78%2021
                                                                                          103.19%2022
                                                                                          101.59%2023 and thereafter
                                                                                          100.00%    Twelve months ended
                                                                                            December 31
                                                                                          Twelve months ended
                                                                                            December 31Financial Covenant
                                                                                          2019
                                                                                          2018FINANCIAL COVENANTSMinimum interest coverage ratio (Adjusted EBITDA to interest)
                                                                                          >3.0 : 1
                                                                                          4.3 : 1
                                                                                          4.5 : 1Maximum leverage ratio (net debt to Adjusted EBITDA)
                                                                                          <4.5 : 1
                                                                                          3.1 : 1
                                                                                          2.6 : 1Maximum secured leverage ratio (secured debt to Adjusted EBITDA)
                                                                                          <2.0 : 1
                                                                                          0.7 : 1
                                                                                          0.4 : 1  33
 As at
                                                                                                    December
                                                                                                    31, 2018
                                                                                                  Borrowings
                                                                                                  Repayments
                                                                                                  Fair Value
                                                                                                    changes
                                                                                                  Interest &
                                                                                                    Accretion
                                                                                                  Foreign
                                                                                                    Exchange
                                                                                                  As at
                                                                                                    December
                                                                                                    31, 2019LIABILITIES ARISING FROM FINANCING ACTVITIESLong-term debt
                                                                                                  780.5
                                                                                                  30.0
                                                                                                  (99.7)
                                                                                                  1.2
                                                                                                  2.5
                                                                                                  -
                                                                                                  714.5Interest payable
                                                                                                  6.9
                                                                                                  -
                                                                                                  (49.9)
                                                                                                  -
                                                                                                  48.7
                                                                                                  -
                                                                                                  5.7Gold stream obligation
                                                                                                  180.2
                                                                                                  -
                                                                                                  (20.0)
                                                                                                  4.3
                                                                                                  -
                                                                                                  -
                                                                                                  164.5Total
                                                                                                  967.6
                                                                                                  30.0
                                                                                                  (169.6)
                                                                                                  5.5
                                                                                                  51.2
                                                                                                  -
                                                                                                  884.7 
   ‐
 The Company has designated the gold stream obligation as a financial
                                                                                                liability at fair value through profit or loss (“FVTPL”) under the scope of IFRS 9.
 34
 (in millions of U.S.
                                                                                                              dollars)CHANGE IN STREAM OBLIGATIONBalance, December 31, 2017
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          273.5Settlements during the period
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          (15.0)Fair value adjustments
                                                                                                                related to changes in the Company’s own credit risk(1)
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          (66.6)Other fair value
                                                                                                                adjustments(2)
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          (11.7)Balance, December 31, 2018
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          180.2Less: current portion of gold stream obligation(3)
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          (18.3)Non-current portion of gold stream obligation
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          161.9Balance, December 31, 2018
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          180.2Settlements during the period
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          (20.0)Fair value adjustments
                                                                                                                related to changes in the Company’s own credit risk(1)
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          24.4Other fair value
                                                                                                                adjustments(2)
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          (20.1)Balance, December 31, 2019
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          164.5Less: current portion of gold stream obligation(3)
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          (21.6)Non-current portion of gold stream obligation
                                                                                                          
                                                                                                          
                                                                                                          
                                                                                                          142.9 1.
                                                                                                              Fair value adjustments related to changes in the Company’s own
                                                                                                                  credit risk are included in other comprehensive income.
 2.
                                                                                                              Other fair value adjustments are included in the consolidated
                                                                                                                  income statements.
 3.
                                                                                                              The current portion of the gold stream obligation is included
                                                                                                                  in trade and other payables on the statement of financial position.
 
      35
 As at December 31, 2019(in millions
                                                                                                                      of U.S. dollars)RIGHT-OF-USE ASSETSBalance, January 1, 2019
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  20.8Additions
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  28.5Depreciation
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  (6.1)Disposals
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  -Balance, December 31, 2019
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  43.2   As at December 31, 2019(in millions
                                                                                                                      of U.S. dollars)MATURITY ANALYSIS FOR LEASESLess than 1 year
                                                                                                                  
                                                                                                                  
                                                                                                                  9.8Between 1 and 3 years
                                                                                                                  
                                                                                                                  
                                                                                                                  17.0Between 3 and 5 years
                                                                                                                  
                                                                                                                  
                                                                                                                  8.6More than 5 years
                                                                                                                  
                                                                                                                  
                                                                                                                  -Total undiscounted lease payments(1)
                                                                                                                  
                                                                                                                  
                                                                                                                  35.4Carrying value of lease liabilities
                                                                                                                  
                                                                                                                  
                                                                                                                  32.6Less: current portion of lease liabilities(2)
                                                                                                                  
                                                                                                                  
                                                                                                                  (8.7)Non-current portion of lease liabilities
                                                                                                                  
                                                                                                                  
                                                                                                                  23.9 1.
                                                                                                                      Total undiscounted lease payments excludes leases that
                                                                                                                          are classified as short term and leases for low value assets, which are not recognized as lease liabilities.
 2.
                                                                                                                      The current portion of the lease liabiltiies is
                                                                                                                          included in trade and other payables on the statement of financial position.
 
   As at
                                                                                                                    December 31
                                                                                                                  As at
                                                                                                                    December 31(in millions
                                                                                                                      of U.S. dollars)
                                                                                                                  
                                                                                                                  
                                                                                                                  2019
                                                                                                                  2018DERIVATIVE ASSETSUnsettled provisionally priced concentrate derivatives, and swap
                                                                                                                      contracts(2)
                                                                                                                  0.2
                                                                                                                  -Copper price option contracts
                                                                                                                  -
                                                                                                                  0.7Total derivative assets
                                                                                                                  
                                                                                                                  
                                                                                                                  0.2
                                                                                                                  0.7DERIVATIVE LIABILITIESUnsettled provisionally priced concentrate derivatives, and swap
                                                                                                                      contracts(2)
                                                                                                                  
                                                                                                                  -
                                                                                                                  0.7Gold price option contracts(1)
                                                                                                                  
                                                                                                                  
                                                                                                                  26.4
                                                                                                                  4.8Total derivative liabilities
                                                                                                                  
                                                                                                                  
                                                                                                                  26.4
                                                                                                                  5.5 1.
                                                                                                                      As at December 31, 2019, gold price option contracts
                                                                                                                          are included within trade and other payables in the statement of financial position. As at December 31, 2018, copper price option
                                                                                                                          contracts are included within prepaids and other in the statement of financial position and gold price option contracts are included
                                                                                                                          within trade and other payables in the statement of financial position.
 2.
                                                                                                                      Unsettled provisionally priced concentrate derivatives
                                                                                                                          are included within trade and other receivables in the statement of financial position.
 36
 Year ended December 31, 2019(in millions of U.S. dollars)
                                                          
                                                          
                                                          
                                                          Gold
                                                          Copper
                                                          TotalGAIN (LOSS) ON THE PROVISIONAL PRICING OF CONCENTRATE SALESRealized
                                                          
                                                          
                                                          
                                                          2.2
                                                          (1.7)
                                                          0.5Unrealized
                                                          
                                                          
                                                          
                                                          0.5
                                                          1.0
                                                          1.5Total gain (loss)
                                                          
                                                          
                                                          
                                                          2.7
                                                          (0.7)
                                                          2.0 
 Year ended December 31, 2018(in millions of U.S. dollars)
                                                          
                                                          
                                                          
                                                          Gold
                                                          Copper
                                                          TotalGAIN (LOSS) ON THE PROVISIONAL PRICING OF CONCENTRATE SALESRealized
                                                          
                                                          
                                                          
                                                          (1.2)
                                                          (7.7)
                                                          (8.9)Unrealized
                                                          
                                                          
                                                          
                                                          1.1
                                                          (2.7)
                                                          (1.6)Total (loss) gain
                                                          
                                                          
                                                          
                                                          (0.1)
                                                          (10.4)
                                                          (10.5)  Year ended December 31, 2019(in millions of U.S. dollars)
                                                          
                                                          
                                                          
                                                          Gold
                                                          Copper
                                                          Total(LOSS) GAIN ON SWAP CONTRACTSRealized
                                                          
                                                          
                                                          
                                                          (3.2)
                                                          0.2
                                                          (3.0)Unrealized
                                                          
                                                          
                                                          
                                                          (0.4)
                                                          (0.9)
                                                          (1.3)Total (loss) gain
                                                          
                                                          
                                                          
                                                          (3.6)
                                                          (0.7)
                                                          (4.3) 
 Year ended December 31, 2018(in millions of U.S. dollars)
                                                          
                                                          
                                                          
                                                          Gold
                                                          Copper
                                                          Total(LOSS) GAIN ON SWAP CONTRACTSRealized
                                                          
                                                          
                                                          
                                                          1.3
                                                          11.3
                                                          12.6Unrealized
                                                          
                                                          
                                                          
                                                          (0.8)
                                                          1.7
                                                          0.9Total gain (loss)
                                                          
                                                          
                                                          
                                                          0.5
                                                          13.0
                                                          13.5
  
 37
 As at December 31
                  As at December 312019
                  2018VOLUMES SUBJECT TO FINAL PRICING NET OF OUTSTANDING SWAPSGold ounces (000s)
                  0.9
                  0.8Copper pounds (millions)
                  0.5
                  1.6 
      Quantity
                    outstanding
                  Remaining term
                  Exercise price
                    ($/oz)
                  Fair value  - asset
                    (liability)(1)GOLD PRICE OPTION CONTRACTS OUTSTANDINGGold call contracts - sold
                  72,000 oz
                  January 2020 – June  2020
                  1,355
                  (12.6)Gold call contracts – sold
                  96,000 oz
                  July 2020 – December 2020
                  1,415
                  (14.1)Gold put contracts - purchased
                  168,000 oz
                  January 2020 – December  2020
                  1,300
                  0.3 1.
                      The Company presents the fair value of its put and call options on a net basis on the consolidated statements of financial position. The Company has a
                          legally enforceable right to set off the amounts under its option contracts and intends to settle on a net basis.
 
   38
 Number of shares(in millions of U.S. dollars, except where noted)
                          (000s)
                          $NO PAR VALUE COMMON SHARES ISSUEDBalance at December 31, 2017
                          578,636
                          3,036.5Issuance of common shares under First Nations agreements
                          113
                          0.3Exercise of options and vested performance share units
                          366
                          0.3Reversal of deferred tax recovery(1)
                          -
                          (1.9)Balance at December 31, 2018
                          579,115
                          3,035.2Issuance of common shares(2)
                          93,750
                          106.7Issuance of common shares under First Nations agreeements
                          3,077
                          2.6Exercise of options and vested performance share units
                          15
                          -Balance at December 31, 2019
                          675,957
                          3,144.5 1.
                              In 2017, the Company closed an equity  financing and related agreements and recognized a deferred tax recovery of $1.9 million.
                                  This deferred tax recovery was reversed in 2018.
 2.
                              On August 30, 2019, New Gold Inc. closed its offering of common shares of the Company with a syndicate of underwriters. An
                                  aggregate of 93,750,000 Common Shares were issued by the Company at a price of C$1.60 per share for net proceeds of $106.7 million (gross proceeds of C$150.0 million less equity issuance costs).
 
   Year ended December 31(in millions of U.S. dollars)
                          
                          
                          2019
                          2018SHARE-BASED PAYMENT EXPENSESStock option expense (i)
                          
                          
                          0.5
                          1.4Performance share unit expense
                          
                          
                          0.3
                          0.1Restricted share unit expense(1)
                          
                          
                          1.1
                          (0.3)Deferred share unit expense
                          
                          
                          0.8
                          (0.8)Shares issued under First Nations agreements(1)
                          
                          
                          -
                          0.3Total share-based payment expenses
                          
                          
                          2.7
                          0.7  39
 Number of options
                                  Weighted average
                                    exercise price(000s)
                                  C$/shareCHANGES TO THE COMPANY’S STOCK OPTION PLANBalance at December 31, 2017
                                  13,087
                                  5.08Forfeited
                                  (1,925)
                                  4.13Expired
                                  (2,534)
                                  8.22Balance at December 31, 2018
                                  8,628
                                  4.39Granted
                                  2,360
                                  1.12Forfeited
                                  (1,417)
                                  3.58Expired
                                  (3,993)
                                  5.01Balance at December 31, 2019
                                  5,578
                                  2.81 
   Year ended December 31(in millions of U.S. dollars, except where noted)
                                  
                                  2019
                                  2018CALCULATION OF LOSS PER SHARELoss from continuing operations
                                  
                                  (73.5)
                                  (1,085.6)Net loss
                                  
                                  (73.5)
                                  (1,239.7)Basic weighted average number of shares outstanding
                                    (in millions)
                                  
                                  611.1
                                  578.7Dilution of securities:Stock options
                                  
                                  -
                                  -Diluted weighted average number of shares outstanding
                                    (in millions)
                                  
                                  611.1
                                  578.7Loss from continuing operations per share:Basic
                                  
                                  (0.12)
                                  (1.88)Diluted
                                  
                                  (0.12)
                                  (1.88)Net loss per share:Basic
                                  
                                  (0.12)
                                  (2.14)Diluted
                                  
                                  (0.12)
                                  (2.14) 
  Year ended December 31(in millions of units)
                                  2019
                                  2018EQUITY SECURITIES EXCLUDED FROM THE CALCULATION OF DILUTED EARNINGS PER SHAREStock options
                                  5.6
                                  8.6
  
 40
 Year Ended December 31(in millions of U.S. dollars, except per share amounts)
                  
                  
                  2018Revenues
                  
                  
                  146.1Operating expenses
                  
                  
                  95.6Depreciation and depletion
                  
                  
                  35.4Revenue less cost of goods sold
                  
                  
                  15.1Finance income
                  
                  
                  0.4Finance costs
                  
                  
                  (0.4)Other losses
                  
                  
                  -Impairment loss on held-for-sale assets
                  
                  
                  (253.1)Loss before taxes
                  
                  
                  (238.0)Income tax recovery
                  
                  
                  83.9Loss from discontinued operations, net of tax
                  
                  
                  (154.1)
  
 41
 Year ended December 31(in millions of U.S. dollars)
                  
                  
                  
                  
                  2018OPERATING ACTIVITIESLoss from discontinued operations
                  
                  
                  
                  
                  (154.1)Adjustments for:Depreciation and depletion
                  
                  
                  
                  
                  35.4Income tax recovery
                  
                  
                  
                  
                  (83.9)Finance income
                  
                  
                  
                  
                  (0.4)Finance costs
                  
                  
                  
                  
                  0.4Impairment loss on held-for-sale assets
                  
                  
                  
                  
                  253.150.5Change in non-cash operating working capital
                  
                  
                  
                  
                  (15.9)Income taxes received
                  
                  
                  
                  
                  2.6Cash generated from operations
                  
                  
                  
                  
                  37.2INVESTING ACTIVITIESMining interests
                  
                  
                  
                  
                  (4.5)Interest received
                  
                  
                  
                  
                  0.4Cash used by investing activities
                  
                  
                  
                  
                  (4.1)Change in cash and cash equivalents
                  
                  
                  
                  
                  33.1
  
 42
 Year ended December 31(in millions of U.S. dollars)
                  
                  
                  2019
                  2018CURRENT INCOME AND MINING TAX EXPENSECanada
                  
                  
                  2.2
                  4.2Foreign
                  
                  
                  0.4
                  (0.1)2.6
                  4.1DEFERRED INCOME AND MINING TAX EXPENSECanada
                  
                  
                  1.9
                  (19.2)Adjustments in respect of prior year
                  
                  
                  (4.9)
                  4.7(3.0)
                  (14.5)Total income tax recovery
                  
                  
                  (0.4)
                  (10.4) 
  
 Year ended December 31(in millions of U.S. dollars)
                  
                  
                  2019
                  2018Loss before taxes
                  
                  
                  (73.9)
                  (1,096.0)Canadian federal and provincial income tax rates
                  
                  
                  26.3%
                  26.3%Income tax recovery based on above rates
                  
                  
                  (19.4)
                  (288.2)INCREASE (DECREASE) DUE TOPermanent differences
                  
                  
                  (0.1)
                  58.3Different statutory tax rates on earnings of foreign subsidiaries
                  
                  
                  -
                  (4.1)Foreign exchange on non-monetary assets and liabilities
                  
                  
                  0.2
                  0.4Other foreign exchange differences
                  
                  
                  3.7
                  (3.2)Prior years’ adjustments relating to tax provision and tax returns
                  
                  
                  (5.2)
                  4.7Canadian mining tax
                  
                  
                  (2.5)
                  26.6Change in unrecognized deferred tax assets
                  
                  
                  22.9
                  210.0Sale of Peak and Mesquite
                  
                  
                  -
                  (15.1)Other
                  
                  
                  -
                  0.2Income tax recovery
                  
                  
                  (0.4)
                  (10.4)
  
 43
 Year Ended December 31(in millions of U.S. dollars)
                  
                  
                  
                  
                  
                  2019
                  2018DEFERRED TAX ASSETSCapital losses
                  
                  
                  
                  
                  
                  18.4
                  37.1Property, plant and equipment and Mining interests
                  
                  
                  
                  
                  
                  122.7
                  110.8Tax credits
                  
                  
                  
                  
                  
                  49.9
                  47.5Ontario Mining Tax
                  
                  
                  
                  
                  
                  45.4
                  53.9Other
                  
                  
                  
                  
                  
                  18.9
                  12.1255.3
                  261.4DEFERRED TAX LIABILITIESBritish Columbia Mining Tax
                  
                  
                  
                  
                  
                  (48.3)
                  (56.3)(48.3)
                  (56.3)Unrecognized deferred tax asset
                  
                  
                  
                  
                  
                  (255.3)
                  (261.4)Deferred income tax liabilities, net
                  
                  
                  
                  
                  
                  (48.3)
                  (56.3) 
  Year ended December 31(in millions of U.S. dollars)
                  2019
                  2018MOVEMENT IN THE NET DEFERRED TAX LIABILITIESBalance at the beginning of the year
                  (56.3)
                  (78.0)Recognized in net loss
                  3.0
                  14.5Recognized in other comprehensive income
                  4.8
                  (23.5)Recognized as foreign exchange
                  0.2
                  (1.3)Reclassified as held-for-sale or disposed of
                  -
                  32.0Total movement in the net deferred tax liabilities
                  (48.3)
                  (56.3) 
  ●
                          Canadian capital loss carry-forwards of $139.9 million with no expiry date; and
 ●
                          Other loss carry-forwards of $40.3 million with varying expiry dates.
  44
 ●
                                  There are sufficient taxable temporary differences relating to the same tax authority and the same taxable entity that are expected to reverse either in the same period as the
                                      expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset that can be carried back or forward;
 
 ●
                                  It is probable that the entity will have sufficient taxable profit relating to the same tax authority and the same taxable entity, in the same period as the reversal of the
                                      deductible temporary difference (or in the periods into which a tax loss arising from the deferred tax asset can be carried back or forward). In making this evaluation taxable amounts arising from deductible temporary
                                      differences that are expected to originate in future periods should be ignored because these will need further future taxable profits in order to be utilized.
 
 ●
                                  Tax planning opportunities that are available to the entity that will create taxable profit in appropriate periods.
 
  45
 (in millions of U.S. dollars)
                                  Rainy
                                    River
                                  New Afton
                                  Mesquite
                                  Cerro San
                                    Pedro
                                  Blackwater
                                  TotalCHANGES TO RECLAMATION AND CLOSURE COST OBLIGATIONSBalance – December 31, 2017
                                  63.4
                                  11.6
                                  20.5
                                  19.2
                                  9.4
                                  124.1Reclamation expenditures
                                  (0.3)
                                  -
                                  -
                                  (0.9)
                                  -
                                  (1.2)Unwinding of discount
                                  1.5
                                  0.2
                                  0.4
                                  0.1
                                  0.2
                                  2.4Revisions to expected cash flows
                                  (6.1)
                                  (0.3)
                                  (0.9)
                                  1.5
                                  (0.5)
                                  (6.3)Foreign exchange movement
                                  (4.9)
                                  (0.8)
                                  -
                                  0.1
                                  (0.8)
                                  (6.4)Less: amounts reclassified as held for sale and sold
                                  -
                                  -
                                  (20.0)
                                  -
                                  -
                                  (20.0)Balance – December 31, 2018
                                  53.6
                                  10.7
                                  -
                                  20.0
                                  8.3
                                  92.6Less: current portion of closure costs (Note 7)
                                  -
                                  -
                                  -
                                  (6.5)
                                  -
                                  (6.5)Non-current portion of closure costs
                                  53.6
                                  10.7
                                  -
                                  13.5
                                  8.3
                                  86.1Balance – December 31, 2018
                                  53.6
                                  10.7
                                  -
                                  20.0
                                  8.3
                                  92.6Reclamation expenditures
                                  (0.2)
                                  -
                                  -
                                  (8.6)
                                  -
                                  (8.8)Unwinding of discount
                                  1.1
                                  0.2
                                  -
                                  1.2
                                  0.2
                                  2.7Revisions to expected cash flows
                                  9.7
                                  6.4
                                  -
                                  (0.6)
                                  0.5
                                  16.0Foreign exchange movement
                                  2.8
                                  0.7
                                  -
                                  0.6
                                  0.4
                                  4.5Balance – December 31, 2019
                                  67.0
                                  18.0
                                  -
                                  12.6
                                  9.4
                                  107.0Less: current portion of closure costs (Note 7)
                                  (1.4)
                                  -
                                  -
                                  (10.9)
                                  -
                                  (12.3)Non-current portion of closure costs
                                  65.6
                                  18.0
                                  -
                                  1.7
                                  9.4
                                  94.7 
    46
 Year ended December 31(in millions of U.S. dollars)
                                          
                                          
                                          2019
                                          2018CHANGE IN NON-CASH OPERATING WORKING CAPITALTrade and other receivables
                                          
                                          
                                          4.4
                                          (5.4)Inventories
                                          
                                          
                                          16.2
                                          (53.1)Prepaid expenses and other
                                          
                                          
                                          (2.3)
                                          (0.6)Trade and other payables
                                          
                                          
                                          7.6
                                          (12.5)Total change in non-cash operating working capital
                                          
                                          
                                          25.9
                                          (71.6) 
 Year ended December 31(in millions of U.S. dollars)
                                          
                                          
                                          2019
                                          2018OTHER NON-CASH ADJUSTMENTSUnrealized loss on concentrate contracts
                                          
                                          
                                          (0.2)
                                          0.7Equity settled share-based payment expense
                                          
                                          
                                          0.7
                                          2.7Loss on disposal of assets
                                          
                                          
                                          1.2
                                          0.3Settlement and loss on revaluation of gold price option contracts
                                          
                                          
                                          21.7
                                          4.8Unrealized gain on gold stream obligation
                                          
                                          
                                          (20.1)
                                          (11.7)Settlement (gain) loss on revaluation of copper price option contracts
                                          
                                          
                                          0.7
                                          (4.8)Revaluation of CSP’s reclamation and closure cost obligation
                                          
                                          
                                          (0.6)
                                          1.0Inventory write-downs
                                          
                                          
                                          14.1
                                          15.8Other non-cash adjustments
                                          
                                          
                                          -
                                          0.2Total other non-cash adjustments
                                          
                                          
                                          17.5
                                          9.0
 
 47
 Year ended December 31, 2019(in millions of U.S. dollars)
                                          
                                          
                                          Rainy River
                                          New Afton
                                          Corporate
                                          Other(1)
                                          TotalOPERATING SEGMENT RESULTSGold revenues
                                          
                                          
                                          354.2
                                          80.2
                                          -
                                          -
                                          434.4Copper revenues
                                          
                                          
                                          -
                                          187.3
                                          -
                                          -
                                          187.3Silver revenues
                                          
                                          
                                          4.7
                                          4.2
                                          -
                                          -
                                          8.9Total revenues(2)
                                          
                                          
                                          358.9
                                          271.7
                                          -
                                          -
                                          630.6Operating expenses
                                          
                                          
                                          258.4
                                          113.5
                                          -
                                          -
                                          371.9Depreciation and depletion
                                          
                                          
                                          93.9
                                          146.7
                                          -
                                          -
                                          240.6Revenue less cost of goods sold
                                          
                                          
                                          6.6
                                          11.5
                                          -
                                          -
                                          18.1Corporate administration
                                          
                                          
                                          -
                                          -
                                          17.6
                                          -
                                          17.6Corporate restructuring(3)
                                          
                                          
                                          -
                                          -
                                          1.1
                                          -
                                          1.1Share-based payment expenses
                                          
                                          
                                          -
                                          -
                                          1.7
                                          -
                                          1.7Exploration and business development
                                          
                                          
                                          1.4
                                          3.1
                                          1.1
                                          -
                                          5.6(Loss) income from operations
                                          
                                          
                                          5.2
                                          8.4
                                          (21.5)
                                          -
                                          (7.9) 1.
                                              Other includes balances relating to Cerro San Pedro, the development and exploration properties that have no
                                                  revenues or operating costs.
 2.
                                              Segmented revenue reported above represents revenue generated from external customers. There were no
                                                  inter-segment sales in the year ended December 31, 2019.
 3.
                                              During 2019, the Company recognized restructuring charges of $1.1 million related to severance and other
                                                  termination benefits.
  
 48
 Year ended December 31, 2018(in millions of U.S. dollars)
                  
                  
                  Rainy River
                  New Afton
                  Corporate
                  Other(1)
                  TotalOPERATING SEGMENT RESULTSGold revenues
                  
                  
                  270.6
                  83.8
                  -
                  13.8
                  368.2Copper revenues
                  
                  
                  -
                  226.1
                  -
                  -
                  226.1Silver revenues
                  
                  
                  3.8
                  4.2
                  -
                  2.2
                  10.2Total revenues(2)
                  
                  
                  274.4
                  314.1
                  -
                  16.0
                  604.5Operating expenses
                  
                  
                  179.9
                  104.3
                  -
                  41.2
                  325.4Depreciation and depletion
                  
                  
                  78.3
                  158.2
                  -
                  3.4
                  239.9Revenue less cost of goods sold
                  
                  
                  16.2
                  51.6
                  -
                  (28.6)
                  39.2Corporate administration
                  
                  
                  -
                  -
                  23.2
                  -
                  23.2Corporate restructuring(3)
                  
                  
                  -
                  -
                  4.1
                  -
                  4.1Share-based payment expenses
                  
                  
                  -
                  -
                  0.7
                  -
                  0.7Asset impairment
                  
                  
                  836.6
                  -
                  -
                  218.2
                  1,054.8Exploration and business development
                  
                  
                  0.5
                  0.5
                  1.9
                  0.1
                  3.0(Loss) income from operations
                  
                  
                  (820.9)
                  51.1
                  (29.9)
                  (246.9)
                  (1,046.6) 1.
                      Other includes balances relating to Cerro san Pedro, the development and exploration properties that have no revenues or operating
                          costs.
 2.
                      Segmented revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the year
                          ended December 31, 2018.
 3.
                      In 2018, the Company recognized a restructuring charge of approximately $4.1 million in severance and other termination benefits
                          related to changes at the executive leadership level of the organization.
  
 49
 Total assets
                  Total liabilities
                  Capital expenditures(1)As at
                    December 31
                  As at
                    December 31
                  As at
                    December 31
                  As at
                    December 31
                  Year ended
                    December 31(in millions of U.S. dollars)
                  2019
                  2018
                  2019
                  2018
                  2019
                  2018SEGMENTED ASSETS AND LIABILITIESRainy River
                  1,078.4
                  986.0
                  334.9
                  313.6
                  185.9
                  170.6New Afton
                  647.7
                  730.9
                  89.8
                  73.8
                  61.8
                  35.9Blackwater
                  356.5
                  341.4
                  27.9
                  18.8
                  5.1
                  7.3Other(2)
                  75.9
                  111.3
                  744.6
                  818.9
                  0.5
                  0.12,158.5
                  2,169.6
                  1,197.2
                  1,225.1
                  253.3
                  213.9Assets and liabilities held for sale and
                    capital expenditures from discontinued
                    operations (Note 16)
                  -
                  -
                  -
                  -
                  -
                  13.2Total assets, liabilities and capital expenditures
                  2,158.5
                  2,169.6
                  1,197.2
                  1,225.1
                  253.3
                  227.1 1.
                      Capital expenditures per consolidated statement of cash flows.
 2.
                      Other includes corporate balance, exploration properties and Cerro San Pedro.
 
   50
 Year ended December 31(in millions of U.S. dollars)
                          2019CUSTOMER
                          REPORTING SEGMENT1
                          Rainy River
                          128.92
                          Rainy River
                          126.73
                          Rainy River
                          102.54
                          New Afton
                          100.95
                          New Afton
                          99.2Total sales to customers exceeding 10% of annual sales
                          558.2 
 Year ended December 31(in millions of U.S. dollars)
                          2018CUSTOMER
                          REPORTING SEGMENT1
                          Rainy River
                          137.92
                          New Afton
                          109.93
                          New Afton
                          94.24
                          Rainy River
                          78.05
                          New Afton
                          70.7Total sales to customers exceeding 10% of annual sales
                          490.7 
     Year ended December 31(in millions of U.S. dollars)
                          
                          
                          2019
                          2018CAPITAL (AS DEFINED ABOVE) IS SUMMARIZED AS FOLLOWSEquity
                          
                          
                          961.3
                          944.5Long-term debt
                          
                          
                          714.5
                          780.51,675.8
                          1,725.0Cash and cash equivalents
                          
                          
                          (83.4)
                          (103.7)Total
                          
                          
                          1,592.4
                          1,621.3
 
 51
 .
   Year ended December 31(in millions of U.S. dollars)
                  
                  
                  2019
                  2018CREDIT RISK EXPOSURECash and cash equivalents
                  
                  
                  83.4
                  103.7Trade and other receivables
                  
                  
                  23.7
                  35.9Total financial instrument exposure to credit risk
                  
                  
                  107.1
                  139.6 
  52
 As at December 31(in millions of U.S. dollars)
                          0-30
                            days
                          31-60
                            days
                          61-90
                            days
                          91-120
                            days
                          Over 120
                            days
                          2019
                            Total
                          2018
                            TotalAGING TRADE AND OTHER RECEIVABLESRainy River
                          4.5
                          -
                          -
                          -
                          1.0
                          5.5
                          8.8New Afton
                          3.4
                          -
                          -
                          2.9
                          -
                          6.3
                          8.3Cerro San Pedro
                          0.5
                          0.1
                          0.1
                          0.1
                          0.6
                          1.4
                          5.1Blackwater
                          -
                          -
                          -
                          -
                          0.3
                          0.3
                          0.3Corporate
                          10.2
                          -
                          -
                          -
                          -
                          10.2
                          13.4Total trade and other receivables
                          18.6
                          0.1
                          0.1
                          3.0
                          1.9
                          23.7
                          35.9 
      As at December 31(in millions of U.S. dollars)
                          < 1 year
                          1-3 years
                          4-5 years
                          After
                              5 years
                          2019
                            Total
                          2018
                            TotalDEBT COMMITMENTSTrade and other payables
                          150.0
                          -
                          -
                          -
                          150.0
                          112.6Long-term debt
                          -
                          430.3
                          -
                          300.0
                          730.3
                          800.0Interest payable on long-term debt
                          44.2
                          85.1
                          38.3
                          7.1
                          174.7
                          242.9Gold stream obligation
                          22.0
                          49.9
                          54.9
                          65.9
                          192.7
                          267.5Total debt commitments
                          216.2
                          565.3
                          93.2
                          373.0
                          1,247.7
                          1,423.0
 
 53
 As at December 31, 2019(in millions of U.S. dollars)
                  CAD
                  MXNEXPOSURE TO CURRENCY RISKCash and cash equivalents
                  11.0
                  0.3Trade and other receivables
                  7.0
                  0.9Income tax (payable) receivable
                  (0.3)
                  4.6Trade and other payables
                  (86.8)
                  (13.5)Deferred tax liability
                  (48.3)
                  -Reclamation and closure cost obligations
                  (93.3)
                  (1.4)Share units
                  (1.9)
                  -Total exposure to currency risk
                  (212.6)
                  (9.1) 
 54
 As at December 31, 2018(in millions of U.S. dollars)
                          CAD
                          MXNEXPOSURE TO CURRENCY RISKCash and cash equivalents
                          12.9
                          0.6Trade and other receivables
                          9.9
                          4.9Income tax receivable
                          -
                          4.6Trade and other payables
                          (105.0)
                          (14.1)Deferred tax liability
                          (54.5)
                          -Reclamation and closure cost obligations
                          (72.6)
                          (13.5)Performance share units and restricted share units
                          (0.5)
                          -Total exposure to currency risk
                          (209.8)
                          (17.5)
 Year ended December 31(in millions of U.S. dollars)
            
            
            2019
            2018IMPACT OF 10% CHANGE IN FOREIGN EXCHANGE RATESCanadian dollar
            
            
            21.3
            21.0Mexican peso
            
            
            0.9
            1.8 
       55
 Year ended December 31, 2019
                    Year ended December 31, 2018(in millions of U.S. dollars)
                    Net
                      Earnings
                    Other
                      Comprehensive
                      Income
                    Net
                      Earnings
                    Other
                      Comprehensive
                      IncomeIMPACT OF 10% CHANGE IN COMMODITY PRICESGold price
                    19.0
                    -
                    37.6
                    -Copper price
                    20.7
                    -
                    6.5
                    -Fuel and electricity price
                    7.0
                    -
                    5.5
                    - 
   56
 57
 As at December 31, 2019
                                    As at December 31, 2018(in millions of U.S. dollars)
                                    Category
                                    Level
                                    
                                    LevelFINANCIAL ASSETSCash and cash equivalents
                                    Financial assets at amortized cost
                                    
                                    83.4
                                    
                                    103.7Trade and other receivables
                                    Financial assets at amortized cost
                                    
                                    14.5
                                    
                                    36.6Provisionally priced contracts
                                    Financial instruments at FVTPL
                                    2
                                    1.5
                                    2
                                    (1.6)Gold and copper swap contracts
                                    Financial instruments at FVTPL
                                    2
                                    (1.3)
                                    2
                                    0.9Copper price option contracts
                                    Financial Instruments at FVTPL
                                    2
                                    -
                                    2
                                    0.7Proceeds due from income tax 
                                        refunds at Mesquite(2)
                                    Financial assets at amortized cost
                                    3
                                    9.0
                                    3
                                    8.5Investments
                                    Financial instruments at FVTPL
                                    1
                                    0.5
                                    1
                                    0.8FINANCIAL LIABILITIESTrade and other payables(1)
                                    Financial liabilities at amortized cost
                                    
                                    111.3
                                    
                                    101.3Long-term debt
                                    Financial liabilities at amortized cost
                                    
                                    714.5
                                    
                                    780.5Gold stream obligation
                                    Financial instruments at FVTPL
                                    3
                                    164.5
                                    3
                                    182.4Performance share units
                                    Financial instruments at FVTPL
                                    3
                                    0.2
                                    3
                                    0.2Restricted share units
                                    Financial instruments at FVTPL
                                    1
                                    0.5
                                    1
                                    0.3Deferred share units
                                    Financial instruments at FVTPL
                                    1
                                    1.1
                                    1
                                    0.3Gold price option contracts
                                    Financial instruments at FVTPL
                                    2
                                    26.4
                                    2
                                    4.8 1.
                                        Trade and other payables exclude the short-term portion of reclamation and closure cost obligations and the
                                            short-term portion of the gold stream obligation.
 2.
                                        Proceeds due from income tax refunds at Mesquite are included in current assets on the consolidated statement of financial position.
 58
 As at December 31, 2019
                    As at December 31, 2018(in millions of U.S. dollars)
                    Carrying value
                    Fair value
                    Carrying value
                    Fair valueFINANCIAL ASSETSCash and cash equivalents
                    83.4
                    83.4
                    103.7
                    103.7Trade and other receivables
                    14.5
                    14.5
                    36.6
                    36.6Provisionally priced contracts
                    1.5
                    1.5
                    (1.6)
                    (1.6)Gold and copper swap contracts
                    (1.3)
                    (1.3)
                    0.9
                    0.9Copper price option contracts
                    -
                    -
                    0.7
                    0.7Proceeds due from income tax refunds at Mesquite(2)
                    9.0
                    9.0
                    8.5
                    8.5Investments
                    0.5
                    0.5
                    0.8
                    0.8FINANCIAL LIABILITIESTrade and other payables(1)
                    111.3
                    111.3
                    101.3
                    101.3Long-term debt
                    714.5
                    707.7
                    780.5
                    652.9Gold stream obligation
                    164.5
                    164.5
                    182.4
                    182.4Performance share units
                    0.2
                    0.2
                    0.2
                    0.2Restricted share units
                    0.5
                    0.5
                    0.3
                    0.3Deferred share units
                    1.1
                    1.1
                    0.3
                    0.3Gold price option contracts
                    26.4
                    26.4
                    4.8
                    4.8 1.
                        Trade and other payables exclude the short-term portion of reclamation and closure cost obligation and the short-term portion of the
                            gold stream obligation.
 2.
                        Proceeds due from income tax refunds at Mesquite are included in other non-current assets on the consolidated statement of financial position.
 
 
  (1)
 
 Year ended December 31(in millions of U.S. dollars)
                    
                    
                    2019
                    2018KEY MANAGEMENT PERSONNEL REMUNERATIONShort-term benefits(2)
                    
                    
                    1.9
                    1.5Share-based payments
                    
                    
                    0.2
                    -Termination benefits
                    
                    
                    1.1
                    4.1Total key management personnel remuneration
                    
                    
                    3.2
                    5.6 1.
                        Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the
                            activities of the Company.
 2.
                        Short-term benefits include salaries, bonuses payable within twelve months of the statement of financial position date and other
                            annual employee benefits.
 
 The remuneration of key executives is determined by the compensation
                  committee having regard to the performance of individuals and market trends .
 59


60