22 WWWNEW G O L D C O M TSXNGD NY SE Am er ic an NG D The followin g table summa rize s the capi tal expenditu res minin g intere sts pe r the consolidated statements of cash flows for the three months e nde d March 31 2 020 Three months end e d March 31 in mi llion s of US dol l ars 202 0 201 9 CAPITAL EXPENDITURES BY SITE Rainy River 335 384 New Afton 237 105 Blac k w ater 81 14 Other 01 Capit a l ex p e n d itur es 653 504 Finan cing A c tivities For the th ree months end e d March 3 1 2 020 cash ge n e rat ed by fina ncin g acti vitie s was p r ima r il y dri v e n by the Ontari o Teachers tra n saction d e scri bed ab ove and a 35 milli on dra w d o wn on the Com p any s Cre d it Facility Thi s wa s partiall y offset by lea s e paym ents and gol d stre am obligatio n payme nts The Compa n y s M a rch 3 1 2020 ca sh b a lan c e of 40 04 million together with 2011 million avail able fo r dra w do wn un der th e Credi t Facility as a t March 31 2 020 p r o v ide d the Comp a n y with 6 01 5 million of liquidity The n e t ca sh gene rated b y ope ration s i s highl y de pen dent on metal pri c e s incl u d ing g o ld a n d cop p e r as well as othe r factors inclu d i ng the Cana d i anUS dollar exchan ge ra te To mitigate a portion of this risk in 2019 the Co mpan y entered into gold price option colla r contra ct s for 2020 p r odu ction by p u rcha sing p u t option s and sellin g call options The Comp an y ha s purcha s e d put options a t an averag e strike pri c e of 1300 per o unce an d sol d call option s at an a v e r ag e stri ke pri c e of 1355 pe r oun ce fo r 72 000 ou nces of gold pro d u c tion b e twe e n Ja nua ry 20 20 an d Jun e 2020 and pu rcha se d put o p tions at an a v erage stri ke price of 13 0 0 per oun ce and sold call option s at an ave r ag e st rike pri c e of 1 415 pe r o u n c e for 960 00 oun ce s of gol d prod uctio n betwe en July 2020 a nd De cemb er 2 020 The Com pan y also ente r e d into foreign excha nge fo rward contract s in o r d e r to h edge th e Co mpan ys sp e nding i n Cana dian d o llars The Comp an y has he dge d 200 million US dollars per month at aver age Cana dia n dollar to US dollar forei gn excha n g e rate of 140 for the pe riod of April 2020 to Decembe r 2020 In 2020 the Comp an y is e x pe cting to continue to ad va n c e the Czon e develop ment at New Afton resultin g in signifi cant capital e x p e n d iture s Assu ming the cont inuation of p r evaili ng com m odity p r i c e s and e x chan g e rates an d op eration s pe rformin g in accorda n ce with mine plan s the Com pan y belie ve s it has adeq uate liquidity to im plement its n earterm ope rational pla n a nd will b e abl e to rep a y fut u re in debte d ness fro m a combi nation of internall y generated ca sh flow refi nan cing a c tivitie s and other co rp orate a c tion s Additionall y the Compa n y has a st ron g l i quidity po sition whi c h ma nagem ent fee l s is more tha n ade quate to fund our b u sin e ss in ca se of an y pot ential impa cts related to COVID1 9 Commitments The Comp an y ha s e n tere d into a num be r of co ntra ctu a l com m itme nts for capital items relating to operation s and de velop m ent At March 31 2020 these commit m ent s totaled 699 million 698 million of which is exp e cte d to becom e due o v er the ne xt 12 month s Th is co mpa r e s to commitments of 725 million as at De cemb er 3 1 2019 Cert ain cont ra ctu a l commitme n ts may cont ain can c ell a tion clau se s however the Comp an y disclo se s its co mmitments b a se d on man ageme n ts int ent to fulfill th e contract s