The following is a summary of the New Gold Inc. (NGD) Q1 2024 Earnings Call Transcript:

Financial Performance:

• For Q1 2024, New Gold had a production of 70,900 gold ounces and 13.3 million pounds of copper, producing revenue of $192 million.

• The company reported a net loss of $44 million for Q1 2024 owing to lower revenues and a higher unrealized loss on obligations, while the adjusted net earnings were $13 million.

• Costs for Q1 2024 were averagely $1,396 per gold ounce, with a decrement predicted to reach as the year progresses.

• The company boasted of a cash position of $157 million by the end of Q1 2024 which indicated a liquidity position of $530 million.

Business Progress:

• Key growth projects such as the C-Zone gyratory crusher at Rainy River and the exploration drift at New Afton have seen significant progress.

• With identified targets, they ramped up the exploration program at the Rainy River and have allocated an additional $4 million for the 2024 drill targets.

• The company anticipates a substantial and sustainable increase in production in the second half of 2024.

• Discussions are ongoing with Teacher's about the New Afton buyback, with clarity expected in this quarter.

More details: New Gold IR

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