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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