Q3 2024 New Gold Inc Earnings Call Transcript
Key Points
- New Gold Inc (NGD) achieved a record quarterly free cash flow generation of $57 million, highlighting strong financial performance.
- The company reported a 40% increase in production over the second quarter and a 13% decrease in all-in sustaining costs, showcasing operational efficiency.
- Rainy River achieved a 29% reduction in all-in sustaining costs compared to the second quarter, contributing to overall cost performance.
- New Gold Inc (NGD) successfully commissioned the gyratory crusher and conveyor system ahead of schedule, which is expected to positively impact production and costs.
- Positive exploration results were realized at both New Afton and Rainy River, indicating potential for future resource expansion.
- Rainy River's gold production is expected to be about 15,000 ounces below the original guidance range due to operational challenges.
- The company faced a voluntary suspension following a fatality in July, impacting production timelines.
- Some high-grade ore pockets at Rainy River were lower in tonnage than expected, affecting gold production.
- New Gold Inc (NGD) had to make a payment of $43 million to the Ontario Teachers' Pension Plan, impacting cash reserves.
- The company expects to be slightly below the consolidated gold production guidance range for the full year.
Good morning. My name is Sylvie, and I will be your conference operator today. Welcome to the New Gold's third quarter 2024 earnings conference call.
(Operator Instructions) Please be advised that today's conference call and webcast is being recorded. (Operator Instructions) I would now like to hand the conference over to Ankit Shah, Executive Vice President of Strategy and Business Development. Thank you.
Thank you, Sylvie, and good morning, everyone. We appreciate you joining us today for New Gold's third quarter 2024 earnings conference call and webcast. On the line today, we have Patrick Godin, President and CEO; Yohann Bouchard, our COO; and Keith Murphy, our CFO. In addition, we also have Luke Buchanan, Vice President Technical Services; and Jean-Francois Ravenelle, Vice President, Geology, available to assist during the Q&A portion of the call. Should you wish to follow along the webcast, please sign in from our homepage at newgold.com.
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