The following is a summary of the New Gold Inc. (NGD) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 revenue was $218 million, primarily driven by higher metal prices and increased copper production.

• The company became free cash flow positive in the first half of 2024.

• Net earnings for Q2 were $52 million, benefiting from a $42 million gain due to the derecognition of the New Afton free cash flow obligation.

• Consolidated all-in sustaining costs were $1,381 per gold ounce, in line with expectations, and are projected to trend lower in the second half of the year.

Business Progress:

• New Gold delivered as planned for the first half of 2024 and remains on track to meet its yearly guidance.

• Significant progress was made on the C-Zone project at New Afton, with increased production due to ramp up.

• Rainy River advanced its waste stripping program and is well positioned for increased production in H2 2024.

• Exploration efforts are advancing, with 20,000 meters drilled at Rainy River in H1. An exploration update is expected in Q3.

Opportunities:

• Transition from B3 to C-Zone at New Afton expects to enhance production and reduce costs.

• High-grade ore accessibility at Rainy River in H2 2024 will potentially lower operating costs and improve financial performance.

• Sustained free cash flow generation period entered, providing an opportunity for enhanced shareholder returns.

Risks:

• The continuation of mining and increased production remains contingent on maintaining safety standards following the recent fatality at Rainy River.

More details: New Gold IR

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