The following is a summary of the New Gold Inc. (NGD) Q3 2024 Earnings Call Transcript:

Financial Performance:

• New Gold Inc. reported a record quarterly free cash flow of $57 million.

• Third quarter revenue reached $252 million, a quarterly record, primarily driven by higher metal prices and increased gold sales.

• Q3 net earnings were approximately $38 million, or $0.05 per share, with adjusted net earnings of $64 million, or $0.08 per share.

• Consolidated all-in sustaining costs decreased by 13% over the previous quarter to $1,195 per gold ounce.

Business Progress:

• New Afton C-Zone has achieved commercial production, with newly commissioned gyratory crusher and conveyor system.

• New Afton expects a ramp-up in production into 2025 and reduction in costs due to operational efficiencies.

• Rainy River achieved development ore from Underground Main and saw a significant 29% reduction in all-in sustaining costs from previous quarter.

• Positive exploration results at both New Afton and Rainy River, potentially extending mine lives and improving production profiles.

Opportunities:

• With increased metal prices, ongoing exploration may further extend the open pit mine life at Rainy River and improve the production profile at New Afton.

Risks:

• Rainy River's full-year gold production expected to be below initial guidance due to operational challenges and reduced high-grade ore, potentially impacting future production targets.

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