New Gold reports Q2 EPS 2c, consensus 2c

Reports Q2 revenue $184.4M, consensus $182.3M. Reports Q2 gold production 102.4K oz. vs. 70.5K oz. last year. “New Gold carried the momentum from a strong start to the year and delivered another excellent quarter,” stated Patrick Godin, President & CEO. “We delivered a 45% increase in gold equivalent production with lower all-in sustaining costs, significantly increasing our margins over the prior-year period, accomplishing our goals safely. I am also proud that during the second quarter, the New Afton Mine received the J.T Ryan Safety Award for British Columbia and Yukon and British Columbia’s Safest Large Underground Mine Award. We will continue to build on these positive results as we look to the second half of the year, and we remain well positioned to meet our guidance ranges set out earlier in the year. Looking beyond 2023, we continued to make progress advancing our growth initiatives. During the quarter, underground development at Rainy River continued, with development of the ramp access to the underground Main Zone advancing 98 metres. Following detailed internal optimization studies, I am excited to share that access to the underground Main Zone commenced from the Intrepid Zone, providing the mine with a number of efficiencies over the previous plan. C-Zone development at New Afton continued well in the quarter, advancing 1,415 metres. Our development rate increased substantially over the first quarter, and I remain confident in our ability to achieve first production ore during the fourth quarter, with commercial production planned for the second half of 2024.”