Q3 2022 New Gold Inc Earnings Call

Bob Thanks for now and I'll start with slide seven which provides our operation highlights production details are consistent with our October .

Production press release.

During Q3, the company produced approximately 91000 gold equivalent ounces.

Consistent of $8 5 million pounds of copper.

<unk> 8700 gold ounces from rainy River and 11400 gold ounces from new Afton, giving us a total of 70147 gold ounces, the lower gold production as compared to the prior year quarters, primarily due to the lower copper grade.

And tons processed at new Afton, our operating expense per equivalent ounce was higher than the prior year quarter, primarily due to lower production and therefore sales volume consolidated all in sustaining cost for the quarter were <unk> 37 per equivalent ounce higher than the prior year quarter, primarily due to the lower sales volume at our operations and higher sustaining <unk>.

<unk> spend we continue to invest in sustaining capital at our operations during the third quarter with the impact of sustaining capital spend per ounce being a $460 in the quarter. During Q3, we experienced inflationary challenges that have been experienced across the industry, particularly with regards to fuel electricity.

Grinding media and cyanide the financial impact of the above noted categories on inflation on inflation was approximately $100 per ounce or 6% on ASIC for the quarter as noted in previous quarters. We continue to work on minimizing any inflationary impacts and realized benefits with.

Our currency.

Gideon currency turning to slide eight.

For our financial results for the third quarter revenue was $151 2 million driven by sales of approximately 68800 gold ounces at an average realized price of 70 $527 per ounce and sales of $9 9 million pounds of copper at $3 42 per pound Q3 revenue was lower.

In the prior year quarter, primarily due to lower copper sales volume of sales volumes and prices.

Spend was primarily related to plant tailings work at both operating assets capital stripping at rainy River and be three main development at new often our growth capital was focused on product development, specifically to seize on that new often an underground and interpret zone. It rainy River.

Nine provides detailed on a capital structure cash on hand at the end of the quarter was $247 million in liquidity was $620 million. The decrease in cash from the prior quarter's primarily due to the continued capital investments at our operations.

With that I'll turn the call over to Pat.

Because you have a rug.

<unk> summary of the third quarter legs fall and they were very <unk>.

Does it make it a quarter of the <unk>.

Read over the provider year as we are.

Shifted our focus.

The amount of <unk>, we are feeding the meal and the impact from what would be what would be your <unk> go during the quarter.

85% of the Milky with one of them does that or shipping from the open did and a couple of items to my plan was close to perfection at maybe 70%.

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Or from the North Dakota.

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83.

Quarterly production increases compared to the second quarter and was in line with the loss of your <unk>.

On track to achieve our <unk> our updated guidance.