Q3 2023 New Gold Inc Earnings Call
Speaker 1: transcript
Speaker 1: Welcome to Sisyon. Please hold for the next available operator.
Operator: Welcome, Decision. Please hold for the next available operator. Thank you for calling the conference center, which conference are you looking to attend? Thank you, I would like to join to New Gold, please. Sure, first and last name. Rachel Smith. What was that? Rachel Smith. Okay, and you know the company? Ayyera A-I-E-R-A. It'll be just a moment and I'll face the weather.
Told for the next available operator.
Yes.
Okay.
Cool.
Speaker 2: transcript
Speaker 2: Thank you for calling the conference center, which costs and saying looking to attend. Thank you. I would like to join to New Gold, please. Sure. First and last name. Rachel Smith. What was that?
Thank you for calling the competency center with compensating looking Julien.
Sure our first and last name.
Well with that.
Okay, and you know your company.
It'll be gypsum only an hour policy wording.
Speaker 3: transcript
Speaker 3: The conference is now being recorded. Conference operator today. Welcome to the new goals of third quarter to 2023 earnings conference calls.
Operator: The conference is now being recorded.
The conference is now being recorded conference operator today welcome to the New Gold's third quarter 2023 earnings Conference call.
Operator: Conference operator today. Welcome to the event, the prevent any background noise. He's the advice that today's conference call and webcast is being recorded.
Speaker 3: transcript
Speaker 4: All lines have been placed on mute to prevent any background noise.
All lines have been placed on mute to prevent any background noise.
Speaker 3: transcript
Speaker 5: Easy advice that you take conference call and webcast is being written.
She advised that todays conference call and webcast is being recorded.
Operator: After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone t-pad. If you would like to withdraw your question, please press star, then the number two.
Speaker 3: transcript
Speaker 6: After just figures your marks, there will be a question and answer session. If you would like to ask a question during this time, simple test or the number one on your telephone.
After the Speakers' remarks, there will be a question and answer session. If you would like to ask a question. During this time.
Simply press Star then the number one on your telephone keypad.
Speaker 3: transcript
Speaker 7: If you would like to withdraw your question, please press star, then the number
If he would like to withdraw your question. Please press Star then the number two.
Ankit Shah: I would no like to turn the conference over to Ankit Shah, Executive Vice President of Strategy and Business Development. Thank you.
Speaker 3: transcript
Speaker 8: I would no like turn a conference over to end Ketchaw, executive vice president of Strategy and Missive Development.
I would now like to turn the conference over to Anne gets Shaw Executive Vice President of strategy and business development. Thank you.
Patrick Oden: Thank you, Jenny, and good morning, everyone. We appreciate you joining us today for New Gold's third quarter, 2023, earnings, conference call, and webcast. On the line today, we have Patrick Oden, President and CEO, Johann Bouchard, COO, and Keith Murphy, our VP of Finance.
Speaker 4: transcript
Speaker 9: Thank you, Jenny, and good morning, everyone. We appreciate you joining us today for New Gold's third quarter, 2023, earnings conference call and webcast. On the line today, we have Patrick Oden, president and CEO , Yulane Bouchard, COO, and Keith Murphy, our VP of Finance. Should you wish to follow along with the webcast, please sign in from our homepage at NewGold.com.
Thank you Danny and good morning, everyone. We appreciate you joining us today for new Gold's third quarter 2023 earnings conference call and webcast on the line today, we have Patrick <unk>, President and CEO, Dr. Andrew Sharp CLO and Keith Murphy, our VP of finance.
Should you wish to follow along with the webcast. Please sign in from our homepage at <unk> Dot com.
Speaker 4: transcript
Speaker 10: Before the team begins the presentation, I'd like to direct your attention to our cautionary language related to four looking statements found on slides two and three of the presentation.
Patrick Oden: Should you read it? Before the team begins the presentation, I'd like to direct your attention to our cautionary language related to four lifting statements found on slides two and three of the presentation. Today's commentary includes four lifting statements relating to New Gold. In this respect, we refer you to our detailed cautionary in overgarned four lifting statements in the presentation. Your caution that actual results in future events could differ from those expressed or implied in four lifting statements.
Patrick Oden: Slides two and three provide additional information and should be reviewed. We also refer you to this section entitled Risk Factors in New Gold's latest AIF, MD&A, and other filings on Cedar, which set out certain material factors that could cause actual results to differ. In addition, at the conclusion of the presentation, there are a number of end notes that provide important information and should be reviewed in conjunction with the material presented.
Before the team begins the presentation I'd like to direct your attention to our cautionary language related to forward looking statements found on slides two and three of the presentation.
Speaker 4: transcript
Speaker 11: Today's commentary includes four lifting statements relating to New Gold. In this respect, we refer you to our detailed cautionary and over-garden for lifting statements in the presentation.
Today's commentary includes forward looking statements relating to new gold in this respect we refer you to our detailed cautionary note regarding forward looking statements in the presentation.
Speaker 4: transcript
Speaker 12: Your caution that actual results in future events could differ from those expressed or implied in four-looking statements. Slides two and three provide additional information and should be reviewed. We also refer you to the section entitled Risk Factors in Google's latest AIF, MDNA, and other filings on Cedar, which set out certain material factors that could cause actual results to differ.
You are cautioned that actual results and future events could differ from those expressed or implied in forward looking statements slides two and three provide additional information and should be reviewed we also refer you to the section entitled risk factors in new Gold's latest Aif MD&A and other filings on SEDAR, which set out certain material factors that could cause actual results to differ.
<unk>.
Speaker 4: transcript
Speaker 13: In addition, at the conclusion of the presentation, there are a number of end notes that provide important information and should be reviewed in conjunction with the material presented. I'll now turn the call over to Pat for some opening remarks. Thanks, thank you.
In addition at the conclusion of the presentation. There are a number of end notes that provide important information and should be reviewed in conjunction with the material presented I will now turn the call over to Pat for some opening remarks.
Patrick Oden: I'll now turn the call over to Pat for some opening remarks. Thanks, Incit, and good morning everyone.
Thank you thank you and good.
Good morning, everyone.
Patrick Oden: I want to welcome Johan Bouchard, Executive Vice President and Chief Operating Officer to the call. Johan will cover the operational portion of these calls going forward. Johan joined the company six months ago with Luke Buchanan, VP Technical Services. Both have a strong proven operational background, which is strengthening our management team.
Speaker 5: transcript
Speaker 14: I want to welcome Yuan Bushar, Executive Vice President and Chief Operating Officer to the call.
I want to welcome you unusual executive Vice President and Chief operating Officer Nicole.
Speaker 5: transcript
Speaker 15: Yuan will cover the operational portion of these calls going forward.
Yeah, Juan will cover the operational portion of these goals going forward.
Speaker 5: transcript
Speaker 16: You won't join the company six months ago. We have looked at you, you can and the EP technical services.
The one joined the company six month ago.
Luke Buchanan VP technical services.
Speaker 5: transcript
Speaker 17: both have a strong proven a personal background, which is strengthening our management team.
We'll have a strong improvement of Perceval, brag, rone, which is strengthening our management team.
Speaker 5: transcript
Speaker 18: Before turning the call over to Pete and you want to discuss the quarter, I want to give a few brief remarks.
Patrick Oden: Before turning the call over to Pete and Johan to discuss the quarter, I want to give a few brief remarks. We add another excellent quarter year at New Gold. Our airports this year are being off and due to the strong operational performance over the first nine months of the year, production is tracking to the top end of the guidance. And our all-incertaining costs are tracking to the low end of the guidance range.
Before turning the call.
Over the teeth and you wanted to discuss the quarter on to give a few brief remarks.
Speaker 5: transcript
Speaker 19: We add an outer excelling quarter ear at New Gold. Our airports this year are being a-
We had an order a seven quarter euro deal gold.
Our airports this years are paying off.
Speaker 5: transcript
Speaker 20: and due to the strong operational performance over the first nine months of the year, probably is tracking to the top end of guidance. And our all-in-sustaining costs are tracking to the low end of the guidance range.
And due to the strong operational performance over the first nine months of the year production is tracking to the top end of.
Guidance.
And our all in sustaining costs are tracking to the low end of the guidance range.
Speaker 5: transcript
Speaker 21: The strong results are new gold generate $22 million of positive cash rule.
Patrick Oden: These strong results are new gold generate $22 million of positive fee cash rule. This is the first time we have generated positive free cash rule as a company since Q4 2021. We did this despite continuing to invest in our growth projects and securing future production. I expect this positive free cash rule trend to continue an increase in the coming years as we complete our growth projects. Our all-incertaining performance continued to meet expectation with a year-to-date transfer of 1.01 to the first nine months of the year.
These strong results on new Gulf generated $22 million of positive free cash flow.
Speaker 5: transcript
Speaker 22: This is the first time we have generated positive free cash that was accompanied since Q4 2021.
This is the first time, we have generated positive free cash flow as a company since Q4 2021.
Speaker 5: transcript
Speaker 23: We did this despite continuing to invest in our growth projects and securing future production.
We did this despite continuing to invest in our growth projects and securing future production.
Speaker 5: transcript
Speaker 24: I expect this positive free cash load plan to continue an increase in the coming years as we complete our growth project.
I expect this positive free cash flow trend to continue and increase in the coming years as we complete our growth projects.
Speaker 5: transcript
Speaker 25: Our L-City performance continued to meet expectations with a year-to-date transfer of 1.01 to the first nine months of the year. In fact,
Our health and safety performance continued to meet expectation with a year to day trip for a 1.0 arm one through the first nine months of the year.
Patrick Oden: In fact, earlier this month, many rivers celebrate the significant milestone of one year we powered the last-time injury. I am particularly pleased with our ability to meet our objectives without compromising safety, which is a testament to our courage to get a drinker. The strong operating results at 20 river over the last four quarter speaks strongly to this.
In fact.
Earlier this month.
Speaker 5: transcript
Speaker 26: Renew rivers celebrate the significant milestone of one year we part the last time injury.
Rainy river's celebrate this significant milestone of one year without a lost time injury.
Speaker 5: transcript
Speaker 27: I am partially pleased with our ability to meet our objectives, we fought compromising CC, which is a testament to our courage to get a printer.
I'm, particularly pleased with our ability to meet our objective without compromising safety, which is a testament to our courage to care Grainger.
Speaker 5: transcript
Speaker 28: The strong operating results at 20 river over the last four quarter speak strongly to this.
The strong operating results at rainy River over the last four quarter speaks strongly to this.
Patrick Oden: Looking to our future, we continued to make progress advancing our growth in students. We continued to advance on the ground development at 20 river. The ramp-backed estimate zone made good progress with first-door schedule for Q4 2024. As highlighted in our recent press release, you have to accomplish some significant milestone. I want to re-emphasize the completion of the first-door level at CZONE and the final commissioning of all of 29 be wandering wells at the new authentic installation. These are key for CZONE production and we are well-known way to reaching commercial production in the second half of next year.
Speaker 5: transcript
Speaker 29: Looking to our future, we continue to make progress advancing our growth in cities.
Looking to our future we continued to make progress had been seen our growth in theaters.
Speaker 5: transcript
Speaker 30: We continue to advance on the ground development at 20 River.
We continued to advance underground development at rainy River.
Speaker 5: transcript
Speaker 31: The ramp access to men's own made good progress with first or scheduled for Q4 2024.
The ramp access domain zone made good progress with first ore scheduled for Q4 2024.
Speaker 5: transcript
Speaker 32: And as I highlighted in our recent press release, you have been accomplished some significant milestone.
And as highlighted in our recent press release, you us and accomplish some significant milestones.
Speaker 5: transcript
I want to re-emphasize the completion of the first-door bill at CISOM and the final commissioning of all 29 bewatering wells at the new absentee in Sparrow Street.
I want to reemphasize is the completion of the first draw bell in seasonal.
And the final commissioning of the of all 29 dewatering wells of the new iPhone tailings storage facility.
Speaker 5: transcript
It is our key for seasonal production. And we all want to know where we to reach income, commercial production in the second half of next year.
These are key for seasonal production and we are well on our way to reaching commercial production in the second half of next year.
Patrick Oden: We also provide an update on promising opportunities to extend the my life at New Afton beyond 2030, which I'm very excited about. This is a pivotal moment for the New Afton mine with production growth and declining costs expected in the near term, and all major capital expenditures for dating stabilizations completed. At both operations, we will continue to deliver an expectation with a strong focus on cost control and operation discipline.
Speaker 5: transcript
We also provide an update on promising opportunities to extend my life at New Afton beyond 2030, which I'm very excited about.
We also provide an update on <unk> opportunities to extend the mine life at new Afton beyond 2030, which I'm very excited about.
Speaker 5: transcript
This is a pivotal moment for the new affin mind with prolession growth and declining costs expected in the near term and all major capital expenditures for trading stabilizations completed.
This is a pivotal moment for the new Afton mine with production growth and declining costs expected in the near term.
And all major capital expenditures for tailings deposition is completed.
Speaker 5: transcript
both operations will continue to deliver an expectation with a strong focus on cost control and operation discipline. With that I will take
At both operations, we will continue to deliver on expectation with a strong focus.
On cost control and operational discipline.
Keith Murphy: With that, I will turn the call over to Keith. Thank you, Pat.
With that I will turn the call over to Keith.
Speaker 6: transcript
Thank you, Pat. I'm on slide seven, which are their operating highlights.
Keith.
Keith Murphy: I'm on site seven, which has our operating highlights. Q3 was another strong quarter. We produced over 111,000 gold equivalent ounces, which is 22% higher when compared to the prior year quarter. Rainy River produced approximately 65,000 gold ounces. The increase over the prior year quarter is primarily due to higher gold grades and higher throughput. New Austin produced approximately 18,000 gold ounces and over 13 million pounds of copper, with the increase over the prior year quadrued to higher grades and increased recovery.
I'm on slide seven which has our operating highlights.
Speaker 6: transcript
Q3 was another strong quarter. We produced over 111,000 gold equivalent ounces, which is 22% higher when compared to the prior year quarter.
Q3 was another strong quarter.
Produced over 111000 gold equivalent ounces, which is 22% higher when compared to the prior year quarter.
Speaker 6: transcript
Rainy River produced approximately 65,000 gold.
Rainy River produced approximately 65000 gold ounces.
Speaker 6: transcript
The increase over the prior year quarter is primarily due to higher gold grades and higher throughput.
The increase over the prior year quarter is primarily due to higher gold grades and higher throughput.
Speaker 6: transcript
You often produce approximately 18,000 gold ounces and over 13 million pounds of copper. With the increase over the prior year quarter due to higher grades and increased recovery.
<unk> produced approximately 18000 gold ounces and over 13 million pounds of copper.
The increase over the prior year quarter due to higher grades and increased recovery.
Keith Murphy: Gold production at New Austin also includes 761 ounces from the ore purchase agreements. Operating expenses per gold equivalent ounce decreased over the prior year periods primarily due to higher production and sales. Consolidated all in sustaining costs for the quarter were $1,477 per equivalent ounce. The decrease compared to the prior year quarter is due to the lower operating costs, lower sustaining capital spend and higher sales volume at both sites.
Speaker 6: transcript
Gold production at New Aspen also includes 761 ounces from the ore purchase agreement.
Gold production at New Afton also include 761 ounces from the <unk> purchase agreements.
Speaker 6: transcript
Operating expenses per gold equivalent ounce decreased over the prior period primarily due to higher production and sales.
Operating expenses per gold equivalent ounce decreased over the prior year periods, primarily due to higher production and sales.
Speaker 6: transcript
Consolidated all in sustaining costs for the quad are worth $1,477 per equivalent amount.
Consolidated all in sustaining costs for the quarter were $1477 per equivalent ounce.
Speaker 7: transcript
The decrease compared to the prior year quarter is due to the lower operating costs, lower sustaining capital spend, and higher sales volume at both sites.
The decrease compared to the prior year quarter is due to the lower operating costs lower sustaining capital spend and higher sales volume at both sites.
Keith Murphy: Turning to our financial results on slide 8, third quarter revenue was 201 million driven by sales of approximately 107,500 gold ounces at an average realized gold price of $1,924 per ounce and sales of 13 million pounds of copper at $3.78 per pound. Q3 revenue was higher than the prior year quarter primarily due to higher metal prices and sales volumes. Cash generators from operations before working capital adjustments was 88 million or 13 cents per share for the quarter.
Turning to our financial results on slide eight.
Speaker 7: transcript
Third quarter revenue was $201 million. Driven by sales of approximately $107,500 gold ounces, at an average realized gold price of $1,924 per ounce, and sales of 13 million pounds of copper, at $3.78 per pound.
Third quarter revenue was $201 million driven by sales of approximately 107500 gold ounces at an average realized gold price of $1924 brands and sales of 13 million pounds of copper at $3 78 per pound.
Speaker 6: transcript
Q3 revenue was higher than the prior year quarter, primarily due to higher metal prices and sales volume.
Q3 revenue was higher than the prior year quarter, primarily due to higher metal prices and sales volumes.
Speaker 6: transcript
Cash generators from operations before working capital adjustments was 88 million or 13 cents per share for the quarter. This was higher than the prior period.
Cash generated from operations before working capital adjustments was $88 million or <unk> 13 per share for the quarter.
Keith Murphy: This was higher than the prior year period due to higher revenue. As Pat mentioned, the company generated 22 million of positive free cash flow in the quarter. Rainy River continued to deliver free cash flow and has generated 85 million in free cash flow over the last two years. New Austin had its first positive free cash flow quarter in almost two years despite the ongoing investment in seasonal. This is a testament to the strong operating performance in the quarter.
This was higher than the prior year period due to higher revenue.
Speaker 7: transcript
As Pat mentioned, the company generated 22 million of positive free cash flow in the quarter.
As Pat mentioned, the company generated $22 million of positive free cash flow in the quarter.
Speaker 7: transcript
Rainy River continued to deliver free cash flow and has generated 85 million in free cash flow over the last two years.
Rainy River continue to deliver free cash flow and has generated $85 million in free cash flow over the last two years.
Speaker 7: transcript
The last one had its first positive free cash flow quarter in almost two years, despite the ongoing investment in CISAL.
New Afton had its first positive free cash flow quarter in almost two years, despite the ongoing investment in seasonal.
Speaker 7: transcript
This is a testament to the strong operating performance in the quarter.
This is a testament to the strong operating performance in the quarter.
Speaker 7: transcript
The company recorded a net loss of approximately 3 million or 0 cents per share during Q3.
Keith Murphy: The company recorded a net loss of approximately 3 million or zero cents per share during Q3. This is an improvement compared to the prior year quarter, primarily due to higher revenues and lower finance costs. Partially offset by higher operating costs and higher unrealized losses on the revaluation of the Rainy River goals through obligation and the new Austin free cash flow interest obligation. After adjusting for certain of the charges, net earnings were 23 million or three cents per share in Q3 and improvement compared to an adjusted net loss of 13 million in the third quarter of 2022.
The company recorded a net loss of approximately $3 million or zero cents per share during Q3.
Speaker 7: transcript
This is an improvement compared to the prior year of water, primarily due to higher revenues and lower finance costs. Partially offset by higher operating costs and higher on realized losses on the reevaluation of the Rainy River Gold Stream obligation, and the new last and free cash flow interest obligation.
This is an improvement compared to the prior year quarter, primarily due to higher revenues and lower finance costs, partially offset by higher operating costs and higher unrealized losses on the revaluation of the rainy River goes from obligation and the new Afton free cash flow interest obligation.
Speaker 7: transcript
After adjusting for certain of the charges, net earnings were 23 million or 3 cents per share in Q3, an improvement compared to an adjusted net loss of 13 million in the third quarter of 2022.
After adjusting for certain other charges net earnings were $23 million or <unk> <unk> per share in Q3 and.
An improvement compared to an adjusted net loss of $13 million in the third quarter of 2022.
Keith Murphy: The improvement in adjusted net earnings was primarily due to higher revenues and lower finance costs. Partially offset by higher operating expenses and depreciation and depletion due to the higher production. Our Q3 adjusted earnings included adjustments related to other gains and losses.
Speaker 7: transcript
The improvement in adjusted net earnings was primarily due to higher revenues and lower finance costs. Partially offset by higher operating expenses and depreciation and depletion due to the higher production.
The improvement in adjusted net earnings was primarily due to higher revenues and lower finance costs, partially offset by higher operating expenses and depreciation depletion due to the higher production.
Speaker 7: transcript
Our Q3 adjusted earnings include adjustments related to other gains and loss.
Our Q3 adjusted earnings include adjustments related to other gains and losses.
Keith Murphy: Our total capital expenditure for the quarter was 70 million, with 36 million spent on sustaining capital and 35 million on growth capital. At Rainy River, sustaining capital spend was primarily related to the tailings downrays, capitalized waste and capital maintenance. Growth capital related to the development of the intrepid underground and underground main zones. At New Austin, sustaining capital spend primarily related to tailings management and stabilization activities, while growth capital primarily related to sees-on-the-belts.
Speaker 7: transcript
Our total capital expenditure for the quarter was 70 million, with 36 million spent on sustaining capital and 35 million on growth capital.
Our total capital expenditure for the quarter was $70 million with 36 million spent on sustaining capital and $35 million on growth capital.
Speaker 7: transcript
At Rainy River, sustaining capital spend was primarily related to the tailings downrays, capitalized waste and capital maintenance.
At rainy River sustaining capital spend was primarily related to the tailings dam raise capitalized waste and capital maintenance.
Speaker 7: transcript
Growth capital related to the development of the intrepid underground and underground mains up.
Growth capital related to the development of the Intrepid underground and underground main zones.
Speaker 7: transcript
At New Austin, sustaining capital spend primarily related to tailings management and stabilization activities while growth capital primarily related to seasonal development.
At new Afton sustaining capital spend primarily related to tailings management and stabilization activities, while growth capital primarily related to C zone development.
Unknown Executive: Management.
Keith Murphy: Bidenon provides details of our capital structure. We had cash on hand at the end of Q3 of 179 million, an increase of 5 million from the previous quarter driven by free cash flow generated at both Rainy River and New Austin. At the end of Q3, the company's liquidity position was 553 million. We continue to execute short-term hedges on cattle and fuel, and our hedge that around 75% on vote for the fourth quarter.
Slide nine provides details of our capital structure.
Speaker 7: transcript
We had cash on hand at the end of Q3 of 179 million and increase of 5 million from the previous quarter driven by free cash so generated at both Rainy River and New York.
We had cash on hand at the end of Q3 of $179 million, an increase of $5 million from the previous quarter driven by free cash flow generated at both rainy River and new Afton.
Speaker 7: transcript
At the end of Q3, the company's liquidity position was 553 million.
At the end of Q3, the company's liquidity position was $553 million.
Speaker 7: transcript
We continue to execute short-term hedges on CAD and FUEL and our hedge that around 75% on vote for the fourth quarter. We continue to evaluate short-term hedge options on CAD and FUEL and utilize it as we see today.
We continue to execute short term hedges on cat and fuel and are hedged at around 75% on both for the fourth quarter.
Keith Murphy: We continue to evaluate short-term hedge options on cattle and fuel and utilize it as we see today. The sum of, we remain in a healthy financial position with an increased cash balance following another excellent quarter. Oh well, continuing to invest in our growth projects.
<unk> to evaluate short term hedge options on CASM fuel and utilize it as we see fit.
Speaker 7: transcript
So, we're in a, we remain in a healthy financial position with an increased cash balance following another excellent quarter. All while continuing to invest in our growth project.
To sum up we are in and we remain in a healthy financial position with an increased cash balance following another excellent quarter.
All while continuing to invest in our growth projects.
Speaker 7: transcript
Now I'll turn the call over to go hand to walk to our operating highlight.
Yohann Bouchard: Now I'll turn the call over to Yohann to walk through our operating highlights. Very good, thank you, Keith. So come and think by Rainy River. The operation continued to perform well achieving another quarter in line with plan and delivering 10% increase in production over the third quarter last year. Through operational visit, Lynn, the operation is delivering on expectations and achieving a stable, reliable production quarter over quarter.
Now I will turn the call over to Johan to walk through our operating highlights.
Speaker 6: transcript
Very good, thank you, Keith. So, come and think about Reigny River. The operation continued to perform well, achieving another quarter in line with plan N that a varying 10% increase in production over the third quarter last year.
Alright, well thank you Keith.
So commencing about rainy river the operation continued to perform well achieving another quarter in line with plan and delivering 10% increase in production over the third quarter last year.
Speaker 6: transcript
Through operational visit, Lynne, the operation is delivering on expectations and achieving a stable and reliable production to water over water. The operation is well-filed to continue its trend in 2024. Diagreat bar is planned from the lower benches of phase 3 and the entry pit on the run line, and the processing plan is running well.
Through operational discipline, the operation is delivering on expectations, and achieving a stable and reliable production quarter over quarter.
Yohann Bouchard: The operation as well falls aside to continue this trend into 2024. Digrade OR is planned from the lower benches of phase 3 and the entry period on the run line, and this processing plan is running well, achieving a throughput of more than 28,000 ton per day in September. The operation is on track with she the top end of the open. The open pit costs are expected to reduce significantly or after 2024 with the completion of the waste tripping. Wild speed grade or plan to increase as under run production ramp up to supplement high grade wheel speed from the pit.
<unk> is well positioned to continue this trend into 2024.
Our grid or is planned from the lower benches of phase three and the <unk> underground mine and the processing plant is running well.
Speaker 6: transcript
achieving a throughput of more than 28,000 time per day in September . The approaching is on track, which is the top end of the Proxion guidance and all in with an all in sustaining cost tracking to the midpoint.
Achieving a throughput of more than 28000 ton per day in September.
The operation is on track to achieve the top end of the production guidance and all in a weird and all in sustaining cost tracking to the midpoint.
Speaker 6: transcript
Open the open pit costs are expected to reduce significantly or after 2024 with the completion of the waste tripping. Wild speed, grid or plan to increase as underrun production ramp up to supplement i-grade mill speed from the pit.
Open the <unk>.
Open pit costs are expected to reduce significantly or after 2024 with the completion of the waste stripping wireless feed grade are planned to increase as underground production ramp up to supplement I agree mill feed from the pit.
Yohann Bouchard: With more stable quarterly results, we're now looking forward to the next three years in which we see a growing production profile with the declining cost, driving increasing cash flows. Now on site 12, so the underground production is planned to increase from the second half of 2024 with the expansion into the underground main zone. The connection around from intrepid to underground main event is advancing well and we expect to be in a position to start race boring, the fresh air rays in Q1 next year. In parallel, the intrepid zone continues to produce between 800 with 1,000 ton per day with grade the consiling positively with the blood models.
Speaker 8: transcript
With more stable quarterly results, we're now looking forward to the next three years in which we see a growing production profile with declining cost, driving increasing cash flows. And...
With more stable quarterly results. We're now looking forward to the next three years in which we see a growth growing production profile.
Profile with a declining cost driving increasing cash flows.
Now on slide 12.
Speaker 8: transcript
So the underground production is planned to increase from the second half of 2024 with the expansion into the underground main zone.
So the underground production is planned to increase from the second half of 2024 with the expansion into the underground main zone.
Speaker 8: transcript
The connection around from intrepid to underground main event is advancing well. And we expect to be in a position to start race boring, the fresh air rays in Q1 next year.
Connection round from Intrepid to underground main event is advancing well and we expect to be unit politician to start raise boring the fresh air raised in Q1 next year.
Speaker 8: transcript
In Prodel, the infrared zone continues to produce between 800 with 1000 tons per day with great vacancy, and positive lead with the black model.
In parallel the Intrepid zone continue to produce between 800000 ton per day with grades reconciling positively with the block model.
Speaker 8: transcript
Now, turning that to the new Aspen, the operation as the next-sentence rate quarter, achieving the highest quarterly production since 2021, mostly as a result of B3K continuing to exceed planned extraction rates.
Yohann Bouchard: Now turning now to the new aspect. The operation as the next ends are quarter achieving the highest quarterly production since 2021, mostly as a result of B3K continuing to exceed the planned extraction rates. The exceptional performance over the first nine months puts you asking in an excellent position to achieve the top end of the 2023 production guidance and the bottom end of the cost guidance. We expect the increasing production profiles to continue over the coming years as season ramp up production.
Now turning now to the two new often the operation as an excellent third quarter, achieving the highest quarterly production since 2021, mostly as a result of <unk> continuing to exceed planned extraction rates.
Speaker 8: transcript
The exceptional performance over the first nine months puts New Aspen in an excellent position to achieve the top end of the 2023 production guidance and the bottom end of the cost guidance. We expect the increasing production profiles to continue over the coming years as season ramp up production. We made excellent progress this quarter achieving two significant milestones.
The exceptional performance over the first nine months put new Afton and an excellent positive sense, what's at the top end of the 2023 production guidance and the bottom end of the cost guidance we.
We expect the increasing production profile to continue over the coming years as a C zone ramp up production.
Yohann Bouchard: We meet excellent progress this quarter achieving two significant milestones. First, we complete the first raw bill at season on time. This is significant because it marks the start of the season production ramp up period, putting the project on track for commercial production in the second half of the year. The second is from my soul into three was commissioning of the final debatering well at the New Aston Taillings Powered Facility as such. Most of the activities and costs related to the taillings, civilization, project or now come from completed.
We made excellent progress this quarter, achieving two significant milestones.
Speaker 8: transcript
First, we complete the first raw bell at season on time. This is significant because it marks the start of the season production ramp up period. We think the project on track for commercial production is the second half of the year.
First we completed the first draw Bell at C zone on time. This is significant because it marks the start of the season production ramp up period, putting the project on track for commercial production in the second half of the year.
Speaker 8: transcript
The second may remind stone in two three was commissioning of the final delotering well at the New Aspen Tateings Powered Facility as such most of the activities and costs related to the Tateings Semitization Project are not completed.
The second major milestone in Q3 was commissioning of the final the watering well at new Afton tailings storage facility as such most of the activities and costs related to the theater exhibition project are now completed.
Yohann Bouchard: Racking up on slide 15, the figure I like the strong outlook at the New Aston, and there's 40 points that I would like to talk about here. The first as season ramp up goal equivalent production is expected to average 230,000 ounces per year from 2024 to 2030, a 60% increase over the midpoint of 2023 guidance. Secondly, considering the six cost components of 60% with mining, 75% with processing and 90% with GNA, the unit cost per time basis is expected to decrease with the return of higher throughput rates.
Speaker 8: transcript
Rattling up on slide 15. The figure I like is thrown out. Look at you, Aston. And there's 40 points that I would like to talk about here.
Wrapping up on slide 15, this figure highlight a strong outlook at new Afton.
And there are four key points that I would like to talk about here.
Yohann Bouchard: Third, almost all tactics is up front for the blockade for blockade mine and as such, there is a minimal capital expenditure after completion of the season project in 2025. And finally, beyond 2030, there is significant upside that could extend life of mine for many more years, which is supported by very encouraging expression results.
Speaker 8: transcript
The first, as season ramp up goal, equivalent production is expected to average 230,000 ounces per year from 2024 to 2030. The 60% increase over the midpoint of 2023 guidance.
The first a seasonal ramp up gold equivalent production is expected to average 230000 ounces per year from 2024 to 2030 or 60% increase over the mid point of 2023 guidance.
Speaker 8: transcript
Second lead, considering the six cost components are 60% with mining, 75% with processing and 90% with GNA. The unit's cost for time basis is expected to decrease with the return of iron throughput rates.
Secondly, considering the fixed cost component of 50% with mining, 75% with processing and 90% with G&A. The unit cost per tonne basis is expected to decrease with the return of either throughput rates.
Speaker 8: transcript
Third, almost all catapex is up front for the block cave, for block cave mine, and as such, there is a minimal capital expenditure after completion of the season project in 2025.
Third almost all Capex is upfront for a block cave.
For block Cave mine and as such barriers are minimal capital expenditure after completion of the cheese on project in 2025.
Speaker 8: transcript
And finally, beyond 2030, there is significant upside that could extend life of mine for many more years, which is supported by very encouraging expression results.
And finally beyond 'twenty 30, there is significant upside that could extend the life of mine for many more years, which is supported by very encouraging exploration results.
Speaker 5: transcript
But that was throwing the call back to Patrick. Thank you. So we're turning to our 23, 2023 guide.
Patrick Oden: With that, I would turn the call back to Patrick. Thank you. So turning to our 2023, 2023 guidance following the strong results here today, whenever is tracking toward the top end of the goal, the equivalent production range in all incidenting costs are tracking to the midpoint of the guidance range. That New Aston, I am pleased to see that copper, gold and gold equivalent programs are all tracking toward the top end of the respective version guidance ranges with all incidenting costs tracking toward the low end of the respective costs guiding range.
With that now with <unk> the call back to Pat Patrick. Thank you so turning to our 'twenty three 2023 guidance.
Speaker 5: transcript
Following the strong results here today, Renewer is tracking toward the top end of the Goldicivalent Tradition range in all instance in Kass or tracking to the midpoint of the guidance.
Following the strong results year to date whenever is tracking towards the top end of the gold equivalent production range.
And all in sustaining costs are tracking to the midpoint of the gun in the guidance range.
Speaker 5: transcript
At new Afton, and I'm pleased to say that copper gold and gold equivalent program. Those are all tracking towards the top end of their respective guidance ranges with all in sustaining cost struggling toward the low end of their respective cost driving range.
Speaker 5: transcript
It's been almost one year since I took the role and see what you go. I want to say our problem.
Patrick Oden: It's been almost one year since I took the role and see what new gold. I want to say our proud I am of our teams. We have strengthened both our corporate and site management teams throughout the year when we all share the same vision of one team fully integrated and pursuing the same objectives of delivering an expectation safely. We have come a long way and this is a driving force behind our strategy.
It's been almost one year since I took the role as CEO of new gold.
I wanted to say how proud I am of our teams.
Speaker 5: transcript
We have strengthened both our corporate and site management team to talk about the year. And we all share the same vision of one team fully integrated and pursuing the same objectives of delivering an expectation safely.
We have strengthened both our corporate and site management team throughout the year.
And we all share the same vision of one team.
Fully integrated and unfortunately, the same objectives of delivering on expectations safely.
Speaker 5: transcript
We had come a long way and this is a driving force behind our service.
We have come a long way and this is a driving force.
Our strategy.
Speaker 5: transcript
Before concluding the presentation, I want to share a few reflections and reiterate what I have been seeing for the year, this year, and what I do to be the key priorities for the company.
Patrick Oden: Before concluding the presentation, I want to share a few reflections and reiterate what I have been seeing throughout the year, this year, and what I do to be the key priorities for the company. Our first priority was to continue to stabilize our operations. That's when a riverview opened its challenges or behind us. And the only ground production that interfered has worked from well with positive reconsideration. The connection ramp to the main zone commences in June and continues to make excellent progress. Had new afternoon, the B3 ramp up is complete and is exceeding planned extraction rate targets.
Before concluding the presentation I want to share a few reflections and reiterate what I have been saying throughout the year this year.
And then what I view to be the key priorities for the company.
Speaker 5: transcript
Our first worry fee was to continue to stabilize our operations. That's really river the open bit.
Our first priority was to continue to stabilize our operations.
Through the River view opened big challenges are behind us.
Speaker 5: transcript
And the only ground production that interfered has performed well with positive reconciliation.
And the underground production at Intrepid is square from well with positive contribution.
Speaker 5: transcript
The connection ramp to the main zone comments in June and continues to make excellent progress.
The connection ramp to the main zone Cummins in June and continues to make excellent progress.
Speaker 5: transcript
Pat, you have done the B3 ramp up is complete and is exceeding planned extraction rate target.
New Afton Dmitry ramp up is complete and is exceeding planned extraction rate targets.
Patrick Oden: Our second priority was to continue to advance our organic growth opportunities. That's when you remember, we are in track to deliver first or from the main zone in Q4-2024, and production at Intrepid will continue below level 300, which will increase our rate contribution from underground. New Athens is only on track, and has achieved several milestones over the last 12 months, including completing the ticket dating plant, receipt of all season permits, completing the 29th dewatering wells at the new afternoon dating storage facility, and completion of the first season draw bill.
Speaker 5: transcript
Our second priority was to continue to advance our getting growth opportunities.
Our second priority was to continue to advance our organic growth opportunities.
Speaker 5: transcript
That's when you remember we are in track to deliver first or from the main zone in Q4, when it 24 and production at the end of it will continue below level 300, which will increase our brief contribution from underground.
That's when the river we are on track to deliver first ore from the main zone in Q4, 'twenty 'twenty four and <unk>.
Production at Intrepid will continue below level 200.
Which would increase our your brief contribution from Undergrounds.
Speaker 5: transcript
New AFC is only on track and has achieved several milestones over the last 12 months, including completing the ticket dating plans.
New Afton zone is on track and that was achieved several milestones over the last 12 months, including.
Completing the ticket dealings plant.
<unk> is on permits.
Speaker 5: transcript
Completing the 29 dewatering wells at the New Appendent Institute of Retrocibility and completion of the first
Completing that when they were nine dewatering wells of the new Afton tailings storage facility and.
And completion of the first who is on drug Bill.
Speaker 5: transcript
Seasons remains untract for commercial production in the sick of now for 2024.
Patrick Oden: Seas zones remain untracked for commercial production in the second half of 2024. New Athens also outlined promising opportunities to extend the my life beyond 2030, and we will look to follow up on these early successes with future exploration programs. And Bird, delivered on our guidance set out earlier in the year. We have performed well through 2023 with a continued focus on operational discipline and safety. I am pleased that we are tracking to the top end of our production guidance and the low end of our all-in-sustaining cosguides. With four strong and consistent operating Q4s beyond us, it should be clear that we now have an in place the right people to get the job done.
C zones remains on track for commercial production in the second half of 2024.
Speaker 5: transcript
You're often also online, promising opportunities to extend the my life beyond 2030. And we will look to follow up on these early successes with future exploration programs.
<unk> also on volume from rising aboard can do to extend the mine life beyond 2030.
Then we will look to follow up on these early successes where future exploration programs.
Speaker 5: transcript
and bird deliver on our guide and set out earlier in the year.
And burden.
Oliver on our guidance set out earlier in the year.
Speaker 5: transcript
We have performed well through 2023 with a continued focus on operational discipline and safety.
We have performed well through 2023 with a continued focus on operational discipline and safety.
Speaker 5: transcript
I am pleased that we are tracking to the top and the power pollution guidance in the low end of...
I am pleased that we are tracking to the top end of our production guidance.
And the low end of our all in sustaining cost guidance.
Speaker 5: transcript
With four strong and consistent operating quarters meadows.
With four strong and consistent operating quarters behind us.
Speaker 5: transcript
It should be clear that we now have an in place the right people to get the job done.
It will be clear that we now have in place.
The right people to get the job done.
Speaker 5: transcript
The company is well-positioned for safe, can-free cash, low-drain rich in the coming years. And I look forward to updating everyone in the coming course.
Patrick Oden: The company is well positioned for sinks and free cash load generation in the coming years, and I look forward to updating everyone in the coming Q4s.
The company is well positioned for significant free cash flow generation in the coming years.
I look forward to updating everyone in the coming quarters.
Speaker 5: transcript
This company that we're presentation, so I will now turn it back to the operator for the Q&A portion of the talk.
Operator: This company, our presentation will now turn it back to the operator for the Q&A portion of the talk. Operators? Thank you.
This concludes our presentation. So I will now turn it back to the Alberta for the Q&A portion of the call.
Operator.
Speaker 3: transcript
Thank you. Ladies and gentlemen, we will now begin the questioning answer session. Should you have a question? Please press the star followed by the one on your touch-down phone. You will hear a three-tone prompt acknowledging your request.
Thank you ladies and gentlemen, we will now begin the question and answer session should you have a question. Please press the star followed by the one on your Touchtone phone.
Operator: Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touch-down phone. You will hear a three-tone prompt acknowledging your request. Questions will be taken in the order received. Should you wish to cancel your request, please press the star followed by the two. If you are using a speaker phone, please flip the handset before pressing any case. Once again, that is Star One. Should you wish to ask a question?
You will hear at retail and prompt acknowledging your request questions will be taken in the order received.
Speaker 3: transcript
So you wish to cancel your request. Please press the store for the ticket.
Should you wish to cancel your request. Please press the star followed by the tail.
Speaker 3: transcript
If you are using a speaker phone, please flip the handset before pressing any.
Using a speakerphone please pick up the handset before pressing any case once again that is star one should you wish to ask a question.
Speaker 3: transcript
Once again, that is Star 1 should do wish to ask a question.
Eric Grinnell: Your first question is from Eric Grinnell from Scotia Bank. Please ask your question. Hi, good morning, Patrick Johan team. Thanks for taking my question. I just want to drill down on rainy for a moment if I could please. You made the decision to come in to the underground main zone from Intrepid. Just wondering how we should look at the ramp up here towards the second half of 2024. In terms of, you know, working faces kind of times per day. And whether you still plan to put in the second decline from the the input. Any comments be helpful, thanks. Thank you for the question.
Speaker 3: transcript
Your first question is from Eric Gurenmel from Scotia Bank. Please ask your question.
Your first question is from Eric <unk> from Scotia Bank. Please ask your question.
Speaker 9: transcript
Hi, good morning, Patrick Johan team. Thanks for taking my question. I just wanted to drill down a rainy for a moment if I could please. You made the decision to come in to the underground main zone from a trumpet. Just wondering how we should look at the ramp up here towards the second half of 2024 in terms of working faces kind of times per day. And whether you still plan to put in the second decline from the end pit, any comments be?
Hi, Good morning, Patrick Johan team. Thanks for taking my question.
Just wanted to drill down on rainy for a moment if I could please.
He made the decision to command to the underground vein zone from the Trump it.
Just wondering how we should look at the ramp up here towards the second half of 2024.
In terms of working faces kind of tonnes per day, and whether you're still planning to put in the second decline.
From from the pit.
Any comments would be helpful. Thanks.
Speaker 8: transcript
I thank for the question. I'm going to take that one. So I'm just going to say that the wrench is at that thing really well. I mean, we're really pleased with ask and the wrong control was excellent. And we're going to, we're pretty much aligned. I mean, to start to do the pilot before the end of this year and start to rim in Q1 next year.
David Thanks for the question I'm going to take that one so I guess I want to say that the range of fencing ready well I mean, we're really pleased with us and the ground control is excellent and we're going to we're pretty much align I mean to start to do the pilot before the end of this year and start to ramp in Q1 next year.
Yohann Bouchard: I'm going to take that one. So, I just want to say that the wrench is a thing really well. I mean, we're really pleased what asked and wrong control was excellent. And we're going to, we're pretty much aligned. I mean, to start to do the pilot before the end of this year and start to rim in Q1 next year. And we're going to see, I would say an increasing profile in 2025, but it's really very good.
Speaker 8: transcript
Regarding like the production profile, we're looking at being in OR sometime in Q4 next year.
Regarding like the progress on profile.
We're looking at being in or sometime in Q4 next year.
Speaker 8: transcript
and we're going to see, I would say, an increasing profile in 2025, but it's looking very good. I just want to have, I mean, that we're also looking at mining below the 300 level that have been tripped, that's going to also have our great sort of processing plan. We're still working on a budget on that.
And we're going to see.
I would say an increasing profile in 2025, but it's looking very good.
Yohann Bouchard: I just want to have, I mean, that we're also looking at mining below the 300 level that intrepid that's going to also have our great sort of processing plan. We're still working on a budget on that. But so far, I mean, we're really pleased with what we see and we're then saying very well about the second portal with a file. I mean, to do that from from infrared field, just to not interfere with the open activities.
Hi.
We're also looking at mining below the 300 level of Intrepid that's going to also have higher grades that are processing plan, we're still working on our budget on that but so far I mean, we're really pleased with what we see and then similarly, well above the second total.
Speaker 8: transcript
But so far, I mean, we're really pleased with what we see. And we're then saying very well that about the second portal, with a file, I mean, to do that from infrared field, just to not interfere with the open activities.
With our site I need to do that from from <unk> adjusted not interfere with the open pit activities and.
Yohann Bouchard: And, and that second access at the bottom pit is not required on the short term because we're going to have a ventilation loop and a second mean of progress, but really keen to have that that portal and start construction, maybe in 2025 in order to have a shorter haul with mining truck and do multiple haul with bigger truck to get on cost. Hopefully that answers your question. Yes, super helpful. Thanks so much.
Speaker 8: transcript
And that second access at the bottom of the pit is not required on the short term because we're going to have a ventilation loop and a second mean of egress, but really keen to have that that portal and start construction maybe in 2025 in order to have a shorter haul with mining truck and do multiple haul with bigger truck to That opportunity.
That second access at abundant pit does not require on the short term because we are going to have a ventilation loop and a second lien of egress, but we're looking to have that that portals and start construction maybe in 2025 in order to have a shorter haul with mining truck and do multiple hall with bigger truck to cut.
Eric Grinnell: Just one more for me, if you don't mind.
On costs hopefully that answered your question.
Speaker 9: transcript
Yes, super helpful. Thanks so much. Just one more for me if you don't mind. I saw some news here about Talisk or I guess doing an or purchase deal for new often to process feed there any further comments on that.
Yes Super helpful. Thanks, So much just one more from me if you don't mind I saw some news here about tell us or I guess doing nor purchase deal for new Afton to process a fee. There are any further comments on that.
Eric Grinnell: I saw some news here about Talisk or I guess doing an or purchase deal for new often to process feed there any further comments on that. No, I mean, Eric, you know, we have an investment in dollars and similar to your purchase agreement that we have in place in new often. We're always looking for, you know, compelling opportunities that generate free cash flow given the food capacity we have a new often.
Speaker 5: transcript
No, I mean, Eric, you know, we have an investment in dollars, and similar to the Orpurchs agreement that we have in place in New Afton, we're always looking for, you know, compelling opportunities that generate free cash flow, given the food capacity we have at New Afton. And so they've been a great partner to us. And, you know, we always look for free cash flowing or that can come to our mill. It's a win-win deal for Telescaras, it pays for New Goal.
No I mean, Eric you know, we have an investment in Dallas Vern.
<unk> two <unk> purchase agreement that we have in place a new app and we're always looking for compelling opportunities that generate free cash flow given the feed capacity, we have at new afton and so they've been a great partner to us and them.
Eric Grinnell: And so they've been a great partner to us and, you know, we always look for free cash flowing or that can come to our mill. It's a win-win deal for Talisk or else it is for new folks. Okay, great. Thanks. Yeah, I appreciate your questions. Thank you. Once again, that is Star Want.
We always look for free cash flowing or that can come to our mill.
It's a win win deal for Telus girls, who pays for Newbuild.
Speaker 9: transcript
Great thanks. Yeah, I appreciate your questions.
Okay, great. Thanks, I appreciate taking.
All my questions.
Thank you.
Speaker 3: transcript
Thank you once again, that is Thor Wantra, to wish to ask a question. Your next question is from Annita Soni from CIBC, World Martins. Please ask your question.
Thank you once again that is star one should you wish to ask a question.
Operator: I do wish to ask a question.
Annie Tassoni: Your next question is from Annie Tassoni from CIBC World Markets. Please ask your question. Hi, good morning, guys. Just a couple of quick questions. Firstly, in terms of the cap expand, I think you alluded to it that, you know, the capital will decline significantly in 2025. But what would what what should we expect in terms of capital from the new often mine in 2024? I'm just trying to just trying to look at my technical part quickly and wondering if that's still in line.
Next question is from antitrust Sony from CIBC World markets. Please ask your question.
Speaker 10: transcript
Hi, good morning guys. Just a couple of quick questions. Firstly, in terms of the CAPX-10, I think you alluded to it that the capital will decline significantly in 2025, but what should we expect in terms of capital from the new Afton mine in 2024? I'm just trying to look at my technical go-op part quickly and wondering if that's still in line.
Hey, good morning, guys.
Quick questions Firstly on <unk>.
Argo group Capex spend I think.
You alluded to it.
The capital will decline.
Secondly, in 2025, but what would what should we expect for in terms of capital from that.
New Afton mine in 2024, and I'm just trying to I was just kind of look at my technical apart quickly I'm wondering if that's still in line with what the Tech report had or whether or not there are significant changes outside of any.
Annie Tassoni: I mean, with what the tech report had or whether or not there are significant changes outside of any obvious inflationary adjustments from the numbers quoted there. Thanks, Anita. No, we're still in line. You know, we spent about 360 million so far on the season projects, and we're still in line with what we what we had in the tech report. And, you know, we're looking forward to completing that.
Speaker 10: transcript
with what the tech report had or whether or not there are significant changes outside of any obvious inflationary adjustments from the numbers quoted there.
Obvious inflationary.
Adjustments from that numbers quoted them.
Speaker 7: transcript
Thanks Anita. No, we're still in line. We spent about 360 million so far on the CZONE project. So we're still in line with what we had in the tech report. And I look forward to completing that in the second half of 2024.
Thanks, Anita and no risk.
And I know, we spent about $360 million so far in the C Zone project as it were still in line with what we had in the Tech report and looking forward to completing that and in.
Patrick Oden: And in the second half of 2024. Okay, and then similarly, question for Rainy River, is that still, I mean, that one, that tech report far more up to date, is that still valid? Yes, yeah, still in line. I mean, you've probably seen on the, on the tip ratio, we continue to work through optimizing our mining sequence in 2023. So, you know, we'll continue that and look ahead to 2024, and then we'll give guidance in 2024. Okay.
In the second half of 2024.
Speaker 10: transcript
Okay, and then similarly question for Rainy River, is that still I mean that one that tech reports are more up to date that is that is that still valid?
Okay and then similarly question for rainy River is that still I mean that one dot Tech report far more up to date that Jim is that.
Is that still valid.
Speaker 7: transcript
Yeah, still in line. I mean, you've probably seen on the, on the, um, uh, trip ratio, we, we continue to work through optimizing our mining sequence. Uh, in, in 2023. So, you know, we'll continue that and, and look ahead to 2024. And then we'll, um, you know, give guidance in 2024.
Yes, yes, it's still in line I mean, you've probably seen under under an S strip ratio, we continue to work through optimizing our mining sequence and in 2023. So we'll continue that and look ahead to 2024, and then we will give guidance in that in 2024.
Speaker 10: transcript
Okay, and then just a question with regards to the Ontario teachers' pension plan buyback. Could you remind me when that comes to you and what your plans are when it comes to that option being available? I'm not quite sure. I think I think it would do fairly soon. And you know, what would be the purchase price for you to buy it back? If that would get case.
Annie Tassoni: And then just a question with with regards to the Ontario teacher's pension plan buyback, could you remind me when that comes to you and what, what your plans are, when it comes to that option being available. I'm not quite sure I think, I think it's do fairly soon. And, you know, what would be the purchase price for you to buy it back, if that would get case. And you know, thank you.
Okay, and then just a question with regard to the Ontario teachers pension plan buyback could you remind me when that comes due in like what your plans are.
When it comes to that option being available I'm not quite sure I think that I think can do fairly soon and you know what would be the.
Purchase price for you to buy back at that would get K.
Speaker 4: transcript
And you know, thank you. It's yeah, this is the four year anniversary on the transaction is March 31st, and then we have a 60 day window. So this is a Q2 2024 event.
Hey, guys. Thank you, yes, so the four year anniversary on that transaction is March 31st and then we have a 60 day window. So this is a Q2 2024 event.
Patrick Oden: Yeah, this is the four year anniversary on the transaction is March 31st, and then we have a 60 day window. So this is a Q2 2024 event. You know, in terms of evaluation together between us and teachers, we'd hire an independent evaluator based on our updated budget plans. So, you know, that's currently in the work as we work through our budget. So this is more of a Q2 next to your exercise. I mean, right now, right now we're focused on our operations is generating cash flow, and we don't really evaluate this more in the first half of next year. Okay.
Speaker 4: transcript
You know, in terms of evaluation together between us and teachers, we'd hire an independent evaluator based on our updated budget plans. So, you know, that's currently in the work as we work through our budgets. So this is more of a Q2 next to your exercise. I mean, right now, we're focused on our operations just generating cash flow. And we'll evaluate this more in the first half of next year.
In terms of evaluation together between us and teachers, we'd hire an independent evaluate here and based on our updated budget plans.
That's currently in the works as we worked through our budgets and this is more of a Q2 next year exercise I mean, right now right now we're focused on our operations is generating cash flow and well evaluate this more in the first half of next year.
Perfect. Thank you.
Thank you.
Speaker 3: transcript
Thank you once again. Please press star one should wish to ask a question.
Thank you once again, please press star one should you wish to ask a question.
Operator: Thank you. Once again, please press star one should wish to ask a question. Thank you. There are no further questions at this time. Please proceed. All right. Thank you, Jenny. And thank you everybody again for joining us today. As always, if you have any additional questions, please feel free to reach out to us by phone or email.
Speaker 3: transcript
Thank you. There are no further questions at this time. Please proceed.
Operator: Have a great day. Thanks. Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines. Thank you, Jenny. I think we can disconnect now.
Thank you there are no further questions at this time. Please proceed.
<unk>.
Speaker 4: transcript
All right, thank you, Jenny. And thank you everybody again for joining us today. As always, if you have any additional questions, please feel free to reach out to us by phone or email. Have a great day. Thank you.
Alright, Thank you Jenny and thank you everybody again for joining us today as always if you have any additional questions. Please feel free to reach out to us by phone or email have a great day.
Speaker 3: transcript
Thank you, ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.
Thank you ladies and gentleman. The conference has now ended thank you all for joining you may all disconnect your lines.
Thank you Jenny.
I think we can disconnect now.