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(Kitco News) - New Gold (TSX: NGD) (NYSE: NGD) yesterday reported gold equivalent production of 102,374 ounces in Q2 2023, up 45% compared to Q2 2022 (70,514 ounces).
The company said its Q2 2023 production increased year-over-year due to higher output at Rainy River thanks to higher gold grades and production ramp-up, while production at New Afton increased because of higher gold and copper grades and recovery.
The company’s Q2 2023 revenue of $184.4 million increased over the prior-year period (Q2 2022: $115.7 million) due to higher gold prices and higher gold and copper sales volumes, partially offset by lower copper prices.
According to a statement, net loss of $2.6 million (Q2 2022: net loss of $37.9 million) decreased over the prior-year period primarily due to higher revenues, lower finance costs, and a smaller loss on the revaluation of investments, partially offset by higher operating expenses, and depreciation and depletion.
Adjusted net earnings of $11.6 million (Q2 2022: adjusted net loss of $16.7 million) increased over the prior-year period due to higher revenues and lower finance costs, partially offset by higher operating expenses, and depreciation and depletion.
The company added that cash generated from operations of $56.4 million in Q2 2023 increased over the prior-year period (Q2 2022: $37.4 million) due to higher revenue, partially offset by negative working capital movements.
New Gold also informed that the company is on-track to achieve its 2023 production and cost guidance.
New Gold is a Canadian-focused intermediate mining company with a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine. The company also holds other Canadian-focused investments.
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